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I have been talking to the two banks I generally use, and NO one is getting back to me, or they are out of the office for weeks. Local CU, and USBank.

I want to get a second mortgage, rent our condo, and move into a house. Houses are cheap, we can make the payments on both if need be, so we want to snag a good rate now. Who else is pretty good right now?

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I wouldn't talk directly to US Bank, let a mortgage broker do that because they will probably get a better rate. I like PenFed a lot, but they may not always be the best deal.

Find a good mortgage broker and let them shop the loan for you. Also, stop using terms like "second home" and "second mortgage." If you are looking for a new home and seeking financing for it, just tell the mortgage broker/lender that you want to seek financing for an upcoming purchase. Let them ask you what you plan on doing with the condo and the existing mortgage on it. If you can cash flow both, no problem.

Thanks dcwilbur, I have been looking for the right term, but second mortgage does not mean what it explicitly means apparently. So I will just say that.

Any broker/lender preferences? Outside of penfed, which I will contact?

Penfed was hell but I got through it without closing cost. I actually had to repair part of a roof and paint the siding since the arshole appraiser wrote a conditional appraisal. Pretty much a scam to get them another $100 fee or so to come out to clear the conditions. Was strange fixing it on someone else place but what the hey at least pen fed paid for the second visit and not me. A good appraiser would have just said $500 to cure or whatever, was a joke.

Anonymous quote through Zillow; I've used it twice with great results.

The term 'second mortgage' is usually used to refer to having 2 mortgages on one property with the first /primary mortgage and then an additional 2nd mortgage.

If you want to keep your current property and rent it out and then buy a second property the lenders will generally require you to qualify to carry (afford) both mortgages with your regular income. If the first house is not rented out yet then they generally won't let you count the rent as income.

Who has the best DGI too? PENFED is 45%.

Or a lender who will do a lower % downpayment? like 5%?

Rewdog said:   Anonymous quote through Zillow; I've used it twice with great results.

Really, what lender ended up taking it?

First time Suntrust with a local agent. Second time a broker sold it to US Bank after a month. Broker came to my house for closing.



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