Short answer: Yes, you can have two mortgages if you meet your lender’s requirements.
But what you plan to do with that second property makes a difference. If you’re buying a second home (think vacation spot or part-time residence), the terms are usually pretty similar to your first mortgage. But if you’re planning to rent it out, expect stricter guidelines, such as a bigger down payment and higher credit score requirements.
In either case, lenders want to be sure you can comfortably afford both monthly payments.
Connect with one of our experienced loan officers — we’re here to answer your questions and walk you through your options.
