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Is it possible to have two mortgages?

If you meet the requirements from your lender, the answer is usually yes. The purpose of the second property will likely impact whether you qualify for a second mortgage. If you’re planning on using it as a second home, you’ll probably face the same terms as when you applied for your first mortgage. If you’re looking to rent out the second property, the requirements will be more rigorous. In both cases, it’s important that you can meet the payments for the two properties.

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