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Ask Steve -- a.k.a. Oreport Your Own Ques...
Steve -- a.k.a. Oreport
Steve -- a.k.a. Oreport, Counselor
Category: Finance
Satisfied Customers: 1079
Experience:  In my 30 yrs experience as a Counselor many clients' problems include financial dimensions.
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How many mortgages can a person have

Customer Question

Can a person hold as many mortgages as they want? In other words, if a person can afford to have 5 mortgages, for personal and rental property, will a bank lend them as many mortgages as they would need?
Submitted: 11 years ago.
Category: Finance
Expert:  Steve -- a.k.a. Oreport replied 11 years ago.
Banks are in the lending business. The old joke is that bamks only lend money to those rich enough to not need a loan.



Yes, lenders will lend to you based on your overall debt to income ratio. Be aware, however that multiple loans, and even multiple unused but open lines of credit can lower your credit score -- wven with a perfect payment record.



Let me know if you need more input. If not, thanks for the
opportunity to assist you... I would really appreciate your honoring my
efforts by 'pushing the button' and Accepting this answer. Adding
a bonus -- should you wish to do so -- is always warmly welcomed.



Good Luck!



Steve