If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another

I am currently paying mortgage on first house (have about 35% equity on the house) does that makes it easier for me to apply for a loan (possibly different bank) to buy another house with 20% down pymt? Or would this work against me since i am already liable for first loan? Both make sence to me but i do not know how this works? Anyone with mortgage lending experience can help? My credit is good and never been late in mtg payments.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

It won't matter if you changes banks for the loan. They will run your credit and find the first loan.

The good news is that with the equity you have you should be able to get another loan, but expect to use the first home as collateral.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

Not necessarily, if your debt to income ratio is to great, you will have difficulty in finding a lender.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

You could take out a second and leverage it. Then you run the risk of being over leveraged and not being able to get a loan or financed in other areas (cars, credit cards, etc).

You could buy another home and rent the one you are in at a %26quot;loss%26quot; and write it off.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

That depends on your income to debt ratio you'll have to go and apply to see.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

If your payment history is good, it will improve your credit score wirth the lender. However, each loan is consodered seperately. They will want to know that you have the income to pay the second loan, and that the equity is sufficient to protect their interests.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

The lender will look at the your debt ratio. If the new payments will put you over this 'ratio' (typically 25-33% of your gross income) you won't qualify. Say you make $5000 a month gross. Typically, your allowed debt ratio would be somewhere around $1250 to $1500, but it depends on the lender.

Now, say you make $5000 a month and you already have a mortgage debt of $1000 per month. That seriously reduces any more debt you can take on, so the lender will more than likely decline you for another mortage payment of $250 and up.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

First you need the equity, in case property values go down.

Then you need the income to make payments on both.

Perhaps a reliable tenant with a lease in one house.

If i already own a house (still paying mortgage) does it make it easier to get a loan to buy another one?

As long as you qualify counting both mortgages against you in your debt ratio, you will be fine.