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New Mortgage Loan

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rudy
Regular Contributor

New Mortgage Loan

At the present time my personnel credit is not in good shape. However, I am bussiness owner (DBA) with very little credit in the company name. I would like to re-finance two rental properties into the company name and possibly give my personnel credit rating a relief, as well as getting a few dollars to pay off bills. What are the necessary steps should be taken before I go to a loan officer.Man Wink
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ShanetheMortgageMan
Super Contributor

Re: New Mortgage Loan

There aren't too many residential lenders these days that allow you to take out residential loans in the name of your company, called "entity vesting".  Washington Mutual (now JPMorgan Chase), World Savings (now Wachovia), and Bank United (still Bank United) all did entity vesting at one point but not that I know of anymore.  So you are either going to have to seek out a lender offering entity vesting on residential mortgages or you are going to have to find a lender who is willing to give commercial loans on residential properties.  If you can find a commercial loan for a residential property it's not going to be your normal 30-year fixed, expect 20-25 term and a 3-5 year balloon payment.

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