Personally, I prefer a simpler credit setup with fewer obligations, but it’s up to your personal financial strategy and comfort with managing multiple loans.
You should really consider a jumbo loan directly from a bank, not a broker. Imagine wanting a four-door car and being offered two motorcycles instead. You need a product that suits your requirements, which in this case sounds like a single, comprehensive loan.
You can legally have two mortgages on a home, with different rates and conditions. If both loans offer what you need (like recasting options and fixed rates), then it could be a viable strategy. Just ensure the rates are competitive.
Look into a bridge loan as an option and compare the costs for both strategies to see which offers better financial sense.
We’re considering a significant loan for a multi-unit property as it could make more financial sense than purchasing a single expensive home. This approach, though not for everyone, might offer a better return on investment.
Check out options with credit unions like Digital Federal Credit Union, known for low fees and flexible terms. They allow recasts and typically service their loans throughout the loan’s life, offering stability and potential savings.