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Excellent question!

If there are mortgage brokers out there, please respond to this. I am responding based on personal experience. Mortgage brokers do this everyday and would have better info…

When I bought my second piece of real estate, I remember feeling the same way you do. I couldn't imagine being approved for a second mortgage payment. Surely you have to be super-rich to get approved for such a thing…

What I found out is banks are falling over themselves trying to lend money on real estate. I am constantly amazed at the variety of loan programs out there for investors. If you have a job and reasonable credit, you are home free. If you have money in the bank for a down payment, even better.

Your investment loan will be completely separate from your existing loan, so contacting your current lender is not necessarily the best way to go.

If you know any investors in your area, ask them for referals to mortgage brokers who specialize in investor loans. Check the yellow pages, looking for “investor” in the ads. Try your current bank. If they don't do investor loans, ask them for a referal.

The main thing is call around and ask a lot of questions. With a little legwork, you will find the lender and loan program that is right for you.

If you have specific questions once you start calling around, please come back and post them. This is a great topic for more discussion!!!
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