- 1). Research and evaluate the property that you own but want loans for or the property that you seek to borrow money to finance the purchase of before you begin applying for mortgages. Have the property appraised by a qualified appraiser. Ask a lender or real estate agent for a reference if you have trouble finding a qualified appraiser in your area.
- 2). Apply for mortgages from multiple banks in order to find the best deals. Minimize the number of mortgages that you take out for a property. The more different mortgages that you sign, the more fees that you have to pay along with closing costs. Putting down a larger down payment on the property may reduce the interest rates offered and the relevant fees. Make clear that you're willing and able to apply for multiple mortgages in each application. Aim for a certain amount in each application.
- 3). Review the prospective contracts that you receive from lenders. The interest rates and fees offered in those contracts will almost always differ from advertised rates depending on your credit rating and overall financial situation.
- 4). Close the first mortgage before you finish negotiating the other ones. Inform other lenders of the first closed deal before you close other mortgages. This will change your debt to asset ratio, your credit rating, and other important factors in your finances. Multiple mortgages can increase your credit risk profile for the banks, so it may take additional negotiation to come to an agreement.
- 5). Continue closing each subsequent mortgage deal, one at a time, until you have finished financing (or refinancing) all properties.
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