Multiple mortgages and credit rating/scores

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Posted by Tracy Cline on June 17, 2004 at 10:07:29:

I'm preparing to buy my first investment property at the end of the year, but have a question I haven't seen an answer for in all the material I've read about real estate investing.

After purchasing the first property, I'm concerned with how bankers will look at my credit report for the next property I plan to purchase six months or so after the first. Does having multiple mortgages affect one's credit rating or score? Do banks care if you already have one or more mortgages for investment property? My credit is good/excellent and I have cash for the necessary down payment, but I'm wondering what the bankers will say when I go back after the first time to purchase additional properties. Any advise or information would be appreciated.

Thanks,
Tracy


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