Blanket Mortgage

[Mike]

Are there any lenders that do blanket mortgages. Currently I have 3 residential houses I would like to combine on one loan if possible.

[Zino]

Firstly, Blanket Mortgages aren't as common as a regular Home Mortgage so as a bit of background on them for people who are unsure...

They are a mortgage which covers two or more pieces of real estate. The real estate is held as collateral on the mortgage, but the individual pieces of the real estate may be sold without retiring the entire mortgage.

This is an alternative to a developer having to take out numerous individual properties within a large property purchase that they intend to sell in individual parts. The blanket mortgages are typically taken out to cover the costs of purchasing and developing land that developers plan to subdivide into individual lots.

Features of a Blanket Mortgage

These blanket mortgage loans are allotted for majority of the properties. The few examples of the property covered for allocating the mortgage loans are residential, commercial, second mortgage and home equity lines of credit. This mortgage loans help in eliminating the need to track the places of mortgaged properties for the requirement of the insurance. There are various insurance related benefits of the blanket cover mortgage loans.

The benefits related to the insurance of the property are that it covers the property against the perils, which are generally not insured by the masses. It also helps in eliminating the chances of inadequate insurance cover for the perils related to the flood and earthquakes. The blanket covered mortgage loans also have the option of covering the REO lender properties due to the foreclosure. The companies providing these features generally do not charge any single extra penny from the concerned.

So that's basically what a Blanket Mortgage is.

Now, ZinoMortgage.com isn't affiliated with any Mortgage Company and we don't recommend any particular companies however..

Try a few Google searches such as Blanket Mortgage Lenders or Blanket Mortgage Application and you should be able to come up with quite a few providers.

Best of luck.

[rachael24]

If you google those keywords Zino listed, I think the 1st two or three sites have exactly what you are looking for, IMO.