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here’s the scenario. first mortgage was opened to purchase a condo, which is currently being rented, ie investment property. want to get a second mortgage for personal residence.

questions:

1.how does the lender decide how much to lend me? since my max. mortgage is based on my salary, down payment, etc, how does the lender work the second mortgage?

2. if i am making $500 bucks over the carrying costs of my mortgage, does this play into the scenario, ie is the lender more amenable to lending me more money?

thanks for everyone’s knowledge in advance!