Its made to seem complicated on purpose. COLI, the general public in general was getting shortchanged. Then, the banks gave out Credit Cards to every Tom, Dick and Harriet with interest rates that were totally outrages. Spending went up and Personal Debt went through the roof.

The economy was doing great. Credit Card Debt by refinancing. This allows greater sized mortages.

That time is now coming to pay the very inflated interest rates, on loans that had no paydown for the past few years. They will balance the bankrubtcy rate and some people will become desperate, destitute and hungry. Credit Cards mailed to them already approved. It is not too late to get into the mortgage industry. That said, be forewarned that is a very cyclical industry. Layoffs and rehires are extremely common. My mom has been in the business for about 25 years, and Ive seen her get laid off and rehired numerous times. Its never anything personal, it is just the way the mortgage business operates. It is also depends on what area of the country you are in.

New York City and there is always a very large demand and not enough supply and that in and of itself sustains the mortgage business here. One of my good friends works as a closer for a title company in Seattle and just got laid off last week. It is true that the housing market is starting to cool off. However, the economy is starting to slow and there are fears of inflation.

10 year bond yield is down.

So, in response to your question, its not too late. But just know, refinances dont last forever. You need to go out and solicit as much purchase business as you can. Any loan officer will tell you that purchases are your bread and butter even during the lean times.

So, if you are willing to put in the work, and go out and solicit realtors, real estate attorneys, etc then you should be fine. If you just want to sit on your laurels and wait for the refinances to come to you, youll never make it. With a very weak dollar and soaring prices, I would prefer fixed rate.

You need to talk to the bank currently holding your mortgage. Tell them what you want to do. They will explain your options, and the expenses involved, etc. You may get a better rate on a new mortgage than borrowing your equity. My bank is offering lower new mortgage rates than home equity loan rates. Part of your score is the total amount owed. The higher it gets, it could lower your score.

Also, alot of times people use lines of credit for their second mortgages.

You will now have a large line of credit that is maxed out, so that can hurt your score alot. So getting a fixed rate home equity loan instead of a line of credit might be better. Most likely because they also always had too many credit cards being used to prop up their cash flow. Ive heard its possible to have so many mortgages that the scoring system basically breaks down, and cant compute a score anymore.

But you probably need dozens financed, which is very tough to do. You also would have more credit inquiries buying properties, so theres a possible impact.

Every time a new account hits your report, your score drops temporarily until the payment history is established as well. Bottom line, if you buy a bunch of properties, it could definitely decrease your scores, especially if you buy a few in a short period of time.