My Mortgage Manager is asking if it is OK to have two properties on one mortgage loan? The applicant owns both properties and is refinancing. He has previously had them as individual mortgages and wants to combine.

The properties are lake properties with the primary residence being on the lake front. The additional property is right across the street from the primary residence and it is garage with an apartment. There are 2 addresses for the properties.

Is there anything wrong with having the properties on one mortgage loan?
Thank you in advance for any comments.

Probably depends on the state.

In Oregon, I can put multiple properties on a single deed, if the ownership is the same. I just need to make sure the deed is recorded in all counties where the land is.

Is there anything wrong with having the properties on one mortgage loan?

You kept referring to having multiple properties on a mortgage loan. It is not uncommon to have multiple properties securing one loan. If however you are referring to having multiple properties listed on the mortgage or DOT then as stated check your state law for any restrictions.

If you place multiple properties on one mortgage or DOT you will also want to think about how you will handle partial releases if one property is sold or the loan is paid down and one of the properties will be released.

Agree with Dan, almost everyone of these at some point comes back and wants a partial release in my experience. If you are planning to sell the loan in Secondary Market, you better consult your investor as FNMA/FHLMC will not purchase multiple property mortgages.

Also, if the security properties are located in different counties, you will need to record the mortgage in both counties.