Can some who has a mortgage and an equity loan apply for another mortgage?
I currently own a two family house with a mortgage and equity loan up to it’s current market value. Can I qualify for another mortgage because I want to buy another house. And how much would I have to put down? Bearing in mind that I am not interested in selling but would rent out the current house.
Tags: bearing, current market value, equity loan, Mortgage
You are walking tight rope…one slip and your @ss is grass…pay down before you go down.
considering u are nearly bankruptable now.
most lenders will give u a high rate loan.
great place to go when u are in debt is to 2nd job.
u need a reality check. pay down ur present costs so we don’t come visiting.
u are drowning in debt.
Sure, your new house would have to be purchased as an investment property– generally a slightly higher rate.
You need to sit down with the loan officer at your local bank. He can tell you the particulars as far as how much you could borrow for the additional property. I think the whole thing would turn on how much you are still owing on the present property more than the amount of equity. He will know for sure..noone else can tell you without the exact figures. Buying another home to rent is a good idea on paper, but remember you are the one who has to fix everything that goes wrong and every thing that breaks…You cant’t hire someone else to do any of that work..or there goes your profit down the drain. Consider the condition of the second home into the decision..not only for value..but for upkeep. Good luck..♥
You have zero equity and two payment on the house you own. Unless you have a huge proveable income, you’re not going to get another mortgage.
yes.. at one time I had over 30 mortgages. but on different places LOL We normally put do 20% because it was a business loan. and did not have to pay the additional PMI in surance, We are now millionaires a couple times over,and started with only $40k 20 years ago.
Equity loan is not that bad unless you have used all of it.
Don’t let the nay-sayers discourage you. The banks are overloaded with REO properties, and some will be more than willing to sell some. When I started 20 years ago the int. rates were in the 13-15% range. and if I had listened to all the people that said it can’t be done, would have nothing to show for those 20 years. IT IS A LOT OF WORK> not all fun and games either.
Higher rates?? FUNNY!! I bought a $195k property from a bank, because they wanted 9% and the other guy bidding on the property would only go 8.5%,,, cost me $100 a month for 8 years. and now paid off. Mean while the rents kept going up, Today we get $6400 a month from them. Who do you think was right for half a point?? Other guy is now dead and gone. and his kid is spending his money.
If you think YOU are a good risk, don’t let one bank say no and quit, go to 5-6 in your area.