Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
is there a way to get a mortgage for a 2nd home using my current home?
i'm trying to sell my current home, and trying to buy another home but
i do not have the cash upfront to make down payment on the second home.
so just wondering if there is a way i can use my current to get the load
without cash upfront.
is there a way to get a mortgage for a 2nd home using my current home?
i'm trying to sell my current home, and trying to buy another home but
i do not have the cash upfront to make down payment on the second home.
so just wondering if there is a way i can use my current to get the load
without cash upfront.
If your house is on the market you cannot do a cashout refi or Line of Credit.
Get a low-fee HELOC (Home Equity Line Of Credit) as a second mortgage, use it for the down payment on the new place.
Or -- I can't tell how much $$ you need - - do an 80% first mortgage and get a second taking you to 95% of the price, then pay off the second when your existing home sells?
For anyone reading here and with a ton of equity, get a home equity LOC now, and get it for the max you qualify for. The payment on a $0 balance is $0. But even HELOCs have a statement of occupancy, a statement you sign that you plan to occupy for at least one year.
Could you get a HELOC, not say a word about moving and not get in trouble? Absolutely. But the employee providing that HELOC has a performance review on closed loans that pay off early, or under one year. Most comp plans would require any earnings paid on that loan to be repaid to the bank. A loan officer most likely could absorb the loss, but many bank employees live paycheck to paycheck.
If you've been thinking about buying a second home, now might be a good time to take the leap.
Useless comment on a month old post.
smh
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
