Can you use your house as collateral to buy another house? - Mortgagefit

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Can you use your house as collateral to buy another house?

We have a rental house valued at $175,000. We owe $102,000. Can we use this house as collateral to buy another house or is that done any more? We were told we could get an equity loan using that house but I don't want to do that.

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Anonymous's picture

Anonymous
28-12-2015

3 Answers

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1

Which state are you from?

Comment

Anonymous | Asked on 2015-12-30

1

You'd need a permission from your first lender before you could use the same house to use it as collateral for another loan.

Comment

Caron | Asked on 2016-01-01

1

No the only way to use that home is to refi it and get some cash to use as a down payment on the new home a mortgage uses the home it is attached to as the collaroral so there is no way to use one for a second Good Luck Brian Barnes Mortgages Nationwide Brian@Aimwithfocus.com

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brian1 | Asked on 2016-01-12

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