Posted on: 17th Jun, 2011 08:42 pm
we paid cash for our primary home in '09, the in 2010 we took out a reverse and used the cash to buy a condominium (foreclosure) and we paid cash for it also, could i get a home equity loan using the condo as collaterall we would like to purchase another condo for investment. pls advise.
Hi molliehuber!
Welcome to forums!
You will have to contact the local lenders and apply for a mortgage using the condo as the collateral. The lender will check your financial situation and let you know whether or not you can qualify for a loan. You can seek a no obligation free mortgage quote from the lenders of this community and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to contact the local lenders and apply for a mortgage using the condo as the collateral. The lender will check your financial situation and let you know whether or not you can qualify for a loan. You can seek a no obligation free mortgage quote from the lenders of this community and check out if they can help you with a loan.
Feel free to ask if you've further queries.
Sussane
Thank you Sussane, will check "no obligation free mortgage quote"
>>could I get a home equity loan using the condo as collaterall we would like to purchase another condo for investment.
Yes, as long as you're able to qualify for it. The interest rate will be a little higher, and qualifying will be a little more comprehensive, because the HELOC will be for an Investment property, but the Reverse Mortgage and your other condo don't inhibit you from getting the HELOC, or using it to purchase another condo.
Yes, as long as you're able to qualify for it. The interest rate will be a little higher, and qualifying will be a little more comprehensive, because the HELOC will be for an Investment property, but the Reverse Mortgage and your other condo don't inhibit you from getting the HELOC, or using it to purchase another condo.
