Posted on: 12th Nov, 2008 03:46 pm
i already took out a home equity loan on my house. can i take out another loan on my house?...i owe approximately $25,000 on my home. my home equity home was for $35,000. can i take out another loan on my home to get caught up on bills and other obligations i need to take care of?
hi stephanier!
yes, you can definitely take another loan if you have already taken a home equity loan. however, i think it will be better if you can take cash out refinance on your home equity loan. this will help you to pay off the bills and other obligations. moreover, it is always easier to manage a single mortgage rather than managing two mortgages.
thanks.
yes, you can definitely take another loan if you have already taken a home equity loan. however, i think it will be better if you can take cash out refinance on your home equity loan. this will help you to pay off the bills and other obligations. moreover, it is always easier to manage a single mortgage rather than managing two mortgages.
thanks.
Hi Stephanier,
Welcome to our forums.
Do you have a first mortgage on your home apart from the equity loan? In case you don't have it, you can go for another loan. However, I still feel it's better to refinance the equity loan by taking out extra cash to pay off your debts. But prior to a refinance, check out the market rates and see if you're getting a rate lower than what you're paying currently.
Good luck
Welcome to our forums.
Do you have a first mortgage on your home apart from the equity loan? In case you don't have it, you can go for another loan. However, I still feel it's better to refinance the equity loan by taking out extra cash to pay off your debts. But prior to a refinance, check out the market rates and see if you're getting a rate lower than what you're paying currently.
Good luck
I would love to help. Email me, and let's discuss!
MSmith@PrecisionFundingUSA.com
I am on line now!
MSmith@PrecisionFundingUSA.com
I am on line now!