Posted on: 30th Nov, 2010 06:17 am
Wondering if it's standard operating procedure for a Mortgage Lender to accept the equity in one Home as collateral for the purchase of another Home in the event the Home to be purchased becomes available before the Home I'm in sells. I will be using the same Mortgage Lender. Just looking to remove some of the ignorance before asking the Mortgage Lender... Thanks!
Hi Dan,
You can use the equity that you have in one property as a down payment to purchase another property. However, if you already have a mortgage on one property, there are less chances that the lender will agree to give you a loan to buy another home.
Thanks
You can use the equity that you have in one property as a down payment to purchase another property. However, if you already have a mortgage on one property, there are less chances that the lender will agree to give you a loan to buy another home.
Thanks