Posted on: 15th Oct, 2010 07:27 am
We currently have our home up for sale. If, by chance we find another home that we truely want, is it possible to purchase a house using our current house as collateral? We own our current house free and clear.
Hi trisha,
If the property is already up for sale, then the lender may not be ready to give you a mortgage on that property. You can use the new property which you want to buy as a collateral in order to get a mortgage.
If the property is already up for sale, then the lender may not be ready to give you a mortgage on that property. You can use the new property which you want to buy as a collateral in order to get a mortgage.
Is your primary listed on MLS or privately?
