Posted on: 05th Oct, 2010 07:30 pm
I HAVE A 2ND HOME WITH NO MORTGAGE , WHO CAN HELP ME TAKE 85% OF THE EQUITY FROM MY SECOND HOME.
Hi carolspence,
If you have a first home and already have a mortgage on it, the lenders won't be ready to give you a home loan for your second property. If you don't have a mortgage on your first property, then you can contact the local lenders and apply for a home loan. Depending upon your credit situation, you may or may not qualify for it. However, you'll have to offer a down payment of 20%. If you don't do so, then you'll have to go for a PMI.
Thanks
If you have a first home and already have a mortgage on it, the lenders won't be ready to give you a home loan for your second property. If you don't have a mortgage on your first property, then you can contact the local lenders and apply for a home loan. Depending upon your credit situation, you may or may not qualify for it. However, you'll have to offer a down payment of 20%. If you don't do so, then you'll have to go for a PMI.
Thanks