Posted on: 20th Jun, 2012 12:45 am
I have a mortgage on my property. Can I take out another loan on the same property?
Welcome Manda,
If you have equity in your property, then you will be able to take out another mortgage on your home. But it is true that most lenders will want you to have 20% equity in your property.
If you have equity in your property, then you will be able to take out another mortgage on your home. But it is true that most lenders will want you to have 20% equity in your property.
hi manda!
welcome to forums!
to know all about second mortgage, take a look at the given page: http://www.mortgagefit.com/second-mortgage.html
feel free to ask if you've further queries.
sussane
welcome to forums!
to know all about second mortgage, take a look at the given page: http://www.mortgagefit.com/second-mortgage.html
feel free to ask if you've further queries.
sussane
Hello Manda,
Typically, the lease must be for at least a year, and the bank may require that the renter has already moved in. The FHA also requires that the rental home have a loan-to-value of 75 percent or less. The mortgage applicant may be required to provide a current appraisal on the rental home to verify the home's value.
:wink:
Typically, the lease must be for at least a year, and the bank may require that the renter has already moved in. The FHA also requires that the rental home have a loan-to-value of 75 percent or less. The mortgage applicant may be required to provide a current appraisal on the rental home to verify the home's value.
:wink:
What are you talking about, Sabrina? Your reply has nothing to do with the question.
