Posted on: 18th Jul, 2009 04:52 am
I have a second home that is not my primary home and I owe nothing on it. I would like to take the equity in that home for debt consolidation. I have @ 70,000 in credit card debt.
Hi,
You can surely get an equity loan on your second home for debt consolidation. As long as you have a free title to the second home and there's enough equity in it, you can always apply for an equity loan. However, in this current market condition, you ought to have a very good credit score and a good payment history in order to qualify for an equity loan on a home, which is not your primary residence.
You can surely get an equity loan on your second home for debt consolidation. As long as you have a free title to the second home and there's enough equity in it, you can always apply for an equity loan. However, in this current market condition, you ought to have a very good credit score and a good payment history in order to qualify for an equity loan on a home, which is not your primary residence.
yes. it is the right approach. any way is your primary home free from any mortgage ?