Posted on: 06th Sep, 2008 04:11 pm
can i use the money from my home equity loan as a down payment on a new (2nd) residence?....i currently live in property a, which i own and have built up about $65,000 in. i am purchasing property b and will make this my primary residence and rent out property a. can i take out a home equity loan on property a and use the money as a downpayment on property b?
Yes you can.
Marty
[Deleted promotional text as per forum rules. Thanks.]
Marty
[Deleted promotional text as per forum rules. Thanks.]
Yeah Scott, it seems that marty is all over again. But I think the moderators have removed the promotional text. Otherwise I'd thought of sending a pm to one of the moderators in this forum.
Well, this is in response to guest's query:
You can use the second mortgage on your home as a down payment in order to buy another property. Just make sure that you're able to make payments on both the loans taken against both the houses.
Thanks.
Well, this is in response to guest's query:
You can use the second mortgage on your home as a down payment in order to buy another property. Just make sure that you're able to make payments on both the loans taken against both the houses.
Thanks.