Posted on: 18th Feb, 2010 03:16 pm
why is a bank giving me a hard time buying a 2nd home that will be a vacation home or secondary home . i have a reverse mortgage on the primary home and it is still my primary residence . i do not plan on selling it now and will keep it for the next several years if not more. i keep up the taxes, care of home and etc. it is still my primary residence. how come they are giving me a hard time with this? I was told i could use the money for whatever i wanted to as long as it remains my primary home.
Hi khoem,
As you already have a mortgage on one of your properties, the lender may not be ready to give you another loan for a second property. Keeping in mind the present real estate crisis, most lenders do not approve a mortgage to buy a second home.
Thanks
As you already have a mortgage on one of your properties, the lender may not be ready to give you another loan for a second property. Keeping in mind the present real estate crisis, most lenders do not approve a mortgage to buy a second home.
Thanks