Posted on: 22nd Jan, 2011 01:39 pm
My wife & I are interested in buying an additional home & use the equity in our existing home to help with the 20% down required for buying an additional home. Our primary home at this time is an FHA loan & we plan on getting a regular loan on the second home. We plan to make the second home our primary residence & keepiong the home we are in now as investment property. My main question is, we have about $10,000.00 equity in our current home. Can we somehow use this equitly to help with the 20% down which is required in our situation?
you will have to refinance the mortgage on your present home or go for a home equity loan in order to cash out the equity. once you cash out the equity in your property, you will be able to use the money as a down payment on your new home.
Will banks/credit unions let me refinance even if I get a higher rate? I have a 4.9% now & let's say I refiance at 5.5%....will they let me do that?
What's the value of your home? You can take up to 85% of the value of your home.
