Can you get a Home Equity loan or 2nd mortage on a house that you don't occupy?
Tags:home equity loan, lending tree, mortgage,
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I have the second home which we am perplexing to sell though if we can’t sell it we am starting to have to spin it in to the lease house. we have bound this residence up so we have lots of equity in the home. we was only wondering if any one knows if we can get the Home equity loan or the 2nd debt upon the at leisure home.
and if we can is Lending Tree the great place to go as well as try to get which sort of loan.
Related solution post:
- What is the difference between a 1st mortgage, 2nd mortgage, and home equity loan?
- Can my apprasial for a Home Equity loan also be used to get PMI off of my mortage?
- Can you do a deed in lieu if you also have a home equity loan on the house?
- Can I transfer an existing home equity loan, attached to my current residence to a new residence?
- Can I Transfer An Existing Home Equity Loan, Attached To My Current Residence To A New Residence?
Of course you can, provided you can demonstrate your ability to repay the loan, i.e., make the loan payments above your existing obligations. You may be able to get up to the maximum debt-to-equity ratio allowed by the lender and also based on the updated appraisal value of your real property.
It would be easier to get loan approval if you had it already rented on a long-term lease, which will be the source of your repayment for the Equity Loan.
Another factor considered by the lender would be the purpose of the loan proceeds, depending on their prevailing policies. Be sure to deal with the more reputable commercial or mortgage banks and avoid going to "hard money" lenders.
Good luck!
Yes,you can get the loan. However, you may not be able to get as much out of the house as if you were living there. My advice is to call a mortgage broker (not one specific bank) and talk to them about your options. They are able to find financing from more than one source and they may be able to help you get more out of it.
Good Luck!!