junkmail54's Advice

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junkmail54 wrote:

Using owned first house as a down payment on a second house?

Answer
Thanks for the information.  I will be paid off next year, and any purchase would be afterwards.  My current house is about $300K, and I am thinking that second house would be around $400K, which would make my down payment requirement around $80K.  I could save for it when the first mortgage payment stops, but I want to take an advantage of the current rate.It looks as though a home equity loan would be the best option.  Thank you all.
November 15 2013
(1)
Using owned first house as a down payment on a second house?
I am nearly paid off on my first house, and I would like to purchase a second house using my first house as down payment. I have a good credit, but I just do not have the cash for 20% down payment. Would a bank accept an equity in the first house as a down payment, or should I get a separate equity loan on the first house to use as a down payment? I am thinking having two loans would hurt rather than help. Thanks.
November 15 2013
(0)
 
 
 
 
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