2006-10-23 03:57:04 · 10 answers · asked by trackman716d 1 in Business & Finance ➔ Credit
Yes but, as a rule, the mortgage plus your new loan must not exceed the value of your home. If the total of your loans exceeds 80% of the value, the lender will almost certainly insist on mortgage insurance. With this, you pay the premiums but the mortgage company gets the benefit if you default.
2006-10-23 04:00:53 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Yes, it is called a 2nd mortgage and it will be more than it is worth to pay back with points, etc.
It is better to refinance your house with a line of credit. That way you don't have to keep getting loans. Everytime you pay on your balance, that leaves money yet to borrow.
2006-10-23 03:59:34 · answer #2 · answered by Trollhair 6 · 0⤊ 0⤋
It depends on your equity. Equity is the difference between the value of the house and the current mortgage balance. If you have equity you could get a home equity line of credit.
2006-10-23 04:00:04 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
yes you can get a HELOC or a Home Equity Loan, the exact amount will depend on the state you live in. Texas is limited to 80% CA is a great as 125% I think
2006-10-23 06:11:43 · answer #4 · answered by austinguy62 2 · 0⤊ 0⤋
Yes, it is called a 2nd mortgage and it will be more than it is worth to pay back with points.
2006-10-23 04:14:58 · answer #5 · answered by Luckys Charm 4 · 0⤊ 0⤋
Yes, you can get a 2nd mortgage on your home.
Matt
http://www.diversifiedlender.com
http://www.minnesota-mortgage-rates.net
http://www.refinance-second-mortgage.biz
2006-10-25 02:42:51 · answer #6 · answered by Matt J 3 · 0⤊ 0⤋
www.SuzeOrman.com doesn't recommend you use your house as collateral for a personal loan. If you can't make payments ,you risk losing your house. I You should checkout her website and see what advice is there.
2006-10-23 04:18:18 · answer #7 · answered by KATHLEEN C 2 · 0⤊ 0⤋
only if you owe less on the mortgage than the house is appraised at. . .
2006-10-23 04:06:43 · answer #8 · answered by Rainy 5 · 0⤊ 0⤋
if you have some equity, meaning youve paid down some of the principal.
2006-10-23 03:59:12 · answer #9 · answered by David B 6 · 0⤊ 0⤋
SECOND MORTAGES ARE POSSIBLE.
2006-10-23 04:04:04 · answer #10 · answered by cork 7 · 0⤊ 0⤋