2006-12-23 11:03:32 · 9 answers · asked by busterboo88 1 in Business & Finance ➔ Renting & Real Estate
You can cash out the equity in your house to use, but it is unlikely you can use just your house.
2006-12-23 11:05:15 · answer #1 · answered by gottabuylots 3 · 0⤊ 0⤋
The short answer to your question is yes you can. I am taking that by you saying your own house this is the place where you reside presently.
Now the process in which you do this might take awhile. How much equity do you have in your house? If it is sufficient enough to cover the down payment you are ok.
All you have to do is get a mortgage broker that will refinance your house and take the money, after the refinance, to place down on your investment property.
The other thing which I do not recommend is for you to add your house to the investment property this type of adding your property is called a wrap around. If something happens to the investment property you lose both the investment property and your house.
What type of investment property are you seeking? If this is a house for you to rent, your credit score might allow you to finance this property 100%.
Another method is to find out if the owner will carry a second mortgage for you. This might work for you.
I hope this has been of some use to you, good luck.
'FIGHT ON"
2006-12-27 17:48:01 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
Not knowing any of the details nor cirmcumstances entailed in the possible purchase, I would say, yes, you can. But one of the best rules of investing in anything is to not risk your home. If you're buying the property directly from the seller without a real estate agent intervening, then you might be able to talk with him/her and find out what that person needs in order to make the sale. Maybe it isn't lump sum cash. Do you know why the seller is getting rid of the property? Is there some pressing condition in his/her life which necesitates the sale? Is cash the only means of payment the seller will consider? There are a hundred questions of this type you can ask that will help you figure out what kind of negotiating room you may have. If a real estate agent is in the middle, then I don't know what information or advice to give you. All I can say now is, "Good luck."
2006-12-23 19:19:33 · answer #3 · answered by quietwalker 5 · 0⤊ 0⤋
If you have enough equity in your house, you could probably get a loan against it to make the down payment on the new property.
2006-12-23 20:26:24 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The lending institution will be more lenient with the required down payment and also be more inclined to give you a loan if you have equity in your home and offer it as collateral on the loan.
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2006-12-23 19:07:47 · answer #5 · answered by MN-Mike 4 · 0⤊ 0⤋
Yes ...if you get refinanced .
Tell me the credit score and the appraisal value of the house . Write to me in details at kishaloy_bhowmick@yahoo.com and i will provide you the best deals that i can have from my lenders .
If my deals are not to that extent well then i would definitely advise you to look for other lenders .
regards,
kish(ph#480.751.4125)
2006-12-23 23:32:45 · answer #6 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
Probably yes, it depends how much equity you have in your house.
2006-12-23 19:10:28 · answer #7 · answered by bestbet77 3 · 0⤊ 0⤋
yes, if you refinance and get the cash out towards your downpayment.
2006-12-23 19:10:26 · answer #8 · answered by Morpheous 3 · 0⤊ 0⤋
IF YOU HAVE EQIITY IN IT. YOU WILL HAVE TO REFIANCE
2006-12-23 19:08:40 · answer #9 · answered by bettys 4 · 0⤊ 0⤋