Question by Andrew: Can I use a home equity loan to finance a down payment on a second house?
Will creditors view my liabilities as too great if I take out a home equity loan on a currently-mortgaged to finance a down payment on a second house? Is it legally feasible, to begin with? or practical?
Best answer:
Answer by Cold
If your income can suport all the loans, then yes, you can do that.
And as long as you leave 20% equity in your existing home.
Sounds like you are moving and would like to move from home to home.
Consider renting first in your new area.
Then just wait for your home to sell.
This will give you time to see the new area, and pick a place to live?
What do you think? Answer below!
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