I own a condo. Can I take out a home equity loan on that condo to make the down payment on a new property? If so, what happens when I sell the condo? Since at that point I believe I have to pay off that home equity loan, can I then take out a home equity loan on the new property to pay that off? I just figure since I already own, I should utilize that as much as possible. Also, how much does my credit score play into that? Thanks
I should clarify that I still have a mortgage on the condo, but I did put 20% down when I purchased it. My intention is to rent the condo out, so that will cover that monthly mortgage payment.
Posts Tagged ‘countrywide home loan’
Is it wise/legal by using all equity in my rental to shift debt from home loan debt back to inv.property?
Sunday, August 9th, 2009want to pay off my home loan debt by using equity out of my inv. property thus transferring debt back to my inv. loan
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