Can you get a Home Equity loan or 2nd mortage on a house that you don’t occupy?
Written By: admin on June 16, 2009
2 Comments
I have a second home that I am trying to sell but if I can't sell it I am going to have to turn it into a rent house. I have fixed this house up so I have lots of equity in the home. I was just wondering if anyone knows if you can get a Home equity loan or a 2nd mortgage on a unoccupied home.
and if you can is Lending Tree a excellent place to go and try to get that type of loan.
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Tags: Home Equity, home equity loan, lending tree, mortgageTags: home equity loan, lending tree, mortgage
Of course you can, provided you can demonstrate your ability to repay the loan, i.e., make the loan payments above your existing obligations. You may be able to get up to the maximum debt-to-equity ratio allowed by the lender and also based on the updated appraisal value of your real property.
It would be simpler to get loan approval if you had it already rented on a long-term lease, which will be the source of your repayment for the Equity Loan.
Another factor considered by the lender would be the purpose of the loan proceeds, depending on their prevailing policies. Be sure to deal with the more reputable commercial or mortgage banks and avoid going to "hard money" lenders.
Excellent luck!
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