Can I use my current owned home as collateral on new home mortgage loan?
Question by transpyre13: Can I use my latest owned house as collateral on new property home loan loan?
My wife and I reside in a residence legally donated to us by loved ones. We have ownership. Can we use this residence as collateral for a mortgage loan on one more property in one more state? If so, how does that operate?
Very best answer:
Answer by babygirl_2sweet
Don’t see why not. Every state has various guidelines and regulations relating to this certain matter.
What do you think? Solution below!
Tags: Collateral, current, home, Loan, Mortgage, owned
Comments (2)
you would need to refinance and take out cash to purchase the additional property.
i’ve done cross collateral (one deed two properties) but the had to be in the same county, and that bank no longer exists.
I Can Help With Your Mortgage!
I would love to assist you. Email me back, and let’s discuss!
MSmith@PrecisionFundingUSA.com
M
I am on line now!