Quote:
Originally posted by fotze@Sep 9 2005, 01:26 PM
Is it possible to take some of the equity out of your house and use it as a down payment for a new one?
I want to possibly move to a bigger house but would like to keep the original and rent it out. I have probably $130,000 in equity in my house and it would help alot to be able to use it for the new one.
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It is possible. Banks usually want you to have 25% down on the second house, but that as everything else is open to negotiations. You may need to provide a rent/lease agreement before the bank gives you the money.
Plus, to renegotiate you may have to pay some penalties, depending when your term is due.
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ass Cam