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DeMoon
08-15-2006, 08:29 AM
Can someone please explain how you use equity from your property?

Iíve got two Condoís that Iíve been renting out, I still owe $90k in total for the mortgages. If I were to take out a good chuck to buy another rental property, how would that work?

G
08-15-2006, 09:09 AM
It's called a home equity loan. The bank will send out an appraiser to value your property. Lets say they appraise your property at $200k and you still have $100k mortgage on it. They will lend you up to 75% of your equity which is $75k usually at prime rate.

D. Dub
08-15-2006, 10:50 AM
PM me ...I'm a mortgage broker and I can help you with some answers or even help you do it.