Can someone please explain how you use equity from your property?
I’ve got two Condo’s that I’ve 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?
Registered User
Equity on property?
Can someone please explain how you use equity from your property?
I’ve got two Condo’s that I’ve 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?
Wannabe Banned User
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.
Registered User
PM me ...I'm a mortgage broker and I can help you with some answers or even help you do it.
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