Can I use my current owned home as collateral on new home mortgage loan?

Posted on July 28, 2009
Filed Under Home Mortgage |

My wife and I live in a home legally donated to us by family. We have ownership. Can we use this home as collateral for a mortgage loan on another home in another state? If so, how does that work?

Don’t see why not. Each state has different rules and regulations regarding this particular matter.

Comments

3 Responses to “Can I use my current owned home as collateral on new home mortgage loan?”

  1. babygirl_2sweet on July 29th, 2009 3:44 am

    Don’t see why not. Each state has different rules and regulations regarding this particular matter.
    References :

  2. mortgage underwriter on July 29th, 2009 4:25 am

    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.
    References :

  3. Martin S on July 29th, 2009 4:53 am

    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!
    References :
    Mortgage Broker

Leave a Reply