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Mortgage question

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Guest	Posted: Thu Mar 24, 2011 12:02 pm    Post subject: Mortgage question Like 0 Dislike 0 Hi, If I owe my bank only $13,000 on my existing home mortgage and my house is appraised for $300,000 and want to buy a 2nd home for $150,000 couldn't I get a cash out check for that amount without having to take out another loan..?
adonis Joined: 22 Oct 2005 Posts: 10569 Location: ALASKA 1090.22 Dollars($)	Posted: Thu Mar 24, 2011 8:46 pm    Post subject: Like 0 Dislike 0 Welcome Guest, You will be able to cash out the equity that you have on your present property in order to buy another home. But when you cash out the equity in your property, it will be considered as a second loan on your home and the property will be considered as the collateral. _________________ Procrastination is the enemy of your financial success

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