Can I refinance my equity line on a rental house?

boulwarelori · Joined: 10 Feb 2008 Posts: 1 1.29 Dollars($)

I have a rental house and what to refinance my equity line. The bank I have now said they do not allow for loans on rental property. Will anyone lend me money on this house?

sara

Hi Boulwarelori,

Welcome to the forums.

You mean you have a mortgage already? Is it on the rental property or on your primary residence? If the bank is not willing to offer loans on the rental property, look out for some other lenders. You may even consult a few lenders in this community. By the way, what type of loan are you willing to take, any thoughts?

ckalvesmaki · Posted: Mon Feb 11, 2008 5:08 am Post subject:

There are very few lenders who will do a second on an investment property....

What is the value of the home and what do you owe on it between the first and second?

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

There are many lenders that do offer second mortgage loans on rental properties. A broker can come in handy to quickly find the best one for you so that you don't have to keep calling around to find someone yourself.

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