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dlhbcn · Joined: 18 Apr 2009 Posts: 1 1.31 Dollars($)

I own my home outright. Est equity: 600000. I want to take up to 450000 out of the first home to buy a second home in another country. What are my options?

Samantha · Posted: Sat Apr 18, 2009 8:45 am Post subject:

Hi dlhbcn,

Welcome to the forums.

You can take out a home equity loan or line of credit (heloc) against your first home in order to purchase a second home. Alternatively, you can go for a mortgage with the second home considered as the collateral. But I'd like to know more about your financial situation. How's your income? Do you wish to use your second home as an investment property? what's your credit score like? how much of debts do you have?

You may start shopping for a loan in order to get an idea as to where you stand as far as getting a mortgage is concerned. If interested, you may even consult lenders in this community and explore possible options for you. Just go for a no-obligation free loan consultation and talk to the lenders who'll help you analyze your situation so that you can make the right choice.

May god bless you.

Samantha

gmakerley · Posted: Sat Apr 18, 2009 11:16 am Post subject:

didn't i just answer this elsewhere?

eric1 · Posted: Mon Apr 20, 2009 6:13 pm Post subject:

Yes you did George. This is why there are thousands of threads on this forum.

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Own home outright - what are options for mortgage to buy second home?