Home equity loan with a regular bank

Well, it may be difficult for you get a home equity loan from a regular bank if you have a private home mortgage. But, you can definitely try once.

Hi Guest,

You will have to speak to the local lenders and they will let you know whether or not you will be able to get a home equity loan if you have a private home mortgage.

It is not that easy to obtain home equity loan from a regular bank when you are having a PMI. If you want, you may talk to the lenders and see if there is any solution to it.

You need to have substantial equity in your home to obtain this kind of credit and that is something very difficult at the moment since you are already repaying a mortgage right now. All you can do is make larger monthly payments (but make sure that there is no pre-payment penalty) to improve your home's equity. Once you've achieved that, then you can surely apply for a second mortgage.

Meanwhile, you can consult a mortgage broker for the home equity loan and check if you can get one.