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Can you use your house as collateral to buy another house?

Can you use your house as collateral to buy another house?

We have a rental house valued at $175,000. We owe $102,000. Can we use this house as collateral to buy another house or is that done any more? We were told we could get an equity loan using that house but I don't want to do that.


Anonymous's picture
Anonymous
28-12-2015

3 Answers
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1
Which state are you from?

Anonymous | Asked on 2015-12-30


1
You'd need a permission from your first lender before you could use the same house to use it as collateral for another loan. 

Caron | Asked on 2016-01-01


1
No the only way to use that home is to refi it and get some cash to use as a down payment on the new home  a mortgage uses the home it is attached to as the collaroral so there is no way to use one for a second     Good Luck Brian Barnes Mortgages Nationwide Brian@Aimwithfocus.com  

brian1 | Asked on 2016-01-12

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