Sunday, April 8, 2012

Investment paid off home. Can I take a 1st ... - Finance information

Question by Viper : Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan?
My brother and I need cash for a business venture and would like to take a loan out against on residential investment property that we co-own free and clear. Is our only option a home equity loan? Ideally we would like to take advantage of the lower rates of a standard mortgage. Best answer:
Answer by

chatsplas@sbcglobal.net
Thurs either of you live in the home? If not, can not get HELOC, but can take out a first mortgage.


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