Consumption and Real Estate
More than one home equity loans at a time?
Question : More than one home equity loans at a time?
I want to know if I can get more than one home equity loans at a time for a single house from different banks. Because I’ve applied for a home equity loan from a bank, but it seems to be not enough for me to do what I want to do with the money. So I thought I can apply for another equity loan from a different bank to double the amount. Is it possible?
equity loans
Best answer:
Answer by Piper
It depends on the state you live in. In Ma, we’re allowed only two loans against any property. Usually that means you can have a mortgage and one equity loan. If your property is paid for then you can have two equity loans. No bank is going to lend you more than the property is worth, and each loan lowers your equity. Talk to a loan officer in your state.
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