Tips on Property Investment|The Best Investment Properties Advice
Feb
05
Sperly J asked:
I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Geraldine
I own a condominium that I rent out and owe nothing on the mortgage. I’ve applied for several HELOCs online, but all have denied me because it is considered an investment property. Does anyone know of any bank that offers this type of loan?
Geraldine
Comments
inostad on 5 February, 2009 at 3:49 pm #
Why not try your ;local credit union allot of them are loaning money right now at a pretty good rate
Paula M on 6 February, 2009 at 9:24 pm #
Sounds like you are pursuing the wrong type of loan……stay away from internet loans anyway….
A personal loan w/ Condo as collateral…..or finance a loan through a traditional mortgage…..
You will pay higher interest rates because it’s investment property….but still, assuming your credit is good…. a mortgage amount upto 15% of the home’s value should be straightforward…
Try a credit union.
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