I have been in my primary home for over 8 years. How can purchase a second home using the quity from my first home?

Asked by D.Connelly13, Brigantine, NJ Sat Mar 16, 2013

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Margaret Ste…, , Brigantine, NJ
Mon Mar 18, 2013
There are many different things to consider before answering this question. If you are in Brigantine, please feel free to stop by our office at 3620 Atlantic-Brigantine Blvd and speak with our loan officer Mike Loglisci from Trident Mortgage or call Mike at 609-338-9001. Depending on your overall financial situation, you may find that there are other options to consider as well. If it is to be a true 2nd home and you don't mind paying monthly mortgage insurance, you can finance up to 90% of the sale price and get a seller assist to cover closing expenses.
I am located in Brigantine and would be happy to assist you as you explore your purchase options. My contact information is listed below. Best of luck with your resort home purchase...it is a great time to be a buyer!

Margaret Steadman
Prudential Fox & Roach
609-264-8444 x.7721
609-703-9093 (cell)
margaret.steadman@prufoxroach.com
1 vote
Scott Mcnamee, , Brigantine, NJ
Thu Aug 1, 2013
D,
A strategy that is used by many individuals looking to buy a second home is just what you have stated, take equity out of your primary home. Of course, the amount of equity available is based on what is currently owed vs. the appraised value.
Most likely you would not be able to draw out all of the equity, lenders would want you to maintain a certain % of equity in the primary residence. This amount will depend on whether you opt for a home refinance or a Home Equity line of credit.

Scott McNamee NMLS#13672
Loan Officer
Greentree Mortgage Company, LP NMLS#16128
Toll Free Direct 866-356-7451
Cell Phone 609-206-0136
EFAX 856-874-4664

smcnamee@greentreemortgage.com
0 votes
Janet Larsen, Agent, Turnersville, NJ
Sat Mar 16, 2013
If there is equity in your home you can get a home equity/line of credit. I can assist you with referring a reputable lender that can explain the process. I can assist with your home purchase as well. Pls contact me to meet and discuss your needs.
Web Reference:  http://Www.njrealtorjan.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Mar 16, 2013
D.Connelly,
Start by speaking with a lender. Depending on your finances, equity and income there may be various options for you, but too much information is necessary to advise you here.
0 votes
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