Can I get a home equity loan if there are two mortgages on the house already?
My mom is planning to add my name to the title or deed for our home. She already has two mortgages on the home, the original and then a second that was a loan for the roof. Would I be able to get a home equity loan for this home. I live in Milwaukee, WI
No mortgage company or bank will do a third mortgage. Also you being added to the title does not let you borrow against the property until you have ownership for 12 months & then your mom would also have to sign. You would most likely have to pay off both existing loans to get a new one.
Comments are closed.