Investment Property Second Mortgage/Home Equity Line
HOME EQUITY LINE/LOAN
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Can I apply for a second
mortgage secured against an investment or rental property?
Yes, it is possible to get a traditional second
mortgage or a home equity line of credit on a property that is non-owner
occupied. Most lenders will require that you maintain at least 20% equity in
the property (after closing on the second mortgage), and there may be a loan
maximum which is lower than that of owner occupied loans. Additionally, the
request for qualifying documentation from a borrower may be higher than that of
owner occupied loans.
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The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable, it is not guaranteed and should be independently verified.
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