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If you have two loans on one property but the home is worth more than the two combined can you get a home equity loan?

Victoria Fowler

in Student Loans

1 answer

1 answer

Ramon Kelly on June 11, 2018

Since your home is now worth more THAN the two loans combined,then yes, you can do a cash out refinance or a home equity line ofcredit depending on your situation. I would recommendfind a refinancebecause that probably would be better off rate wise in combining the twoloans you now have a loan and you would be able to take outequity at the same time. This would be the first lender in lineif that was by default. Note that this is exactly what many peoplelost their homes by the payment of the full equity when the marketcrashed. Probably not a good idea to change your unsecured credit tosecured if you are looking to pay the bills. You may also want to lookat the repayment of the two loans-it is possible that you arealready paying more to principle than interest, which is alwaysgood. The bankrate site has a good calculator for such things.

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