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68 year old homeowner (no mortgage), desires to downsize and relocate. Can I use this home as collateral to get a mortgage loan?

by annieljones539 from , California. Mar 6th 2019 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,683 contributions

More info needed... but in general.. only hard money lenders will do cross collateralization. The terms will be ugly, so I would stay away form that type of loan. The easier way to do it would be to do a cash out refinance on your current home and then use the funds to purchase the next home in cash. You could also get a Home Equity Line of Credit (HELOC).. but the down side is that all HELOC's are variable rate loans.. Also, if you have good credit and income, you can purchase the new home with as little as 5% down.. In all reality, I would need to know more specifics before I can advise you, but there are options available to you.. I'd be glad to help, so feel free to reach out to me.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Mar 7th 2019
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