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is it possible to use equity in the home I currently own to buy a vacation home? What kinds of fees are involved with that?

by lewisfamily155 from Frankford, Missouri. Apr 6th 2016 Reply


Bartolomeo Castelli (BartCastelli)
#32 ranked lender in Missouri - 1,056 contributions

Utilizing the equity in your home is certainly one option that might be available to you, but it really depends on how much you have to make it worthwhile to utilize that option. I would certainly be glad to discuss the options that might present itself to you if you wish to call me. Visit my website www.CallTheMoneyMan.com to contact me. You are just up the road from our office as we are here in St. Louis.

Apr 6th 2016
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 418 contributions

It is permissible to cash out refinance your primary residence and use that cash to purchase a 2nd/Vacation home. I recommend finding a reputable mortgage loan originator in your area. The fees will be dependent on the 3rd party service providers and your lender fees.

Apr 7th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Yes.. but to do so, you would need to do one of the following.. Take out a home equity line of credit (HELOC), take out a 2nd mortgage, or do a cash out refinance. With those funds, you can purchase your vacation home.. The fees will vary depending on which loan product you choose, and if you use the same lender for both transactions, you would probably get a good discount. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 7th 2016
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Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 503 contributions

If you are still needing assistance In connection to your question, I am here in MO. You can reach me at 816-739-6279m, sara.deere@movement.com, or www.movement.com/saradeere

Apr 21st 2016
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