{"id":159,"date":"2023-01-02T05:20:36","date_gmt":"2023-01-02T05:20:36","guid":{"rendered":"https:\/\/www.privamortgage.com\/blog\/?p=159"},"modified":"2023-01-02T05:21:16","modified_gmt":"2023-01-02T05:21:16","slug":"home-equity-loan-to-buy-another-house","status":"publish","type":"post","link":"https:\/\/www.privamortgage.com\/blog\/home-equity-loan-to-buy-another-house\/","title":{"rendered":"Is it Possible to Use Home Equity Loan To Buy Another House?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">If you want to buy another house, you\u2019ll need money for a down payment and to qualify for financing on the second home. You may need to look at alternatives if you don\u2019t have the cash handy.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Most lenders require a larger down payment on a home that\u2019s not your primary residence. If you don\u2019t have the capital available, you might consider tapping into your current home\u2019s equity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s everything you must know about using a home equity loan to buy another house.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Can you Get the Down Payment Using your Home\u2019s Equity?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">It is possible to use home equity for a down payment on another home; however, you must qualify. Not every homeowner will have enough equity or the qualifications to use their home\u2019s equity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Here\u2019s how to qualify.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Using Home Equity to Buy Another House\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">To use your home\u2019s equity, you can typically tap into up to 80% of the home\u2019s value. From that amount, you must deduct the outstanding mortgage you already have that you used to buy the house.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, if your home is worth $400,000, you can have a total of $320,000 in loans between your first mortgage and a home equity loan or HELOC. If your first mortgage has a $200,000 balance, that leaves $120,000 as a potential second mortgage.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To meet the requirements for a home equity loan or line of credit, you must prove the following:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">You have decent credit that qualifies you for the loan (usually 660+)<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Your debt-to-income ratio is low enough to afford the new mortgage<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">You have stable income and employment<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Your home\u2019s value supports the home equity loan or HELOC<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Keep in mind if you\u2019ll need financing on the new home you\u2019re buying, it will affect your debt-to-income ratio further. For example, if you\u2019re using your current home\u2019s equity for the down payment but must finance the remainder of the sales price, you\u2019ll have three mortgages to pay monthly.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">How a Home Equity Loan and HELOC Work<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">When borrowing money from your home\u2019s equity, you may choose from a home equity loan or HELOC. Here\u2019s the difference.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">Home Equity Loan<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">A home equity loan is a fixed-interest rate loan. You receive the funds in one lump sum and immediately make principal and interest payments.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The home equity loan often makes sense when using your home\u2019s equity to buy another home because you need the funds in one lump sum. In addition, you get a fixed interest rate and can more easily budget for your second mortgage payment.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The downside, however, is your payments will be higher from the start. You\u2019ll owe principal and interest on the total amount borrowed.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">HELOC<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">A home equity line of credit is a second mortgage with a variable interest rate and a revolving line of credit. You can withdraw the funds in one lump sum or gradually as needed.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A HELOC is best for situations when you\u2019ll need money in phases, such as a down payment and then money to furnish or renovate the home.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/Home_equity_line_of_credit\">HELOC<\/a> payments aren\u2019t as easy to budget because the interest rate changes monthly; however, you only owe interest payments for the first ten years. After the draw period (ten years), you then owe principal and interest payments on the outstanding balance.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Because the payments are lower for the first ten years, it can be easier to afford all three mortgage payments. In addition, if you\u2019re nearing the end of the term on your first mortgage, it could free up capital to make principal and interest payments on the HELOC in ten years.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Other Ways to Get Cash to Buy Another House<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">If you don\u2019t have the equity in your home, or you don\u2019t want to touch it, other options include:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Cash \u2013 If you have liquid savings, you can use the funds as your down payment on another house. You\u2019ll likely need 20 \u2013 30% down on a home that isn\u2019t your primary residence.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span data-preserver-spaces=\"true\"><a href=\"https:\/\/www.privamortgage.com\/blog\/cash-out-refinance\/\">Cash-out refinance<\/a> \u2013 A cash-out refinance is a refinance of your first mortgage, but for a larger amount. You tap into your home\u2019s equity but with your first mortgage. You\u2019ll receive the difference between the new loan amount and your existing loan payoff to use for the down payment.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span data-preserver-spaces=\"true\">Personal loan \u2013 An unsecured personal loan may be an option; however, they usually have higher interest rates and lower loan amounts because there\u2019s no collateral.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span data-preserver-spaces=\"true\">Retirement savings \u2013 If your retirement plan allows you to borrow from the balance, you can borrow the funds for a down payment and repay yourself, including interest.<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Pros and Cons Home Equity Loans to Buy Another House<\/span><\/strong><\/h2>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-114 size-full\" src=\"https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2022\/10\/Home-Equity-Loans-1.png?resize=800%2C400&#038;ssl=1\" alt=\"Home-Equity-Loan\" width=\"800\" height=\"400\" srcset=\"https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2022\/10\/Home-Equity-Loans-1.png?w=800&amp;ssl=1 800w, https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2022\/10\/Home-Equity-Loans-1.png?resize=300%2C150&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.privamortgage.com\/blog\/wp-content\/uploads\/2022\/10\/Home-Equity-Loans-1.png?resize=768%2C384&amp;ssl=1 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s important to consider the pros and cons of a home equity loan for a down payment on another house before deciding.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">Pros:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">Interest rates on home equity loans or HELOCs are competitive<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">You don\u2019t have to use your liquid cash to buy another home<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Home equity loans and HELOCs are easy to qualify for<\/span><\/li>\n<\/ul>\n<h3><strong><span data-preserver-spaces=\"true\">Cons:<\/span><\/strong><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">You put your primary residence at risk of foreclosure if you can\u2019t afford the payments<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Increasing your debt-to-income ratio significantly can be risky if you lose your job or fall ill<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">You\u2019ll pay closing costs on the home equity loan and your financing for the new home<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Bottom Line<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Using home equity to buy another home is possible, but consider your options carefully. For example, adding a mortgage means more financial responsibility, and because mortgages are secured, you put your home at risk.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Before borrowing money to buy another home, ensure you can comfortably afford all mortgages so you don\u2019t put any properties at risk of foreclosure.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you want to buy another house, you\u2019ll need money for a down payment and to qualify for financing on the second home. You may need to look at alternatives if you don\u2019t have the cash handy. Most lenders require a larger down payment on a home that\u2019s not your primary residence. If you don\u2019t [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[99,43,100,96,29,98,95,31,19,97,101,30],"class_list":["post-159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-advantages-of-using-home-equity-loan","tag-cash-out-refinance","tag-disadvantages-of-using-home-equity-loan","tag-home-equity","tag-home-equity-loan","tag-home-equity-loan-to-buy-a-second-home","tag-home-equity-loan-to-buy-another-house","tag-mortgage","tag-priva-mortgage","tag-pros-and-cons-of-home-equity-loan","tag-reverse-mortgage","tag-what-is-a-home-equity-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is it Possible to Use Home Equity Loan To Buy Another House?<\/title>\n<meta name=\"description\" content=\"Unless you have the cash to buy another house, you\u2019ll need financing, which requires a down payment. 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