Your property that is rental needs major repairs, and you’re brief on money. House equity loans are an excellent revenue stream as it’s needed, but could you get a house equity loan for a leasing home? Than it is on your primary residence, it is possible while it is more difficult to qualify for a home equity loan on a rental or investment property. Also getting a true house equity loan on a secondary home is much more challenging than getting one in your main dwelling.
Non-Owner Occupied Home Equity Personal Credit Line
A house equity loan enables you to borrow on the equity within the home. Its not all lender provides house equity loans on non-owner occupied properties. That’s because a house equity credit line on a good investment home is far riskier as compared to exact same loan on a major residence. If an investor loses their tenant or experiences other economic problems, they could default on a property equity loan for a property that is rental while owners are less prone to default on a house equity loan and possibly lose the roof over their minds. Continue reading