6

It looks like you're trying to "parlay" equity to buy multiple homes. It doesn't work like that. All "equity" is is what the house is worth (what you can sell it for) minus what you owe. The only way to use "equity" on one house to purchase another is to cash it out. That can be done by either selling the first house or by taking it out using some kind of ...


4

Get a lawyer. I wouldn’t dare giving you legal advice, any mistake could be too expensive. Outside the law, you can tell your brother that you own half the house, that there is no way he can force you to move out which will make a sale quite difficult, and if he manages to get one penny before your death, your half will be left to charity. So if your house ...


3

Realistically, you're going to need to show them everything. The bank isn't going to give you $300k without a pretty complete accounting of your financial position. There isn't going to be a lot of personal financial information that you're going to be able to keep away from the bank. When you fill out the paperwork to apply for the loan, one of the forms ...


3

I am self answering as I've worked this all through. Taking out a HELOC (Home Equity Line of Credit) on my property will not add PMI back to my mortgage My local Credit Union is willing to provide a HELOC up to the full appraised value of the home Due to current market demand this process is expected to take up to 6 weeks. I have since taken out a personal ...


2

Your home equity is already invested in..... your home. It's quite different from having $100K in currency in a briefcase and thinking about how to invest that. This isn't too different from saying that you have 100 shares of Apple and want 'invest that equity' in an additional stock. Easily done via a margin account, but not recommended. This is probably ...


2

You can't finance a 2nd property using all of the equity from your first. Typically you must have at least 20% equity left after a cash-out refinance (in the US, at least). So that means if your house was worth $100,000 and you had $15,000 in equity you couldn't take any equity out to use as a down payment on another property. In addition to the minimum ...


2

So let's say for argument's sake that we would want to borrow $300K, what would the bank want to see (taking account of the ~$350K equity in the house we will be selling)? Most lenders will allow you to borrow up to 80% of the value of the house. That would put the maximum amount they will loan you at about 280K. Some will go higher but that could require a ...


1

The key element of a 1031 is that you are replacing the property with on at least as expensive. Any cash pulled out creates tax issues.


1

To keep owning the first house and access the equity you will need to do one of several things: Get either a second mortgage with the current lender or refinance the current mortgage to pull money out of the house. The current lender generally limits the percentage of debt compared to the value of the house they will allow. The closer you are to 100% of ...


1

Let's say I bought my home several years ago and now have (for example) $100k equity available if I refinance. Keep in mind diversification You have already invested into the housing market by choosing to own a home instead of renting. Now it's your time to invest into other sectors, for example stocks (although with your 5-10+ year time frame stocks might ...


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