can you take out two home equity loans

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  • Can I take out two home loans?

  • A home equity loan provides financial flexibility for debt consolidation, home improvement or a big ticket purchase. A line of credit doesn’t need to be used right away, but can provide peace of mind on a rainy day. If you have enough income and equity, you can take two home loans.

  • Can I use equity in my house to buy another house?

  • If you have enough equity in your home, you can use the money from a home equity loan to buy another house. Like regular mortgages, home equity loans are secured by your home, so you will be putting it at risk if you鈥檙e unable to repay the loan.

  • How can I get a second loan against my home equity?

  • One option, if your lender is reluctant to issue a second loan against your equity, is to apply for a home equity line of credit. With a HELOC, you get a flexible line of credit you can borrow against as you need it.

  • How many home equity loans can you take out?

  • While there鈥檚 no limit to the number of loans you can take against the equity in your home, you will be limited on the total amount. If you think you鈥檒l need multiple loans, a home equity line of credit may be a better option.

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