Multiple home equity loans at the same time?
Question: Is it possible to to obtain more than one home equity loan on the same equity? Perhaps by closing all loans on the same day?
Please post your polite response. Thank you.
Answer: Sure. The first mortgage that is recorded is in first position. The 2nd mortgage that is recorded is in second position. The next mortgage to be recorded is in third position. Just make sure that you are up front with all of the lenders on what you are doing. If you try to get both #2 and #3, making them think that both are #2, or worse yet, only telling #1 about #2 and not about #3, then you are committing loan fraud.
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Filed under: Home Equity Loan
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