Trouble getting a LOC on my own house - any suggestions?

[Goodstuff]

Hi everyone.

I have 3 properties besides my own house. Because I`m pretty much at my limit with the banks - they don`t want to give me any more money, as my income won`t support it - I don`t think I can get a LOC on my own home.

The properties pretty much break even. Our house is worth around $500,000 and the mortgage on it is $275,000. But they don`t want to give me a LOC on it because of the other properties. Too much risk for the amount of money I make.

Any ideas on how I can get some money out of my own house?

Thanks in advance!

 

[Nir]

Good Stuff!

Maybe try another banker/mortgage broker. different people (bankers) react differently in the same situation. plus ensure you submit a professional application highlighting the success of your business. Mr. Peter Kinch can probably provide more information/best advice on the topic.

Regards, good luck,
Neil

 

[PeterKinchMortgageTeam]

QUOTE (Goodstuff @ Aug 19 2008, 01:28 AM) Hi everyone.

I have 3 properties besides my own house. Because I`m pretty much at my limit with the banks - they don`t want to give me any more money, as my income won`t support it - I don`t think I can get a LOC on my own home.

The properties pretty much break even. Our house is worth around $500,000 and the mortgage on it is $275,000. But they don`t want to give me a LOC on it because of the other properties. Too much risk for the amount of money I make.

Any ideas on how I can get some money out of my own house?

Thanks in advance!

There are lots of non income qualifying products availiable - especially for principal residences. While it might require a collateral charge/readvanceable product(meaning you may have to pay out your first mortgage) - with good credit, it shouldn`t be too much of a problem. In any case, with 3 rentals, having a readvanceable product may be in your best interests anyways.

Talk to your bank about the amount of your payout penalty and then have a qualified banker/broker provide you with some product options and amoritization schedules to see what`s available to you and make your decision based on that.