My wife and I presently live in separate houses. I own a home in my name and she rents an apartment. We own a piece of property and want to build a house on it. Is it possible to take out another mortgage while I still own my home, or does it all depend on the equity I have built up on my present mortgage?
Qualifications. It all depends on the collateral available and the cash flow to make the payments, in addition to your credit report.
Collateral may be just the new home you'll build, or it may include equity in your current home. Talk to several lenders as their policies may vary and the deals you are offered can be different.
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Qualifications. It all depends on the collateral available and the cash flow to make the payments, in addition to your credit report. 