×

Go Back

Advice Topics

Top Contributors (View All)

Find a Top Real Estate Agent Near You

Search Now

Using one property as collateral to buy a second property?

Would it be possible to use a current condominium as collateral to purchase (trade up) to a second condo with the idea of moving from the first one to the second condo?

The reason I ask is because I would like to move to Springfield, IL, but may have to settle for the Champaign-Urbana area if nothing materializes in Springfield over a specific time-frame. If I bought a property in Champaign, I would look to transition to Springfield as soon as a desirable property was available.

Thanks for your time.
Asked By Paul | Springfield, IL | 233 views | Buying | 7 months ago
Answer(2)
Sort By:
profile img
Rising Star
11 Answers
DeMarcus Hunter of Blackstone & Birch Partners

Compass

(15)

I have to start with "I'm not a lender but...". I think it depends how much equity you have in your first property. I think you're still going to need to investigate the loan pre-approval process with a qualified lender.
profile img
Novice
2 Answers
Rebecca Gutierrez

Keller Williams Realty-Aiken Partners

(9)

I you have enough equity in the current condo, you may be able to get a Home Equity Line of Credit to be able to purchase the other condo.

Are you ready to find a top agent near you?

Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.

Search

Related Questions

Search for Agents by Top U.S Cities
Search for Agents by States
Search for Company by States