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Updated over 18 years ago on . Most recent reply

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Remortage for a down payment?

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I am buying a house for way under value in 2 months. I was going to remortage and cash out in a few years and put 25K down on a duplex. Someone told me that it is very hard to get a mortgage if you took out a home equity loan (remortage in my case) for your down payment. Is this true?

I wanted to roll the down payment over by taking out a home equity loan on the duplex and buying another duplex. I wanted to maximize the profit on the duplex before purchasing the next one. Then start the cycle over again.

Is there a better way to do this? What about using cash from a remortgage for a dawn payment? Someone siad it looks bad if you remortgage for a down payment.
thanks
Steve

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