Can you take out a home equity loan on a rental property?

+1 vote
asked Jun 10 in Real Estate - Renting by Gellouio (400 points)
Can you take out a home equity loan on a rental property?

1 Answer

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answered Jun 11 by Christeen (17,580 points)
As long as you own the rental property or have a mortgage on the rental property with enough equity built up into the rental home and you meet the lenders requirements for a home equity loan then yes you can take out a home equity loan on a rental property or any other homes you own or have a mortgage on .

Your credit score needs to be 620 or higher and you must have a good history of on time mortgage payments to get a home equity loan.

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