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    smitty5000's Avatar
    smitty5000 Posts: 1, Reputation: 1
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    #1

    Jul 19, 2007, 05:30 PM
    We have approx. 20,000 equity in our home. We want to borrow 5,000, using a 2nd mortgage. Is this a good idea.
    DianeV Sr Loan Officer's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #2

    Jul 24, 2007, 03:48 PM
    Hard to say. I don't know what your house is worth and what you owe. The simplest way would be to get an equity line but you need a certain amount of available equity to do that. Most banks will not extend 100% credit on a home equity line.

    So, in a nutshell... I don't have enough info to give you a really good answer.
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