Skip to main content
No. of Recommendations: 0
I took out a home equity loan on a property I was renting last year. I used the money towards purchase of another. I was worried no one would give me a home equity loan given it was an investment property, but my local bank did without question 100% LTV. Banks love to lend people money, without a doubt. As an aside, my first mortgage several years ago was an owner-occupied mortgage. I never contacted them to know I was moving out a few years later. I changed my insurance coverage from owner-occupied to tenant occupied. A copy of it was sent to the mortgage company. Communication from the mortgage company was changed from the house to my current home. Despite these clues, still have not heard a peep from the bank.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.