Buy another house with money from first current mortgage?

I would like to buy another house I really liked, I bough my existing home 7 years ago and have a mortgage on it...is there a way to refinance my home now to get money for the down payment of the new home? The thing is that I don't really want to sell my current home just yet due to the obvious market conditions...any advice will be appreciated.Buy another house with money from first current mortgage?
Depends on the value of your current home, your existing equity, how much you need and whether you would qualify for a second mortgage loan on top of the first.





In order to take equity out of your current home, you would have to get a new appraisal and the balance on your existing mortgage would have to be under 80% of that appraisal. You could then take out the difference as either a refinance with money back or as a second mortgage.





You would then have to make enough money to qualify for a new mortgage on the second home you would plan on buying.Buy another house with money from first current mortgage?
that only depends on just how much equity you have in it. But yes you can as long as you can afford both notes at one time or even you plan on renting the current home, understand this you cannot off set the payment with rents if you do not have at least 30% equity in the home. So if you have that much then you can.


I am a mortgage banker in TN
Yep. If you are planning on moving into the new home as your primary residence then all you would need is 3.5% down for an FHA loan plus a little extra for closing costs. Equity lines are dirt cheap right now. around 3%. Maybe talk to your local bank or credit union about getting one of those. It's much easier than a traditional refi.
sure. You can likely borrow about 80% of the current value of your existing home.





Talk to a lender and they will get an appraisal ordered.