Equity Home Loans

More than one home equity loans at a time?

I want to know if I can get more than one home equity loans at a time for a single house from different banks. Because I've applied for a home equity loan from a bank, but it seems to be not enough for me to do what I want to do with the money. So I thought I can apply for another equity loan from a different bank to double the amount. Is it possible?

Public Comments

1. It depends on the state you live in. In Ma, we're allowed only two loans against any property. Usually that means you can have a mortgage and one equity loan. If your property is paid for then you can have two equity loans. No bank is going to lend you more than the property is worth, and each loan lowers your equity. Talk to a loan officer in your state.
2. No you can't. Just like credit agency, your equity loan information is registered. When you approach the second bank for an additional equity loan, they will pull up your file and they will insist that you consolidate theirs and the first bank's equity loan into one. This means, the second bank will pay off the first one's equity (fees charged to you) and then they will write a equity with the old loan plus the new one - provided you qualify for the entire loan of course. In these tight credit markets today this type of fancy-dancy loans are thing of the past. However you can talk to them. If your income is good - I mean real good and solid - then they will loan you.
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