can the house be borrowed against? I’m wanting to buy a low cost property, I have one now and I took out a personal loan and had to put up collateral for the loan. To buy that house. That wasn’t but 3 months ago..Since there is no “mortgage” refinancing isn’t an option. Can’t refinance a personal loan. Does the personal loan have to be paid off before I can get another loan against the house even if 1 of the intended uses for the 2nd loan is to pay off personal loan.Both house needs work and didn’t cost much. I need to finance w/o a personal loan so borrowing against the other house is something I need to have. I’ve have just recently grew up so my credit isn’t as good as it will be.Should I try and get a reg mortgage,or try to borrow against the house I already own. The total amount of what I want to borrow is 24k that pays the personal loan, the rest for the 2nd house.Any ideas?
Thank you for the responses. The combining of the 2 loans and repairs on the houses are ideally what I would like to get in a loan.I just need to find it. Both houses are worth the money as they are now. And I have a gut feeling about them. A strong pull to the new one I want to buy. It’s a diamond in the rough.