If you own a second home or vacation home in a sought-after area, you may have seen even bigger equity gains than average.
But what happens if you want to tap that equity? Can you take out a home equity loan or HELOC on your second home?
The answer may be yes, but the rules are a little different than for your primary home. Here’s what to expect.
Home equity loans and HELOCs on second homes
Instead, you could access the value of your home using a cash-out refinance, home equity loan, or home equity line of credit (HELOC).
Cashing out on a second home can be more appealing to some homeowners than changing the mortgage on their primary home or reducing its equity. Continue reading “Can I get a home equity loan or HELOC on a second home?”