textex
Joined: 27 Jun 2007
Posts: 1
|
| Posted: Wed Jun 27, 2007 10:52 pm Post subject: Current Home Equity Loan Effect New Home Purchase Motgage? |
|
|
Currently utilizing two mortgages to avoid PMI. A mortgage for 518k and an interest only equity line for 50k.
I am in the process of selling and buying and am looking to secure financing for my new home. I pulled my credit and it appears as though the equity line is being calculated as regular debt, and not a mortgage. Ulitmatly bringing my credit score down (I think).
My question is, will mortgage lenders consider my equity line as regular debt? Or are they going to consider it a mortgage? |
|
