Use Home Equity and Personal Loans to Build Your Wealth
If you own real estate now you can borrow against your equity in it and use the money to buy income real
estate. This technique of creative financing is used again and again by real estate BWBs.
There is good news for you about home equity loans and creative financing. When you apply for a home equity
loan you never need tell the lender what you plan to use the loan money for. So you can buy as many properties
as you can afford using a home equity loan.
With a personal loan you must tell what you intend to use the money for. Acceptable uses include: education,
vacation, home improvement, debt consolidation, medical, dental, miscellaneous, and others. Unacceptable uses
include—for certain lenders—home or real estate down payment. Other lenders make personal loans for these uses.
You are not allowed to borrow personal funds to buy stocks or bonds, unless you're using a stock broker's
margin account.
Places where you can get personal and home equity loans include:
Commercial banks.
Savings banks.
Credit unions.
Finance companies.
To get a loan from any of these lenders, be sure you type your application throughout. And if your FICO score
is less than 600, or your Debt to Income is more than 35 percent, have a cosigner handy to help you get your
loan. And be certain to use some of your loan for the stated purpose given on your loan application!
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