released mortgage off title deed 2 refinance?

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marie29
Member
@marie29
Join Date: 2003
Post Count: 4
August 9, 2003 - 9:39 pm
Hi there
Iam new to this forum , but I have an interesting propersition that I was offered, last year when I was going for a loan. I was informed that you could release a banks mortgage off a proprty for refinancing purposes if the property brought had enough equity in it.
for example own home had $35000 equity
investment property $50000 equity after 2 years. The mortgage is taken off first 1st property, so that second property stands on own, then if current bank wont come to party use the equity in 2nd home to refiance with another bank (like a porn in a chess match). Has anyone ever tried this tactic?[:X]
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 9, 2003 - 10:53 pm
Marie
Yes this is common and good to do if you have enough equity. Then if the bank doesn’t give you what they want, just go to antoher bank. Most people like to do it the other way round, make their home debt free-itmakes them feel safer.
BTW did you mean pawn?
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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marie29
Member
@marie29
Join Date: 2003
Post Count: 4
August 10, 2003 - 7:28 pm
quote:
Marie
Yes this is common and good to do if you have enough equity. Then if the bank doesn’t give you what they want, just go to antoher bank. Most people like to do it the other way round, make their home debt free-itmakes them feel safer.
BTW did you mean pawn?
Terryw
[email protected]