Financial Information
How soon can you take out a second mortgage after closing?
Question : How soon can you take out a second mortgage after closing?
Obviously, the house has enough equity to take out a second mortgage. No, I don’t think second mortgages are good ideas, but some situations merit them. I just simply want to know if you close on the home, can you take out a second mortgage immediately after, or do you have to wait a certain amount of time?
second mortgage
Best answer:
Answer by wizjp
We do lots of 1st and 2nd in the same closing.
Saves you money.
One hour after closing. The house is yours. If you have equity, you can get a 2nd loan. Some companies put a 2nd on at closing. You don’t get any money from it. It is more like a checking account where you can write checks against your equity..