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Originally posted by Cynthetiq
The wife and I recently purchased a primary residence in NYC, I also have a rental property in Las Vegas, and a number of other assets.
I have a 2 mortgages, a home equity loan, car loan, student loan, and misc credit cards. I have a very good credit rating and so does my wife. We don't carry any real debt besides our mortgages, car loan, and student loans.
We are going to renovate our new purchase, we have the cash for it, but would like to keep it liquid because of the current job market. How can we determine if we will still qualify for yet another loan?
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Without going very in depth with your finances, I would suggest that the simplest way to find out would be to apply.
As far as what type of loan you apply for, if you currently have the cash for it, you may want to consider a savings or cd secured loan. Generally, your interest rate will be much lower than nearly any other type of loan, and you still have the liquidity that you require. If you were to need those funds, you can pay off the loan and use the remaining balance in whatever way you choose. Hope this helps!
Thanks for posting!