I own my home and want to get cash out on its value but no one will give me a loan cuz i already have another mortgage

There may be a couple issues here. One is that on most "cash out refinances" (where you refinance your current mortgage into a new one and getcash out) are limited to about 80-85% of the value of the home (LTV). If you do not have over 20% equity in the home, you would not qualify. For example, if your home is worth $200,000, you would need to have a mortgage balance of less than $160,000 to even begin looking at getting a cash our refinance.Most of the banks that had been issuing "Home Equity Lines of Credit" (HELOC) have pretty much moved out of those programs, and those that areleft are requiring credit scores in the mid to high 700s, and usually still don't want to go over 90% LTV.Since we don't know where you live, cannot give specific recommendation to local, licensed mortgage professional who might be able to help yousort this whole thing out.

Hi Isela, We need more information to help you. You should be able to take cash out even if you have another mortgage - But does that other mortgage make you have DTI (debt to income) problems? Do you not have the equity in the home to take out cash? There are limits usually up to 80-85% LTV (loan to value) on owner occupied properties. Feel free to contact me to run your loan scenario over.

Give me a call @ 513-477-7908. I may be able to help you.

You must have no equity

More info is needed. but the max ltv you can have for cash out is 85%. How much is your home worth? How much do you currently owe on it?

Even with a second mortgage you should be able to get cash out from your home. You might be running into other problems associated with the equity or your debt-to-income ratio. You may not qualify to take cash out because the monthly payments would become too high with your first and second mortgage in comparison to your income.

So you have an existing first mortgage, and want to take out a home equity loan. Not an issue, but understand that lenders will only lender to a certain percentage of the appraised value. This is generally 85% maximum. So depending on the numbers, it sounds like they are saying you don't have enough equity to make it work.