Posted on: 18th Apr, 2006 07:24 am
is there a minimum that you can take out for a home equity loan? i also would like to know do you have to have a certain amount of mortgage payments made before you can get an home equity loan or is the amount based on the appraisers that come out to your home?
Hi, Cedreca
There is no such any criteria for getting a home equity loan. The mortgage payments and all doesn;t come into count when you go for these kind of loans.
There is no such any criteria for getting a home equity loan. The mortgage payments and all doesn;t come into count when you go for these kind of loans.
For a minimum amount withdrawal, I don't think there is any such criteria fixed. It may vary with the lender.
You can ask the loan provider whether there is any minimum withdrawal amount required while opening account.
You can ask the loan provider whether there is any minimum withdrawal amount required while opening account.
Hi Cedreca,
Welcome to MortgageFit Forums.
You will get a home equity loan if you have some equity built on your home. The loan amount is based on the appraised value of your property but it varies with the lenders and the area and the country that you live in.
With many lenders the credit limit is set by taking a percentage (75% - 85%) of the home and subtracting the balance owed on the existing mortgage.
Some lenders may let you borrow 100% of the appraised value of your property. Some other factors that the lenders look into are your ability to repay, your income, your credit score and some other obligations.
But you must be aware that the interest rate in a home equity loan is higher than the primary mortgages. Check in for some more detail on home equity loans to get a better idea.
Feel free to ask if you have more queries.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
You will get a home equity loan if you have some equity built on your home. The loan amount is based on the appraised value of your property but it varies with the lenders and the area and the country that you live in.
With many lenders the credit limit is set by taking a percentage (75% - 85%) of the home and subtracting the balance owed on the existing mortgage.
Some lenders may let you borrow 100% of the appraised value of your property. Some other factors that the lenders look into are your ability to repay, your income, your credit score and some other obligations.
But you must be aware that the interest rate in a home equity loan is higher than the primary mortgages. Check in for some more detail on home equity loans to get a better idea.
Feel free to ask if you have more queries.
God bless you.
For MortgageFit,
Samantha
