Posted on: 28th Nov, 2009 08:50 pm
I'm a first time buyer and I just bought a little house cash and now I want pick up a home mortgage loan so I can have some cash back. Let say I paid $60,000 cash. How much can I get back with a home mortgage loan? is there something about credit line? How long after I have the house will I have to wait before I can pick up a loan?
>>How much can I get back with a home mortgage loan?
You can do it right away - get a Home Equity Line of Credit from your local Bank or Credit Union. They'll tell you how much you qualify for.
You can do it right away - get a Home Equity Line of Credit from your local Bank or Credit Union. They'll tell you how much you qualify for.
I have no money and the only thing I have is the house. I would like at least $30,000 of the house price back in my pocket with the Home Equity Line of Credit. Should I stick with the Home Equity Line of Credit or pick up a home mortgage loan? please advise.
the fees to get a home equity loan are much much lower then a refinance, so that'd be my decision.
Will the overall cost with fees and interest rate lower if I pick up a home equity loan versus Home Mortgage loan? I was pre-approved for $150,000 on a home mortgage loan and I have a credit score above 750. I read that I will have a veriabel interest rate if I went with an equity loan. I'm located in california.
should i pick up a home equity loan?
Hi,
Since you own the property free and clear, there's lots of equity in it. You can get a home equity loan against the property and use the cash for various purposes. The fees involved in getting a home equity loan are less than the costs to close on a normal home loan. However, the interest rate on a home equity line of credit will be adjustable and will rise and fall depending on the market rates.
Since you own the property free and clear, there's lots of equity in it. You can get a home equity loan against the property and use the cash for various purposes. The fees involved in getting a home equity loan are less than the costs to close on a normal home loan. However, the interest rate on a home equity line of credit will be adjustable and will rise and fall depending on the market rates.
By definition, Home Equity Lines (HELOC) have variable interest rates. But each program is a little different. For example, the HELOC I have is variable, but allows me to convert it into a fixed rate 3 times.
You can also pay a HELOC down, and then reuse it again. You don't get that kind of flexibility with a standard mortgage. The key are the fees ... they're way lower for HELOC's.
If I were you, I'd get a copy of Mortgages for Dummies and read about all your options first. Then visit several Lenders and compare your options.
You can also pay a HELOC down, and then reuse it again. You don't get that kind of flexibility with a standard mortgage. The key are the fees ... they're way lower for HELOC's.
If I were you, I'd get a copy of Mortgages for Dummies and read about all your options first. Then visit several Lenders and compare your options.