Posted on: 29th Jun, 2009 10:14 am
Hi Joshua,
Let's say a house is purchased in cash. How long would you normally have to wait before you can take out a home equity loan/line of credit in florida in Florida?
Let's say a house is purchased in cash. How long would you normally have to wait before you can take out a home equity loan/line of credit in florida in Florida?
Hi andrewvangils,
If the property is free and clear then you can go ahead and take a loan immediately. Such a loan need not be a home equity loan or a line of credit. However, if you have an existing mortgage, then you will have to go for a home equity loan provided you have a equity in the property. After taking the first mortgage, you will have to wait for at least 6-8 months to get a HELOC.
Thanks
If the property is free and clear then you can go ahead and take a loan immediately. Such a loan need not be a home equity loan or a line of credit. However, if you have an existing mortgage, then you will have to go for a home equity loan provided you have a equity in the property. After taking the first mortgage, you will have to wait for at least 6-8 months to get a HELOC.
Thanks