Posted on: 29th Nov, 2010 07:02 pm
i built a house with my own money ($400K) can i get a cash out to pay myself back and still qualify for the current 4-5% interest rates? the value of the home is approx $700k and i owe $120k on the land.
Hi Lrod!
Welcome to forums!
As there is equity in the property, you will be able to get a mortgage using the property as a collateral. You will be able to qualify for the current low rates available in the market if you fulfill the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As there is equity in the property, you will be able to get a mortgage using the property as a collateral. You will be able to qualify for the current low rates available in the market if you fulfill the required criteria of the lender.
Feel free to ask if you've further queries.
Sussane