Posted on: 21st Sep, 2010 09:06 pm
if my first home mortgages are completely paid off, can i refinance or take out a new mortgage against my home to investment that money in somewhere? i do not want to pay the inflated rates of a fixed home equity line of credit if at all possible, so are there any other options (other than a variable rate on a heloc)?
Hi muthyapu,
You will be able to refinance the mortgage only if you've equity in your property. If you have equity, then you can contact your lender and apply for a refinance. However, you'll have to meet all the other required criteria of the lender in order to get the mortgage. You can go for a normal fixed rate conventional mortgage in this regard.
Thanks,
Jerry
You will be able to refinance the mortgage only if you've equity in your property. If you have equity, then you can contact your lender and apply for a refinance. However, you'll have to meet all the other required criteria of the lender in order to get the mortgage. You can go for a normal fixed rate conventional mortgage in this regard.
Thanks,
Jerry
Hi Jerry,
Thanks for the information. What do you mean by equity ?
Thanks,
Raju.
Thanks for the information. What do you mean by equity ?
Thanks,
Raju.
Hi Guest,
Equity can be defined as the difference between the market value of a property and the debts or liens held against it by the lenders.
Thanks,
Jerry
Equity can be defined as the difference between the market value of a property and the debts or liens held against it by the lenders.
Thanks,
Jerry