Posted on: 09th Oct, 2013 05:58 pm
We need a home equity loan to buy another villa & pay it off when we sell the condo ,no mortage or monies owed, value 115,000 credit scores 784& 782 What are our options?
Hi warren!
Welcome to the forums!
You will have to contact the local lenders and apply for a home equity loan. If you meet all the required criteria of the lender, then you will get the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You will have to contact the local lenders and apply for a home equity loan. If you meet all the required criteria of the lender, then you will get the loan.
Feel free to ask if you've further queries.
Sussane
Get in touch with the lenders concerned and see what're the requirements involved. If you do, then you might as well go ahead with the home equity loan application. Your credit scores seem decent enough as of now.
You will have to talk to the lenders in order to take out a home equity loan. Make sure you meet the criteria of the lender since only then you can get the loan.
Make sure you get the home equity loan before you put the condo up for sale and do not tell the lender you are goiing to sell the condo and do not tell the lender you will be using the money to buy another place to live. :Lnders do not do mortgages when they know the proeprty will be sold soon. If a mortgage is paid off soon, the lender simply lost money because the mortgage was not around long enough to cover their costs for having done the mortgage.
You could try for a Home Equity Line of Credit. They usually cost nothing and you only pay the interest when you write the check---but, you will typically get less than if you do a cash out refinance first mortgage.
With a cash out refinance first mortgage you should be able to get up to 80% of the $115,000 value which is $92,000, less closing costs you clear maybe $87,000. Hopefully, that is enough to bvuy your next palce becsue it is unlikely you will be able to get any more than 80% of the appraised value.
You could try for a Home Equity Line of Credit. They usually cost nothing and you only pay the interest when you write the check---but, you will typically get less than if you do a cash out refinance first mortgage.
With a cash out refinance first mortgage you should be able to get up to 80% of the $115,000 value which is $92,000, less closing costs you clear maybe $87,000. Hopefully, that is enough to bvuy your next palce becsue it is unlikely you will be able to get any more than 80% of the appraised value.
