Posted on: 27th Oct, 2008 09:46 am
Here is my situation,
Bought in AUG 08, paid 235K, house should appraise between 240K-250K. Need 8k,which half is needed to pay off debt, the other half to do a few improvements. What is the best route to get money? Tried to secure a personal loan, but was shot down by Wells Fargo and Citi!
Any help would be greatly apprieciated.
Bought in AUG 08, paid 235K, house should appraise between 240K-250K. Need 8k,which half is needed to pay off debt, the other half to do a few improvements. What is the best route to get money? Tried to secure a personal loan, but was shot down by Wells Fargo and Citi!
Any help would be greatly apprieciated.
I know some states like Texas allow you to tap into 125% of your home's equity? Is Virginia similiar in that aspect?
hi guest!
yes, i have heard of the home equity loan or heloc (line of credit) - up to 125% equity. i would recommend you to speak to some of the lenders. this will help you to get a clear idea. you may try for a cash out refinance if possible but you will have to check with the lender. terms and conditions of the loans may differ from one lender to another.
thanks.
yes, i have heard of the home equity loan or heloc (line of credit) - up to 125% equity. i would recommend you to speak to some of the lenders. this will help you to get a clear idea. you may try for a cash out refinance if possible but you will have to check with the lender. terms and conditions of the loans may differ from one lender to another.
thanks.
There are no 125% loans available in this market. Guest not sure where you heard the info on TX but TX is one of the toughest to get cash out they cap it at 80%
honestly, there's too little information here to provide a reasonable opinion. we don't know the credit situation, nor do we know the balance of the existing mortgage. ms. miller, i think you jumped the gun with your comments.
of course, having purchased in august of 2008 will definitely prevent a refinance. perhaps you just need to slog along as you are with that $8000, unless you can find a credit union or the like to grant a personal loan.
of course, having purchased in august of 2008 will definitely prevent a refinance. perhaps you just need to slog along as you are with that $8000, unless you can find a credit union or the like to grant a personal loan.
