Posted on: 24th Mar, 2010 10:57 am
I have over 15 acres of land in Texas with a 4 bedroom brick home on it. I owe $118,000 on it and it is valued at over $400,000.
How can I get $100,000 out of my equity and who provides them? Does anyone have any lenders they would recommend?
How can I get $100,000 out of my equity and who provides them? Does anyone have any lenders they would recommend?
you can contact your present lender in order to get a cash out refinance. as you've equity in the property, it won't be difficult for you to get a refinance. i hope you've a good credit score and solid employment history. these two factors will be taken into account by the lender before he gives you a loan.
you can even speak to the lenders of this community and seek a no obligation free mortgage quote. this will let you know what type of rates and terms you would receive.
you can even speak to the lenders of this community and seek a no obligation free mortgage quote. this will let you know what type of rates and terms you would receive.
You have more than enough equity to stay under the Texas cap so you're fine on that front.
The only other things to worry about are your credit score and whether or not you can document your income.
Last but not least, a lot of lenders shy away from cash out refis in Texas because of the unique Texas laws. I've done them and it's really not a big deal.
The only other things to worry about are your credit score and whether or not you can document your income.
Last but not least, a lot of lenders shy away from cash out refis in Texas because of the unique Texas laws. I've done them and it's really not a big deal.