Posted on: 18th Feb, 2013 03:00 pm
hi, i recently purchased an older home in july 2012, and have been working on fixing it up until it is liveable. i recently went to get the home refinanced to lower my interest rate and also get a home equity loan and was told i could not do so until i officially occupy the house. is this true across the board? or is it only a rule from the bank itself? i am unable to do any more work to the house to make it liveable and get the u& o until i get the refinance and home equity done.....help!?
thanks!
katlin
thanks!
katlin
Hi KatlinBliss!
Welcome to forums!
You can get in touch with the other local lenders and check out if they can provide you with a loan in such a situation. As far as I can understand, this is a bank specific rule.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get in touch with the other local lenders and check out if they can provide you with a loan in such a situation. As far as I can understand, this is a bank specific rule.
Feel free to ask if you've further queries.
Sussane
home equity loans are offered against your equity in your home. i don't think that you must necessarily stay in the house so as to get the home equity loan.
Home equity loans can be taken out when you have equity in your home. It is not at all mandatory that you will have to stay in the house to get home equity loan.
It is not necessary that you occupy the house and stay in it to avail the home equity loans. Have a talk with other local lenders so that you get to know about a clearer picture.
Don't just stick to one lender or in this case the next lender that offers to give you home equity loan without you living in the home.You should compare several lenders and pick on one that offers you the best deal on many other factors.