Posted on: 05th Dec, 2013 01:24 am
If I buy a property via short sale on which there is a high amount of equity on the closing day, then how long he or she will have to wait before taking out a home equity loan?
Well, you may have to wait for 8-10 months to get a home equity loan.
Hi VPerry,
If you buy the property through cash, then you may be able to qualify for a home equity loan immediately after purchase.
Thanks
If you buy the property through cash, then you may be able to qualify for a home equity loan immediately after purchase.
Thanks
Some lenders will use the appraised value the day after you own the property.
Others will require that you wait 6 or 12 months before you can use the apparised value to refinance.
Others will require that you wait 6 or 12 months before you can use the apparised value to refinance.
