I just bought a new home with a good down payment, and because it came from a relative, under market value. Together, it leaves me with a + difference of about $150K between the appraisal value and the balance on the mortgage. Now I'm considering getting an equity line for about 40-50K to do some renovations and pay high interest debt, but I wonder how mortage seasoning rules would apply in this sort of situations. Does seasoning affect strictly the percentage of the value you can borrow, or does it also affect the terms? In this case, I'm only interested in getting a line for partial value...does that make any difference?? Thanks!
2007-01-10
08:06:19
·
8 answers
·
asked by
BGOQ
1