2006-07-21 06:26:39 · 8 answers · asked by ltllady08 2 in Business & Finance ➔ Renting & Real Estate
It all depends on how much equity you have in your house. If you had 100% financing for your primary mortgage, it may take a few years before you can find a lender willing to give you a home equity. Or, if the property market goes up and the value of your home increases, you can apply immediately.
Compare a copy of your appraisal from your purchase to your current mortgage. The difference is generally what you will be able to borrow. and you can apply today. :)
I have seen people take out a first mortgage and home equity at the time of purchase. You shouldn't have a problem.
2006-07-21 07:59:05 · answer #1 · answered by dukeblueforlife 3 · 1⤊ 0⤋
It depends on the price you paid for the house and what it's actual value is. If you recently bought it, then chances are the value has already gone DOWN and you may have to wait a long time before you can apply for a home equity loan because you don't HAVE any equity. If, on the other hand if you're lucky and it's worth more than you paid for it, then you probably can apply for a loan... good luck.
2006-07-21 13:36:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Equity (basically) refers to the difference between the selling price (if you were to sell it) and the price you paid. If you had a very large down-payment you have at least that much as equity assuming it was worth the proce paid. If you underpaid, you have more equity, if you overpaid you have less.
2006-07-21 13:31:00 · answer #3 · answered by smgray99 7 · 0⤊ 0⤋
If you have equity I can do this for your today.
I do these equity loans and offer a free no fee, points or other cost to complete.
There are no 3rd party fees. Only a $19.95 credit check fee is all you pay.
Goto my website and appy:
2006-07-21 17:29:03 · answer #4 · answered by emetalshop 3 · 0⤊ 0⤋
talk to a bank/mortgage company. it depends on the amount of equity you have in the home as well as how much of a line of credit you want to take out.
2006-07-21 13:27:56 · answer #5 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
If you have equity you can apply for an equity line today.
http://www.lendermark.com
2006-07-22 15:17:37 · answer #6 · answered by lendermark1 2 · 0⤊ 0⤋
depends on your equity what you improved upon how much your value of the home has risen maybe 2 yrs
2006-07-21 13:30:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋
today
2006-07-21 13:30:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋