2006-11-03 00:38:49 · 9 answers · asked by monica m 1 in Business & Finance ➔ Personal Finance
The expression "releasing equity" is a marketing term the lenders use. The reality is you are just taking out a bigger loan against your house. Still, you're not alone - just make sure you adjust your lifestyle or you'll be back in the same place. The answer you are looking for is about four weeks.
2006-11-03 00:55:28 · answer #1 · answered by Never say Never 5 · 0⤊ 0⤋
pretty simple and easy. if what you want is under $100,000 and does not exceed the actually equity in your home, goe to your bank and apply for an equity credit line. you need proof of income and good credit. it only takes a few days to set up. realize that the interest rate on the account is determined by the daily fed interest rate. it will always be a point to two points higher. but basically it is like opening your equity in your house as a check book.
2006-11-03 00:49:15 · answer #2 · answered by Cheryl E 4 · 0⤊ 0⤋
Simple. Just go to your mortgage provider first, then compare that offer with other secured loans. By releasing equity, you will be borrowing that amount againts your home. it will be a standard secured loan, so you can get refused. depending on how much you want to borrow, and how much under 60 you are it should be fine. My advice - shop around. Dont apply everywhere cos that wont help your credit score, just look at what deals they are offering.
2006-11-03 00:47:46 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It's easy enough to get equity from the home, IF you have equity in it. Just a matter of paperwork to do the cash-out refi. Your credit score does have some bearing. Your age does not. :) If you want help, drop me a line at Hall442@yahoo.com.
Peace!
2006-11-03 02:07:57 · answer #4 · answered by Quietman40 5 · 0⤊ 0⤋
it depends on a lot of factors -
how much equity you have
how much you earn
how old you are to term of borrowing
The best thing to do is see an independent adviser who will be able to look in to it for you. But don't go trying a number of them as each time it will affect your credit rating and therefore reduce your chances of actually being able to borrow.
2006-11-03 00:51:28 · answer #5 · answered by AAP 1 · 0⤊ 0⤋
in case you probably did 25k in redecorate your place will fee around 35k to 45k extra,, yet because of the industry all homes lost from 20% to 35% values, so interior the worst undertaking your place would be 83k + 35k (x 70%) = 80 two.6K so probable your place is properly truthfully worth the comparable, yet you are able to make investments 4 hundred dlls to appraise the homestead and fin in case you have a minimum of 20% of fairness.. if the money you decide on is to pay off debt with interest larger than 15% provide it a try.. fairness loans are tax deduct.
2016-12-09 01:50:08 · answer #6 · answered by ? 4 · 0⤊ 0⤋
although I dont have an answer to the original question, I can tell you how to reclaim any "charges" made by your bank in the last six years, such as late payment charges, overdraft charges, bouncy cheques d/d's etc. I have just reclaimed £2200 pounds from HSBC in the space of six weeks.
It is possible as the Information Commissioners office recently deemed these charges as unlawful.
Anyone who wants to know how please e-mail me for details.
2006-11-03 00:56:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
easy. there are lots of loan or mortgage companies who will "bite ur hand off" to get u to use their company as they charge extortionate rates.
so please be careful and shop around but my ex and i did it to help during our split and it was turned around in a month with a lot of pressure/pushing for them to get papers sorted.
good luck but as i say....... shop around and be careful who u choose.
x
2006-11-03 00:52:41 · answer #8 · answered by Cubangirl 3 · 0⤊ 0⤋
This sounds like one of those adverts we see on telly.
2006-11-03 00:39:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋