the home was purchessed in sept of this year and it was appraised in aug for 122,000 how can i get the equity out of the house to do some home improvements..
2006-11-04 13:07:41 · 6 answers · asked by mrlouis24 1 in Business & Finance ➔ Personal Finance
you would have to redo your mortgage for 122,000. or as much as the bank would allow ( total equity ) and you would have the available cash
2006-11-04 14:23:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Home equity loan or Equity line of credit is one option to get cash to make improvements to your home, however you could lose your home, if you don't pay as per agreement. A big risk for an equity loan of $15K-$20K. Don't you think?
Second option is refinancing.
HELOC vs. Refinancing Q&A (http://www.Bankrate.com)
http://www.bankrate.com/brm/news/DrDon/20031031a1.asp?prodtype=mtg
Shop around for interest rates, cost of refinancing / HELOC. Let the banks come back to you and you can select the option that fits the best.
Ask a lot of questions...
2006-11-04 21:34:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Like he said, get a second mortgage / Home Equity Line of Credit (HELOC).
But here's something else to know.... If you sold the house now for 122k, you'd pay taxes on the increase of 23K. If you fix the house and sell it for 150k, you'll pay taxes on the increase of 51k, UNLESS you're smart and keep your receipts for what you put into the house. If you spend 10K, your "basis" goes up by that amount, meaning you won't pay taxes on it when you sell.
2006-11-04 21:27:50 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
Go to your bank and apply for home equity line of credit.
2006-11-04 21:09:29 · answer #4 · answered by troythom 4 · 1⤊ 0⤋
Go see your bank,are credit union.
2006-11-08 19:11:45 · answer #5 · answered by George K 6 · 0⤊ 0⤋
you can get home loan or personal loan here this site wil help you
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2006-11-04 22:11:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋