im considering getting one, and i have about 50k in equity, only wanting to barrow about 35k, and i just wanted to know, they check my credit, aprove me, and i get the cash in my hand? or how does it work?
2006-11-08 04:05:42 · 4 answers · asked by Stephenie 1 in Business & Finance ➔ Personal Finance
i got an appraisal 2 months ago at closing.
2006-11-08 04:12:46 · update #1
Same process as any other home loan. Usually the guidelines are a little more strict.
2006-11-08 11:17:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
After they approve you they still have to order an appraisal to verify the value, and record a lien against your property. I think you get the cash sort of like closing, not straight from the bank. (Although I could be wrong-- but you do need to sign paperwork and get it recorded via a title company, so it makes sense.)
edited to add:
If your bank will accept the appraisal (and you have a copy of it or its the same bank as the original mortgage) than it should be able to close fairly quickly.
2006-11-08 12:10:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
essentially you have it right. The thing thewy will look at is your equity relative to the value of the property less the current mortgage. If the current mortgage is greater than 80% of your equity in the property you probably will be turned down.
2006-11-08 15:14:03 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
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2006-11-11 13:58:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋