2006-12-15 08:12:08 · 5 answers · asked by indy_peru 1 in Business & Finance ➔ Renting & Real Estate
Most places want you to pay on your house for a year before they will even consider it. I was lucky enough to find a place who would let me borrow up to the full equity amount before that period of time. I will give you the link to who I went through you can also call different places that offer home equity lines of credit and ask them how long they require you to occupy your home before they will lend you money
2006-12-15 08:18:56 · answer #1 · answered by William M 2 · 0⤊ 0⤋
As soon as you actually OWN any part of it, or a high enough percentage of it to satisfy the lender that you are a good risk. If you borrowed the full value, or even 90% of the value of the home in order to buy it, the bank wants to see that you pay regularly, and each payment you make builds a TINY bit of equity (ownership) free of encumbrance (the loan). It will be years before your payments reduce the loan by much; at first you're paying mostly interest.
2006-12-15 16:14:23 · answer #2 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
It depends on how much value is in your home after purchasing. Say you agreed to buy a house for $150,000 and by the close the value of the house has increased $100,000. You could conceivably refinance then. If there is little value, then you will have to wait until you build up equity.
2006-12-15 16:15:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
When you have enough equity to borrow against it.
2006-12-15 16:14:58 · answer #4 · answered by smartypants909 7 · 0⤊ 0⤋
42 seconds.
2006-12-15 18:38:12 · answer #5 · answered by Don't Panic 2 · 0⤊ 0⤋