I want to get a secured loan can I secure it on a mortgaged house
2007-01-07 00:50:45 · 8 answers · asked by nubiapoet 1 in Business & Finance ➔ Credit
Yes if you have enough equity
2007-01-07 00:53:11 · answer #1 · answered by Sir Sidney Snot 6 · 0⤊ 0⤋
Yes, this called a home equity loan
For example:
.Let's say you buy a house for $200,000. You make a down payment of $20,000 and borrow $180,000. The day you buy the house, your equity is the same as the down payment -- $20,000: $200,000 (home's purchase price) - $180,000 (amount owed) = $20,000 (equity).
Fast-forward five years. You have been making your monthly payments faithfully, and have paid down $13,000 of the mortgage debt, so you owe $167,000. During the same time, the value of the house has increased. Now it is worth $300,000. Your equity is $133,000: $300,000 (home's current appraised value) - $167,000 (amount owed) = $133,000 (equity)
There are loans that will allow you to borrow up to and above the $133,000.
On the other hnad you may just wish to refinance your mortgage completely.
A cash-out refinancing will give you the money upfront, but that only makes sense if you can getter abetter rate than what you have. The refi will have much higher closing costs than the home equity line or loan. The amount of closing costs and how long you plan to be in this home both weigh heavily on you choice.
If you or anyone you know needs advice or quotes on this type of loan please feel free to email or call me. My office number is 818-361-8585 (just ask for Kevin)
2007-01-08 11:43:14 · answer #2 · answered by kevingeorgecampbell 2 · 0⤊ 0⤋
Yes if you have equity in your home.
Example.
Value of home. £150,000.00
Outstanding Motgage. £80,000.00
Equity £70,000.00
It is unlikely that you would be able to borrow the whole £70,000.00 £40k would be more probable. They may also take into accountt what the loan is for. If you borrow £40k to build an extension your home will likely increase in value.
The lender will also want to make sure that you can afford the repayments by looking at your income and details of any other loans, HP or credit card balances you may have.
Remember the no 1 rule of secured loans. You may loose your home if you do not keep up repayment so proceed with caution.
2007-01-07 06:02:58 · answer #3 · answered by angie 5 · 0⤊ 0⤋
You better believe it. I'am in hock up to my neck the bank
owns me and the only way I can ever get a nice piece of change is through a good old fashioned secured home loan!!
2007-01-07 00:57:35 · answer #4 · answered by peachiepie 7 · 0⤊ 0⤋
Absolutely, if you have equity. There are tons of programs available for people with all credit scores. I know dozens of loan officers who would compete for your business.
2007-01-07 06:56:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes if you have equity,ask your mortgage co first as they may tigh it in to your mortgage to ease your payments
2007-01-07 00:55:06 · answer #6 · answered by ? 5 · 0⤊ 0⤋
yes, www.surefirefinance.co.uk can help you.
2007-01-09 07:14:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
think you can
2007-01-09 06:45:22 · answer #8 · answered by angies_angel_eyes2 3 · 0⤊ 0⤋