2007-01-21 08:46:42 · 4 answers · asked by Johnson D 1 in Business & Finance ➔ Renting & Real Estate
If you have any equity built up you may be able to borrow against it. It is up to the bank or firm you are applying to.
2007-01-21 08:51:40 · answer #1 · answered by Eva 5 · 0⤊ 1⤋
It depends on the loan agency, but not usually. In order to get a home equity loan, you must have equity built up in the home. That happens either when you pay down your mortgage balance or the home has appreciated over time.
Try bankrate.com for more information.
2007-01-21 16:51:31 · answer #2 · answered by Mike 1 · 1⤊ 0⤋
lenders will only loan up to 80% of the full cash value of the house so you will have to wait until you have paid off some of the loan
2007-01-21 16:55:40 · answer #3 · answered by hollie 5 · 0⤊ 1⤋
yes i did 6 yrs ago , we bought preconstruction and had a lot of equity when we moved in.
2007-01-21 16:50:04 · answer #4 · answered by Suzy 5 · 0⤊ 1⤋