Is there such a thing as getting 100% of what you have in equity in your home? I need an expert PLEASE
2007-02-17 03:55:48 · 6 answers · asked by Tiny Jr. 3 in Business & Finance ➔ Renting & Real Estate
It really depends on your credit, how much equity you have in your home, and how good your current loan is.
For example if you have a wonderful mortgage with a nice 30 year fixed rate of 5% it would probably be a mistake to lose that to refinance at a higher rate.
But if you have a mediocre mortgage you may well be able to do a refinance that gets you the money you want, and secures a better rate for you.
You need to go an see a mortgage banker with a great reputation (not just some loan officer in a bank) and examine all the options.
There is nothing wrong with either option you suggest, but your credit, your equity, and the details of your current mortgage will determine which is the best way to go.
2007-02-17 04:03:19 · answer #1 · answered by ZCT 7 · 1⤊ 1⤋
The best thing to do is to refinance your current loan at 100% at a lower interest rate.
If you take a equity loan out your interest rate will be at a much higher rate then a refi.
A second mortgage will be anywhere from 9 to 14% if not higher, as to where a refi will be around 6-7% right now and depending on your credit you might be able to get it lower...
Check with your financial institution.
2007-02-17 12:06:17 · answer #2 · answered by Taz 4 · 0⤊ 0⤋
You may be able to get a HELOC (home equity line of credit). It is like having your own bank. If you need a mortgage broker, I know of some if you need referrals. Also, you may be interested in this new program. It works well with a 30, 20, or 15 year mortgage. I am currently using a HELOC with a new software program that helps build equity fast, and will payoff my home in less than half the time without refinancing, and without extra payments. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.
See bellow the website source for more information.
2007-02-17 16:45:46 · answer #3 · answered by marshae 1 · 0⤊ 2⤋
I recommend doing a refinance. You are eligible for 100% financing if your credit score is above 580. You may even be eligible for a 125% of value loan if it is for a home improvement.
Check out the source website for a pre-app for Hamlin Morgage, licensed in 48 states.
2007-02-18 11:12:33 · answer #4 · answered by CALIFORNIA GOLD 3 · 0⤊ 1⤋
There is no one answer beacuase it all depends on your situation such as your credit score, income level,value of your house etc..I work with 20 lenders to get the wholesale rate.If are willing to give details then I can tell you.
2007-02-19 11:59:02 · answer #5 · answered by Prakash P 2 · 0⤊ 0⤋
look at http://allsolutionsnetwork.com/jg/jg62168. not sure if this helps i hope it does.
2007-02-17 14:31:13 · answer #6 · answered by Anonymous · 0⤊ 1⤋