2007-02-26 04:07:27 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
No, the debt can't be more then the asset.
2007-02-26 04:14:14 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The question is unclear. Here are some variables that matter.
How long since the appraisal or purchase? If you bought the property less than a year ago many lenders will only lend based on the purchase price or the current appraisal, what ever is lower.
If it has been a year since the purchase you can pay for a fresh appraisal and see if the value has gone up. You can then refinance.
If you are refinancing to get a better loan it will be approved with less compilations than if you want to pull out cash. If the value has gone up and you are not taking out cash then the lower LTV can improve the loan terms (Loan To Value - LTV).
If you are living in the home that will make things easier than if the property is a rental.
If your credit is good or has gotten better than you might have more options than if your credit is bad or has gone down recently.
Assume that you will not be able to pull out more than the property is worth as a general rule. Maybe no more than 90% to 95% of the value or sale price, what ever is lower if under a year since the sale.
A 125% mortgage is really a special case and not something that is available to all borrowers or on all properties. The assumption behind the loans is the property has a defect that needs correcting so that the money put into the improvements will drive up the value to protect the lender.
2007-02-27 07:46:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, it's called over-equity lending, and some lenders will go up to 125% of your home's equity. The rates aren't good, and no lender will touch you for three years to refinance, so you better make sure you take care of everything you need to take care of this time around. It's also a very risky endeavor, but if you have the right credit profile, there are situations where it is worthwhile to do it.
2007-02-26 12:21:40 · answer #3 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
No. But you can get up to $35K without an appraisal (no docs).
Oops, just did a bit of research to make sure I was correct and found I needed to clarify: Some lenders can go over 100% loan/value but it depends on what state you're in.
2007-02-26 12:12:15 · answer #4 · answered by herogoggles 3 · 0⤊ 0⤋
You are talking about a 125 loan. Hamlin Mortgage specializes in these loans. Take a minute and fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and a Hamlin loan officer will contact you within 24 hours.
2007-02-26 17:41:09 · answer #5 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋
Yes, and one of the products is 125% Home Loan, where you can borrow up to 125% of your home's value (see below)
2007-02-26 21:43:11 · answer #6 · answered by Alex K 2 · 0⤊ 0⤋
Legally? Yes. But most banks won't let you do that.
I found a bank that offers 125% refinancing. I am not endorsing them, they were just the first bank I found that offers what you are asking.
http://www.bdnationwidemortgage.com/125-second-mortgage.html
2007-02-26 12:20:23 · answer #7 · answered by Vegan 7 · 0⤊ 0⤋
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2007-02-26 12:14:12 · answer #8 · answered by Stacy D 1 · 0⤊ 2⤋
No - if you default on your loan & the bank forecloses, they will not be able to get their money back when they sell it.
2007-02-26 12:14:42 · answer #9 · answered by Sue 6 · 0⤊ 0⤋