we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or do we have to wait and how long?
2007-04-04 16:07:23 · 7 answers · asked by stephanie b 1 in Business & Finance ➔ Renting & Real Estate
The short answer to your question is yes - you should be able to get a home equity loan as long as you do not mortgage more than the appraised value of your home. There are are factors that determine your ability to get a home equity loan (credit, income, financial history, etc.), so I recommend talking to a trusted mortgage professional. Get referrals from friends and family for a mortgage company they've worked with. Once you have a full analysis done, you can get a good idea of what you'll qualify for.
However, be careful about taking on more debt than you can handle. You may want to get the house, see how the bills work out and how many expenses you have and then look into getting a loan. If you know for sure that you'll have no problems handling the debt and you need the money, you should be able to get the loan.
Rules for home equity loans at the time of purchase have changed recently because of problems with foreclosures and subprime loan defaults. Your mortgage professional will go over all of this with you.
Good luck with your new home.
2007-04-05 02:38:04 · answer #1 · answered by Quicken Loans 5 · 0⤊ 0⤋
Don't do it. Ramping up the debt on a house you just aquired is a big mistake. I would make sure you can handle the actual costs. I know there are all these "great" reasons to go into more debt, but in fact we all know that is just us kidding oursleves with the help of lenders and the bad advice of other friends and relatives who have too much debt.
Technially if your credit is OK you could probably get a loan as soon as the paperwork is all completed.
Good luck
2007-04-04 17:05:31 · answer #2 · answered by Gatsby216 7 · 0⤊ 0⤋
you could no longer "tackle" somebody else's very own loan. If the valuables is transferred, that very own loan might desire to be paid off. confer with a interior sight lender some very own loan that comes with the reworking expenditures - you will might desire to have plans and have it appraised as though the artwork have been already carried out, and you will possibly desire to hire approved contractors to do the artwork. Your superb wager, in case you have the money to purchase it outright is to try this, the mothers and dads pay off the homestead flow call to you, and additionally then you definately very own it unfastened and sparkling. At that element, you could actually get a house fairness line of credit to do the redesign. that must be what i might do on your subject. sturdy luck!
2016-11-26 03:17:00 · answer #3 · answered by ? 4 · 0⤊ 0⤋
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RE Can i get a home equity loan on a home i just bought that i was gifted equity in it?
we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or do we have to wait and how long?
2014-09-03 11:34:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2016-08-23 22:50:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You should be able to. Shoot me an email to msmith@premierloangroup.com, and I'll help.
Marty
2007-04-05 02:30:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Was wondering this too
2016-07-28 11:09:34 · answer #7 · answered by ? 4 · 0⤊ 0⤋