I have a first time homebuyers loan and 15K grant. Can I get a home equity loan against my house its paid off

Question

I'd like to build a pool. Thanks for serious adivce only!

Answer 1

I've seen grants that reserve the right to approve any additional financing before they allow you to refinance or take additional money against the house. Check the language of your grant and if they reserve the right to approve it.
If so then just call the organization that gave you the grant and ask them to send you their policy on when they will "re-subordinate" their lien or allow you to add an additional equity line. They almost all have situations where they allow this on a limited basis.

Basically it all comes down to what the person that issued the grant is willing to allow you to do. Of course all this doesn't matter if you want to just pay off the entire grant...but then you'd be out an extra 15 grand.
Good Luck!

Answer 2

I'm a little confused. You say you have a homebuyers loan and grant but your house is paid off? If you have equity in your house and your credit is good you can get a home equity loan. Just be sure that you can afford the additional payments.

Answer 3

If you pay off the loan that is in second position you can get a larger loan to either pay off first and second ( debt consolidation ) or just a second to pay off other loans and allow the line of credit to take second position but the pool company many times will do this for you ask them first then look at the information provided

Answer 4

I would say read the language of the Grant, as that may determine the ability to get the HE loan- otherwise if you have equity- GO FOR IT! Good luck!

Answer 5

The words of the residing house fairness loan are which you have placed a lien on the residing house. you may not sell your residing house to a distinctive individual untill each and all of the liens are payed. the final approach is to transform the debt to a private loan.