Home equity loan with refinance appraisal?
Question: I was wondering if someone could tell me if this scenario is possible :
I paid $105K for my house in Oct.’01. Compared to similiar models, it’s currently going for around $130K. I am looking to refinace my mortgage now. Here’s the part I would like to know if is possible : If my house appraises for $25K more than I paid for it after I refinance – can I take out a home equity loan on that $25K?
Thanks ahead of time.
Answer: Maybe. The last time I took out an equity loan (many years ago) there was a percentage limit on how much of the equity could be borrowed against. If you’re within the limits, likely you can take out a loan.
But no one here is going to loan you any money. You should be asking a bank/ mortgage broker what they’ll be willing to do.
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