Buying a home after getting an Equity Loan?
478396
Yes you can move, absolutely.  Your lender will NEVER come and knock on your door to make sure you are still living there. You can even have your loan statements sent to an "alternate address." If you want to be completely sure and honest, ask your lender, they won't change the conditions of your loan just because you ask questions.
386870
From my understanding of Texas rules... Once you have obtained a Texas Home Equity Loan on your primary residence you are forever in a Texas Home Equity Loan. You can only cashout up to 80% of the value of your primary residence in Texas no matter the value and the most a mortgage company can charge is 3% of the loan amount for all fees including origination, processing, appraisal etc..
136172
If you are going for a large home in a high priced market, you will probably have to wait longer than three years unless you are extremely aggressive to get your loan paid off first.\n\nYou might be able to improve the wait by looking to buy a small home in a moderate market. You can build up equity and turn around and sell it later for a bigger and better home that is more in line with your long term goals. Most real estate advisors suggest planning on a minumum two year stay in a home before equity begins to pull ahead of the costs you cannot recover (closing costs, inspection fees for insurance, etc). \n\nDo be wise in the selection of the home though. It is really easy to make a poor choice and end up with a home with a significant hidden structure issue or in a neighborhood that turns the corner and house values plumet. The costs of repair can actually set you so far back that it would have cost you less to have rented. If you decide to go for an older home (50 or more years), do have an electrician inspect the wiring before you buy. We asked all the right questions of the previous owner and he outright lied - We asked if the wiring was three wire and grounded. He told us yes. Once we moved in, though the outlets were three prong, only two kitchen outlets had a ground wire even present. This is a critical safty issue and many appliances will not function without it such as a surge suppression battery back up for a computer. My husband ended up rewiring the entire house. Once he got into the wiring, it was so poorly done he just scrapped everything. We were fortunate enough that he had the skills. We didn't have to pay anyone's time. But just the copper wire itself was over $600.\n\nOne good area to look to invest is on the outskirts of a rapidly growing city. Often what is a countryside purchase where it costs less to buy will soon be engulfed by a city's expansion and have an enormous increase in property value.\n\nOne last parting note, do check into government programs to assist first time home owners. You will never again be a first timer. Though your future potential income will be well above the typical candidate, these programs look at where you are now. Just starting out like you are, you will probably quilify for grants. The main disadvantage to trying to go through these programs, beside the paperwork and wait, is that your selection of homes will be smaller due to the many restrictions. Look into Fanny Mae (not sure if this is the spelling), HUD (risky neighborhoods to invest in. Be careful), ... There is another one but I can't remember the name of it. It is the best one too. Do a bit of internet research. I bet you will come across it.
648054
Assuming you have more than $125K equity in your house, you can talk alsmot any bank about an equity line or equity loan.  I like Washington Mutual myself...\n\nIf you DON'T have this much equity...well, you are out of luck.  \n\nBTW, my experience has been that deals which have short time limits are usually best left to pass.  If the time limit is due to an auction, for example, then you should have prepared much sooner.  If someone is giving you a "limited time offer" then you should probably laugh in their face.
1164912
Depending on your credit profile (A-paper, Alt-A or Sub Prime) will be a major determining factor to this answer. The quick answer is yes, however this needs to be quantified.\n\nIf you are an A-paper borrower there are a few lenders who allow you to use the value of a new appraisal to take cash out over and above your purchase price. If however your looking to just recover the money you put down (ex. 20% down payment) then the answer is also yes. \n\nIf your more in the Alt-A or Sub Prime arena your most likely going to be capped using the purchase price as the value of the home until you have 6-12 months seasoning in the property. You should be able to cash out the equity you have now but it may not be as much as your looking for.\n\nAs to payments... It should not make the payment skyrocket but this will all depend on what type of loan/loans your doing, your loan to value, credit etc...\n\nIf you would like to discuss your specific scenario drop me a line.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
1135221
no sorry i haven't and i lived in pa my whole life. sounds rough though and another good reason not to risk your home to finance something else, sorry i hope it works out for you. hopefully your spouse will have the descency to realize loan or not the home is yours and they shouldn't mess with it.
67916
No. Most lenders are willing to work with you after 2 years from date of bancruptcy being finalized. Assuming you have maintained a decent credit profile with no other negatives. They may grant you a loan, but the interest rate will probably be higher! I would rather pay a higher interest now, in order to be able to buy something now, and at least your gaining equity at the same time. Waiting 7 years to buy, with the bancruptcy off your record, may get you a favorable interest rate, to buy, but by then you may get priced out of the market. You can always re-fi later at a more favorable rate. Good luck.
340242
If you already own your home, you can take a loan out for both amounts as long as you have enough equity in your home. If you are purchasing a home, you can not typically add additional money to your loan.
1150504
there are HELOC programs... depends on how much equity you have.....
545504
Ok, a second mortgage is when you still are making your original pmt., but you take out what is called equity that is built up in your home. Say you bought your house for 100,000, and now it is worth 200,000. Now, most banks use the 80% rule. You take the 200,000 and subtract what you owe still on the house- say you owe 85,000. So, you have 115,000. Now, what is 80% of that? 92,000. So, you could get an equity loan (or a line of credit) up to 92,000. Now, say you borrow that, you will owe money on that. Technically, banks call it an equity payment, but a lot of people call it a second mortgage, because it is a loan against your home. A line of credit is a bit different in that say you get the line of credit for 92,000, but you only use a few thousand here and there. You only pay what you use. Say you pay it off, and then a month later, decide to use it for a vacation, then you would owe again.
940371
You should be able to technically do this as long as the new home equity loan + the 1st mortgage are not more than 85% of the home's total value.  This is generally the cap.\n\nSo if you have a home that's worth $200,000: 85% of that is 170,000.  As long as the new home equity loan and the mortgage balance added together are less than that amount, you should be OK.
527981
Of course you can, provided you can demonstrate your ability to repay the loan, i.e., make the loan payments above your existing obligations. You may be able to get up to the maximum debt-to-equity ratio allowed by the lender and also based on the updated appraisal value of your real property.\n\nIt would be easier to get loan approval if you had it already rented on a long-term lease, which will be the source of your repayment for the Equity Loan.\n\nAnother factor considered by the lender would be the purpose of the loan proceeds, depending on their prevailing policies. Be sure to deal with the more reputable commercial or mortgage banks and avoid going to "hard money" lenders.\n\nGood luck!
1114330
I agree with Goldwing (ride one myself).  Look into a reverse mortgage, actually look into 3 or 4 different lenders that offer reverse mortgages.\n\nYou mentioned that you still have an existing mortgage on the property.  So the reverse mortgage would pay that off and then depending on the equity provide an income to your relative.  You seem to be holding title, so that would have to be transferred back prior to the reverse mortgage closing – AND the mortgage plus interest would have to be paid back if you were to inherit the property.\n\nYou will have to do some research on this as they haven’t been around very long and haven’t been readily accepted in the market place yet.\n\nGood luck.
458920
I agree with above.  As far as your credit score, your points goes down with the amount of open accounts you have because you have the potential to fall under hard times and max out everything without paying it off. You would not only have to consolidate everything to your home equity but send a note with all final payments that you want the accounts closed completely.  Within 30 days it will begin to raise your credit score.  \n\nThe inquiry into your credit for your equity loan will make your score go down 3 points and if you have more than 3 inquires a yr into credit you're looking at 5 points per inquiry.\n\nThe interest you pay on your home equity is tax deductible and credit cards are not.
510513
DEPENDING ON THE AMOUNT OF THE HOME EQUITY LINE THEY COULD FORCLOSE ON YOUR HOME.  YOU USED YOUR HOME FOR SECURITY ON THE LOAN AND NOW THEY OWN A PORTION OF IT.\n\nI WOULD SUGGEST GOING TO THE BANK AND TALKING TO THE LOAN OFFICER AND SEEING IF YOU CAN MAKE JUST THE INTEREST PAYMENTS UNTIL TAX TIME EACH YEAR.  THEY MAY LET YOU GET AWAY WITH IT.\n\nGOOD LUCK
868386
Go to your bank, find out about home equity loans, you will have to know if there is equity in your house though, also refinancing, you can go to yahoo and find out also google, but your local bank should have something that you can do. or either the mortgage company you are with. give them a call, they should also be able to help you with that.
1056785
if you can find a home in your price range that will appreciate in value, i think putting $$$ towards equity rather than just rent is a good idea - but make sure it's a home that will grow in value - and don't do an interest only mortgage unless you're disciplined enough to pay more than what's due each month