How long do you have to wait for a home equity loan?
How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
Powered by Yahoo! Answers
Assuming you have enough equity in your home, you can take out another loan anytime you want.
You do have to go through the entire closing process for the new loan.
Your last Q doesn’t make sense. Can you rephrase?
An “equity” loan is a loan secured by the equity you have in your house. If you buy a $100,000 house with cash, the next day you will have $100,000 equity in that house. If you buy it with a mortgage, the mortgage company “owns” most of the equity.
If you subtract the amount you owe on the mortgage from the assessed value of your home, that’s YOUR equity. If you haven’t owned the house long, it might be a negative number!
You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to “re-close” on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren’t assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based on your equity, but there are stricter guidelines for those types of loans.
Until tey give… It depends upon many factor so wait until they give