Question : 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?
- asked by *Rock*Girl*
All Answers:
Answer #1
Assuming you have enough equity in your home, youcan take out another loan anytime you want.You dohave to go through the entire closing process forthe new loan.Your last Q doesn't make sense. Canyou rephrase?
- answered by Homer J. Simpson
Answer #2
An "equity" loan is a loan secured by the equityyou have in your house. If you buy a $100,000house with cash, the next day you will have$100,000 equity in that house. If you buy it witha mortgage, the mortgage company "owns" most ofthe equity.If you subtract the amount you owe onthe mortgage from the assessed value of your home,that's YOUR equity. If you haven't owned thehouse long, it might be a negative number!
- answered by Thin Kaboudit
Answer #3
You can take out a home equity loan at any timeafter you have purchased a house as long as youhave the necessary equity to do so. Yes, you willhave to "re-close" on the new loan because youwill have new paperwork and a new lien will beadded to the house. As for your last question, Ibelieve you are asking about other loans you cantake out if you own your home. Well, of coursethere are other loans that you can take out thataren't assosiated with your home, but that dependson what you are looking to finance. Anytime youuse your home as collateral on a loan, the bankwill put a lien against the title and will requiresome sort of equity available to draw from. Youcan try for a home improvement loan, which againis based on your equity, but there are stricterguidelines for those types of loans.
- answered by Texas Girl
Answer #4
Until tey give... It depends upon many factor sowait until they give
- answered by Shobana D
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