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No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoNo. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.
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Is a home equity loan considered a refinance?
No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.
How soon after you buy your home can you get an equity line of credit?
Theoretically, you can obtain a line of credit once you have closed on your home. An equity line of credit would be based on the difference between the value of your home and the current mortgage. Depending on how long it has been since you have owned the home, a lender may either use the purchase price or the current appraised value to determine what to offer you. They will also consider the usual employment, income and debts that you currently have.
What is credit line?
CREDIT LINE - refers to purchasing power - translated into dollars your allowed to spend - not the same a cash! as in Equity line of credit - you own a house, your house is worth more then what is owed on it - therefore - you apply for a equity line of credit - you don't get cash, but you can use your equity to incur more debt..ie write checks from your mortgage bank to purchase Home improvements - cars - vacations - etc. Also some Retailers who use Mail order to sell products will send you an offer to apply for credit line and say you're credit worthy to the tune of $5,000 then they send you a Catalog, but you can only buy whats in the catalog.
Refinance or equity line of credit?
Refinance with a set rate is best. A home equity line of credit is very similar to a credit card. I don't know the specifics as to how interest is charged or at what rate, but when you get approved for a certain amount of credit (let's say $10,000) It's very easy to use that money on things you may not need. For example, if you plan to spend $7,000 on improvements and get the refinance loan, then that is all you will spend. If you get the line of credit you might decide after the improvements are done that you want to buy a $2,000 pool table, and you know you have that credit available so you use it. Now you will be paying for that pool table for 15-30 years, depending on the length of your loan. Things like that are much better handled with a short term loan.
Can you use line of credit to buy a house?
You can contact your bank or financial institution for Housing Loan for buying a house, by using their line of credit.
Is a home equity loan considered a refinance?
No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.
How soon after you buy your home can you get an equity line of credit?
Theoretically, you can obtain a line of credit once you have closed on your home. An equity line of credit would be based on the difference between the value of your home and the current mortgage. Depending on how long it has been since you have owned the home, a lender may either use the purchase price or the current appraised value to determine what to offer you. They will also consider the usual employment, income and debts that you currently have.
What is credit line?
CREDIT LINE - refers to purchasing power - translated into dollars your allowed to spend - not the same a cash! as in Equity line of credit - you own a house, your house is worth more then what is owed on it - therefore - you apply for a equity line of credit - you don't get cash, but you can use your equity to incur more debt..ie write checks from your mortgage bank to purchase Home improvements - cars - vacations - etc. Also some Retailers who use Mail order to sell products will send you an offer to apply for credit line and say you're credit worthy to the tune of $5,000 then they send you a Catalog, but you can only buy whats in the catalog.
Can you buy a new home with home equity loan?
Yes, if you have enough equity in one home and want to use it to buy another. Otherwise, no. You cannot use a home equity loan to purchase a home since you have no equity that has accrued.
Refinance or equity line of credit?
Refinance with a set rate is best. A home equity line of credit is very similar to a credit card. I don't know the specifics as to how interest is charged or at what rate, but when you get approved for a certain amount of credit (let's say $10,000) It's very easy to use that money on things you may not need. For example, if you plan to spend $7,000 on improvements and get the refinance loan, then that is all you will spend. If you get the line of credit you might decide after the improvements are done that you want to buy a $2,000 pool table, and you know you have that credit available so you use it. Now you will be paying for that pool table for 15-30 years, depending on the length of your loan. Things like that are much better handled with a short term loan.
Is using your equity in a home to buy property subject to fraudulent transfer claims?
I don't know why it would be. The equity is a valid asset.
Can you buy a home with bankruptcy on credit report?
NO
Can you use line of credit to buy a house?
You can contact your bank or financial institution for Housing Loan for buying a house, by using their line of credit.
What is the main advantage of the no credit check home loans?
The main advantage of no credit check home loans is that you can get a loan for a home even if you have bad credit. This will allow you to buy a home of your choosing.
How would I be able to obtain a home loan if my credit is bad?
You may be able to still buy a home. Why is your credit bad? Do you have a down payment?
How do you get a credit report without a credit card?
There are actually plenty of alternatives. You can buy a home, buy a car, even some home utulities services will do it depending on where you live. Typically, if they ask for you SSN, then it will most likely appear on you credit report.
If your home is in forcloseure can you qualify for a reverse mortgage?
No you typically do not unless you have significant equity in your home. Reverse mortgages are typically where you draw down the equity in your home. I am assuming that if your home is in foreclosure that you would have exhausted the equity or the lender would have considered rewriting your loan. There are several resources that can provide you with additional information, I have included them in links for you. If you are stuck, you might want to consider the alternative and try to buy your home back when they do the auction.
