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Can you take out a mortgage on a home that you own that currently has no mortgage on it or does it have to be a home equity line of credit?
Wiki User
∙ 15y ago
Yes. The choice is yours whether you apply for a mortgage or an equity credit line and whether you get approved depends on your credit record and the value of the property. Please try first at a local bank where you will receive much better treatment after you have signed the note than you will get with a huge, national lender. Make certain you understand what you're signing and what your payments will be.
Wiki User
∙ 15y ago
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Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
Where might one receive advice regarding a home equity line of credit?
Home equity is the difference between the value of your home and your mortgage. A home equity line of credit (HELOC) is an revolving credit, an account with a maximum amount, which you can draw upon when and if you need it, the height of the amount is based on the equity of your home. Advice about a HELOC can found in the same way as information about a mortgage, at mortgage brokers, banks and private lenders and insurance companies.
How can you get home equity loan?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are based on the amount of equity you have built up in your home. (Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases) You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit (HELOC), which functions in a similar manner as a credit card. These loans are sometimes useful to help finance major home repairs, medical bills or college education.
Can you have 2 mortgage loans through same mortgage company?
Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
Is not a form of revolving credit i. Overdraft ii. Credit card iii. Charge card iv. Home equity line of credit?
Home mortgage
Can someone who is on the home deed but not on the mortgage get a home equity line of credit?
The persons who are on title must both sign for a equity line of credit.
Is Heloc a loan company?
No. HELOC stands for Home Equity Line of Credit. It`s like a reverse mortgage. A home equity line of credit allows you to borrow against the equity in your home.
Can a home equity line of credit be used to pay down the principle and remove private mortgage insurance on a first mortgage?
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
Are there restrictions for getting a home equity line of credit if you own a condo?
Your mortgage lender who is offering you an equity line of credit can answer your question.
Where might one receive advice regarding a home equity line of credit?
Home equity is the difference between the value of your home and your mortgage. A home equity line of credit (HELOC) is an revolving credit, an account with a maximum amount, which you can draw upon when and if you need it, the height of the amount is based on the equity of your home. Advice about a HELOC can found in the same way as information about a mortgage, at mortgage brokers, banks and private lenders and insurance companies.
How can you get home equity loan?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are based on the amount of equity you have built up in your home. (Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases) You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit (HELOC), which functions in a similar manner as a credit card. These loans are sometimes useful to help finance major home repairs, medical bills or college education.
Can you have 2 mortgage loans through same mortgage company?
Yes. Your mortgage company may hold your first (or primary) mortgage as well as a second which may be represented as a home equity loan or a home equity line of credit.
What if you default on a home equity line of credit?
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
How many payments on 1st mortgage until you can get a 2nd mortgage?
This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be able to get a second mortgage or home equity line of credit.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
How soon after buying a home can you obtain a home equity loan?
You can get a home equity loan immediately. In fact, some lenders are packaging home equity loans or credit lines as a combo with the closing on the first mortgage. Of course, to get a home equity loan you have to have some home equity...i.e. a market value greater than the first mortgage.
