0
If you have two loans on one property but the home is worth more than the two combined can you get a home equity loan?
Wiki User
∙ 7y ago
Since your house is now worth more THAN the two loans combined, then yes you can do a cash out refinance or a home equity line of credit depending on your situation. I'd recommend a refinance because you'd probably be better off rate wise in combining the two loans you have now into one loan and you'd be able to take out equity at the same time. This would make the lender first in line if you had to default. NOTE that this is exactly how many people lost their homes by cashing out the full equity when the market crashed. It is probably not wise to change your unsecured credit to secured if you are looking to pay bills. You may also want to look at the amortization on the two loans-it is possible that you are already paying more to principle than to interest, which is always good. The bankrate site has a good calculator for such things.
Wiki User
∙ 7y ago
Add your answer:
Earn +20 pts
If my name is on the title of the home. Do I have equity in the home?
Yes you do. *Clarification: if you own the home you are owner of any equity that may be realized by the sale or leveraging of the property. That does not mean the home has equity. It only has equity if it is worth more than loans or liens held against it.
Can you be personally liable for deficiency having an equity home maximize line of credit in California?
Sure. The loans are to you, secured primarilarly by the property, but not exclusively. That the property is or bccame worth less than you borrowed, by market, because you failed to maintain it or even if burnt down doesn't change your obligation to pay it back in full. Of course, perhaps the quid pro quo is: that if your loans are worth less than the property sells for, (and the lender needs to foreclose), you get the excess.
What is the difference between return on equity and return on net worth?
Return on equity is the rate of returns you earned on your equity investments Return on net worth is the rate at which your entire property is growing (Your net worth is the sum of all your assets - all your liabilities)
How is housing equity calculated?
Equity is current market value of the property minus debt (what is owed on the property). For example, if your property is worth %500,000 and your balance in your mortgage is $400,000, your equity is $100,000. If you have any more questions you can ask a real estate agent, loan officer, or an appraiser.
What does Home equity mean?
Home equity in Florida (or any other state in the country) refers to the net worth of a property, from the point of view of its occupant. It is defined as the market value of the property less any encumbrances on the property.
What does home equity florida mean?
Home equity in Florida (or any other state in the country) refers to the net worth of a property, from the point of view of its occupant. It is defined as the market value of the property less any encumbrances on the property.
How do you apply for an equity loan?
To apply for an equity loan you have to contact a mortgage or home equity lender and see what kind of equity your home has. If your property value has declined it is possible that you could have negative equity.
What if you have negative equity in property bankruptcy?
Yes, you will lose the property but just may escape ahving to pay for the amount of negative equity....and also may avoid the tax effect of the extra debt being discharged (cancellation of debt is taxable income).
What is the difference between profit and equity?
Profit is earnings, a smaller amount the price of create the earnings. And Equity is property defect liabilities. This is the worth of what the owner in fact owns. Income increase equity. Extra investment also increases equity.
What services are offered by Dietech Loans?
Dietech are the leading providers of mortgage loans. It is a pioneer in offering 125 percent loans, in which the borrower could get more than the property was worth.
Do you have to own the house to get equity loan?
Yes, you must be the owner of the property. If you only rent the premises you cannot get an equity line of credit. There can be a mortgage, but you must have some equity. In other words, it must be worth more than you owe on it.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
