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Is it illegal for a lender to not close out your home equity loan after you paid it off?
Wiki User
∙ 8y ago
most home equity loans always stay open that way you always have access to money when you need it. most will give you checks to write. this just is an esay way to borrow money. there is usually an annual fee to have an home equity loan available. if you don't want it anymore i would say you have to let the bank know even though it is paid off.
Wiki User
∙ 8y ago
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How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
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.
Can you take out a home equity loan without equity in your house?
A home equity loan is a mortgage based on the value of your home that exceeds any outstanding mortgages. Your equity is the value of your home that is actually paid for. If your home is fair market valued at $100,000 and there is an outstanding mortgage in the amount of $40,000 then you have $60,000 in equity. However, note that due to costs, fees and fluctuating home values a lender will generally not loan the full amount of equity but something less than the fair market difference. In your case, having no equity in the home means that you have nothing to offer the lender as collateral and the lender has no reason to loan you any money. No equity means no home equity loan.
How long does the lender has to redisclose on a home equity loan?
How long does a lender have to re-disclose to the consumer after a change in circumstance?
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.
How does refinancing primary mortgage affect a home equity line of credit?
The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.The lender for the refinance will require the home equity lender execute a subordination to the new mortgage. Also, the balance due on the home equity mortgage will factor into whether the new lender rates you as a good risk for loaning more money.
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.
Can you take out a home equity loan without equity in your house?
A home equity loan is a mortgage based on the value of your home that exceeds any outstanding mortgages. Your equity is the value of your home that is actually paid for. If your home is fair market valued at $100,000 and there is an outstanding mortgage in the amount of $40,000 then you have $60,000 in equity. However, note that due to costs, fees and fluctuating home values a lender will generally not loan the full amount of equity but something less than the fair market difference. In your case, having no equity in the home means that you have nothing to offer the lender as collateral and the lender has no reason to loan you any money. No equity means no home equity loan.
How can one check their home equity status?
The first thing to do when checking a home equity status would be to get in touch with your mortgage lender. They will be able to inform you about how much equity you have and what you can do with it.
How long does the lender has to redisclose on a home equity loan?
How long does a lender have to re-disclose to the consumer after a change in circumstance?
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.
How can I get a home equity loan?
A home equity loan is similar to a mortgage but your money is given to you not to your home lender. There are many websites that offer information on this process the best being www.federalreserve.gov/pubs/equity/equity_english.htm.
Can you take out a home equity line of credit when there is a lien on your home?
The lender will require that the lien be paid off.
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.
What are some possible disadvantages of an equity fixed home loan rate?
The main disadvantage with an equity fixed home loan rate is that if interest rates fall the loan repayments do not decrease in tandem.Another drawback is that fixed interest rates are all pretty close from lender to lender so there is less opportunity for someone interested in this type of loan to shop around and get a good deal.
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.
In Texas if you dont pay your home equity loan what happens?
The lender could foreclose on your house.
