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Is it possible to refinance an existing home equity loan into a home equity line of credit?
Wiki User
∙ 16y ago
YES, ALL YOU NEED TO DO IS GET IN TOUCH WITH YOUR BANK AND TELL THEM THAT YOU NEED AN EQUITY LOAN EVEN THOUGH YOU ALREADY HAVE AN HOME EQUITY LINE OF CREDIT AND THEY WILL WORK WITH YOU BECAUSE ITS UNDER THE 4TH RULE IN BANKING, THEY HAVE TO AND DONT LET THEM TELL YOU DIFFERENTLY!
Wiki User
∙ 16y ago
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Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Can you refinance your home with bad credit?
Yes, it is possible to refinance with bad credit, however you may be dealing with some very high interest rates from hard-equity lenders. There will have to be enough equity in the home and the loan to value ratio that the lender will allow will generally be less than if you were dealing with a more traditional lender.
What is the difference between an FHA home equity loan and traditional home equity loan?
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
Where is FHA Streamline refinance located?
FHA Streamline refinance is a business that operates online. You can apply for a refinance or simply for a line of credit based on the equity in your current home.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Can you refinance your home with bad credit?
Yes, it is possible to refinance with bad credit, however you may be dealing with some very high interest rates from hard-equity lenders. There will have to be enough equity in the home and the loan to value ratio that the lender will allow will generally be less than if you were dealing with a more traditional lender.
What is the difference between an FHA home equity loan and traditional home equity loan?
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
Where is FHA Streamline refinance located?
FHA Streamline refinance is a business that operates online. You can apply for a refinance or simply for a line of credit based on the equity in your current home.
Can your refinance if you don't have the equity in the house?
It may be possible to refinance your home if you do not have equity. I have done many of these loans. There are currently programs for both Freddie Mac and Fannie Mae that will allow you to refinance even if there is not equity. There are Loan to Value limits, but they are well over 100%.
If you have a second note can you still get an equity line?
Typically not (unless the bank is VERY sloppy on their paperwork). What you can typically do is refinance the second into the home equity line. For example, you qualify for a $50K home equity line of credit (HELOC) but already have a $25K balance on your second mortgage. The bank would refinance the existing second with the HELOC. You would then have $25K remaning available to draw on the line.
If you have good credit what is the lowest rate you can get on a Home Equity Refinance loan?
The rate of a Home Equity Refinance loan depends on what exactly your credit score is, and also factors in the amount of time that you can pay it off. The only way you can find out is to consult a professional with those figures.
How could one obtain a credit equity home loan refinance?
One can obtain a credit equity home loan refinance by going to their local bank and finding out more information first. If one is not happy with their own bank's interest rates, then checking around would be a good option.
What is the difference between refinance and line of credit?
There are a few differences between refinancing and a home equity line of credit. One difference is that the interest rate on a refinanced mortgage is generally lower than the interest on a home equity line of credit.
Can you pay off an existing home equity loan with refinanced cash from the same property?
Yes you may, in a refinance your HELOC could be paid off the same way as any other type of debt such as a credit card. The same goes for a second mortgage, as long as you have built enough equity in your property you can refinance and pay off the 2nd mortgage and leave yourself with just one mortgage payment.
How can you stop foreclosure on your home equity?
Contact your bank as soon as possible to make arrangements to bring the loan up to current. Or, find a way to refinance the loan, which may or may not work if your credit is bad.
