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Can you get a home equity loan if you are renting?


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Answered 2006-07-18 13:04:21

No. You don't own anything that has equity to borrow from.

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Can a home equity loan be used for a downpayment on another home?

A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.


Can you get a home equity loan on your rental property?

If you are renting the property from someone else and do not own it, no, because a home equity loan is like a mortgage. The lender has a lien on the property if you default on the loan. If you are the owner of a property and rent it out, yes you should be able to get a loan with the property as security.


A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?

True, home equity loan.


Can you get a personal loan attached to a new home loan?

If you have equity, you can get an equity loan


What is the definition of a home equity loan?

A home equity loan is a loan that homeowners can get based on the equity that they have in their homes. This amount is based on the value of the house and how much they have left to pay on the home loan.


In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?

Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.


How soon can you get a home equity loan?

As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.


What is the purpose of a home equity payment?

If one has a home equity loan, payments must be made on the loan. Usually a home equity loan is taken out for situations such as major home improvements, or financing a college education.


Where can one find information on no cost home equity loan?

There appears to be no such thing as 'no cost home equity loans'. However a home equity loan is a type of loan when the customer uses the equity in their home as collateral. Information about these can be found on Wikipedia and Investopedia.


What exactly is an equity fixed home loan?

An equity fixed home loan is a home equity loan with a fixed interest rate. These are used to repair a roof or fix a septic system. The homeowner takes this loan out in addition to the first mortgage and the equity fixed home loan is often referred to as the second mortgage.


Can you get a home equity loan with no mortgage?

You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!


What is equity reserve?

An equity reserve is a share of the equity in a home that is reserved in protection of the loan outweighing the value of the home. In a traditional loan, the loan proceeds have a safe ratio compared to the estimated value of the home.


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.


How can someone get a home equity loan if they have bad credit?

A person with bad credit can still apply and get a home loan by using the equity in their home as collateral. The more equity in the home the better the chances of being approved for the loan.


What's the definition of equity home interest loan?

A home equity loan is a loan that uses ones equity for money. Home equity loans have fixed intrest rates that assure consistent payments within a certain payment period.


What are home equity loans for?

A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.


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.


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.


Is a home equity loan considered an unsecured loan?

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.


What companies sell a fixed home equity loan?

A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.


Where can one take out a home equity loan?

A home equity loan can be taken out any local bank as well as any business that specializes in just giving out home equity loans. Loan officers specialize in this.


What are the average interest rates on a home equity loan?

The average interest rates on a home equity loan depends on which home equity loan in particular. For example, the $30 HELOC is averaged at an interest rate of 5%.


Where can one find quotes for a Home Equity Loan?

One can find quotes for a Home Equity Loan through the site of the Bank of America. A home equity loan or line of credit can be a smart way to make home repairs.


Can I use my house to acquire a secured loan?

yes you can acquire a secure loan using your home. you can apply for a home equity loan or a home equity line of credit.


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.