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It depends on the bank. However, if you rent it out, you will need a current lease and perhaps proof that rent is being paid, like cancelled checks.
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Can a home equity loan on one house be transferred to a new loan for a new house?
No
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.
What is the difference between a home improvement loan and a home equity loan?
Home improvement loans are given to people who want to do renovations on their house. Home equity loans are loans that are given out with the assurance of the house.
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 I get a home equity loan from a Texas bank if I live in another state?
You should be able to get a home equity loan if you live in another state. The most important factor is your credit rating.
Can a home equity loan on one house be transferred to a new loan for a new house?
No
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.
What is the difference between a home improvement loan and a home equity loan?
Home improvement loans are given to people who want to do renovations on their house. Home equity loans are loans that are given out with the assurance of the house.
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 I get a home equity loan from a Texas bank if I live in another state?
You should be able to get a home equity loan if you live in another state. The most important factor is your credit rating.
A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?
True, home equity loan.
If your ex was court-directed to pay off your home-equity loan in the divorce can you sell the house without using your own equity to pay off the loan if he cannot refinance or pay in a lump sum?
Since the house was used as collatoral for the loan you would have to use your equity in the house to pay off the loan.
Can you get a personal loan attached to a new home loan?
If you have equity, you can get an equity loan
Does anyone who owns a home have to pay equity?
Not all home owners have to pay equity but equity loans are available to all home owners. This loan can go up to a maximum of ´£60,000 this loan is provided by the government using your house's equity as insurance to pay the money back.
How does a bank set a home equity loan rate?
A home equity loan rate is determined by the total loan amount and the individual's FICO credit score. The total loan amount is based on the net value of the house and the remaining mortgage.
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.
Are home equity loans harder or easier to obtain than other types of loans?
A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are useful to finance major expenses such as home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
