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Too long. I have been engaged in the process with a local community bank for two months now. The initial financial approval took about 5 weeks even though they had all my documents. The appraisal went smoothly but took another week to get to te bank. They now have had everything they need to finalize the loan except for the title and THIS has now continued for a week and a half. It's now nearly two months. I can't figure out whether this is just bad internal process and communication on the part of the bank or new processes due to the mess they made earlier with the housing market. Definitely shop around but don't trust any time estimate. Look for other options if the loan is for energy related home improvements. Your local electric or gas company may have some incentives or low interest loan programs. Good luck!

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12y ago

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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 are the equity requirements for obtaining a home equity loan?

Equity requirements for obtaining a home equity loan typically involve having a certain amount of equity in your home, usually around 15-20 of the home's value. This means that the value of your home must be higher than the amount you owe on your mortgage. Lenders may also consider your credit score, income, and other financial factors when determining eligibility for a home equity loan.


With whom can refinance home equity loans be arranged?

Home equity loans can be done through a person's personal bank, or though a the company which sold the house. And the person who owns, or in the process of owning the house is the one that can ask for an equity loan.


What are some frequently asked questions about home equity loans?

Some frequently asked questions about home equity loans include: How do home equity loans work? What are the benefits and risks of taking out a home equity loan? How much can I borrow with a home equity loan? What are the interest rates and repayment terms for home equity loans? How does a home equity loan differ from a home equity line of credit?


What is the best way to obtain a home equity loan?

The best way to obtain a home equity loan is to research and compare offers from different lenders, ensure you have sufficient equity in your home, maintain a good credit score, and prepare all necessary documentation for the loan application process.

Related Questions

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 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.


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.


What are the equity requirements for obtaining a home equity loan?

Equity requirements for obtaining a home equity loan typically involve having a certain amount of equity in your home, usually around 15-20 of the home's value. This means that the value of your home must be higher than the amount you owe on your mortgage. Lenders may also consider your credit score, income, and other financial factors when determining eligibility for a home equity loan.


Does one usually take out all of the equity before selling?

There is no need. You will get the equity in the home at closing anyway, without having to pay the closing costs associated with an equity loan.


With whom can refinance home equity loans be arranged?

Home equity loans can be done through a person's personal bank, or though a the company which sold the house. And the person who owns, or in the process of owning the house is the one that can ask for an equity loan.


What are some frequently asked questions about home equity loans?

Some frequently asked questions about home equity loans include: How do home equity loans work? What are the benefits and risks of taking out a home equity loan? How much can I borrow with a home equity loan? What are the interest rates and repayment terms for home equity loans? How does a home equity loan differ from a home equity line of credit?


What is the best way to obtain a home equity loan?

The best way to obtain a home equity loan is to research and compare offers from different lenders, ensure you have sufficient equity in your home, maintain a good credit score, and prepare all necessary documentation for the loan application process.


Is it possible to obtain a home equity loan without having any equity in your home?

No, it is not possible to obtain a home equity loan without having any equity in your home. Home equity loans are secured by the equity you have built up in your home through mortgage payments or appreciation in value.


How much equity do you need in a home in order to get a home equity loan?

Home equity loans enable homeowners to get cash out of the equity in their home. As Homeowners pay down their mortgage, they build equity; equity is also built as a home’s value increases. In order to qualify, most lenders require at least 20 percent equity in your home.


Can you get a home equity loan if your home is paid for?

Absolutely! Home equity loans enable homeowners to get cash out of the equity in their home. As Homeowners pay down their mortgage, they build equity; equity is also built as a home’s value increases. You can borrow against your equity in your home. To check out more about home equity loans visit LendingTree.


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.