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How soon can you get a home equity loan after the purchase of a home that has gone through improvements and was already appraised higher than what was borrowed against it?
Wiki User
∙ 13y ago
Some lender's require 30, 60, or 90 day seasoning in a home in order to refinance it, which is a separate matter from the value. What many people fail to realize is that that if you bought a home on the open market in an "arm's length" transaction (you didn't have an abnormal advantage such as a family sale), by buying it at a certain price you defined the value of the home. If the appraisal said the home was worth $300k, and you paid $250k, it's assumed to not be worth the $300k or it would have sold for that. So let's say you paid $250k and the home was normal for the area. You put in $60k in renovations. First, you won't get $60k in value increase, and you may see very little in added value since other homes sold in the area are the main determiner of value.
The best way to have equity in a property that may be leveraged soon after purchase is to have either put a large down payment on the home or to have paid the loan down significantly in a short period of time.
Wiki User
∙ 13y ago
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