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How soon can you typically refinance a 10 percent Home Equity loan with another bank?
Wiki User
∙ 8y ago
Most lenders would like to see you season the loan you have for 6 to 12 months however there are others that do not but the rates are or can be higher.
The most importaint thing in doing a secound is credit score [middle]. With 800 I can almost do anything.
Also the Loan to Value [ the percentage of the 1st + new 2nd to the appraised value also will determine the rate. You should also read your note to see if you have to pay a pre payment penalty and if you do take that into your decision.
Wiki User
∙ 8y 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.
What is a 125 percent refinance home equity loan?
According to information that is available to view on finance websites that offer information about loans and how they work, the information states that a person or persons owning a property may be able to secure a 125 percent refinance equity loan with the condition that it is not to pay another loan or debts off.
When you refinance your home do you lose your equity?
No, you should keep the equity in your home
Can you refinance home equity loan without touching the first loan?
That's what a refinance is changing the terms. However, if you have equity, can get a 2d as alternative.
Where can one find online home equity vs refinance discussions?
The Bankrate website has a lot of information regarding home equity versus refinance discussions. Use the search function for "Refinance vs. home equity loans" for a list of results.
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.
What is a 125 percent refinance home equity loan?
According to information that is available to view on finance websites that offer information about loans and how they work, the information states that a person or persons owning a property may be able to secure a 125 percent refinance equity loan with the condition that it is not to pay another loan or debts off.
If I currently don't pay PMI but refinance and my home value has decreased to having less than 20 percent equity would I now have to pay PMI if I refinance?
Yes you will.
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.
What are the advantages of equity refinance?
Some advantages of using equity to refinance is that one can take a small amount from their equity to pay off other bills or to refinance ones mortgage. One can also use ones home equity to make home improvements.
When you refinance your home do you lose your equity?
No, you should keep the equity in your home
Can you refinance home equity loan without touching the first loan?
That's what a refinance is changing the terms. However, if you have equity, can get a 2d as alternative.
Where can one find online home equity vs refinance discussions?
The Bankrate website has a lot of information regarding home equity versus refinance discussions. Use the search function for "Refinance vs. home equity loans" for a list of results.
Why do people refinance their home instead of paying it all off?
You may refinance your loan to get a lower interest rate. Another reason you may want to refinance is to get some equity out of the home in order to upgrade or make repairs.
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%.
What are the rules for equity loan refinance in the UK?
The rules for equity loan refinance in the UK are that consumers have a right to cancer a equity loan up to three days after signing a contract for an equity loan. This new rule is called the right of rescission.
What are the advantages of equity?
Some advantages of using equity to refinance is that one can take a small amount from their equity to pay off other bills or to refinance ones mortgage. One can also use ones home equity to make home improvements.
