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If you are one year into a refinance from a Chapter 13 buyout will you ever be able to apply for a home equity line of credit?
Wiki User
∙ 17y ago
I am not sure if you are asking if you can qualify for a HELOC (Home Equity Line Of Credit) at the moment, or if you are asking if you are forever barred from it. Bythe wording of the question I am assuming that 1 yr ago you were in a Chapter 13 BK and you refinanced to pay off the BK. Now you are wondering if you canget a HELOC. This is a tough one. AT t he moment, the market for second lien mortgages is VERY lousy. Many companies who used to do them have recently quit. This reduces the numebr of people willing to do this kind of loan. Also, those that are doing them have very high credit standards for them. So at the moment it is not very likely to find one. But it may not be impossible. A lot will have to do with the overall details of your situation. For example, if you had a medica issue that put you into a BK and you refinanced out of it to pay it all off, and your credit didn't get too bad before the BK and has been clean since while you have been on the same job for 9 years and you are looiking for a $10,000 HELOC on a $200,000 home that you currently owe only $120,000 on, you may be able to get one - especially if your credit score is above 640. But if you went into foreclosure before your BK and that was only 18 months ago, or if you have short job time, high LTV, or low credit score, any one of these things will likely put the loan out of reach for the moment. Once you are 18 months out of your BK, you should be OK. And many lenders count from the filing date on chapter 13 BKs. Just keep your credit clean and make payments on time till your score comes up and try not to change jobs too much and you should be fine in time.
Wiki User
∙ 17y ago
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Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Where is FHA Streamline refinance located?
FHA Streamline refinance is a business that operates online. You can apply for a refinance or simply for a line of credit based on the equity in your current home.
If you have good credit what is the lowest rate you can get on a Home Equity Refinance loan?
The rate of a Home Equity Refinance loan depends on what exactly your credit score is, and also factors in the amount of time that you can pay it off. The only way you can find out is to consult a professional with those figures.
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.
How could one obtain a credit equity home loan refinance?
One can obtain a credit equity home loan refinance by going to their local bank and finding out more information first. If one is not happy with their own bank's interest rates, then checking around would be a good option.
Is it possible to get a home equity loan while paying chapter 13?
No you can not get a home equity line of credit but you can refinance and pay off the chapter 13 with the new mortgage.
Where is FHA Streamline refinance located?
FHA Streamline refinance is a business that operates online. You can apply for a refinance or simply for a line of credit based on the equity in your current home.
If you have good credit what is the lowest rate you can get on a Home Equity Refinance loan?
The rate of a Home Equity Refinance loan depends on what exactly your credit score is, and also factors in the amount of time that you can pay it off. The only way you can find out is to consult a professional with those figures.
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.
How could one obtain a credit equity home loan refinance?
One can obtain a credit equity home loan refinance by going to their local bank and finding out more information first. If one is not happy with their own bank's interest rates, then checking around would be a good option.
What is the difference between refinance and line of credit?
There are a few differences between refinancing and a home equity line of credit. One difference is that the interest rate on a refinanced mortgage is generally lower than the interest on a home equity line of credit.
Can you refinance your home with bad credit?
Yes, it is possible to refinance with bad credit, however you may be dealing with some very high interest rates from hard-equity lenders. There will have to be enough equity in the home and the loan to value ratio that the lender will allow will generally be less than if you were dealing with a more traditional lender.
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.
Is it possible to refinance an existing home equity loan into a home equity line of credit?
YES, ALL YOU NEED TO DO IS GET IN TOUCH WITH YOUR BANK AND TELL THEM THAT YOU NEED AN EQUITY LOAN EVEN THOUGH YOU ALREADY HAVE AN HOME EQUITY LINE OF CREDIT AND THEY WILL WORK WITH YOU BECAUSE ITS UNDER THE 4TH RULE IN BANKING, THEY HAVE TO AND DONT LET THEM TELL YOU DIFFERENTLY!
When you refinance your home do you lose your equity?
No, you should keep the equity in your home
Is it possible to buy a home after filing chapter 13 then chapter 7 bankruptcy?
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
Can you refinance your house after getting a home equity line of credit?
Technically, yes, but the home equity line of credit is a lien against your home and will have to be paid off when you refinance the house. In reality, many people find that the unpaid balance on the HELOC, plus the unpaid balance on the original mortgage, exceeds the amount the bank will lend on the refinance. Before you apply for the refinance, just talk with your lender. They can probably walk you through the numbers on the phone and determine pretty quickly whether or not you have enough equity to refinance. If you bought your home several years ago, you may have to have an appraisal done to find out the maximum amount the bank will lend.
