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An equity loan is where the bank gives the borrower cash for the loan amount. In return for the money the bank now owns that portion of the new house.

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14y ago

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Related Questions

Can a home equity loan on one house be transferred to a new loan for a new house?

No


Where can one apply for a new house loan?

One can apply for a new house loan by visiting several banking websites and they will have an outline of their policy of applying for a new house loan. It is best if you check out more than one bank to see which one is the best choice for you.


If I am selling a house can I roll the closing costs into the new mortgage for my new home?

It depends on your lending institution, the type of the loan, etc. There are a lot of variables. You need to talk to your loan company about this.


Can you use your house as collateral for a loan?

Yes, you can use your house as collateral for a loan, which means that if you fail to repay the loan, the lender can take possession of your house.


Is paying off a house or loan cheaper?

Paying off a house is cheaper. You already have interest on your mortgage, why take a loan and increase your interest? Aim to pay off your house unless you are looking to buy a new one. Get a job tubby.


What are the steps to refinance your house?

The steps to refinance your house typically include: Check your credit score and financial situation. Research and compare different lenders and loan options. Apply for a refinance loan with the chosen lender. Provide necessary documentation and information. Have your home appraised. Close on the new loan and pay any closing costs. Start making payments on the new loan.


How do you do a bridge loan when there is no mortgage on one house?

How do you do bridge loan when there is no mortage on one house?


What kind of housing loan rates can I get for a new house?

Some types of loans require 10-20% of the purchase price, which can vary depending on the location of the house you would like to buy and the bank approving the loan.


Where could one find information on a good interest rate loan for a new house?

There are plenty of places in order for one to find out information on a good interest rate loan for a new house. However, it is strongly suggested that one should check out the website deal4loans.


Where can one find a house loan calculator?

House loan calculators can generally be found on the websites of the companies that you want to get a house loan from, for example Bank of America or Chase.


Can I sue my mortgage company for setting me up with a loan I can't afford I believe that they new this?

no do you still have the house?


If you default on a loan in UK can they take your house?

This will likely depend upon the type of loan you took out and whether or not your house was placed as collateral on the loan.