HoANy oof you me Edquity Loan advice (1 Viewer)

[busdriver]

Any of you folks have any suggestions on how a Home Equity loan works, which place to use and how you did it?

Reason is im trying to buy another piece of property and I have my house paid off. I cant get a new mortgage at this very moment.

 

[BobE]

did you have a stroke when starting this thread?

 

[efil4stnias]

Any of you folks have any suggestions on how a Home Equity loan works, which place to use and how you did it?

Reason is im trying to buy another piece of property and I have my house paid off. I cant get a new mortgage at this very moment.

soooo you cant get a mortgage, but want to take out a HELOC to purchase another piece of property? and the HELOC will be on a home that is paid for ( no mortgage )? correct?

is that the jist of it?

 

[busdriver]

soooo you cant get a mortgage, but want to take out a HELOC to purchase another piece of property? and the HELOC will be on a home that is paid for ( no mortgage )? correct?

is that the jist of it?

Yes the house is paid for and a owner has it, It is in slidell and had some previous fire damage.

 

[efil4stnias]

ok have you checked with who you bank with first? see if they will offer something?

 

[busdriver]

I havent spoken with a bank. I was looking for some Arm Chair VPs on SR.

 

[guidomerkinsrules]

Can’t tell if I should pop popcorn or not

 

[rob22278]

Underwriting rules are pretty much the same with a HELOC as they are with a mortgage. If you can’t get approved for a mortgage you will probably have trouble getting approved for a HELOC

 

[SystemShock]

I have a home equity line, not a loan, but they basically work the same way: you go to a lender and offer your property as collateral. The lender appraises your property, and based on the appraisal and other factors, they offer you a loan amount - which isn't necessarily the true value of the property - at a certain interest rate.

 

[efil4stnias]

I havent spoken with a bank. I was looking for some Arm Chair VPs on SR.

ahhhhhh. well then.

good luck.

 

[Charlie Brizzown]

Can’t tell if I should pop popcorn or not

If I’m on the EE I have popcorn.

 

[soupcan dan]

i'm in for $20, just don't pm me without autocorrect