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Old July 5th 03, 04:06 PM
Jeff
 
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Default Home equity loan with refinance appraisal?

I was wondering if someone could tell me if this scenario is possible
:

I paid $105K for my house in Oct.'01. Compared to similiar models,
it's currently going for around $130K. I am looking to refinace my
mortgage now. Here's the part I would like to know if is possible :
If my house appraises for $25K more than I paid for it after I
refinance - can I take out a home equity loan on that $25K?

Thanks ahead of time.

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Old July 5th 03, 04:23 PM
lpogoda
 
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Jeff wrote in message .. .
I was wondering if someone could tell me if this scenario is possible
:

I paid $105K for my house in Oct.'01. Compared to similiar models,
it's currently going for around $130K. I am looking to refinace my
mortgage now. Here's the part I would like to know if is possible :
If my house appraises for $25K more than I paid for it after I
refinance - can I take out a home equity loan on that $25K?

Maybe. The last time I took out an equity loan (many years ago) there was a
percentage limit on how much of the equity could be borrowed against. If
you're within the limits, likely you can take out a loan.

But no one here is going to loan you any money. You should be asking a
bank/ mortgage broker what they'll be willing to do.


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Old July 5th 03, 04:23 PM
lpogoda
 
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Jeff wrote in message .. .
I was wondering if someone could tell me if this scenario is possible
:

I paid $105K for my house in Oct.'01. Compared to similiar models,
it's currently going for around $130K. I am looking to refinace my
mortgage now. Here's the part I would like to know if is possible :
If my house appraises for $25K more than I paid for it after I
refinance - can I take out a home equity loan on that $25K?

Maybe. The last time I took out an equity loan (many years ago) there was a
percentage limit on how much of the equity could be borrowed against. If
you're within the limits, likely you can take out a loan.

But no one here is going to loan you any money. You should be asking a
bank/ mortgage broker what they'll be willing to do.




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