Loans

Question: Can i get a home equity loan? and what is the process?

(Posted by: Lori on 2010-03-09 18:54:13)

I heard that there are closing costs on home equity loans. Is this the case? Also i just bought my house in September and was told i dont have any equity in my house. Though houses of same model and square feet are selling for more.

Posted by: Sean Roberts on 2010-03-09, 19:13:02

Home loans always have closing costs. These include the appraisal fee, the lender's attorney's fee, the prorated taxes, the filing fee, the survey charge, insurance, and about half a dozen other fees. Sometimes those fees are included in the principle of the loan; they are rolled into the loan. The only equity you might have is the down payment you made when you bought the house. You should have a sheet 8½ " x 14 " if you live in the U. S. It will show the price of the house, the closing costs, the amount financed, and possibly your equity. If you have trouble reading it, contact your real estate agent. He can help you interpret it. When you make payments on your loan, you're paying almost all interest for the first couple of years. You will probably reduce your principle by $15 - $20 during the first 6 months of payments.

Posted by: Age of Reason on 2010-03-09, 18:56:30

Since your appraisal is only 5 months old, you do not have any equity. I did one and it took 30 minutes at my bank, no closing costs and had my check in three days. But then again I had 100% equity since house is paid for.

Posted by: ARTmom on 2010-03-09, 18:57:43

Call your morgage company and they can answer all of this for you. Most new homes, esp now-have little equity-sometimes you can get a smaller one to do specific improvements but don't get your hopes up-the best place to get real answers is to call them. If its a no-now, they might be ableto suggest other ideas or times or options.

Posted by: Blazenskyy.com on 2010-03-09, 18:58:34

You can only get a home equity loan now if your home equity or can tap it for a loan and yes there are closing costs that vary from lender to lender. Good luck many institutions were giving home equity line of credits with every mortgage. This process has been cancelled and now harder tobe approved for LOC and home equity loans. Good luck and wait a few years if you can since the housing market will go back up eventually.

Posted by: Bruce Qualters on 2010-03-09, 19:15:45

Your probably not going to have any luck unless you are trying to tap back into the money you used as down payment. Equity loans are harder to come by in this market. Some have closing costs some don't. The lender will always incur some sort of cost for writing the loan but will often pay that cost which you would be responsible to reimburse if you close the loan in a set period of time. Truth is you are probably not going to have any luck until you have owned the property for 6 months but really more likely to be at least a year. The idea here is if you just bought it for x doesn't matter what the appraisal says it is likely worth x, for if the previous owner had to sell for x there could be a reason for that. The best place to apply for this kind of loan in this market is going to be the community banks in your area.

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