How do I get the equity...fast? - Posted by Barb


#1

Posted by Stacy (AZ) on November 30, 1998 at 17:08:36:

I think you are speaking of the loan seasoning needed by most lenders. I think the best thing to do is for you to start calling and finding out. I’m sure in today’s easy market, there will be some lenders who will loan without seasoning, possibly at a slightly higher interest rate. However, I’d start with the larger institutions, such as Banks, S&Ls, and larger mortgage companies since they typically will give better rates. Then I’d call mortgage brokers. Comparison shop.

There is also the concept of instant seasoning…where you pre-pay the first six months of your first mortgage. Mention this when you call lenders and maybe there’s somthing that can be worked-out.

Stacy


#2

How do I get the equity…fast? - Posted by Barb

Posted by Barb on November 30, 1998 at 16:38:53:

I have a contract on a home owned by the gov’t that has about $100K in equity. After about $20K in cosmetic repairs it will have about $130K in equity. I’d like to access some or all of that equity as soon as possible. We are considering keeping the home to live in for a few years. Any suggestions as to how we can access that equity?


#3

Simplicity is the best - Posted by John Behle

Posted by John Behle on December 04, 1998 at 14:12:22:

There are many ways to access your equity, but the simplest is a home equity line. The 6 month rule is only with some lenders. Many local banks and national lenders will fund on appraisal immediately. Just shop around. If Bank One is in your area, they are a good bet.


#4

Re: How do I get the equity…fast? - Posted by Stacy (AZ)

Posted by Stacy (AZ) on November 30, 1998 at 16:51:02:

I would look into a home-equity line of credit. You can get them about anywhere for very low interest. You only have to make payments (interest only) on the amount you use. You write checks to access the equity, and can use any portion of the max amount. Very flexible, and the interest is probably tax deductable.

Stacy


#5

Re: How do I get the equity…fast? - Posted by John(NH)

Posted by John(NH) on November 30, 1998 at 16:46:41:

Why don’t you just refinance or take out a home equity
loan? It’s as easy as easting pancakes. :slight_smile:

-John


#6

Re: How do I get the equity…fast? - Posted by Barb

Posted by Barb on November 30, 1998 at 16:54:46:

Can you go over and above the purchase price before 6 months are up?

Thanks


#7

Re: How do I get the equity…fast? - Posted by Barb

Posted by Barb on November 30, 1998 at 16:52:35:

I know that refinancing is an option, but as I understand you have to wait 6 months after the purchase to get the equity. Regarding a home equity loan, as I understand, you can only take out a loan up to the purchase price for the first 6 months. This is the problem I am trying to get around.

Thanks