Is this right?? - Posted by cj

import · July 28, 2003, 5:57pm

Posted by Randy on July 28, 2003 at 18:00:21:

Yea…That’s exactly what it means…

import · July 28, 2003, 5:57pm

Posted by cj on July 28, 2003 at 17:57:05:

I bought a house for $80,000.00…It has been appraised at $130,000.00 I put $20,000.00 as a down payment…I owe $60,000.00 does this mean I could go to the bank and get some equity based on the appraisal of $130,000.00???like 70,000.00??? touse for other investments???

thanks for your help

import · July 29, 2003, 9:36pm

Re: Is this right?? - Posted by James (FL)

Posted by James (FL) on July 29, 2003 at 21:36:54:

It may not be exactly that easy. Depending on your credit score etc… the lender may require you to use the purchase price as the value of the home if you have been in it less than a year. There are lenders that will not, but they will be much more strict on the guidlines and qulifications on the HELOC.

James