After purchasing a home, how long must I wait before I can be approved for a Home Equity Loan?
I'm interested in buying an invesment property but the home needs a small work. I'd like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
I'm interested in buying an investment property but the home needs a small work. I'd like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I'm interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
The asking price of the home I'm interested in is 30% under market value.
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Tags: asking price, Home Equity, home equity loan, invesment property, investment property, mortgage, renovation costsTags: asking price, home equity loan, invesment property, investment property, mortgage, renovation costs
There is no specific waiting time, it depends on how qualified you are and how much equity there is in the property. If you're buying it with small down then forget it. You have to wait until the value goes up and these days values are going down.
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