Do you need to have more than 20% home equity to borrow against for a home equity loan?
Written By: admin on June 9, 2009
One Comment
A friend just questioned me to borrow money to pay her mortgage this month- she plans to take out a home equity loan to pay me back. She has only owned her house for two years, and I assume she would have only place 20% down. Will the bank allow her to borrow against that 20% or would it only be any appreciation in excess.
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Tags: Home Equity, home equity loan, money, mortgageTags: home equity loan, money, mortgage
All loans are negotiable. Some lenders will lend you more than 100% of the value of your property. A lot depends on your other assets, income, debt. etc. You'll probably also find that the interest rate is less favorable.