When can I get a Home Equity Loan or HELOC?
Written By: admin on June 19, 2009
3 Comments
Just bought a house for 4k 30yr 6.125%, it was appraised at 4k. I'd like to make several home improvments and consolidate some debt. How soon can I get a Equity Loan or Line of Credit , seeing how i just bought the home I wasn't sure if theres a waiting period i.e 6mo-1yr . Also which might be better for my situation the Loan or LOC?
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There is no waiting period– but its typically advised that you maintain 10-20% equity. Using up every dollar of equity is not a smart go– selling a house costs up to 10%! So if you owe exactly what your house is worth, there's no way for you to sell and walk away from it.
Also a loan up to the last dollar is higher risk and will carry higher interest rates.
Talk to some lenders and see what their policies are– some of the basic banks still expect you to maintain a certain percentage AFTER the HELOC.
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