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| *Loan,banking and credit>>>credit line |
If you are a new home owner can you still get a line of credit with no Equ? |
If you are a new home owner can you still get a line of credit with no Equ? Yes, you can. Some lenders will actually lend up to 125% of the value of your home in first or second mortgages. Keep in mind that the interest rates on these types of loans will likely be much higher than standard equity loans because of the increased risk to the lenders. Generally, these lenders are not banks but finance companies. Personally, I would wait until your house appreciates in value and/or you pay down your first mortgage OR get a non-equitized line of credit through your bank or credit card company. MBNA and Capital One have accounts like these at reasonable rates. If the house has appreciated in value then yes. The lender will send an appraiser out to place a value on the house. There could be additional value as the housing market has had a recent surge. Here is some more info: http://www.regionalmortgages.com/info.ht... been there done that , live below your check and be patient, always wait 2 days before major purchases and don't watch infomertials/ paid advertisements, they were paid for by the people who watched it before you and didn't follow the 2 day rule. I know its hard but you will never get out of this rut by borrowing more money |
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