kate11c asked:
Recently my family has come into some unexpected finacial obligations. We own our home free and clear and its on the tax apprasil role for 120k(dont laugh texas real estate is really cheap) My question is what is the most efficient and most expediant way for pulling equity out of our home. Is it a home equity loan? Can you get a regular mortgage on a home you already own? And do would we still have to pay an apraiser and go through all of the closing costs even if we only need to borrow 50 percent of the value of our home. thanks
LOYD
Recently my family has come into some unexpected finacial obligations. We own our home free and clear and its on the tax apprasil role for 120k(dont laugh texas real estate is really cheap) My question is what is the most efficient and most expediant way for pulling equity out of our home. Is it a home equity loan? Can you get a regular mortgage on a home you already own? And do would we still have to pay an apraiser and go through all of the closing costs even if we only need to borrow 50 percent of the value of our home. thanks
LOYD
SILAS
with a line of credit – the interest rate could increase anytime – a fixed mortgage is probably best – talk to a bank/mortgage company
LARRY
You can get a cash out refi that would allow you to take the equity out of the house. Don’t go the home equity route, home equities are not long term solutions. They are harder to obtain that in years past (I think with you owning your home free and clear it help matters), lines of credit are adjustable (you can lock in draws, but it’s the issue of doing the work), escrow’s are not available etc. With either the refi or home equity, yes, an appraisal will have to be completed, the bank will want a licensed, certified appraisal completed to determine the home’s worth. Now you might, if you have enough income and very good credit be able to get away with an appraisal waiver, I doubt it, but speak with your mortgage broker/professional to see if it’s possible
TRISTAN
Call the mortgage company you had prior to paying off the mortgage. If you are obtaining a loan for an amount much less than the tax value listed you may not have to get an appraisal done. Mortgage laws have tightened up a lot in the last year so the details could vary. Good luck.