A friend just asked 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 put 20% down. Will the bank allow her to borrow against that 20% or would it only be any appreciation in excess.
Posts Tagged ‘Need’
Do You Need To Have More Than 20% Home Equity To Borrow Against For A Home Equity Loan?
Thursday, June 25th, 2009Does A Co-signer Need To Be On The Title To Apply For A Home Equity Loan Or A Home Equity Line Of Credit?
Wednesday, June 17th, 2009I’m thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?
Do You Need Good Credit To Take Out A Home Equity Loan? Will Bad Credit Affect Chances Of Being Considered?
Tuesday, June 16th, 2009My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?
Do I Need To Report The Equity “cash Out” From Mortgage Refinance As Income?
Friday, June 5th, 2009I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to “cash out” some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it’s accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It’s not “wages” — does that make a difference?