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Jeff
July 5th 03, 05:06 PM
I was wondering if someone could tell me if this scenario is possible
:

I paid $105K for my house in Oct.'01. Compared to similiar models,
it's currently going for around $130K. I am looking to refinace my
mortgage now. Here's the part I would like to know if is possible :
If my house appraises for $25K more than I paid for it after I
refinance - can I take out a home equity loan on that $25K?

Thanks ahead of time.

lpogoda
July 5th 03, 05:23 PM
Jeff wrote in message >...
>I was wondering if someone could tell me if this scenario is possible
>:
>
>I paid $105K for my house in Oct.'01. Compared to similiar models,
>it's currently going for around $130K. I am looking to refinace my
>mortgage now. Here's the part I would like to know if is possible :
>If my house appraises for $25K more than I paid for it after I
>refinance - can I take out a home equity loan on that $25K?
>
Maybe. The last time I took out an equity loan (many years ago) there was a
percentage limit on how much of the equity could be borrowed against. If
you're within the limits, likely you can take out a loan.

But no one here is going to loan you any money. You should be asking a
bank/ mortgage broker what they'll be willing to do.

lpogoda
July 5th 03, 05:23 PM
Jeff wrote in message >...
>I was wondering if someone could tell me if this scenario is possible
>:
>
>I paid $105K for my house in Oct.'01. Compared to similiar models,
>it's currently going for around $130K. I am looking to refinace my
>mortgage now. Here's the part I would like to know if is possible :
>If my house appraises for $25K more than I paid for it after I
>refinance - can I take out a home equity loan on that $25K?
>
Maybe. The last time I took out an equity loan (many years ago) there was a
percentage limit on how much of the equity could be borrowed against. If
you're within the limits, likely you can take out a loan.

But no one here is going to loan you any money. You should be asking a
bank/ mortgage broker what they'll be willing to do.

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