Consumption and Real Estate
Refinancing vs Home equity Loans once you take the house of the market?
Question : Refinancing vs Home equity Loans once you take the house of the market?
Taking the house off the market we are not eligible to refinance because of the rules by the government How can we do a home equity loan and where can I find the current fixed rates? Thank you
equity loans
Best answer:
Answer by sbinlb
Just because your house was for sale and now it’s not, has no impact on whether you can refinance or not.
You have to have 80% equity to be eligible for a home equity loan.
The FHA guidelines are exactly opposite. If the home is off the market you can refinance. If you have equity available to take cash out you would be able to borrow 85% of the value of the home.