Home Equity loan

andrewvangils · Joined: 29 Jun 2009 Posts: 1 1.28 Dollars($)

Hi Joshua,

Let's say a house is purchased in cash. How long would you normally have to wait before you can take out a home equity loan/line of credit in florida in Florida?

jameshogg · Posted: Mon Jun 29, 2009 9:05 pm Post subject:

Hi andrewvangils,

If the property is free and clear then you can go ahead and take a loan immediately. Such a loan need not be a home equity loan or a line of credit. However, if you have an existing mortgage, then you will have to go for a home equity loan provided you have a equity in the property. After taking the first mortgage, you will have to wait for at least 6-8 months to get a HELOC.

Thanks

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