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Guest
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 Posted: Thu Nov 05, 2009 9:10 am Post subject: i want to borrow $40,000 but only have about $20,000 in equi |
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| i want to borrow $40,000 but only have about $20,000 in equity. what should i do?...i owe $191,000 and my house is worth about $211,000. |
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Guest
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| Posted: Thu Nov 05, 2009 9:24 am Post subject: |
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| You are over 90% loan to value, you just don't have any equity to tap into. Most lenders will only allow 80%loan to value on conventional and 85% on FHA. Your home is just not an option unless you appraise for more. |
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 cupplesjonathan71
Joined: 04 Nov 2009
Posts: 16
2.61 Dollars($)
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| Posted: Thu Nov 05, 2009 9:50 am Post subject: |
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| you can take personal loan for balance amount. |
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russ
Guest
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| Posted: Thu Nov 05, 2009 10:12 am Post subject: i want to borrow $40,000 but i only have about $20,000 in eq |
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| any suggestions about any other programs i could look into?a construction loan perhaps? anything |
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russ
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| Posted: Thu Nov 05, 2009 10:14 am Post subject: same |
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| what do you mean by personal loan for balance amount and how will that help me? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Fri Nov 06, 2009 9:53 pm Post subject: |
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Hi russ!
Welcome to forums!
If you have $20,000 equity in the property, then you can cash in that amount through a refinance or a home equity line of credit. For the rest of the amount, you can go for a personal loan. However, a personal loan is available at a higher interest rate. So, if you cannot afford a higher interest rate, then you should not go for it.
Feel free to ask if you've further queries.
Sussane |
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cupplesjonathan71
Joined: 04 Nov 2009
Posts: 16
2.61 Dollars($)
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| Posted: Wed Nov 11, 2009 8:20 pm Post subject: |
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Thanks Smith for clarification.
Ross, id not think that you have any other option will you tell us more about your financial condition & need so that we can tell you some more options? |
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