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xmljar · Joined: 08 Apr 2007 Posts: 14 9.72 Dollars($)

ok here is the basic question I have.

1. if i have a house fully paid by cash, i.e., I own the house completely.
Now if I want to get a mortgage on the house, since I fell on bad days and need the money, how do I do it?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi,

You contact some lenders and discuss about the amount of mortgage you can qualify for.

They will look at your income, other debt obligations, credit profile and if you meet the requirements, would approve your loan application.

Miller

blue · Posted: Wed May 09, 2007 3:15 pm Post subject:

Hi Xmljar,

Welcome to Mortgagefit discussion board.

Lender will consider your income, credit score, debt to income ratio, value of the house and how much down payment you can make to give you an estimate of the amount of mortgage you would be able to qualify for.

If you give these details then I can help you get an idea of the amount of mortgage you can expect to qualify for.

Thanks
Blue

jerry · Posted: Wed May 09, 2007 10:50 pm Post subject: RE: get loan against home

Hi Xmljar,

Welcome to the forums.

Surely you can take out a mortgage against the house and since your house is free of lien and has clear title, therefore it will be regarded as the first mortgage itself.

Thanks,
Jerry.

mikeshapiro · Posted: Thu May 10, 2007 7:42 am Post subject:

You said you fell on bad days. Has that lowered your credit score? Obtaining a loan on a house you have no debt on should be very easy. Since you likely don't need to go 80% LTV (Loan to value).

Sounds to me like you might be more interested in a home equity line of credit than a standard 30y fixed type loan. Speak with some of the people here that are in the mortgage industry. They can assist you. Ifyour credit or income is a problem there are quite a few different programs they can use since you have 100% equity.

xmljar · Joined: 08 Apr 2007 Posts: 14 9.72 Dollars($)

thanks all for the response. So that means if I have 100% equity in a home and later if I want 30 YR FIXED mortgage on the same home, can I do that?

That means, I will leave 20% and finance the remaining 80% with a 30YR FIXED. Will appraisal determine the price at that time, if the home went up in value?

colin · Posted: Thu May 10, 2007 12:58 pm Post subject:

Guest

Yes doing an appraisal will help you know what the present value of your house is. Let me also tell you that depending on your financial needs you can look for more than 80% financing also.

Guest

xmljar if you plan of selling the house within 4-5 years then instead of taking a frm of 30 yrs you can look for adjustable rate mortgages also having fixed rate term for the first 5 yrs. And comparatively lower interest rate for the fixed term period than you will get on a 30 yr fixed.

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