how do I cash out the equity on my home

ivycast08 · Joined: 15 Jul 2008 Posts: 3 1.70 Dollars($)

hello, I have no mortgage on my condo. it's market value is about 145,000. I already have a line of credit loan of 15,000, which I have used up...this plus a car loan and some credit card debts, I owe about 55,000. what is the best way for me to cash out this amount out of my home equity to pay up these debt??? thank you

helping_user · Posted: Wed Aug 27, 2008 12:48 am Post subject: RE: cash out refinance

Welcome ivycast.

You can go for a cash-out refinance on the line of credit. If you can qualify for an amount worth the total balance on your debts, then that'll be fine. Even if you cannot include the entire debt amount, you can at least pay off some of your debts and repay the remaining balance with your own funds.

How old are you? if you are someone aged 62 and above, chances are you can take out a reverse mortgage on your home.

Thanks.

chrisburns · Posted: Thu Sep 04, 2008 4:45 pm Post subject:

How much do you make annually?
What is your credit score?

YOu can get a conventiona refinance
You may be able to get an FHA refinance
If all else fails you can get a hard money loan and depending on the rates and fees you are paying now you may be able to still save money.

You really should talk to a mortgage professional to help give you some options.

jmiller · Joined: 04 Sep 2008 Posts: 13 5.75 Dollars($)

You can do a Cash-Out Refinance.

Should be no problem for you to do so.

I am a Mortgage Professional, and I do stand by everything I post

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gmakerley · Posted: Fri Sep 05, 2008 9:21 am Post subject:

once again, a generic answer: if all else is equal, you ought to be able to obtain the loan you are seeking. the variables are your credit and your income. generally speaking, you can borrow as much as 95% of the value of your home with an fha loan, if you qualify based on credit and income.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Yes, a cash out refinance will accomplish this. There should be a great reduction in the interest rate as well as payments by doing so. I think this would be a good solution.

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