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stephaniewilson · Joined: 03 Aug 2008 Posts: 1 1.32 Dollars($)

I want to get the equity out my house do you have good credit or not

kpatrick · Posted: Sun Aug 03, 2008 8:14 am Post subject:

Hi Stephanie,

Unfortuanately, ths is one area that has been hit hard by the constriction of the mortgage market. For the most part, 2nd mortgages do not go above 90% andymore, and you need at least a 680 or 700 in most cases. You didn't say what your score was.

If you really need the cash, then you can consider doing a FHA cashout refinance which would allow you to go up to 95% of your homes value, but this should be a last resort, as refinancing is not cheap.

Kim

jerry · Posted: Mon Aug 04, 2008 12:43 pm Post subject:

Hi Stephanie,

Cash out refinance is an option you can think about. But your monthly payments are likely to increase as the loan amount is higher because you're pulling out cash in the process. However, if the new loan term is long enough, chances are your monthly payments can be low. Check out the cash-out refinancing options from an earlier discussion on this topic.

Thanks,

Jerry

Info122 · Joined: 04 Aug 2008 Posts: 4 2.33 Dollars($)

Stephanie:

I would be happy to assist you in reviewing your options. We work with hundreds of lenders...some (portfolio banks) who still lend on sub-500 scores.

Feel free to contact me to discuss.

Regards-

Ken Klawans, CSA
Certified Senior Advisor
Certified Reverse Mortgage Specialist

[Promotional text deleted as per forum rules. Thanks.]

Guest

how to get equiky out of my home 01253 591664 thank you

adonis · Posted: Sun Oct 30, 2011 10:56 pm Post subject:

Welcome mrs carol lawler,

If you have equity in your property, then you can contact your lender and refinance your existing mortgage. This will help you in cashing out the equity in your property.

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