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When can I get a Home Equity Loan or HELOC?

joconn10 asked:


Just bought a house for $214k 30yr 6.125%, it was appraised at $244k. I’d like to make several home improvments and consolidate some debt. How soon can I get a Equity Loan or Line of Credit , seeing how i just bought the home I wasn’t sure if theres a waiting period i.e 6mo-1yr . Also which might be better for my situation the Loan or LOC?

Kathryn

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This entry was posted on Sunday, July 12th, 2009 at 6:27 pm and is filed under Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “When can I get a Home Equity Loan or HELOC?”

  1. Amanda H Says:
    July 13th, 2009 at 1:40 am

    Kathy

    There is no waiting period– however its typically advised that you maintain 10-20% equity. Using up every dollar of equity is not a smart move– selling a house costs up to 10%! So if you owe exactly what your house is worth, there’s no way for you to sell and walk away from it.

    Also a loan up to the last dollar is higher risk and will carry higher interest rates.

    Talk to some lenders and see what their policies are– some of the basic banks still expect you to maintain a certain percentage AFTER the HELOC.

  2. cmruffin1 Says:
    July 15th, 2009 at 12:48 pm

    Florence

    you can get one when ever you want to. shot me an email i should be able to help you depending on what state you live in.

  3. Faye H Says:
    July 17th, 2009 at 3:51 pm

    Bernice

    There is no waiting period.

    I got a HELOC about two weeks after I bought my house last summer. As long as you have enough equity in the house for them to give you a line of credit, you shouldn’t have a problem.

  4. Openthathouse.com Says:
    July 18th, 2009 at 9:28 am

    Danielle

    Credit Unions and Local Banks give better rates than most Mortgage Brokers.

    Search Around you will find a good rate. Watch out for teaser rates unless you are going to pay off the debt quickly or educate yourself on teaser rates so you dont end up with payment shock.

    To answer your question you can get a heloc the same day you close your house at Title.

    HAPPY LIVING

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