I am starting my own business and need start up cash. I bought my home last year for 209000, but it was way undervalued. Several smaller homes in my neighoorhood have sold for about 230000. The principal remaining on my loan is 205000. If I take out a home equity loan for 40K and can get my house appraised for 250K while reducing my principal to 200K I can eliminate PMI and roll that money (and then some) into the payment for my home equity loan. Will my mortgage company accept the home equity loans company’s appraisal (it should be done by an outside company). Also, the reason I layed out so much information is because I am also fishing for any advice I can get on this situation. Thanks for any input at all!
Posts Tagged ‘My’
Can My Apprasial For A Home Equity Loan Also Be Used To Get Pmi Off Of My Mortage?
Saturday, May 23rd, 2009Can My Husband Take Out A Home Equity Loan Without My Name?
Friday, May 22nd, 2009My husband and I are interested in taking out a home equity loan for home improvments and debt con.. Both of our names are on the current 1st. mortgage, but we would like to have the equity loan in just his name, we believe that adding my name will only hurt our chances of getting the loan. I am unemployed, in college, and have a lot of student loan debt (that is still in deferment) what shoul we do!
