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can I get a home equity loan my house is worth 200,000.00 and I have NO mortage house is paid off

by rdorko784 from , Michigan. May 4th 2014 Reply


Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 531 contributions

Absolutely - Depending on the amount you want to borrow this is a good option and inexpensive. The interest rate on Home Equity Line of Credit (HELOC) is typically higher than a regular mortgage, but is very flexible in terms of borrowing against and paying off as you want and the closing costs are much cheaper.

May 4th 2014
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes you can. You should not have any problems providing you meet all the other qualifications.

May 4th 2014
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Kevin Stillman (kbstillman)
#17 ranked lender in Iowa - 69 contributions

You have satisfied one of the requirements for a loan (available equity). However, the most important requirement for obtaining a loan is the ability to repay it. Lenders will look at your total debt and compare it to your total gross income. Your total debt should not exceed 45% of your gross monthly income. If your situation satisfies this requirement you should be able to get a home equity loan or line if your credit is good.

May 5th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

Yes, most local banks would be more than happy to offer this. You will still have to go through the approval process and qualify for a loan as you normally would. Best wishes, Sean

May 5th 2014
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