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The home came with equity.

How long do I have to wait after I purchase, to apply for a home equity loan? by e_latedlater126 from Charleston, West Virginia. Jul 25th 2019 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Much more info needed to answer your question.. What type of loan do you have now? FHA, Conventional, USDA, VA?? How much did you put down? Zero? 3% to 3.5%? 40%? Without knowing key information, it's hard to advise.. so in general.. if you are looking to do a 2nd position loan (2nd mortgage, HELOC), then most lenders will cap you at 90% Combined Loan to Value (CLTV).. if you put the minimum down, it's unlikely you can do a 2nd now. The new 2nd mortgage lender will do a new appraisal or sometimes they do an AVM (automated valuation).. But, understand that since you purchased the home, then your sales price has become public record.. if the home appraised higher, it's unlikely it would be of any benefit since the sale price is what is recorded, not the appraised value. If you want to do a 1st position, Cash Out Refinance, then most programs make you wait 6 months if you want to capitalized on it's higher value.. you can still do a cash out refi, but the lender will use the original sales price (not original appraised value). But you would be capped at 85% LTV... If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / MKS Lending LLC DBA Trusted Lending Center, NMLS 1018196 / AZMB 1414920

Jul 25th 2019
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