Equity Home Loans - home equity loans?

home equity loans?

have been approved for a home loan. I found a house that they are asking $249,000 for and I just made an offer of $200,000 hoping I can get a steal because of the way the market is down and continuing to go down. The house is currently worth $398,000 according to the appraisal. I'm pretty sure the bank is going to let it go to me for my offer, so that would mean the minute the doc's are signed, I just got a house with $198,000 in equity in it. I plan to pay off both my cars and some credit cards using a home equity loan or line of credit, so that I only have the house payment to pay. How soon after I buy the house, can I be approved for one of these and what does it take to get qualified,. i.e credit score, equity, etc. 1 second ago - 3 days left to answer. Report It

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You have equity when the market begins to go back up. Appraisals are done on the basis of 6 month appraisals in most all markets. So it could be that you may not be able to get that done as fast as that. But a typical loan process is approx. 3 to 4 weeks. You might think about doing that in the original loan instead of paying double closing cost. Good Luck!
Wow it looks like you are rich now. The reality is the previous owner did the same thing you are planning to do and he finally had to sell out . You will too maybe. It will be a year till you can gain in reality what you have gained today on paper.
In some areas you have to pay closing costs on a home equity loan. Talk to your mortgage company -you may be able to apply for the primary mortgage and home equity loan and close on them both at the same time. I'd do a home equity loan. A home equity line of credit - the interest rate adjusts. A home equity loan has a fixed rate. Given that interest rates are low - I'd lock in.
sorry u have been missed informed. the house is worth what u bought it for it the realworld.200,000$ u will have no real equity in the house for some time. especially in todays loan market. the best chance of 'equity' is next year. read the very fine print. the appraisal is not the worth of the house don't fall for that falacy. suggest u get 2 more jobs to pay off ur slave credit cards, budget to make ur money behave, sell anything not blood related, do not fill the house with on time interest free stuff. visit dave ramsey.com to learn the hard lesosons coming ur way if u try this.
You can refinance. But you have already set the value of the home at 200k. When it gets reappraised, and they have to do that, the sell at 200k will seriously effects its value. You may be able to borrow some against it, but not what you are dreaming of. You will also need to qualify. If you are thinking you will get 198 you have to qualify for 398 to get the home equity loan. You aren't going to manage that on 76k a year.
Don't fall for that scam. It's a common one. Who showed you the appraisal for $398,000? I bet it was the sellers or the seller's Realtor, right? How old is the appraisal? 6 months? A year old? All Realtors know the fly-by-night appraisers that will put whatever value we want on an appraisal. You also don't want to do business with one that does. Get your OWN appraisal with someone that YOU find and watch the value crash and burn.
I have tried it myself, here is some good informations.http://homeloan.online-assistant.info/bad-credit-home-loan-mobile-people.html
Theoretically, you can refinance the day you close on the property. However, the numbers don't work. You state "I'm pretty sure the bank is going to let it go to me for my offer...". Is the bank the owner, or is this predicated on a "short sale"? If true market value is $398,000, why wouldn't you (or someone else) grab the $149,000 in "equity" currently offered? Obviously, the house currently isn't worth $249,000, much less $398,000. The list price is likely a matter of record and the sales price definitely will be. When appraised for your refinance, the appraisal will have to display sales for the property within the past 3 years and listings within the past 1 year. This will have to be reconciled to the market. If the market is truly continuing to decline, and in some cases even flat, a considerable number of lenders now require the appraiser provide at least 2 listing and/or pending sales to support market trends. You may get a great deal, but it doesn't appear you'll get a great deal of equity. Best of luck.