Equity Home Loans

How soon can i get a home equity loan?

How long do I have to own my home to get a home equity loan? Wanna get one, but not sure if they can give it to me, because I've been in the house for 5 years. Are there some limits? Would appreciate your help. Ivan.

Public Comments

1. You can apply for one the day after the original deed and mortgage is recorded (for that matter, you can apply for one at the same time you apply for a first mortgage). There are no time frames. The main stumbling block is actual equity in the house (especially with the decline in prices over the past 18 months).
2. There is no time limit. I have actually seen them done at the same closing as the purchase. However, in this market, equity may be a problem.