|
Mark, Is that a home equity loan, a home equity line or a mortgage refinance? I just went through this process I am not a broker or mortgage associate. You have great credit scores which will open many oppitunities.
A home equity loan is essentially what I use to call a second mortgage it is for a set amount and is funded in total at closing
A Home equity line of credit is also a second mortgage however the amount or line of credit is your homes equity, your case appraised value 180,000 less the first mortgage 100,000 will yield 80,000. This is a simple method there are usually restrictions and they will not lend up to the full appraisal amount. This would be true for any loan.
The third method is a simple refinance of your first mortgage with cash out to payoff your bills vacation what have you. This would yield the most competitive interest rate.
In the end it all depends on what you want to do. Personally I went with a Home equity line of credit. This allows me to decide how much I want to take out and pay back.
Good Luck Mark I used a great mortgage co. for my first refi. No closing costs, really! Pm. me if you want his name and #
__________________
2004 F-350 Lariat Crew cab. 6.0 PSD 6 spd.Manual 175,000 miles, Muffler delete pipe, Bilstein shocks, SCT with custom tunes, Innovative.
Last edited by milo55 : 02-19-2008 at 04:04 PM.
|
