Jason from TN asked:
I have a 80/20 loan. Both are fixed. The 80% loan is at 6.85 fixed and the 20% is at 7.25 fixed. The house is appraised at 168,000. I owe 125,000 on the 80% loan and 25,000on my 20% loan. Do I have enough equity to refinance to a lower rate (like 5.5?) and get a home equity loan for 5,000 -10,000? Thanks everyone.
Edit: The appraisal was sent by our county in October. Everyone gets one. I dont know if that has dropped now. I live in an area that has not been affected hard by the recession. I live in Nashville, TN. Homes in our area still sell very fast. If I am incorrect about my appraisal, how much does the house have to be worth for me to refinance given my numbers?
Student Loan Refinancing
I have a 80/20 loan. Both are fixed. The 80% loan is at 6.85 fixed and the 20% is at 7.25 fixed. The house is appraised at 168,000. I owe 125,000 on the 80% loan and 25,000on my 20% loan. Do I have enough equity to refinance to a lower rate (like 5.5?) and get a home equity loan for 5,000 -10,000? Thanks everyone.
Edit: The appraisal was sent by our county in October. Everyone gets one. I dont know if that has dropped now. I live in an area that has not been affected hard by the recession. I live in Nashville, TN. Homes in our area still sell very fast. If I am incorrect about my appraisal, how much does the house have to be worth for me to refinance given my numbers?
Student Loan Refinancing
Tags: Home Equity Loan, Nashville Tn, Recession
6 responses to Do I have enough equity to get a home equity loan?
Mortgage Finder
You said the house is appraised at 168,000. How recent an appraisal? If that is the true value, then you should be able to refinance.
FHA allows up to 95% loan to value.
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Sorry but what the county sent you is a tax assessment value not a appraisal and tax assessments has nothing to do with market value. I appraise propertys that appraise below assessed value all the time. No lender will use assessed value for a loan. You owe 150K, you would need your house to appraise for atleast 165K just to be at 90% LTV and thats with no closing costs and no money back.
Do I have enough equity to get a home equity loan?
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Do I have enough equity to get a home equity loan?
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Do I have enough equity to get a home equity loan?
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Thats the county tax appraisal so is not a measure of what your home is worth. Get it appraised if lower maybe you can get your taxes lowered, but even at that you are below the 20% threshold and be lucky if you can refinance, adding an extra 5-10K will not happen
Do I have enough equity to get a home equity loan?
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As the others have said this is not a true appraised value. If your are has not been hard hit by foreclosures then the values should be pretty close. As far as your question of can you refinance and get a new home equity loan, the answer is no, there just aren’t and lenders doing second mortgages/home equity loans over 85-90% of the appraised value. If you need some cash out your best bet is an FHA 30 year fixed around 5%. This will allow you to borrow 95% of the appraised value for a cash out refinance.
Do I have enough equity to get a home equity loan?
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