Equity question?

Several different banks will apparise my property differently.

I just started paying mortage and from what the home is appraised at and what its worth is a little over 20k. Can equity be taken out because another bank will apparise it higher? or is it common to wait 1 year (just from the vaule of land increaseing) to do so...?

Re: Equity question?

I think the better question is why would you want to take equity out... then i could give you a better answer.

Re: Equity question?

Most banks have seasoning requirements-usually a year. Some non-conforming banks will do 6 mos but the rate swill be slightly higher. If you had added improvements and have receipts that may help you. You also have to keep in mind if you do a straight refi there will be closing costs and you may only end up with 10,000 or so. Look into a Heloc

Re: Equity question?

thanks pill and melijane

Re: Equity question?

If you own a co-op and you don't have at least 20% equity... the bank will most likely not open a HELOC.

You have to wait till you have at least 20% equity. Then if lets say you have 25%... you can usually borrow 5%.


Houses are a different story... they will do HELOCs up to the value of the house at times.

Re: Equity question?

How much did you put down on the house? Are you looking for a Home Equity for improvements? DH is a bank manager and he says you don't need to wait any period before taking out a home equity depending on how much down you put into the house?

Re: Equity question?