Home Equity Loan
How long do i have to wait until i can get an home equity line of credit?
I should move in my new house in july, how long do i have to wait before i can get a home equity loan? or what is my best option for getting 50K? I will no car notes, no credit card payments, nothing more than my mortgage and bills that are associated with anew how. I have a fixed rate so im not in the whole. Im just trying to do some research. Thanks
Public Comments
- You can apply any time you want. There is no waiting period. In fact, some people get a home equity line at the same time as they close on their mortgage. The determining factors for qualifying for the home equity line will be how much you owe compared to how much the house is worth (this is called the loan-to-value ratio), your income (can you afford the payments), and your other debts (your debt-to-income ratio).
- Are you making a $50,000+ down payment? There is no minimum time, but you will not be approved for a HELOC that is more than your EQUITY.
