Financing in 30506>Question Details

Akwilliams01, Home Owner in 30506

Am i able to qualify for a equity line of credit for $50,000. I am wanting to do upgrades in the bathroom(s), kitchen, landscaping & finish

Asked by Akwilliams01, 30506 Thu Aug 4, 2011

basement. the house is 6yrs old. It needs some upgrades, fresh paint, fence & finish the basement. All the upgrades will add value to the home that is already worth $250k.

0 votes Share Flag Financing in 30506

Help the community by answering this question:

Answers

3
Akwilliams01,

The answer is you will be able to obtain a line of credit under two condtions, first your first mortgage plus the equity line of $50,000 must be less than 85% of your home's value or about $212,000 if your estimate of value is correct. Second, you must have a credit score of at least 680 and documentable income.

If those conditions are met, you can obtain an equity line with a start rate as low as 4%.

Hope that helps,


Timothy Brown | Managing Broker
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Fri Aug 5, 2011
Akwilliams01,

The answer is you will be able to obtain a line of credit under two condtions, first your first mortgage plus the equity line of $50,000 must be less than 85% of your home's value or about $212,000 if your estimate of value is correct. Second, you must have a credit score of at least 680 and documentable income.

If those conditions are met, you can obtain an equity line with a start rate as low as 4%.

Hope that helps,


Timothy Brown | Managing Broker
Academy Residential Mortgage, Inc.| tbrown@academyresidential.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
0 votes Thank Flag Link Fri Aug 5, 2011
That answer will come from your lender and it involves a myriad of things including an appraisal and your credit standing. Contact a few and shop their options

Hank
0 votes Thank Flag Link Fri Aug 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer