Financing in Portland>Question Details

Dog, Home Seller in Portland, OR

if you remove your home from sale listing is there a delay on home equity loan state of oregon

Asked by Dog, Portland, OR Wed May 28, 2008

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5
Hello,

Many lenders do want to see 6 months off the market. However with a good reason, 1 day off MLS is fine.

I am a lender and can work with any buyer throughout the State of Oregon. If you visit our website, you can read all about us as well as see we are offering a 1/2 price special. We work at your pace starting with looking at the whole picture and, through a process of elimination, together we will mold your program until it is exactly the way you like it. We are very low key and we do not charge any up front fees. Another nice feature is that I do everything in house. If you click on my bio, you can read several testimonials from current and past clients.

Sincerely,
Crystal Beard
Ambient Home Lending
Toll Free 877-777-9763
http://www.ambientlending.com
0 votes Thank Flag Link Thu Dec 18, 2008
Hi.

I have a client that wanted to refinance her loan and the lender asked her if her property had been listed in the last six months. The appraiser checks the MLS for comps and will see the property if it has been listed. Each lender is different so I would ask what their guidelines are.

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc
Web Reference: http://www.OregonStyle.com
0 votes Thank Flag Link Fri May 30, 2008
Hi Dog-
I would talk with a lender about this. Banks are changing the rules pretty frequently these days and your best bet is to speak with a professional mortgage broker or bank. You definately cannot get a Home Equity Line while your home is on the market.

Best wishes!

Cathy
0 votes Thank Flag Link Wed May 28, 2008
Dog,

Usually some lenders require 60-90 days. Every bank is different. Check with your local bank. I don't specialize in home equity lines of credit but to get a regular mortgage it's usualy 90 days to 6 months. If your going to take another mortgage on it it could make it more difficult to sell in the future if your planning on selling it.

Brent
0 votes Thank Flag Link Wed May 28, 2008
Dog.

The answer is no. They will really never see that. They are more likely to be picky on the value they give you and home equity lines are not as easy to get. They are going off of Lowest appraised value and they are also hard to get over 80% loan to value which for most of us means not getting one at all.

There is a lot of risk in this market and these banks are scraed of where things can be headed. Get to your bank or credit union sooner than later and see what they will do for you.

I wish you well in this endeavor.

Hope you get what you want.

Regards;

Dirk Knudsen
Re\max Hall of Fame
#1 Rated Re\Max Team in Oregon
503-799-8383
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Wed May 28, 2008
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