Question Details

Maxine, Home Buyer in Portsmouth, VA

Is it wise to take some of my equity out of my home and then try to sell my home within 60 days?

Asked by Maxine, Portsmouth, VA Tue Nov 13, 2007

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Normal time for a HELOC (home equity line of credit) is less than 30-45 days normally. My question to you would be why save the cost and inconvenience and wait until the home sells?

Now, if you need cash for another reason, know that some lender's frown on lending on a home that has been for sale during the last year. Also, depending upon your situation, you might want to discuss your goals with a Realtor. There is more than one way to skin a cat!
0 votes Thank Flag Link Tue Nov 13, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
It depends......people use their money for all kinds of reasons. The general answer is if you feel comfortable with your situation go for it. I would suggest being careful with what you are doing with the money. It may cost you more in fees now than if you were to wait until you sold your home. There are a number of ways to accomplish gaining access to the equity in your home. Some of them cost you less than of the more important elements depends on the amount of money you want to take out of your home. If you want to use the money for a new property purchase (down payment, closing costs, earnest money, etc.) it would be wise to discuss this with one of your local real estate and mortgage professionals. Take the time to talk with should not cost you a dime! They want to earn your business....stay away from anything that sounds too good to be true. I know a few folks in my area that used internet banking services and thought they were getting a great deal.....until the closing day and they found out otherwise. Keep your head up and be alert when going forward with your venture.

Best regards,
0 votes Thank Flag Link Tue Nov 13, 2007
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