Getting equity out of a house

Best advice I can give you is to contact a local mortgage broker, not a bank. He can look at your complete scenario and match you up with the right lender. I would also look into a first lien Home Equity Line of Credit... by doing this you apply one time, and you have access to the money as you need it without having to qualify each time you need to tap into your home equity. WilliamAcres.com

I can potentially help, you can call me at 925 513 3942 (Chris) and we can discuss your options.

Sam, someone told you to look at a mortgage broker and not a bank. If you are looking at an equity line I would highly suggest a bank or credit union. Most often banks and/or a credit unions will provide a line of credit with no fees. Most mortgage brokers will have fees attached to the loan. I know... I've been both broker and a banker. Both have the strengths but in this case I think your best bet is the Bank or a Credit Union. You may even want to consider a short term fixed mortgage such as a 3/1 or 5/1 ARM. What his does is provide you with a fixed rae for the first 3 or 5 years, and then it goes to an adjustable rate. I would, however, only suggest it if you thinkyou can pay it off within that initial time frame. Or better yeat a short term 5 or 10 year fixed rate mortgage. That way you know it will be paid off within that time frame.

You will fit into 3 categories:1. You qualify for a conventional loan. This will allow you to extract as much as 80% of the home's value if you live in it, 65% if you don't. Rates will be in the low 4% range on a 30 year fixed rate. The qualifying process is very specific and after a 5 minute phone conversation you will have a clear indication of your eligibility.2. William's suggestion of an line of credit is perfect if the balances will remain under $50,000. Caveat - these loans are tied to prime and prime will go up.3. You don't qualify for an institutional loan but you qualify for an equity loan (from a private investor). You will be able to extract as much as 60% of the home's value, regardless of occupancy. Rates will be in the 9% to 11% range, fixed for 5 years. Credit and previous home ownership are not considerations but you will need to demonstrate the ability to repay the loan from ongoing income that is likely to continue into the future.4. This is a variation of #1 above: You have the opportunity of a lifetime to take advantage of historically low rates to capture the capital locked in the home's equity. A skilled financial planner can help you structure a retirement plan that will provide for your future. You're not "spending" the money; you're simply moving it from a non-income earning asset to a portfolio of income producing assets. (A common strategy is to use the investment income to pay off the home loan. You still have the house free and clear and you have the investment portfolio, too.) If you feel I can help in any way, please call me directly at 800 696-0696. Bruce ConnCALIFORNIA Equity & Loan

Sam, the key to getting what you need is always in knowing what you are able to get based in your financial/credit situation, should the options be wide then you need to find out which loan type is the best for your circumstances and last; pricing and service.I would recommend that you make several calls to Banks, Credit Unions, Brokers, Bankers and find out what you qualify for...having said that, they all have fees, they can range from a few thousand dollars to nothing, depending on the program and rate you get.If you decide to follow my advice you can reach me at 310-275-8700 Mario @ Pacific Mortgage Investment

Hello my name is KC and my phone number is 858-939-9252. I am a senior mortgage loan officer here in San Diego, CA. Since you have a lot of equity in the house and would like to get a home equity loan for this that will be fine and now the rates is excellent. Please contact me during the weekend anytime will be fine and I will be able to give you some more information on the rates, programs, terms, and documentation list.Thank you and please call at 858-939-9252

If you can qualify for a loan dependent upon your FICO scores, monthly income, monthly debt, and some other relevant criteria, it's possible for you to cash out and get as much as $195,000 to $240,000 depending if you are living in the home or not. I would not suggest an equity line (EL) because it is tied to the prime rate (which is currently 3.25%), typically, plus a percentage determined by the lender dependent upon the its amount and some other financial factors. While the total interest rate may be low now, you will be at the mercy of the prime which could start increasing in the near future, thereby, increasing the EL interest rate and your monthly payment. With interest rates at historic lows, you may be able to get a better one by refinancing the home, and it will be fixed for the life of the loan. Please call me and I will walk you through the process so that you can make the most informed decision possible. I work with 39 quality lenders and I'm confident that a no, or low, cost loan can be done for you that will be perfect for your particular needs. I can be reached at 626-796-7712 or 626-644-2020.