Home equity for remodel/credit debt

Most Home Equity loans say that you you can only take 80% of the value of the home. If you refinance your home and get cash out, most programs allow you to take up to 85% of the value of the home. So it really depends on the value of the property.

It is Possible, you can do it a few ways. one way is to refinance with cash out to pay off debt or take out a home equity line of credit. The benefit of doing an equity line of credit, you will only pay for the amount you are using. I would suggest the home equity line of credit, you only pay interest on the amount you are using and it allows for more flexability for paying off debt and doing home improvements and when your finished you can either have the amount you've used fixed or do a refinance at that time. Also equity lines in most cases have a lower interest rate. hope this helps... Marcus

Most HELOC's max out at 85% LTV (loan to value). I have a lending affiliate that will go to 90% LTV if you have a high credit score and some additional assets such as savings account, money market or stock account. I can connect you if you are interested. ENG Lending, A Division of Bank of England, always puts your best interest first. We would appreciate the opportunity to serve you. Please visit us at www.cincinnatimortgagerate.net. You will soon find that we are so much more than a Mortgage Banker; we are a company that is dedicated to empowering our clients and referral partners. Don't forget to visit our Facebook Fanpage at http://www.facebook.com/pages/ENG-Lending-Cincinnati/171183536269710#!/pages/ENG-Lending-Cincinnati/171183536269710?sk=wall Or Call Anytime 513-403-6260

To answer your question, you can do either.. if you do a 2nd, your capped at 80% loan to value, if you do a cash out refinance, you can get 85% loan to value, so you get the most cash by doing the cash out refinance. The 3rd option is a first lien Home Equity Line of Credit... By doing this you can accomplish all your goals, but only pay interest on the money as you use it.. WilliamAcres.com

It depends on your current market appraised home value. You can use up to 80% for a home equity line of credit or if you want go to Home Depot where you can open you a line of credit then when you are ready and need to refinance everything to a lower rate talk to a loan specialist to get you payments back down to an easy monthly payment.