Even if you haven't had much time to build equity, you can
still get a home equity loan.
Not exact matches
While you will
still need to undergo an appraisal for most kinds of
loans, the
Home Value Estimator is a fast, free way to
get an instant estimate that can be used to help you decide what to offer on a new purchase or how much
equity you may have for a refinance.
Also, again, because the
loan is unsecured, the rate may be higher than, say, a
home equity loan.However, if you can
get approved, the rate will probably be below that of a credit card, so it would
still be better to use the
loan versus leaving the balances on the cards.
This means that if you just bought your
home and you financed 100 % of its value, you could
still get 25 % of its value from a
home equity loan.
The VA guidelines
still enable borrowers to refinance and
get cash out with only 10 %
equity left in the
home after the new
loan.
For those with bad credit,
home equity loans are
still possible, but
getting them is not as easy as it was even a few years ago.
You can
still get private money
loans, cash out refinance or
home equity lines of credit to fund your purchases, but just have all that worked out before you make the decision to purchase.
If, however, you use your refi to
get some extra cash or take out a
home equity loan or line of credit and then use the money for something else, such as paying college costs or buying a car, you
still can deduct the points, but not all at once.