OfflineWhen you have a certain amount of equity in a property and you take it out do you have pay that money back how does it work?
__________________
When you have a certain amount of equity in a property and you take it out do you have pay that money back how does it work?
you have to pay that money back. You either do a HELOC or refinance to get at the equity in your property but you have to pay that money back either way. You go through a small bank or one of larger lenders; they will have an appraisal order on your property. If there's equity in the property; they will only allow a certain LTV to be able to get the equity out of your property. But don't overdraw all the equity out of the property will be my only advise to you.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
How long do you have to pay it back?
"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain
So if the equity is 30000 you have to pay back that amount. Is there an additional interest you have pay? And is it gonna be an seperate payment from your monthly mortgage.
Yes, you have to pay it all back and it is a loan from the bank that you borrow against your house. When you sell your house before the loan is up and when you have the closing and it will automatically pay the debt off. Yes you will have as separate coupon book to make the payments.
Good luck !!
Paul T. La Moy
Your lender will rework it were you'll have a slightly higher monthly mortgage payment instead of separate payment for your mortgage & HELOC.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
is between you and the Lender.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Thanks Atlcamel!
"Whenever you find yourself on the side of the majority it is time to pause and reflect."
-Mark Twain