I have no mortgage! Do I still need to "refinance"? Could I get a home equity loan for half the amount that Tue house is worth if I have perfect credit, disability checks but no full time job & a cosigner? I only have a newly attained part time job. I am still living below poverty level. Cosigner is making middle income h just aquired credit in the last 6 months. How do I go about this so ill know before I talk to any mortgage lenders. I'd like to be informed h I'm having a hard time w internet searches for this topic. I need to qualify for 130k. But ill want to sell the home within 4 years or fix it up nice..
This is technically not a refinance. It is a purchase. With 50% equity it should not be a problem. A purchase mortgage may be better than a Home Equity loan because you can fix the rate over a longer term.
DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise. When answering questions on AVVO, attorneys are prohibited from directly soliciting business. Don't take this as an indication of lack of interest. James S. Tupitza
I agree with the previous answer and you should go to a local credit union or two and talk with a lender about your intent and see what you can qualify for using your ownership.
Please be sure to indicate the best answer. If this answer was helpful, please mark as helpful below. Only. If and until you and I sign an Agreement for Legal Services, I am not your attorney. These answers are provided for informational and/or novelty purposes