Profile picture for TiffaniWalker

Once you complete a 203k loan, can you use the equity that you built up?

  • July 13 2013 - US
  • 0Yes

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Answers (3)

If you have built up enough Equity yo obtain either a cash out or an equity line it is extremely likely that a refinance would be a benefit to you.  The current loan to value would need to be below 80% and will allow you to eliminate monthly mortgage insurance, which is substantial (Usually 1.35% annually).
  • September 22 2013
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Yes, you can but it will some time. You have to have your new home appraised to determine if you have enough equity to use up.
  • September 22 2013
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Profile picture for Outer Banks N C
To get the equity that is in a property you have to get another loan and get cash out with it, so I doubt you will want to do that. After you get a new appraisal you could get a home equity loan if you have enough equity which will be difficult until you own the home for some time.
  • July 13 2013
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