Profile picture for dondell1

can you use the equity in a home as a down payment as apposed to cash?

i have a 7 year arm on the house i am living in. it appraises for 155000.00 but i only need 103000.00 to pay off the 7 year arm. therefore i will need to finance the 103,000.00. is it possible to use the equity in the house ( the $52,000.00) as the down payment without using cash?
  • January 23 2009 - Moundsville
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

It's called a refinance, and as long as you have sufficient equity in the home (which you do in this case), you can roll all of the closing costs into the new loan.
  • January 23 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for oldskoolballr
Yes, it's called a refinance.
  • January 23 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.