Close

See current mortgage rates on Zillow Mortgage Marketplace

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

Profile picture for dondell1
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?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

January 23 2009 - Moundsville
 Share
 RSS
  • 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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

January 23 2009
Profile picture for oldskoolballr
Yes, it's called a refinance.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.

Close
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.

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

0Yes

January 23 2009
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion
Related Questions
Profile picture for Clay Branch
Questionhow can i purchase a home with very little down or nothing down. can it be included at closing
  • Latest answer by Clay Branch
  • March 01 2009
Profile picture for dondell1
Questioncan you use the equity in a home as a down payment as apposed to cash?
  • Asked by dondell1
  • January 23 2009
Related Articles
GuideJumbo Loan
GuidePrivate Mortgage Insurance (PMI)
GuideA QUICK ARM 101
GuideA QUICK ARM GLOSSARY
GuideLOANS (A 3-MINUTE ARM GLOSSARY)
Compare Mortgage Rates

Compare Moundsville, WV mortgage rates

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy