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We need to talk. You are asking a good question, but this is a very long explanation. Here's the basics:
1. Mortgage: If you are buying a house you will go to a bank, and they will lend you money. They will want you to sign for the money saying you will pay them back. This payment agreement is the "Mortgage". So to answer your question simply, You will need a mortgage.
2. Refinancing: If you ALREADY had purchased a home, by ALREADY getting a Mortgage from the Bank... then you can "Refinance" the Mortgage. Refinance means you will talk to the Bank about changing your Mortgage you ALREADY have. Or writing a new Mortgage with new payment plans. Sometimes if your home you ALREADY have is worth more than when you originally bought it, the Bank may allow you to borrow even more money when you Refinance. But UNLESS you ALREADY have a Mortgage, you cannot refinance.
3. Equity: This is a type of Refinance. So if you do not already have a Mortgage, or own your property/home completely-- then you cannot get an Equity Line of Credit. This is also sometimes called a Second Mortgage. Some banks allow you to take out TWO MORTGAGES, meaning you will have TWO PAYMENTS on the house. This is usually because the house has gone up in value over time. So UNLESS you already have a MORTGAGE, or you ALREADY OWN your home completely-- you cannot get an equity line of credit.
I can more fully explain any of these types of financing if you would like, simply click on my profile or post another question.
In North carolina we dont use a Mortgage, we used what is called a deed of trust. Now talking about the financing, the so called mortgage would be the actual loan you have on your property. Now if you think about wanting to get a lower interest rate or get money out of your property, and want to get a loan for a higher amount to pay the existing loan and get money out , that is a refinancing. you alread had your property financed, now you will be re-doing the process and get another financing to pay off the old loan and to get money out.
An Equity line is like a credit card, you are able to access the amount of equity in your home via a credit card or checks, you make payments, mostly minimum payments are interest. Such lines are given for a determined period of time, 5, 10 years after that term the line needs to be paid off. for example you have a house worth $200,000. you have a loan on it of let's say $100,000. a bank could give you a credit line of say $50,000. that is what you have available to use as in a credit card. only difference is that equity line interest you pay is mostly tax deductible, the interest you pay in a credit card, unless used for a business, is not tax deductible.any more questions? dont hesitate to ask meLuis
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