Where To Get My Best Home Equity Loan
Q: where to get my best home equity loan
A: now we need cash... as much as possible (pls don't ask me why:). the first thing in our mind is the 45k downpay on the house. we have asked few banks arround here for home equity loan. most of the places only willing to loan up to 75% - 80% of the appraised value less mortgage. in our case will be 162*80%-117=12.6k. the rate will be prime+1.25%=7.25. only city bank will take 100% of my equity... however the max is 25k with prime+4.5=10.5 current rate. do you know any bank will allow as to take most of our 45k out with reasonable rate? can we have 2 equity loans from two different banks, so we can get 12.6k + 25k = 37.6k? second throught is to re-finance with 5% or 8.1k down, so we can get 45 - 8.1 = 36.9k. can we do this? to do this, we might end up with higher mortgage interest rate (maybe 7.25%) plus PMI (40/mo). what's your suggestion? we have good income to support all mentioned plans. please email or post. thx. .
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