Re: HGTV Dream House Giveaway

I swear now a days it's easier to get mortgage for full amount or at least closer to it. I about died when my daughter got a mortgage for over 200 grand a year plus ago. We had to fight tooth and nail to get a 60ish grand mortgage in late 80s.


Maureen wrote:
Actually I think it is like this - if you buy a house with a value of $100k and you only owe $80k, then you have $20k equity. IF the value goes up to $200k, then you now have $120k equity.

Now when it comes out to taking equity out of the house, most places still want you to have more than 20% equity so if you only have 20% equity, you cant take anything. But there are some places who will let you finance 100% of your equity, but those would be at higher rates of interest. There are even some who will let you borrow 125% of your equity, but I don't think I'd be comfortable doing that.

Maureen

"Jeannie Wilson" <jwilson421@xxxxxxxxxxxxxxxxxxxx> wrote in message news:Xns9757BCE46A68Bjwilson421comcastnet@xxxxxxxxxxxxxxxxx

RaeMorrill <RaeMorrill@xxxxxxx> wrote here for all to
seenews:729Cf.104954$XJ5.54270@xxxxxxxxxxxxxxxxxxxx:


worth 100,000 dollars I have 100,000 in equity.

If I bought my house for 100,000 dollars 10 years ago and have paid the
loan down to 80,000, if the real estate market was fixed at that value
I'd have 20,000 in equity. However, as the market is generally not fixed
and usually goes up, now my house is worth 200,000 it means I have
220,000 in equity. ..... I think....

This could be wrong and I am incredibly tired from softball practice but I
thought equity was what it was worth versus what you paid for it.
Wait...the way you said it sounds right too. Told you I was tired! 



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