Does the bank give you cash when you get a home equity loan?
Monday, February 8, 2010 12:11Posted in category 100 Home Equity Loan
If I were to get a 0,000 loan would that money be given to me in cash? Will the balance be transferred to my bank account? Do I have to go back and forth and tell them when I need money and they’ll give it to me? What happens?
Also do I have to get each thing I spend the money on approved after I get the loan? Like if I make the improvements to my house but I have money left over and would like to improve some other area?
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roderick_young says:
February 8th, 2010 at 12:19 pm
You get either a single check or single transfer into your account for the entire amount.
When you fill out your loan application, there should be a place for you to state your intended use of the money, and it’s up to you to stay true to that. Technically, I suppose the bank could consider the application fraudulent if you use the money for something else and call the loan, but I really doubt they would check or care, unless there was another reason for concern. Their primary security is in the equity of your house, so I’m not sure it would really hurt the application if you put down "General Expenses" as the purpose of the loan, or even "Gambling" for that matter.
YR says:
February 8th, 2010 at 12:21 pm
They will write you a check.
Elizabeth says:
February 8th, 2010 at 12:21 pm
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.
http://www.worldbestloans.com/homeloans.htm
With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.
Linda says:
February 8th, 2010 at 12:22 pm
The lord did it for me today. Last week Pastor Mrs Joy Bee post one lender name on yahoo answer that help her with a loan. pastor said she was scammed four times by four lenders in my search for a loan but at last she got a reliable lender. she post the lender name. i saw it them i just try my luck. i applied last week. YESTERDAY(MONDAY) i just confirm my account the loan is already deposited $25,000USD. please try and contact him.. via email: dr_amandajohnson101@live.com, just comply with him and you will have the loan in your account…
I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him.