Real Estate Community Forum

I need to have some major work done on my house before the problem gets worse. Since I do not have the money to pay for these repairs, I need to get a home equity loan. One of my concerns is I am still paying a monthly mortgage on the house so I need to know what will the bank look at before they decide to approve me for a home equity loan? Do they follow a certain mathematical formula or do they base their decision on the number of years you have lived in the house?

If you are interested in getting a home equity loan, you must have enough equity in the house for the loan to be approved. For example, if you have $5,000 or $10,000 in equity in your home, chances are you may not qualify for a home equity loan. This is why it is important, when looking for a home, to pay attention to how fast homes appreciate in the area, and the comparable figures for similar property in the neighborhood. So remember to purchase the right home at the right price to even be considered for a home equity loan.