Saturday, December 31, 2011
What kind of home loan do I get to receive extra money on my current home?
I own a house and have remodeled it but I don't want to sell it, I want to purchase another property but I was told I could get another loan using my house for collateral. Would that be considered a home equity loan or just refinancing my current home? It's been at least a year now since I've bought the house so I know im eligible to refinance and the remaining balance is 105k the new appraisal of the house is 178k. I'd like to get a fairly large decent amount so I can buy another property, could anyone point me in the right way or teach me a thing or two? :)
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