I have a Qus, about home equity loans ?

Question

If you dont have good cradit and your homes paid for is that a Prob,? im only wanting to get a small loan $5000-$10000 and i paid csh for my house 1 year ago it was $80000 and i have redone the whole house so i know its worht more now? and do u have t get it appraised? Thanks so much!

I'm in tennessee

Answer 1

Your financial institution will re-mortgage a certain portion of your house depending on your credit level (maximum of 75% of total paid amount...in your case cost of house).

For a small loan you shouldn't have a problem.

As for the appraisal, most financial institutions will go by the municipal evaluation and pro-rate it to the FMV. You should be alright.

Answer 2

May be this site can help you

http://www.thetechnology.net