My partner and I bought a home for $122k around a year ago from his family, it appraised at $190k during the inspection and loan process. It is an older home and we’d like to do renovations and eventually sell it.
We don’t have money for renovations currently, but know that Home Equity Loans exist but nothing else.
How does it work?
In: Economics
You go to your mortgage company. Tell them you’d like to get some of the equity from your home. They accept (let’s say $20,000). Now you owe $140k on your home instead of $120k
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