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How long do you have to wait for a home equity loan?

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Home Equity

How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?

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    You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren’t assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based on your equity, but there are stricter guidelines for those types of loans.

    Texas Girl - Sep 11, 2012 | Reply

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