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- Jeanie on If you qualify for a $150,000 home loan but the house is only $130,000, Do you get to keep the remaing?
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Judy
Can you take out a loan in your house as cash for no reason?
Lets be extreme and say your home is paid for.
Could a person take 70% of the appraisal value as cash?
Would you have to tell the bank what you want to do with it?
...asked January 27th, 2012 @ 6:25 pm
in Loan - Home
40472R Z
0 
0Most, if not all, banks would want to know what you want the money for.
...answered January 27, 2012 @ 6:42 pm
40473Ed Atun
0 0Yes. This is called a Home Equity loan. THe bank is using the house as collateral for the loan. That is different from when you are purchasing the house and the bank wants to know every single detail about your life. Home Equity loans are done in 4 days and you walk away with a check. The bank does not care what you do with the money. THe tv ads show people buying boats or paying for vacations or college educations. The Wells Fargo ad says “Someday i will….” and then they go on to talk about people’s dreams for the money. One guy is building a home office so he doesn’t get hit in the back by his wife’s car as she pulls in the garage..
...answered January 27, 2012 @ 6:54 pm
40474src50
0 0No. You’d just have to qualify for the loan.
...answered January 27, 2012 @ 7:50 pm