# Home Equity Loans



## moonspinner (Jul 2, 2002)

Anyone have experience with these? I had an offer on my place w/financing via HEL. I've read it takes 2-4 weeks to get approval. Any insights?


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## po boy (Jul 12, 2010)

Home Equity Loan would be a loan on a house they currently own and approval time depends on the lender he gets the loan with. The buyer may already have such a loan and all he needs to do is get an advance to cover the purchase,


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## Fishindude (May 19, 2015)

Just another form of borrowing money where they use the equity in your existing home as the collateral to support additional borrowing. I'd be real careful using one. Lot's of people bury themselves by taking on more debt via home equity loans before they even get the primary mortgage paid off, then they wind up owing more than their home is worth.

If what you are saying is that someone has offered to buy your place using a home equity loan, I guess it really shouldn't matter to you where and how they get their money. I'd ask for some earnest money up front and put a deadline date for closing, or the deal is off and you keep the earnest money. Any competent realtor or title company can help you through this.


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## Wolf mom (Mar 8, 2005)

The OP really needs clarification.
A home equity loan can only be gotten by someone who already owns the house. Yes, they borrow against the equity. It used to be called a second mortgage.

If someone is buying your home, and says they are using a home equity loan, to me, that would mean they are taking money from their current home to by a second home - yours. And that they are not selling theirs at the moment. 
Are they asking you to be a mortgage holder? Are they paying off your house so it's free and clear when they buy it? 
Please clarify what's happening....


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## moonspinner (Jul 2, 2002)

They decided not to pursue. But yes, they would have paid off my property. They did think the loan would pose no problem as they'd had their own home for 20 years. I did get an offer though on cash sale basis, but it was on the low end.


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## Danaus29 (Sep 12, 2005)

Do you mean that they were going to take a loan out on their home to buy yours with cash? Sorry it didn't work out for you. Hopefully you'll get a better offer and close next time around.


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## pennishepherd (7 mo ago)

I have lived in London for about five years, this year I plan to buy a flat for my parents because I want to have my parents near me; I miss them a lot. So I decided to ask for help from a Mortgage Advisor in London. I was surprised, but he helped me a lot and very quickly. I found the right option in a week, and I think my parents will be happy as I am. This flat is spacious with big windows and interesting views, a lot of greenery and also I can see the beautiful sky. I just can imagine how the sunrises and sunsets will be there.


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