I need to have a $25,000 Surgery, Will owning two homes with high equity help me to approve for this LOAN?
Tuesday, 3. August 2010
I need K for a surgery that will be performed on myself this year. I am a private real estate investor so my pay fluctuates, however, I seem to do just fine. I just purchased a newer but used Honda Accord 3 months ago, put K Down, and owe about K more, and I own 2 homes, appraised at 5K A piece, and on each I have two hard money loans in the amount of K per property. The rest is just equity. I have both homes for sale, however, the market is dead. My credit is about 625, however I could easily improve it
This is my situation. Would my assets help me to get a loan? I dont necessarily want to BORROW more on them… I am just wondering… what kind of a part it would play in getting myself a loan. Thanks : )
PS: My Health Insurance wont cover a thing. Thanks : ]
SDPMSP Says:
Consider this. You are wanting to get a loan at what rate?
Which would be better for you?
1) Financing it through the doctor?
2) Using an equity line, or loan?
Which has the best terms, rates, and which one suites your needs the best. I personally think the rate from equity loan would be cheaper, but check out the Numbers.