Q&A: What is required to borrow money from our equity of our home?

Question by loquita: What is required to borrow money from our equity of our home?
So what is required in order to borrow from equity of house? My mother is on the deed but what about if Im not on the deed of the house? Can we both or I still get the loan for 20K. Btw, we have 150K in equity and used for investments. How long does it take to get the money?
Sorry I meant and will be used for investment to buy another property.

Best answer:

Answer by Computer Guy
Did you say your equity is already used for investments? If there are loans outstanding, this will discourage lenders from extending another loan.

If the house is not in your name, nobody should loan you money on it. Your mother could apply for a loan if she wishes to use her equity as collateral. The bank will be very interested in how you intend to pay the loan back.

Grandpa

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