If i am given a house that is paid for in full can i take a home equity loan on the full value?

Annette
can I get a mortgage on an already paid for house, or would I refinance although I did not have an original mortgage.

Amiee
Home equity loans have higher rates than typical mortgages. If you own the home free & clear now, you can do a cash-out refinance, although most lenders will typically only let you take cash out up to 90% of the home's value. Keep in mind, in either case, you will need to be on the title of the home for at least 6 months prior to taking cash out of the home. Let me know if you have any questions. I'm including a link to an article that compares home equity loans and cash-out refinances. Best of luck!

Charis
I'm guessing that someone gave you the house as a gift or an inheritance? So long as you own the home and you qualify for the mortgage, you can mortgage it for as much as the lender will allow.

Angelo
Usually if you go over 80% of the value of the home there will be extra costs. There ar differenet types of loans, make sure you do your home work.