I paid of my share loan in full and recently took out a home equity line of credit to do some home improvements. What will happen to this loan?
Typically, home equity lenders keep such loans in their portfolios, in which case they should be receptive to exchanging their collateral from shares of stock in the co-op to an actual deed for your unit. In short, you should be able to keep your home equity loan after conversion without much effort or cost.
Related Questions
- I paid of my share loan in full and recently took out a home equity line of credit to do some home improvements. What will happen to this loan?
- What type of loan is best for home improvements, a home equity loan or a home improvement loan?
- What’s the difference between a home equity loan and a home equity line of credit?
