Asked by: Arlet Gottschall
Asked in category: business and finance, debt factoring and invoice discounting
Last Updated: 15th May 2024

If you have paid off your mortgage, can you remortgage?

You can still get a remortgage loan even if you have some mortgage repayments left. However, you will need to calculate the loan/value ratio. First, you will need to divide the amount you owe on your mortgage payment by the current value of your property.



Can I get a mortgage for a home that is already paid off?

She says that if your home is fully paid off, you can easily apply for a home equity loan. You can borrow 80 per cent of your home's worth in cash with a cash- out refinance. FHA cash-out refinances have a limit of 85 percent. You also need to pay a mortgage premium and an upfront fee.

Who will value your house when you remortgage? A lender will request a valuation of the property as part of a mortgage application. This is to ensure that the property provides sufficient security. This could include a complete valuation by a surveyor, but it also may include a drive-by or automated desk-top appraisal.

This is how to remortgage my house if it's not in my name.

A remortgage allows you to borrow money from a lender and take a charge on your property. It could be your property, or you may have a mortgage. You want to switch lenders to get a better deal, or more money.

What if I don't have a mortgage?

People without a mortgage on their house (also known as unencumbered properties) are in a good position to remortgage. You own 100% equity in your home if there is no outstanding loan. People who wish to remortgage unencumbered properties have different rules from lenders.