I'm going through a divorce and I want to keep the house if possible. I thought about refinancing the house and taking out an additional 25k to pay off my wife. The lender said I could only take out 80% of the loan which come out to 7-9k. Would it be feasible to refinance 177k and then turn around and take a home equity loan for 25k? I have around 50k equity.
A traditional bank will give you a maximum loan-to-value of 80%. There are ways around this: