I took a home equity loan out a while ago and in this market, my equity has dropped considerably.
If I were to sell my home, I could pay off my 1st mortgage, but I’d still have a balance of about ,000-,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?
Ok here is the situation.. going to try and make it as short as possible. My husband went to our mortgage company (Litton) to see about doing a refinance for a ,000 loan (to pay off a vehicle and some other bills). We have a lot of equity in our home, as it was a remodel. They referred him to Avelo for the refinance. Basically the interest rate will drop only half a percent, our monthly payments will be lower than our mortgage plus car payment right now, and everything is supposed to stay the same (as far as being a fixed rate with no prepayment penalty). There will be closing costs, I’m not exactly sure how much. The thing is, they want us to pay a 0 deposit for the inspection and other fees they incur in starting the process. I’m just not having a good feeling about all of it. What do you think, is this a smart move? Should we try for a home equity loan instead? We are really trying to get our monthly payments down. Also, he said he needs to lock in today, because of rates?
Here is a better solution: Both of you work a part time job of 15 hours per week and have the ENTIRE proceeds of that extra job go towards that ,000.
If I got a job, instead of taking classes online, I would be working to pay entirely for daycare. Just saying…
I didn’t have a good feeling about it anyway, thanks for the advice though. We technically don’t have to do anything, we are still able to make our monthly payments. Were just trying to make it easier on my husband month to month. Thanks!
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I have a poor credit score, but owe very little on my house. I have lots of equity and would like to eliminate the bad debt with a home equity loan. What reputable companies can help?
I’m looking at being able to put a cash payment for 75% of a house. I really don’t want to go through all the expenses of a mortgage when I probably will be paying it off in 3 months. I was wondering if I could do a home equity loan on the property from the git go and avoid all the mortgage costs. Is this allowed? Any other suggestions?
We have some equity built up in our house. It is enough to buy 2 empty lots at a nearby lake. We want to buy the lot so we can have lake privileges and such. We may build on it in the future. Can we buy the lot with a home equity loan, or are there other options? The lots together are offered at a very low price.
We would only need to borrow about ,000. We have the rest. How much equity would I need to have built up to borrow that much?
autorefinanceloanrate.org 2-3% refinance loan rate
It is a rental property. The bank I am working with will give me only 50% the appraised value on a home equity loan. I guess this to be about ,000 (worth ,000).
I can get 100% on a home equity line of credit but not sure how much would this be? Do you know? What sounds better to you?
Listen as Phil discuss this critical aspect of home ownership – hear about the myths of making bi weekly payments to pay down your debt faster (It’s a rubbish idea!). If you have a mortgage please take the time to find out WHY and HOW to make sure you can become mortgage free sooner. Get the lifestyle you deserve. Get your FREE VIDEO at www.howtosmashyourmortgage.com
I want to pay off all bills with a home equity loan from property bought for investment. Paid cash and dont have any mortgage payments. I recieve rent monthly from tenants, am on unemployment, and recieve ssi monthly. Can you help me?
Listen as Phil discuss this critical aspect of home ownership – you definitely want to know what he means by mortgage payoff. If you have a mortgage please take the time to find out WHY and HOW to make sure you can become mortgage free sooner. Get the lifestyle you deserve. Get your FREE VIDEO at www.howtosmashyourmortgage.com
My sister has a house with her name only on the title and a home
equity loan with a line of credit. Now, she wants to add myself
and my brother to the title only and it will be a Joint Tenancy
Title. My brother feels that if I am listed on the title that it
will cause the loan to be called due because I am unemployed? Is
that right? M.G.
I just asked this question and got several replies, but forgot to say how much the loan was for. Several of the respondents said they couldn’t answer the question without knowing the amount of the loan. So, It was for around ,000, and the balance is around ,500. So here is the original question:
I have a home equity loan with an interest rate of 7.49% (fixed). The monthly payment is 9.78. Of that 0.29 goes to interest, 3.13 goes towards the principal, and .36 goes to insurance. My question is: Is the interest they’re charging me every month correct. Sure seems like alot to me, but I’m no money man. The people at the bank don’t seem to be able to explain it to me so I figured I’d ask the question here. Second question: I know interest rates are falling. Would it be wise to refinance this loan at a lower rate? Is now a good time or are rates going to drop more. Or should I just leave it as it is. Thanks alot for any help.
I’m in an argument with my neighbor. He has a house worth approx 300,000. and he is worried because he is on a fixed income and has a home equity loan of 45,000. He’s worried about the state of the economy and afraid he might lose his home. He is making his payments just fine right now but is worried about the future. He’s a senior and unable to go back to work.
I know what a home equity loan is but not sure about a line of credit-which one would you recommend?
My wife and I have 2 small kids, a comfortable savings and significant equity in our house which is our only debt (5.5% fixed over 30 years) We are each contributing the max in our employer 401k’s and after all the bills are paid we have about 0 left over each month.
We are considering taking a k home equity loan at 7% for 15 yrs. and investing the cash in a mutual fund portfolio targeting a 10-12% return. We will use the 0 per month mentioned above to service the debt. With a 15 yr. time horizon we think the market should allow the expected return. I have limited financial knowledge but this seems to make sense. Am I missing something?
Here is the scenario of a family I am assisting in planning:
Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30′s with a 2 year old child.
They just came into ,000.
They have a combined annual income of ,000
They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a 0 monthly gap.
Husband has high 500′s credit score. Some charge offs, collections, late payments. Their collections total about ,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies
They owe ,000 in home equity loan.
Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months.
They have little life insurance only through employers, about 0,000 each.
The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech.
They have 0 in savings.
They have one child, no pre-pay college yet, child is 2 years.
Their monthly expenses are: ,500-,000
What advice would you give them? They came to me about what to do with their ,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property….any other suggestions?
Thanks.
5 days ago (Tiebreaker)
Additional Details
They owe 130,000 on their home mortgage with a 6% fixed 30 yr
Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr
All their credit cards and unpaid debt ranges from 14%-20% interest…not certain on balance breakdown for each card/account. Total about ,000
Here is the scenario of a family I am assisting in planning:
Wife is a teacher, husband is a Airline employee and his job is not secure and he wants a change. Both are in their mid-30′s with a 2 year old child.
They just came into ,000.
They have a combined annual income of ,000
They owe 2 months worth of mortgage on a rental income apt that they are upside down in where they have a 0 monthly gap.
Husband has high 500′s credit score. Some charge offs, collections, late payments. Their collections total about ,000 without any settlement negotiations. Wife has 720 credit. No bankruptcies
They owe ,000 in home equity loan.
Their current mortgage is on time, no issues. Only with rental prop do they owe 2 months.
They have little life insurance only through employers, about 0,000 each.
The husband is planning on using some of the funds to improve his schooling and earning or take a new career. Perhaps computer networking, web design or a short training in health field such as ultrasound or mri tech.
They have 0 in savings.
They have one child, no pre-pay college yet, child is 2 years.
Their monthly expenses are: ,500-,000
What advice would you give them? They came to me about what to do with their ,000 windfall, however looking at their situation its more complicated. I think they need 3 months in savings, pay down some cards get life insurance and yes, pay for husbands schooling to increase earnings, and sell or get up to date on income property….any other suggestions?
They owe 130,000 on their home mortgage with a 6% fixed 30 yr
Their rental/income prop is worth 115,000 and they owe 120,000 with a 6% fixed 30 yr
All their creit cards and unpaid debt ranges from 14%-20% interest…not certain on balance breakdown for each card/account. Total about ,000
