Part 1 – With the new rate cuts I was wondering if I should remortgage my home loan. I currently have a 30 year fixed rate at 5%. I’ve been paying on the loan since the last quarter of 2003. My points are gone too.
Part 2 – Between being house poor and paying for my own wedding I also have a home equity loan. That is also a fixed rate loan at about 8%. It’s a 10 year loan that I’ve been paying on for a little over 3 years.

If there is an article to link my to I’ll take that also if I will save someone time typing

When my house was worth something a few years ago I paid of an existing mortgage with a 30year fixed home equity loan. I also took out a small home equity loan for improvements. I had a ton of equity but now i don’t. House has been on market for 3 years since getting divorced and no offers. I have it priced well below what i owe but still cant lower it enough(don’t have enough money to pay the difference) My ex-husband lost his job so he’s unable to pay his portion on the vacant house. Can I do a deed in lieu of foreclosure on home equity loans? Is there a way to prevent oweing after foreclosure?
1) if it’s a first lien on the property by virtue of paying off the original mortgage, yes it can.
yes it is first lien

(2) Deed in lieu would be up to your lender; and you might still owe the difference between sale price and fees and what you owe.
which is why i’m giving my house back because i can’t come up with the difference of what i owe, what the house is worth and what i can sell it for. I owe 203k and its listed for 170k which after commission and fees i would need 40k to pay off loan. However, that would be that i actually got an offer. For the house to sale it needs to be listed around 159k

I am self employed and want to get qualified for home equity loan. What are the qualifications lenders look at. What do I need to show them and have?

Been trying to find out on the net, but can find any good resources. If you know any and dont mind sharing would be awesome.

Thanks!!!

My employer pays for my tuition, but I am still eligible to take out student loans. I am debating if I should continue to use student loan money to "fix-up" my house, or just take out a home equity line. I know if I take out a loans, and if I stay in school I can keep the loans deferred and just pay when I can, but a home equity loan would require immediate payments. Also, if I hit a rough patch I can request a forbearance request. Any thoughts??

No fees for either one. HELOC is adjustable rate, home equity loan is fixed but you draw the entire amount at once and begin paying interest on the home equity loan (vs. borrowing steadily over time in smaller amounts on a HELOC). No worries with equity, etc.

Which company would be the best to go w/ for a home equity loan? My credit is bad I want to get a home loan, fix up the house, and pay off my little bit of debts i have. I know with my credit being not so great i’d get about a 9% rate (most likely) Im only looking to borrow -40,000

Taking the house off the market we are not eligible to refinance because of the rules by the government How can we do a home equity loan and where can I find the current fixed rates? Thank you

My 48 y/o sister has asked me a question and I don’t want to give her bad advice. Here’s her question and her stated financial info:

Should they pay off balance on their 8.25% (prime for life) credit card (with a long and excellent credit history) and put that balance towards their home equity loan? Both have high FICOs.

They currently have a 1st mortgage of 0K fixed at 4.25% until 5/09. They also have a fixed (locked in) rate of 7.65 on their home equity line at a 10-year term with a current balance of K (K avail). Their home is worth between 0-580K. They only have one credit card they use, but it’s K (prime for life) currently 8.25% and she makes at least double the monthly payments in an attempt to pay down. They would like to eliminate the credit card debt if possible to be able to save more and not feel so stretched each month. Plus one teen now needs a car (more outflow).

Banker will lock addt’l draw and combine both for 7.6%. Yearly income K. Advice?
Forgot to mention that mortgage is 75/month, she pays 0 on equity loan (min 5), and she pays 0-1000/month down on the credit card. If CC was eliminated, the banker told her the new lock on the equity loan would make that monthly payment 3, which she could also pay more down on with no penalty. She’s really nervous about fooling with the equity in the home because of their old(er) age. Should she keep things as is and pay down aggressively or transfer to current home equity or other great idea? Thanks again.

Both accounts are at 6.99%. I have recently acquired 20,000 to put towards one of these accounts. My question is which account should I put the money towards. I was leaning towards the car note so i could keep a write off at the end of the year with the home equity loan. On the other hand, is paying the extra money in interest worth the write off at the end of the year. Very confused, Tom

Need cash..I’m not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?

I requested ,000 dollar home equity loan to roof my house.
My FICO score was 780 until approx March when I applied for a home equity loan at a fixed rate. Now my FICO score is 740. What happened? I am never late on any payments. I pay over the minimum amount do on my card every time.