I am looking to buy a house that is on foreclosure but it needs some work. Can the bank give you a loan on the value of the house or just the selling price. I am willing to take a month or month and a half to get things fixed in it for what we like in the house. Or would I have to get a home equity loan seperate in order to do the remodeling?

I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.

Or does prop. 13 force counties to stick with the original price a buyer paid for the home? I want to take a very small home equity loan out (,000), but it may not be worth it if my tax bill goes up 50%.

I am searching for financing to make home improvement repairs, I submitted a request for a home equity loan through lending tree. The lenders throwing out terms such as 1st mortgage, 2nd mortgage, and home equity loan.

We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for "construction costs" to ensure the interest remains tax-deductible.

Question 1: We’re paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the "construction costs" of a building so we can use the loan to pay these without worrying about the IRS coming after us?

Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I’d get a lower interest rate today, but it might be higher next year.

Thanks!

Joe

Will creditors view my liabilities as too great if I take out a home equity loan on a currently-mortgaged to finance a down payment on a second house? Is it legally feasible, to begin with? or practical?

I currently have a 10.5% Home equity loan but would like to get a lower rate. Since there is much less equity in my home today than when I purchased, I would need to pay half the balance to get a HELOC at 5.5% and achieve the necessary LTV of the home. I was thinking about transferring the necessary amount to a low interest (fixed for the life of the balance) credit card. Does anybody see a problem with this?

I have excellent credit and no problems making payments.

As I stated my wife and I own our home.It is in downtown Milwaukee in an area that is seeing a great deal of improvement.

The fair market value is 60,000 ,and we have a home equity loan
with about 16,000 left to pay,from siding and a new deck she had installed before we were married.

The house needs substantial work including a new roof and plumbing and most likely wiring too.

We would like to fix it up and sell the house to move closer to our jobs and get away from downtown.

My question is what would you do?

Spend the time and substantial money to fix the mess?
This would mean refinancing the existing equity loan to a much higher amount…with the possibility of improving the houses value.

Or, Sell the house and get what we can now and use the money to pay off the loan and get a new mortgage on a new house.

Does investing in massive repairs pay itself back in selling ?

We both have good jobs and no dependants, but our credit history is only so so . What should we do?

Well I have good credit but the owner of this one house thats worth 0,000 He will let me have it for 0,000 he will take back the financing at about 1200 a month at 7% now can I still get a home equity loan for some of the left over equity?

Ok so I bought my house this year in may, I put 13,000 down on loan. I had just taken out a loan to pay off all my credit cards and it has a high rate 23apr. I seen rates are real low for home equity at my bank. my question is…..even though I’ve only had my house 6 months can I get a home equity loan? also My loan has a prepayment penalty the first 3 years "lower the longer" , so would I still even be able to get a home equity loan? also would this be in my best interest to even do this?

I am 48 years old, seven years my house will be paid off, I have approx. 40 thousand in retirement, last year started roth IRA, no credit card debt, but I a owe a credit union for a personal loan at 9% 00,and a 00 fixed 7% home equity loan. Ashamed to say no emergency fund. I want to move to flordia, I live in a suburb of detroit Mi, economy is bad here, so is this a good idea? P.S. I am a registered nurse. Thanks, Cindy

Hello, here’s the situation:
I currently have a mortgage of left of 9,000 at 6%. This is a 30 year mortgage, but I have been paying extra each month; and I am at around year 23. I also have a home equity loan of ,000 at 7.25%. I am planning on paying the 000 loan off in the next 5-6 years.
I went today to possibly refinance, she told me "Fixed rate at 5.75%, 30 years." I can either combine the two and pay that, or pay my ,000 at what I am paying right now; and just refi the 9,000. She is charging me 00 in closing costs. If I wait, and the rate drops after closing, I get charged 0 more to lower the rate.
Should I wait until the 30th when the Fed either cuts, keeps were they’re at, or raises rates? This way, I will not have to pay the 00 to get to that lower rate.
What do you think, please help me out. Any advice is appreciated. What impact will the rate cut have on my situation? Thank you! Tim

I am a first time home buyer and I want to take advantage of a home equity loan at the same time or immediately after getting my first home loan. Although I am getting a loan for the full amount of the cost of the house, the house has been appraised for more than I am buying it for, so I believe there should be some equity there, right? Can I take out a home equity loan or home equity line of credit at the same time as my home loan?

My credit is poor but I have probably k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?

I have a current mortgage of 5,000 on my primary residence. This single family home is valued at 0,000. I want to buy a piece of vacant land for 5,000. I have ,000 to put down on it, so would need a loan for 5,000. I’ve been told to go with a home equity loan or HELOC. I’ve only had experience with fixed rate mortages so a variable rate kind of scares me. Any suggestions? Thank you.
Some details, my current mortgage is at 5.3% fixed so I don’t really want to touch it. Also, because this is vacant land I’ve been told that the interest rate will be around 8% for a fix rate loan on a non-residence property. Hope this helps.

We are currently buying our home on a land contract. Can we get a home equity loan on our home while still on the land contract or do we have to wait until we refinance it next year?
We don’t plan on getting one. We are just curious.

I contacted a debt solution program but they say my credit will be hurt until I get these paid off. My credit is real good I just have alot of credit card debt that I would like into one lump sum with a fixed monthly payment. I cannot take a home equity loan due to a second mortgage for a business loan. My local bank said I don’t have enough assets for a personal loan to cover the whole amount.

i have a home equity loan with bank of america. we opened it in 2005 and the lady advised us to set it for a variable rate. now that the interest rate on the loan is down to 3.25 % i was wondering if we could fix it at that percent ??? my husband says they will jump it up a few points. will they ?? and if so, by how much ???? help soon …

I recently purchased a house, I currently live at the house. The home inspection is coming up in a month. I am worried cause there are some things that need to be fixed, such as an enclosed area around the water heater, and a roof that some of the shingles are peeling up. I am strapped for funds. So I am kinda worried that I may loose the house. How much time does an inspecter give after he does his walk through to fix things? I can’t do a home equity loan or a refinance cause I just purchased the house. i havent had the property long enough. I am not sure if I can get a personal loan to fix the things. Please help.

My husband and I are taking out a home equity loan for a renovation project. We still need about ,000. We can afford another payment. Any suggestions on what other kind of loan we could apply for? Thank you!