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I bought a house in July 2006 for $ 158,000 and the mortgage today January 2012 is 5 ($ 1041 total per month) with 6.75% 30 year fixed rate.
I have ,800 equity loan with 3.75% rate from house .
I have ,000 in the bank and I am thinking of paying off my mortgage.
I also own another ,000 house.
+ the fixed 3.75% equity loan expires in 2/1/2015
+ house I bough costs $ 158,000 with 20% down and the mortgage was $ 125,000. January 1st mortgage balance is $ 117,292 +I’m with Bank of America
sorry for the confusion
I paid off the 65000 house.
So I would use the 57292 of home equity and 60000 of my money that I have in the bank to pay off the 117,292 mortgage. Leaving me with 5000 in the bank and a 3.75% mortgage.
When the equity expires it becomes a variable rate to what the market rate is at that time.
Debt:
,500@3.99% – Home Equity Line of Credit
,800@4.75% – Student Loans
Liquid Assets
,000 – Savings
HELOC is a floating rate of course. But interest rates are not going to go up anytime soon. The student loans are fixed rate. Of course I’m earning nothing significant on savings. Would you pay off the HELOC, Student Loans, or just keep making payments. I’m leaning towards paying off the HELOC then chipping away at the student loans. I could throw about 00/mo towards that and have it paid off by the end of next year. So totally debt free by 2013. I’ve also been thinking about just piling on in savings then paying off lump sum. I feel like now I have a little security blanket with the money in savings so that’s why I am hesitant to make any big moves.
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This old landlord of mine chose to buy a house on the street I was living. Then he asked me if I wanted to rent the home. I was excited about the home and agreed. Then he asked me if I would like to become part- owners with him. He said that being part owners with him would ensure a positive equity. He then added me to a Survivor-ship Deed with him and told me if I pay the utilities, and fix the house up that in a year we could sell the home and both make a profit. It sounded wonderful! He even offered me to get a equity loan to fix the home. He said I would have to get it in my name. He said he would agree to it. Again all seemed wonderful, until he invited me over the next night and made a pass at me telling me that I needed to make love to him. When I declined and told my husband, he called and said I needed to give him ,000 when he only payed ,000 or he would evict me from the home in which he already moved me in. He also said that I needed to give him 0.00 a month the original rental lease we had before he added me to the deed and asked me to go in partners with him. He said none of the rental money would go towards what he is asking. We have no written agreement because I thought my interest in the home would be protected as I started fixing the house and paying the utilities. Is this legal?
I am already on the Surviorship Deed and it’s been recorded with the county. I would appreciate any advice in this matter
He is 76 years old
He also owns like 30 property’s probably from doing this to people
I have 0K home. I owe 1K at 6.35% and have a second line of credit that I owe at 8.6%. I also have a couple of credit cards for about K at 18%.
I want to wrap it all into one payment, but wonder if I should refi my house for about the same interest rate, take out a new home equity line for more money and about a point less interest, or take some money out of my retirement funds and just pay off the high-interest cards and car payment (about ,000). Any thoughts on the best way to go about this?
My mom loaned me money to fix up my home. .000. That is all I owe on the home. She filed a mortgage on my property but now my creditors want to sell my home and pay them. If my mom has a mortgage on the property shouldn’t she get paid before GMAC or the bank? And if I have no equity in the house other then .000 can anyone take my home in the bankruptcy?
Hi Everyone.
I have a substantial amount of equity in one of my homes, and am looking to purchase a second home sometime in the summer. I do not have money for a down payment, however, I do have more than enough for closing costs. I was wondering if it would be advantageous to take out equity on the one home for the 20% down payment on the second home. Do mortgage companies frown upon this action, or is it encouraged? Would I get advantageous interest rates in this case, or similar rates as to doing 100% financing? Just so you know, the home I am looking to purchase is a duplex, however, it will be a primary residence. I know interest rates are generally higher for duplexes. Just a thought I had, wanted to know if it would be worthwhile to leverage the one homes equity to purchase the new home.
Thanks!
Hi,
I’ve checked income levels, and we (to be more specific, the loan will be between me and my brother) will qualify for the loan at a 7% rate (assuming 28% front load). Also, when I say substantial amount of equity, I mean 100%, I own the home outright, and the down payment won’t come close to the 80% mark (more like 40%). Would it be better to get the loan on my current home before I finance? Or should I go to the lender, and ask them to evauluate both options.
Thanks for all of your help! Now I just have to sell the idea to my brother (he is a co-owner of the one home).
My wife earns more money than me. The home loan is in her name but the home title is in our joint names. Can she take a home equity loan without my consent?
Three months ago my wife and I bought our first house at a 5.5% rate. The mortgage broker who was a family friend moved on to another company. My boss’s husband owns a separate company and can do us a refi at 5.125% which would save us pretty good money. It seems complicated though like our original closing! Would I save time or money by trying to refi through Bank of America (our current lender)? Any suggestions are helpful, thanks!
If Obamas stimulus pacakge gave so much $ to the banks and the banks wants to loan the money so the economy can recover from the recession, then why is the mortgage rates going up so high and so fast? This make people less attracted to purchasing a new home. Im from so cal and with the K rebate, its nothing since the median home prices are 0K & up
Suzy Orman gives her take on how a Home Equity Line of Credit (HELOC) and a Home Equity Loans (HELOAN) basically work. More info at: sccrealestateuncensored.com/2006/heloc-home-equity-line-of-credit/ micasamidinero.com/2006/heloc-linea-de-credito/
I currently have a home with a lot of equity. I want to buy another home to fix up and sell for a profit. I’m unemployed and have the time, skills and tools to do this, just need a loan. I have enough money for the down payment. Being unemployed however poses a problem, where can I go to find a lender willing to do some short term creative financing?
My credit score is over 800.
I got a 2 year fixed loan almost two years ago on my mortgage with money out to clean up credit so I could get a better rate but the rates have rose even higher. Should I lock in now or wait 5 months I have left to see what happens?
of loan that we can get in addition to the home loan for 25 000 so we have money to "fix" it up (put new carpet, have it painted (inside and out) buy apliances for it, and make it more energy efficient…) and such… i dont know if a home improvement loan would work since we want to put apliances in it and some of the stuff we would get would be like curtains and yard stuff like gardening suplies and a lawn mower…..)
would prefer to be able to keep it at a max 250 a month….( i know a home equity loan for 25000 would run us 140 a month without interest, but we dont have equity yet since we havent purchased the house yet……..
what types of loans could we get and about how much would the payments be…..(and loan length…
the loan type is a my comunity type loan so we dont pay closing and its 100 percent financed…so no down payment…
and we cant save and do a little by a little because what are we suposed to put our food in? what do we cook on? … we have a family with 2 little girls, we cant be "moving" out every few years or months or whatever for a month so we can get new carpet, or new paint, or …whatever…
i dont want advice on what i should do i want advice on if there is a way to get a loan for 25000 (yes we have already estimated it…it will be a little over 20000…)
My son will sign my the equity loan because I am not qualified because of my credit. He is not in the title of the house. Is this possible ? I have a lot of equity in my house.The money is for home improvement.
I have an relative that wants to leave her house and move to a different city. She is willing to transfer the house to my name in order for us to avoid paying the cost it takes when you close on a house.
She had the house for sometime now. She no longer has a mortgage on the house. The house is now worth 0,000. Of course, she wants her money back based on the value of the home.
In order for me to pay her back, I have to take out a mortgage. My question is that can she transfer title to my name first and I can then obtain a mortgage to pay her back to avoid closing costs. Or must we play the traditional role of buyer and seller.
Also, (If this can be done)-If the house is under my name and I take out the mortgage-would this be considered a "primary mortgage" which I can get a regular 30 year fix mortage or would it be considered a "home equity loan" which usually has a higher rate than a traditional 30 year fix?
A fixed annuity is just a bond in which a person is agreeing to give their money to another financial institution for a period of time. Learn about deferring taxes and death benefits associated with fixed annuity with help from a portfolio manager in this free video on money management and financial advice. Expert: Roger Groh Bio: Roger Groh is the founder of Groh Asset Management. Filmmaker: Bing Hu
My husband is on the road a lot as a long haul trucker and when he hits the prairies, there are VLT machines everywhere and he gambles. This time it was only 0 but we can’t afford it. I’m nine months pregnant and don’t need this stress. He once lost over K in a summer before I met him… I just went through hell to get a home equity loan so we’d have money to fix up the place for the baby, and now this…. He seems to think if he tells me about it right away I shouldn’t get mad ("at least I was honest about it!") and that I shouldn’t get upset because we’re doing okay. He can’t change jobs cuz we financed the truck he drives over 7 years and would take a devastating hit if we sold it. The gambling episodes are coming closer and closer together and I’m scared for him – and for me. Please help, I feel very alone
