How do you pull equity out of your home with taking a how equity loan out?
Q. First of all how do you build equity in a home? How do you report the equity to your lender? And lastly how to you pull the equity that you ve built up out of the home with out taking a home equity loan out? Thank you in advance for any help that you can give me.
Asked by B_dub - Tue Jan 31 09:12:05 2006 - - 2 Answers - 0 Comments
A. To build equity in your home you must either pay down the mortgage or have the market value go up. Your lender will decide if you have equity in your home. They decide how much your home is worth then they deduct how much you owe the difference is the amount of equity that you have. Lastly, I hate to tell you, their are only three ways to get equity out of a home. 1) Get an equity line of credit. 2) Refinance, and pull some money out. 3) Sell the property.
Answered by a_j_edwards2002 - Tue Jan 31 17:02:59 2006
Q. First of all how do you build equity in a home? How do you report the equity to your lender? And lastly how to you pull the equity that you ve built up out of the home with out taking a home equity loan out? Thank you in advance for any help that you can give me.
Asked by B_dub - Tue Jan 31 09:12:05 2006 - - 2 Answers - 0 Comments
A. To build equity in your home you must either pay down the mortgage or have the market value go up. Your lender will decide if you have equity in your home. They decide how much your home is worth then they deduct how much you owe the difference is the amount of equity that you have. Lastly, I hate to tell you, their are only three ways to get equity out of a home. 1) Get an equity line of credit. 2) Refinance, and pull some money out. 3) Sell the property.
Answered by a_j_edwards2002 - Tue Jan 31 17:02:59 2006
Can you change a home equity loan to a personal loan?
Q. My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.
Asked by Jessica B - Mon Sep 1 17:55:10 2008 - - 14 Answers - 0 Comments
A. Sure, but an unsecured la will have a rate of 2% higher attached to it. Based on what you're saying the brother-in-law has enough debt already.
Answered by David M - Mon Sep 1 18:49:49 2008
Q. My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.
Asked by Jessica B - Mon Sep 1 17:55:10 2008 - - 14 Answers - 0 Comments
A. Sure, but an unsecured la will have a rate of 2% higher attached to it. Based on what you're saying the brother-in-law has enough debt already.
Answered by David M - Mon Sep 1 18:49:49 2008
Can an equity loan be transferred from one property to another?
Q. I would like to sell the property the equity loan was written for. Since the market is so bad, it's no longer worth what I owe on it. I already have another property, can I transfer the loan to it?
Asked by only_mekse - Wed Apr 30 11:55:10 2008 - - 3 Answers - 0 Comments
Q. I would like to sell the property the equity loan was written for. Since the market is so bad, it's no longer worth what I owe on it. I already have another property, can I transfer the loan to it?
Asked by only_mekse - Wed Apr 30 11:55:10 2008 - - 3 Answers - 0 Comments
difference between a home equity loan and a consolidation loan?
Q. What is the difference between a home equity loan and a consolidation loan? Which one looks better on your credit report?
Asked by zeishabush - Fri Aug 29 05:55:23 2008 - - 2 Answers - 0 Comments
A. A home equity loan is secured by your property and a consolidation loan may not necessarily be a secured loan. It may be just a large personal loan with the purpose of consolidating debts into one payment. A home equity loan may be used to consolidate debts but may also be used for home improvements, college costs, or any other expenses that come about. Visit to know more about the home equity loan. Also you will get low loan rates for NMTW membership.
Answered by iraymond20 - Fri Aug 29 05:56:49 2008
Q. What is the difference between a home equity loan and a consolidation loan? Which one looks better on your credit report?
Asked by zeishabush - Fri Aug 29 05:55:23 2008 - - 2 Answers - 0 Comments
A. A home equity loan is secured by your property and a consolidation loan may not necessarily be a secured loan. It may be just a large personal loan with the purpose of consolidating debts into one payment. A home equity loan may be used to consolidate debts but may also be used for home improvements, college costs, or any other expenses that come about. Visit to know more about the home equity loan. Also you will get low loan rates for NMTW membership.
Answered by iraymond20 - Fri Aug 29 05:56:49 2008
Can you get a home equity loan for a home that needs rehab?
Q. The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
Asked by Lue R - Tue May 26 10:32:51 2009 - - 14 Answers - 0 Comments
A. If you have a long standing relationship with bank they may loan you money based upon future value. You can probably about 70% of what home will appraise for in its current condition.
Answered by David Z - Tue May 26 10:41:09 2009
Q. The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
Asked by Lue R - Tue May 26 10:32:51 2009 - - 14 Answers - 0 Comments
A. If you have a long standing relationship with bank they may loan you money based upon future value. You can probably about 70% of what home will appraise for in its current condition.
Answered by David Z - Tue May 26 10:41:09 2009
Should I take a home equity loan to pay off the 17,000 in medical bills I have?
Q. I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?
Asked by Trixie - Fri Apr 25 23:41:52 2008 - - 4 Answers - 0 Comments
A. Why would you transfer an unsecured debt into something that could result in the loss of your home if you default? A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
Answered by Rick B - Fri Apr 25 23:45:31 2008
Q. I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?
Asked by Trixie - Fri Apr 25 23:41:52 2008 - - 4 Answers - 0 Comments
A. Why would you transfer an unsecured debt into something that could result in the loss of your home if you default? A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
Answered by Rick B - Fri Apr 25 23:45:31 2008
Can I apply for home equity loan while house is listed for sale?
Q. In MD area, is it possible to apply for home equity loan while house is listed for sale? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have been pretty tight recently. If my house is sold, home equity would obviously be paid off from the proceeds. Thanks Thanks for all replies. Since loan is secured by the property.. won't they get their money once property is sold !! what am I missing here ??
Asked by User - Tue Apr 28 13:14:48 2009 - - 5 Answers - 0 Comments
A. No...lenders will not make loans on property listed for sale. If you need to get a loan remove your home from the market and then apply for the loan. In the past I've seen lenders refuse to make a loan on a property just a couple of days before the 2nd trust deed closing, when the lender discovered that the property in up for sale.
Answered by Glenn S - Tue Apr 28 13:30:10 2009
Q. In MD area, is it possible to apply for home equity loan while house is listed for sale? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have been pretty tight recently. If my house is sold, home equity would obviously be paid off from the proceeds. Thanks Thanks for all replies. Since loan is secured by the property.. won't they get their money once property is sold !! what am I missing here ??
Asked by User - Tue Apr 28 13:14:48 2009 - - 5 Answers - 0 Comments
A. No...lenders will not make loans on property listed for sale. If you need to get a loan remove your home from the market and then apply for the loan. In the past I've seen lenders refuse to make a loan on a property just a couple of days before the 2nd trust deed closing, when the lender discovered that the property in up for sale.
Answered by Glenn S - Tue Apr 28 13:30:10 2009
What is the best way to pay off an equity loan?
Q. I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
Asked by freeworld37 - Tue Nov 4 13:10:53 2008 - - 2 Answers - 0 Comments
A. The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest. Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Answered by www.tawanastegall.com - Tue Nov 4 13:35:46 2008
Q. I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
Asked by freeworld37 - Tue Nov 4 13:10:53 2008 - - 2 Answers - 0 Comments
A. The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest. Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Answered by www.tawanastegall.com - Tue Nov 4 13:35:46 2008
What would be better, a home equity loan or refinance at lower rate to add on to my home?
Q. I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?
Asked by BamaboynTN - Sat Mar 1 09:55:07 2008 - - 9 Answers - 0 Comments
A. Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Answered by Tony D - Sat Mar 1 10:08:30 2008
Q. I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?
Asked by BamaboynTN - Sat Mar 1 09:55:07 2008 - - 9 Answers - 0 Comments
A. Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Answered by Tony D - Sat Mar 1 10:08:30 2008
can you refinance a home equity loan to lower the payments?
Q. My mother signed a home equity loan with my grandfather who has just passed, and I am trying to help her pay the bills but the payment on the house is too high. If she refinances could her payment go down? Are there any other options, or any kind of loans or help from anywhere? I am totally clueless this was very unexpected.
Asked by erieanna c - Mon Mar 17 01:06:06 2008 - - 2 Answers - 0 Comments
A. If she has the income she can get a different mortgage and they will pay that one off. If her interest rate goes down and fees aren't high the payment could be less.
Answered by shipwreck - Mon Mar 17 01:23:45 2008
Q. My mother signed a home equity loan with my grandfather who has just passed, and I am trying to help her pay the bills but the payment on the house is too high. If she refinances could her payment go down? Are there any other options, or any kind of loans or help from anywhere? I am totally clueless this was very unexpected.
Asked by erieanna c - Mon Mar 17 01:06:06 2008 - - 2 Answers - 0 Comments
A. If she has the income she can get a different mortgage and they will pay that one off. If her interest rate goes down and fees aren't high the payment could be less.
Answered by shipwreck - Mon Mar 17 01:23:45 2008
where is the best place to get a home equity loan besides a bank?
Q. I have already tried at my bank and was denied. Does anyone know a good tried and true place to get a home equity loan?
Asked by Jan B - Thu Jan 17 15:47:52 2008 - - 2 Answers - 0 Comments
A. If you can be a member of a credit union, that would be a good place. You can go to finance companies as well, but the rates will be very high. Remember, if you are seeking a home equity loan to consolidate other debt, like credit cards, you are betting your house you'll pay. It's not always to use home equity for consumer expenses ("buying a blouse on the house"). Good luck to you.
Answered by athiker89 - Thu Jan 17 16:03:38 2008
Q. I have already tried at my bank and was denied. Does anyone know a good tried and true place to get a home equity loan?
Asked by Jan B - Thu Jan 17 15:47:52 2008 - - 2 Answers - 0 Comments
A. If you can be a member of a credit union, that would be a good place. You can go to finance companies as well, but the rates will be very high. Remember, if you are seeking a home equity loan to consolidate other debt, like credit cards, you are betting your house you'll pay. It's not always to use home equity for consumer expenses ("buying a blouse on the house"). Good luck to you.
Answered by athiker89 - Thu Jan 17 16:03:38 2008
How do you get a home equity loan to purchase a car?
Q. How does a home equity loan work?
Asked by Lojo - Sat Jan 17 15:28:08 2009 - - 3 Answers - 0 Comments
A. The lender looks at the amount of ownership you have in the home and projects the cost of loaning you an amount of money up to that point. Say for instance your home is worth $100,000. If you owe $20,000, then you own 80% of the value ($80,000). The lender will take your application, have it appraised, offer you a certain amount of money (including interest). Next you are offered a closing date. Then you are offered checks that you can write out in the amount you want. If its not the same lender on your primary mortgage, a deed is created giving that lender rights to your property if you default on your payments.
Answered by MissV - Sat Jan 17 15:32:35 2009
Q. How does a home equity loan work?
Asked by Lojo - Sat Jan 17 15:28:08 2009 - - 3 Answers - 0 Comments
A. The lender looks at the amount of ownership you have in the home and projects the cost of loaning you an amount of money up to that point. Say for instance your home is worth $100,000. If you owe $20,000, then you own 80% of the value ($80,000). The lender will take your application, have it appraised, offer you a certain amount of money (including interest). Next you are offered a closing date. Then you are offered checks that you can write out in the amount you want. If its not the same lender on your primary mortgage, a deed is created giving that lender rights to your property if you default on your payments.
Answered by MissV - Sat Jan 17 15:32:35 2009
Can someone please tell me the positives & negatives of aquiring an auto equity loan?
Q. Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please.
Asked by bigpoppamike21 - Fri Mar 28 03:48:50 2008 - - 1 Answers - 0 Comments
A. No... You have to hold the title free and clear to get an auto equity loan. Sorry... :(... An auto equity loan is simply a loan made using a car you own free and clear as collateral. A car with a lien on the title really isn't yours and you can't use it for collateral. You can refinance your auto loan if you find a better rate somewhere else and they're willing to do it... or if you find a finance company willing to lower your payments... If you're a homeowner, there is a way to finance a car using the home as collateral. This type of loan can have tax advantages and a better interest rate. I believe you have to own the home free and clear for that though... If that's what you're talking about and you do own a home, I'm sure someone… [cont.]
Answered by shidhet - Fri Mar 28 04:46:22 2008
Q. Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please.
Asked by bigpoppamike21 - Fri Mar 28 03:48:50 2008 - - 1 Answers - 0 Comments
A. No... You have to hold the title free and clear to get an auto equity loan. Sorry... :(... An auto equity loan is simply a loan made using a car you own free and clear as collateral. A car with a lien on the title really isn't yours and you can't use it for collateral. You can refinance your auto loan if you find a better rate somewhere else and they're willing to do it... or if you find a finance company willing to lower your payments... If you're a homeowner, there is a way to finance a car using the home as collateral. This type of loan can have tax advantages and a better interest rate. I believe you have to own the home free and clear for that though... If that's what you're talking about and you do own a home, I'm sure someone… [cont.]
Answered by shidhet - Fri Mar 28 04:46:22 2008
How 2 solve for potential amount of credit available for home equity loan?
Q. Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. Ramon's credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that's available to Ramon for a home equity loan?
Asked by Richardsbabygirl - Thu Oct 25 17:42:25 2007 - - 3 Answers - 0 Comments
A. There is a homework section of the site you might try next time.
Answered by Rebecca - Thu Oct 25 17:54:38 2007
Q. Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. Ramon's credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that's available to Ramon for a home equity loan?
Asked by Richardsbabygirl - Thu Oct 25 17:42:25 2007 - - 3 Answers - 0 Comments
A. There is a homework section of the site you might try next time.
Answered by Rebecca - Thu Oct 25 17:54:38 2007
Is it true you can get a home equity loan after 30 days?
Q. How long do you have to live in a home that appraised higher than what you paid to get a home equity loan? Our credit is now damaged, is it still possible?
Asked by leathers2003 - Mon Oct 9 21:29:15 2006 - - 4 Answers - 0 Comments
A. You don't have to wait, but if it's less than 12 months, the lender is going to use the purchase price and not the appraised value. If you put money down for your purchase, you can take out a HELOC up to 100%. The rate will be higher, but you can pay it off with your HELOC in 12 months that's based off appraised value. Just make sure you ask what the termination fee and/or prepay penalty is. help@choicefinance.net
Answered by mortgage help - Tue Oct 10 08:10:52 2006
Q. How long do you have to live in a home that appraised higher than what you paid to get a home equity loan? Our credit is now damaged, is it still possible?
Asked by leathers2003 - Mon Oct 9 21:29:15 2006 - - 4 Answers - 0 Comments
A. You don't have to wait, but if it's less than 12 months, the lender is going to use the purchase price and not the appraised value. If you put money down for your purchase, you can take out a HELOC up to 100%. The rate will be higher, but you can pay it off with your HELOC in 12 months that's based off appraised value. Just make sure you ask what the termination fee and/or prepay penalty is. help@choicefinance.net
Answered by mortgage help - Tue Oct 10 08:10:52 2006
Can I get a home equity loan with a first mortgage?
Q. I am buying my first home with an FHA loan. The mortgage company I am using doesn't do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect... I'm trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!
Asked by lawrie - Wed Jun 25 13:53:17 2008 - - 4 Answers - 0 Comments
Q. I am buying my first home with an FHA loan. The mortgage company I am using doesn't do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect... I'm trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!
Asked by lawrie - Wed Jun 25 13:53:17 2008 - - 4 Answers - 0 Comments
Do you need good credit to take out a home equity loan? Will bad credit affect chances of being considered?
Q. My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?
Asked by brandy2002 - Sun Jul 8 08:45:02 2007 - - 13 Answers - 0 Comments
A. If you have bad credit, you are less likely to be approved for a loan, or if you are approved, you may have to pay a higher interest rate. Part of the decision will be based on what % the $80k in equity is of the value of your home. If your home is worth $800k and you have $80k (10%) in equity and bad credit, you are unlikely to be approved for a home equity loan. On the other hand, if your home is worth $160k and you have $80k (50%) in equity and bad credit, there is a good chance that you will be approved for a loan. This is because the bank looks at how much they could realize from your house if they had to foreclose, and if you only have 10% equity, almost all of that could be eaten up by foreclosure costs, so the bank would lose… [cont.]
Answered by aj485 - Sun Jul 8 08:53:24 2007
Q. My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?
Asked by brandy2002 - Sun Jul 8 08:45:02 2007 - - 13 Answers - 0 Comments
A. If you have bad credit, you are less likely to be approved for a loan, or if you are approved, you may have to pay a higher interest rate. Part of the decision will be based on what % the $80k in equity is of the value of your home. If your home is worth $800k and you have $80k (10%) in equity and bad credit, you are unlikely to be approved for a home equity loan. On the other hand, if your home is worth $160k and you have $80k (50%) in equity and bad credit, there is a good chance that you will be approved for a loan. This is because the bank looks at how much they could realize from your house if they had to foreclose, and if you only have 10% equity, almost all of that could be eaten up by foreclosure costs, so the bank would lose… [cont.]
Answered by aj485 - Sun Jul 8 08:53:24 2007
How much will a Home Equity Loan cost?
Q. I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, how much typically will a Home Equity Loan cost me in fees?
Asked by Ken - Thu Oct 4 10:09:16 2007 - - 3 Answers - 0 Comments
A. Interest on home loans is generally tax deductible. This includes equity lines. The fees range from nothing to about $1-1500 tops. This is going to depend on the rate. Obviously the ones that have no closing costs typically have a higher rate. Typically for a smaller loan amount you want to go with a no closing cost option and for the bigger ones you'd pay the fees and get a lower rate.
Answered by matzael - Thu Oct 4 10:19:55 2007
Q. I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, how much typically will a Home Equity Loan cost me in fees?
Asked by Ken - Thu Oct 4 10:09:16 2007 - - 3 Answers - 0 Comments
A. Interest on home loans is generally tax deductible. This includes equity lines. The fees range from nothing to about $1-1500 tops. This is going to depend on the rate. Obviously the ones that have no closing costs typically have a higher rate. Typically for a smaller loan amount you want to go with a no closing cost option and for the bigger ones you'd pay the fees and get a lower rate.
Answered by matzael - Thu Oct 4 10:19:55 2007
Should you get a home-equity loan with the bank that holds your mortgage?
Q. We are thinking about getting a home equity loan. We need a new roof and our AC unit is making our electric bill sky-high. We've never had a home equity loan before, and I'm just wondering if we should go with the company that holds our mortgage, a different company, or does it matter? Any tips would be helpful as we've never done this before.
Asked by ichabodisitchy - Tue Aug 26 08:08:45 2008 - - 6 Answers - 0 Comments
A. Shop around but many lenders are getting out of the home equity line of credit business what is your equity to loan ratio on the first? Is it even possible to get one?
Answered by goz1111 - Tue Aug 26 09:03:12 2008
Q. We are thinking about getting a home equity loan. We need a new roof and our AC unit is making our electric bill sky-high. We've never had a home equity loan before, and I'm just wondering if we should go with the company that holds our mortgage, a different company, or does it matter? Any tips would be helpful as we've never done this before.
Asked by ichabodisitchy - Tue Aug 26 08:08:45 2008 - - 6 Answers - 0 Comments
A. Shop around but many lenders are getting out of the home equity line of credit business what is your equity to loan ratio on the first? Is it even possible to get one?
Answered by goz1111 - Tue Aug 26 09:03:12 2008
What is the difference between a 1st mortgage, 2nd mortgage, and home equity loan?
Q. 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.
Asked by adamea5@sbcglobal.net - Thu Oct 23 19:23:51 2008 - - 3 Answers - 0 Comments
A. The # denotes seniority/position in chain of title. A first mortgage is a loan secured by the property that is in 1st position and gets paid what is due them first if the property is sold (municipal liens like property taxes are TRULY first, though). A second mortgage is a loan that has a "junior" position behind a first mortgage. Home equity loan is just a colloquial term generally applied to second mortgages. A HELOC, or Home Equity Line of Credit (as mentioned by another responder) is a TYPE of home equity loan that acts more like a credit card in that you can draw on the equity as needed and pay it back and draw on it again and again during the "loan" term. Technically you can have 3rd, 4th, 5th, etc. mortgages and any of those… [cont.]
Answered by AllCourt - Thu Oct 23 20:51:28 2008
Q. 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.
Asked by adamea5@sbcglobal.net - Thu Oct 23 19:23:51 2008 - - 3 Answers - 0 Comments
A. The # denotes seniority/position in chain of title. A first mortgage is a loan secured by the property that is in 1st position and gets paid what is due them first if the property is sold (municipal liens like property taxes are TRULY first, though). A second mortgage is a loan that has a "junior" position behind a first mortgage. Home equity loan is just a colloquial term generally applied to second mortgages. A HELOC, or Home Equity Line of Credit (as mentioned by another responder) is a TYPE of home equity loan that acts more like a credit card in that you can draw on the equity as needed and pay it back and draw on it again and again during the "loan" term. Technically you can have 3rd, 4th, 5th, etc. mortgages and any of those… [cont.]
Answered by AllCourt - Thu Oct 23 20:51:28 2008
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hu, 09 Jul 2009 03:43:10 GM
Last year, I bought a 2nd home, but my mom took out a Home . Equity loan. on her home and used that money to purchase my 2nd home. I paid her monthly In.
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