How does a home equity loan work?
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments
A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments
A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007
What is a home equity loan and what is the process to applying/being accepted for one?
Q. I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions...Another thing. Im looking to build my own home--hence the loan inquisition.
Asked by Phoenix - Sun May 20 15:16:18 2007 - - 4 Answers - 1 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
Q. I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions...Another thing. Im looking to build my own home--hence the loan inquisition.
Asked by Phoenix - Sun May 20 15:16:18 2007 - - 4 Answers - 1 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
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 You don't know me that well - 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 You don't know me that well - 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 - - 2 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 - - 2 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
What is the difference between a mortgage and a home equity loan?
Q. I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I'm not interested in HELOC's.
Asked by BC - Thu Jul 12 17:41:49 2007 - - 5 Answers - 1 Comments
A. Just the packaging of the financial product. Once upon a time Home Equity Loans were called 2nd mortgages. The real difference is risk factor for the bank. Typically Home Equity Loans are 2nd to be paid in the event of a foreclosure or other bad financial happening - leaving them exposed if there wans't any many for them at the end of the day. So they charge you a bit more interest to compensate for this additional risk. Since you would be leveraging your house for the 1st time again, and the holder of this new "note" would be the only creditor and thus 1st in line for payment in the event of default, lenders may negotiate a little and get you a better rate. Its probably something you should take to a local bank or branch where… [cont.]
Answered by dmaturin12 - Thu Jul 12 17:54:38 2007
Q. I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I'm not interested in HELOC's.
Asked by BC - Thu Jul 12 17:41:49 2007 - - 5 Answers - 1 Comments
A. Just the packaging of the financial product. Once upon a time Home Equity Loans were called 2nd mortgages. The real difference is risk factor for the bank. Typically Home Equity Loans are 2nd to be paid in the event of a foreclosure or other bad financial happening - leaving them exposed if there wans't any many for them at the end of the day. So they charge you a bit more interest to compensate for this additional risk. Since you would be leveraging your house for the 1st time again, and the holder of this new "note" would be the only creditor and thus 1st in line for payment in the event of default, lenders may negotiate a little and get you a better rate. Its probably something you should take to a local bank or branch where… [cont.]
Answered by dmaturin12 - Thu Jul 12 17:54:38 2007
How long do you have to wait for a home equity loan?
Q. How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
Asked by unknown - Fri May 25 08:54:26 2007 - - 4 Answers - 0 Comments
A. You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren't assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based on your… [cont.]
Answered by Texas Girl - Fri May 25 11:19:33 2007
Q. How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
Asked by unknown - Fri May 25 08:54:26 2007 - - 4 Answers - 0 Comments
A. You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren't assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based on your… [cont.]
Answered by Texas Girl - Fri May 25 11:19:33 2007
Can you get a home equity loan while in a debt management program?
Q. I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
Asked by disappearingact - Fri Oct 13 14:47:18 2006 - - 3 Answers - 0 Comments
A. he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Answered by bianca - Sat Oct 14 02:14:58 2006
Q. I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
Asked by disappearingact - Fri Oct 13 14:47:18 2006 - - 3 Answers - 0 Comments
A. he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Answered by bianca - Sat Oct 14 02:14:58 2006
Can I transfer an existing home equity loan, attached to my current residence to a new residence?
Q. 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 $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?
Asked by Love - Sat Aug 22 10:43:02 2009 - - 1 Answers - 0 Comments
A. simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
Answered by infinite crisis 247 - Sat Aug 22 10:48:01 2009
Q. 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 $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?
Asked by Love - Sat Aug 22 10:43:02 2009 - - 1 Answers - 0 Comments
A. simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
Answered by infinite crisis 247 - Sat Aug 22 10:48:01 2009
Can a fixed home equity loan drop my credit score?
Q. I requested $10,000 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.
Asked by happydawg - Tue Jul 1 12:10:36 2008 - - 1 Answers - 0 Comments
A. There are a number of factors that go in to the scoring model and on time payments is a major one, but not the only one. Having a new account can be a risk factor all by itself. Since it is a closed end loan, the balance is near the limit and it has probably only just started reporting. I wouldn't freak out or anything. A 740 is still pretty darn good. My scores boucne around with little rhyme or reason. Sometimes opening a new account can have a positive affect. I went to Home Depot to buy $300 worth of windows and walked out with 20K in new credit. Having the additional available credit had a very favorable affect on my scores. I don't have to use the credit if I don't need to. Also, if you have a balance on a credit card that is… [cont.]
Answered by Dale H - Tue Jul 1 12:35:16 2008
Q. I requested $10,000 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.
Asked by happydawg - Tue Jul 1 12:10:36 2008 - - 1 Answers - 0 Comments
A. There are a number of factors that go in to the scoring model and on time payments is a major one, but not the only one. Having a new account can be a risk factor all by itself. Since it is a closed end loan, the balance is near the limit and it has probably only just started reporting. I wouldn't freak out or anything. A 740 is still pretty darn good. My scores boucne around with little rhyme or reason. Sometimes opening a new account can have a positive affect. I went to Home Depot to buy $300 worth of windows and walked out with 20K in new credit. Having the additional available credit had a very favorable affect on my scores. I don't have to use the credit if I don't need to. Also, if you have a balance on a credit card that is… [cont.]
Answered by Dale H - Tue Jul 1 12:35:16 2008
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 - - 1 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 - - 1 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 - - 1 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 - - 1 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
Can I get a home equity loan with no seasoning requirements with bad credit?
Q. We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?
Asked by VH - Tue Jul 24 14:51:57 2007 - - 5 Answers - 0 Comments
A. That is correct, most seasoning times are 12 months were you can get a home equity home but they will use the purchase price or appraised value whichever is less. The bigger problem would be the credit issue, home equity loans and other types of subordinate financing is a higher risk for lenders and therefore unless the loan to value is very, very low they may not approve it. Lenders always look at what financial position they might be in if the property is foreclosed on and poor credit has been an indicator of future payment patterns, if you had put a large down payment at the purchase then they may consider this has a compensating factor with a low loan to value. I provided you a website for FannieMae, whose guidelines for lending… [cont.]
Answered by Etta P - Tue Jul 24 15:35:28 2007
Q. We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?
Asked by VH - Tue Jul 24 14:51:57 2007 - - 5 Answers - 0 Comments
A. That is correct, most seasoning times are 12 months were you can get a home equity home but they will use the purchase price or appraised value whichever is less. The bigger problem would be the credit issue, home equity loans and other types of subordinate financing is a higher risk for lenders and therefore unless the loan to value is very, very low they may not approve it. Lenders always look at what financial position they might be in if the property is foreclosed on and poor credit has been an indicator of future payment patterns, if you had put a large down payment at the purchase then they may consider this has a compensating factor with a low loan to value. I provided you a website for FannieMae, whose guidelines for lending… [cont.]
Answered by Etta P - Tue Jul 24 15:35:28 2007
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 can I find the best loan rates for equity?
Q. My parents want to take out a loan and are asking me to do a little research. They need about 10-15,000 to do some work on their home. They have well over 150,000 dollars in equity, and decent credit, probably not the best though. What would be there best bet? Refinancing or second morgage, equity loan? Thanks!
Asked by Me - Thu Jun 14 11:55:35 2007 - - 3 Answers - 0 Comments
A. right now should be an equity loan. You don't lose anything even if the market goes a little sour. If your parents has a good relationship with their bank, they should go and talk to them first. Most will treat their good customer with an extremely good rate compared to others. Besides, it would be from a bank you trust than some other people.
Answered by LLC E - Thu Jun 14 12:01:20 2007
Q. My parents want to take out a loan and are asking me to do a little research. They need about 10-15,000 to do some work on their home. They have well over 150,000 dollars in equity, and decent credit, probably not the best though. What would be there best bet? Refinancing or second morgage, equity loan? Thanks!
Asked by Me - Thu Jun 14 11:55:35 2007 - - 3 Answers - 0 Comments
A. right now should be an equity loan. You don't lose anything even if the market goes a little sour. If your parents has a good relationship with their bank, they should go and talk to them first. Most will treat their good customer with an extremely good rate compared to others. Besides, it would be from a bank you trust than some other people.
Answered by LLC E - Thu Jun 14 12:01:20 2007
What is the difference between a HELOC and a Home Equity Loan?
Q. I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
Asked by King Money 1985 - Tue Jul 4 15:08:06 2006 - - 2 Answers - 0 Comments
A. HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.
Answered by cafe_blue_note - Tue Jul 4 15:50:35 2006
Q. I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
Asked by King Money 1985 - Tue Jul 4 15:08:06 2006 - - 2 Answers - 0 Comments
A. HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.
Answered by cafe_blue_note - Tue Jul 4 15:50:35 2006
Will a home equity loan qualify us for the 1st time buyer tax credit?
Q. We were put on the deed of a home while we were "renting to own" (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?
Asked by Melissa - Wed Jul 15 12:53:40 2009 - - 6 Answers - 0 Comments
A. Nope. You are already on the deed, so you aren't legally a first time home buyer. It needs to be a mortgage that would let you "buy or purchase" the property. Home equity loan would not qualify.
Answered by PepsiLime - Wed Jul 15 13:11:51 2009
Q. We were put on the deed of a home while we were "renting to own" (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?
Asked by Melissa - Wed Jul 15 12:53:40 2009 - - 6 Answers - 0 Comments
A. Nope. You are already on the deed, so you aren't legally a first time home buyer. It needs to be a mortgage that would let you "buy or purchase" the property. Home equity loan would not qualify.
Answered by PepsiLime - Wed Jul 15 13:11:51 2009
How does home equity loan qualification works if you have bad credit? ?
Q. My credit isn't perfect and I want to get a home equity loan. What are the qualifications? What lenders look at if you have bad credit? How can i increase the chances of getting one, without waiting for credit to go up? Would appreciate if you can answers even one question. I am desparate for good information. Thanks!
Asked by smiling_chicka - Mon Oct 27 12:33:09 2008 - - 3 Answers - 0 Comments
A. Get in touch with a mortgage broker and explain your situation. He/she may know some lenders who will give out equity loans to people with less than perfect credit. Be prepared to pay above market interest rates however. As always, your house will have to appraise for more than you owe on the first mortgage and depending on the credit markets at the time, you may not be able to go up to 100% of appraisal.
Answered by Steve D - Mon Oct 27 12:38:09 2008
Q. My credit isn't perfect and I want to get a home equity loan. What are the qualifications? What lenders look at if you have bad credit? How can i increase the chances of getting one, without waiting for credit to go up? Would appreciate if you can answers even one question. I am desparate for good information. Thanks!
Asked by smiling_chicka - Mon Oct 27 12:33:09 2008 - - 3 Answers - 0 Comments
A. Get in touch with a mortgage broker and explain your situation. He/she may know some lenders who will give out equity loans to people with less than perfect credit. Be prepared to pay above market interest rates however. As always, your house will have to appraise for more than you owe on the first mortgage and depending on the credit markets at the time, you may not be able to go up to 100% of appraisal.
Answered by Steve D - Mon Oct 27 12:38:09 2008
should I pay down my home equity loan or pay off credit cards?
Q. Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.
Asked by Lady - Thu Sep 13 13:39:04 2007 - - 6 Answers - 0 Comments
A. Let's take a look at the rates after taxes as interest on the HELOC is tax deductible: This assumes you are in the 25% bracket. HELOC = 7.02% Tax Benefit = 1.76% After Tax Effective Rate = 5.26% Credit Cards = 4.02% and 4.99% Tax Benefit = %0 After Tax Effective Rate = 4.02% and 4.99% These are the rates you should be comparing. Even with tax benefit factored in, you are still paying more for the HELOC but the rates are very close. Bottom line, pay off what you are most comforable paying off. Personally, I would pay off the credit card with the lowest balance first ...but that is just me...
Answered by Wayne Z - Thu Sep 13 14:04:47 2007
Q. Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.
Asked by Lady - Thu Sep 13 13:39:04 2007 - - 6 Answers - 0 Comments
A. Let's take a look at the rates after taxes as interest on the HELOC is tax deductible: This assumes you are in the 25% bracket. HELOC = 7.02% Tax Benefit = 1.76% After Tax Effective Rate = 5.26% Credit Cards = 4.02% and 4.99% Tax Benefit = %0 After Tax Effective Rate = 4.02% and 4.99% These are the rates you should be comparing. Even with tax benefit factored in, you are still paying more for the HELOC but the rates are very close. Bottom line, pay off what you are most comforable paying off. Personally, I would pay off the credit card with the lowest balance first ...but that is just me...
Answered by Wayne Z - Thu Sep 13 14:04:47 2007
How soon after Ch.7 Bankruptcy discharge can I apply for a home equity loan and get approved?
Q. I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I'm just wondering because I'm sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?
Asked by Chem Help - Sun Jul 11 09:10:39 2010 - - 5 Answers - 0 Comments
A. In theory, the day after the discharge. In practice, a minimum of 2 years. In the current fiscal situation, 5 years.
Answered by Ghost of Zeuz - Sun Jul 11 09:23:25 2010
Q. I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I'm just wondering because I'm sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?
Asked by Chem Help - Sun Jul 11 09:10:39 2010 - - 5 Answers - 0 Comments
A. In theory, the day after the discharge. In practice, a minimum of 2 years. In the current fiscal situation, 5 years.
Answered by Ghost of Zeuz - Sun Jul 11 09:23:25 2010
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
From Yahoo Answer Search: 'equity loan'
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boston.com
Fri, 06 Aug 2010 05:50:45 GMT+00:00
, check your tax return Boston Globe Last year we needed to use a home equity line of credit. The interest rate is very low. Now we are discussing the best way to pay it off. ...
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Better Trades easy process to teach and inculcate the critical and important aspects of this difficult trade in this world The elements and methods that take into account the construction of a solid knowledge of managing the risk of mistakes and errors which to minimize losses and make appropriate and effective
directvaloans.com
Tue, 09 Mar 2010 16:00:00 PST
Since the Veterans Benefits Improvement Act of 2008 was passed, up to 100 percent of your home's equity can be used for a VA cash-out refinance. directvaloans.com.
equity-shop.co.de
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Wed, 01 Sep 2010 22:26:40 GM
2002 FIFA World Cup Korea/Japan Movie (Part 4/12). at home . equity loan. interest rate. Legally Blonde: The Harvard Variations · Alex Takes Calls About Health-Care on The Alex Jones 2/2 ...
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