Hi, I bought an investment property using my HELOC and I am paying interest every month without paying off the principal. The rent on the house is enough to pay off the monthly interest. While the interest rate is low, should I get a new loan so I can pay off my principle too? Thank you.
Archive for the ‘heloc rates’ Category
Should I get a loan on a house I bought using HELOC?
Friday, August 6th, 2010How will the today's fed cuts affect a HELOC at 9.95%?
Thursday, April 22nd, 2010Does the heloc automatically go down to 7.75% OR do you have to ask for this rate?
They say that Mortgage rates will be going up. Will HELOC rates go up as well? Right now mine is flexible with?
Thursday, April 15th, 2010a 2%apr.
should I pay off the balance of my car with my low interest HELOC?
Tuesday, April 13th, 2010I try to save $$$ in the long run whenever I can, my car owes approximately K at a 5.95% interest rate for 6 years (going on the 4th year of that now), my current HELOC rate is 3.25%, I got an offer to refinance my car for 3.99% which got me to thinking…what if I just PAY OFF the higher auto loan rate using my HELOC & make the SAME EXACT payment (of approx 5 a month) toward my HELOC instead? Would that save me $$$ in the long run? Shorten my payment? Is it wise?
Serious answers please as I would like to take action soon..thanks.
Is it possible to get a mortgage on a house already paid off? Can I use it to pay debts?
Monday, April 12th, 2010We were thinking about getting a HELOC (on our home which is paid off) to do some debt consolidation, but I’m wondering if it’s possible to take out a mortgage to do this instead. We’ve never had a mortgage as we paid cash for our house. It seems that the mortgage rates (for fixed) are significantly lower than the HELOC rates. Can anyone tell me if this is possible? If so can I go to any bank to get this? Thanks!
HELOC PRIME RATE VS FIXED RATE.?
Sunday, February 21st, 2010I HAVE A HOME EQUITY LINE OF CREDIT. I HAVE TO PAY ABOUT 75,000 AND HAVE A FIXED RATE AT 7.45 %. MY MONTHLY PAYMENTS ARE MOSTLY INTEREST ABOUT 0. I TALKED TO THE BANK AND THEY SAID I COULD GET OUT OF THE 7.45% FIXED INTEREST RATE AND GET A PRIME RATE AT 3% AND I’D BE CHARGED A ONE TIME 0 CANCELLATION FEE. WHAT I WANTED TO KNOW IS SHOULD I CANCEL THE LOCKED 7.45% AND GET THE PRIME RATE? WHAT ARE THE PROS AND CONS?
Recommend buying a vehicle half loan, half equity line (HELOC)?
Sunday, December 27th, 2009Just wondering what some financial people might recommend. Our family just got a little bit bigger (in-laws moved in with us) & our current vehicles only hold 5 max (we are now 6 in the household). We’re looking into vans & the one we want is offering 36 months 0% financing…despite that great interest rate, the monthly payment will still be EXCRUCIATINGLY high…after a little brainstorming, was wondering if it would be wise to paydown the financable balance at financing with a HELOC check to get it to something reasonable, pay off that balance in 3 years, then pay toward the HELOC? Anyone ever do this? I think this is better then putting the ENTIRE vehicle on the HELOC (something we pondered as well & something some of our friends do w/o a second thought).
Our broker is wanting to give us a Heloc 2.85% rate for our first house. Will we be paying off any principa?
Thursday, November 19th, 2009We were told a Heloc 2.85% Heloc would be the best for us to keep our mortgage down. We were told that the prime rate is most likely going to go down and if it did go up it would be very minimal, and our mortgage payments would stay the same till our 5 year term was up and then we could renegotiate.
Also with a Heloc are we paying anything at all in principal???
The price of the house is 340,000. Our rate would be 2.85%.
Thanks in advance.
Calculation question, what is better to pay off overall with consideration to tax deductions…?
Sunday, November 15th, 2009I am trying to decide what is best to start using my extra money to pay off…a student loan at 5.4%, an auto loan at 4.99% or a heloc at 7.75% I know student loans and heloc interest is tax deductible, but assuming these deductions don’t affect a change in bracket (tax rate) what is the calculated difference in interest saved (assuming 15% bracket) on whether to pay which of these three….(I guess I’ve always been told pay non-deductible first, but with these numbers I just don’t see how that adds up…and most importantly how do I actually calculate the real interest I’m paying on tax deductible interest so I can compare it to nondeductible rates…) thanks in advance for any help!
Refinance, mortgage question very confused?
Tuesday, November 10th, 2009I took out a 70k HELOC 1.5 years ago, adding my 1st i owe 205,000. My intrest rate on my 1st is "ARM’ 10% and 2nd 12%. These are killing my payments. I went to try to refinance my credit is 670, but they are telling me my property is valued at 185. if i would come up with 20k they tell me i could save a huge chunk of money. My home was actually appraised at 220 when i took out the HELOC 1.5 years ago. They used a computer to figure it out not a actual appraiser. After doing some reasearch homes sold for 184,000 at that time. I live in a townhome communtiy. I need some help tired of explain this to banks.