Posts Tagged ‘100k’

Building My Dream Home?

Friday, September 25th, 2009

I want to build my dream home. The House and Land package is 500,000. Now what?

Does a bank give me a loan on 80% of the home, so I need to come up with 100K? I do not own anything, so does that need to come in the form of Cash? what other means could I do, understanding cash is the best option.

Now, once we figure out the 20% down, what happens from there? The House is built to plan, and then the remaining 400K Becomes my mortgage, and theoretically I have 20% equity in it? Or in these economic times, does a house and land package that costs 500K, really not worth 500K, or is it worth more perhaps?

What are the different loans I will need (i.e. construction loan, mortgage, line of credit)

If i look at "For Sale" homes in the 500K range, can I expect that is what my "built" home will be, in the sense of land space, and sq ft of home? (well newer homes in the 500K range, not forclosued or fixer upper homes)

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I have a renthouse with about 45K in equity and I need some. Refi or home equity loan?

Sunday, August 23rd, 2009

I am just about to start a new job and have to take tests series 7…I need this money to cover the gap while it is slow, buy an engagement ring, and put some money away for a rainy day. What is my best option right now? I have a 30yr fixed at 5.625. I don’t plan to keep this house for more than three years. It is appraised at around 145k and I owe just under 100k. How much can I expect to get?
I have held the house for just over 4 years.

If you are 40ish, have $300k cash, and $200k in an IRA, would you feel pretty good about where you are?

Saturday, July 11th, 2009

also a home with 0k equity. Just wondering cuz I am looking for a new job in a new city and feel pretty stressed. I am proud of how i saved and grew the money but I can’t talk about that in an interview…lol.

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Do you think Im able to get some sort of help for my mortgage?

Thursday, June 25th, 2009

My wife and I did the right thing and bought a house we can afford. We never miss payments and are not in danger of missing one. The problem is we bought our house for 330k only 3 years ago, it is now valued at 300k. So we owe 315k on a 300k house. We cannot refinance because we have no equity.

My taxes go to bail other people out. I also just heard of a plan where the Govt allows you to buy a house for 200k, but only pay for 100k of it???

Im an honest person, did my homework, work hard for the american dream. Where are the programs for me, and people like me? I would like to save money so I can start a family soon and a refinance would've saved me hundreds a month.

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Need advice on how to close out equity loan?

Monday, June 15th, 2009

Have mortage loan at 100K (currently 1/3rd below value of home) Took out a 50K equity loan 3 years ago (needed for emergency reasons) – originally paid monthly interest around 5.00 but over time has jumped to nearly 0 just interest. This is killing me to pay each month for last 2 years. Credit rating is slightly mid-average and my income does not qualify me to merge both morgage and equity balances. I would appreciate any advice on what options I have, I am at a lost what to do.

How do I complete the Form 6251 Home Mortgage Interest Adjustment Worksheet for AMT?

Monday, June 8th, 2009

I refinanced my 230K loan back in 2005 and cashed out 40K that was not used for home improvements. Therefore my new loan is 270K. I paid 11,900 2008 interest on this loan. I also have a 50K Home Equity loan that I know is not eligilbe for AMT deduction (I paid 3100 in interest on this loan). I am completing the Mortgage interest worksheet on 6251 and I am assuming the line entries are as follows…
1. 15,000 (total Schedule A interest)
2. 0
3. 10,137 (85% of 11,900 – Based on 230K/270K)
4. 0
5. 10,137
6. 4862 (Line 4 Mortgage interest adjustment)

Is this correct? I read conflicting reports regarding refinancing of a mortgage. Some reports indicated that the cashout amount is deductible if it is less that 100K.

Home Equity Line of Credit vs Refinance?

Sunday, June 7th, 2009

I am currently in Chapter 13. I filed 10/04. I have a home with approx 100K in equity. I would like to pay my way out of BK at the 36 month mark (approx 16K) , pay off the second mortgage (which was down payment assistance, 50) and pay off some of my student loans. Which will be better refinancing or HELOC? Will I even qualify for a HELOC while in BK? All responses will be appreciated

Invest in Roth IRA or use more Home Equity for Rehab Project?

Thursday, May 28th, 2009

I currently have a stash of cash in a money market earning 3.61% APY. I also have a home improvement project set to start later this month. I have enough cash to cover about 40% of the project. I also have a line of credit locked to prime, currently 5.25%. Should I take some of the cash to max out my Roth IRA and thus borrow that much more against the house assuming investments will earn 8% over time – or – should I minimize my home equity debt in the short term. My job situation is good but not great. I am also putting away 5% of my paycheck monthly into a Roth 401K. I have also considered the fact that I could refinance the equity loan into a new 30 yr mortgage after the project. The downside there is that I am currently at 5.25% 5 years in to a 30 yr mortgage. Thanks for your input.
FYI – even if I used 100% of my equity line, I would still have over 100K in equity on my home. I live just west of Chicago. Our housing market here has slowed but notthing like the devaluations of Florida or the west coast.

Home Loan and equity loan? How does it work when a house is already paid off?

Thursday, May 28th, 2009

My mom has a home that she bought in 1997. She bought it for 81K and now it is worth about 350K. (It was built in 1991 and we are in southern California.)

She paid off the house back in 2004-just after her husband died she collected the 100K from the life insurnace policy. She is making about .60 an hour-full time-and now she will be bringing home less since her employer is going to take out about a month for health benefits. She only made around 17K last year.
She is about 4 or 5K in credit card debt. Since her husband passed in 2004, she has paid down the credit card debt a lot from 7 or 8K – (most of the money came from the left over amount after paying the house off) but she is still struggling to pay all of her bills.

If my parents had not had the life insurance + if my mom had to pay the mortagage (0.00 month) we would be living on the street now. There is no way she could afford that on her income. Is it worth it getting a home loan for 5K or 6K?
My mom has the '99 truck (it was dad's) and it is running and that truck is paid off. Her car a '99-not running is also paid off. I already asked her if she wanted to rent the room out-she would rather not with her 3 little doggies. They would bark too much.

I thought that interest payments would be lower than credit cards. She is paying 22% of one of her credit cards. that is crazy! I will show this to her tomorrow. Thank you all! If I could I would give you all best answer!

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