Posts Tagged ‘3 years’
Thursday, August 26th, 2010
OK so I have a couple of questions since I am considering looking into obtaining a home equity loan, I’ll try and include as much info as I can so you are familiar with my current situation.
So I plan on putting the house (home #1) on the market within the next year or two and to make the home market ready it needs some work. On top of this I need to purchase 2 cars for my sons so I figured a home equity loan will be able to cover these costs. I own 2 homes. Home #1 was appraised at 0,000 and has 2,000 remaining on the mortgage. Home #2 was appraised for 0,000 and has 3,000 remaining on the mortgage so I like to think I have a decent amount of equity. I have an ok credit score sitting around 720, and make roughly 0,000/yr. I’ve NEVER missed a mortgage payment, nor any payment in general over the past 3 years. I’d really like to take out around 0,000 if that’s plausible. I’m just so confused as to how to go about this; some say get a home equity loan others say refinance. What is your personal opinion, and why? I greatly appreciate all the help and advice you share!!!
ADDITIONAL DETAILS:
I’m currently in a lease and I personally don’t see the need of getting car loans, which is the secondary concern. The primary concern is there is work that needs to be done to the house before I put it on the market. Figured this loan could fit all my needs into one note.
Tags: 3 years, additional details, car loans, cars, credit score, current situation, home 1, Home Equity Loan, mortgage payment, ok credit, personal opinion, secondary concern
Posted in Home Equity Loan | 7 Comments »
Sunday, July 25th, 2010
I have good credit. I have no money in the Bank. My house was paid for but now I have a 60,000.00$ home equity loan. My house is worth about 220,000.00$ The business is a very small apartment Complex. It has a house turned into 2 apartments that I could rent out for at least 1,000.00$ each a month. There is a row of 10 rooms that they ask about 200$ a week. Then there is 3 efficiency apartments that rent for about 250$ a week. The owners are bringing in at least ,000.00 a month and when full bring in about 15,000.00$. When I first saw this place I wanted it and now it’s for sale because the owners are getting a divorce and need to sell to be agreeable to both people. 3 years ago it was appraised at 1 million now it was appraised at 750,000.00$. I’m guessing it has about 4 acres. Any financial advisors out there to tell me, am I crazy or not crazy? I would not live there. My Husband installs and refinishes floors and I started a cleaning business. Thanks for reading. Cindy
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Tags: 1 million, 3 years, american households, birdhouse, business thanks, cindy, cindy sherman, efficiency apartments, financial advisors, getting a divorce, home based business news, Home Equity Loan, iphone, iphone 4, landslide victims, local business promotions, loo, money in the bank, news today, panasonic tv, small apartment, tax evasion, webcomic
Posted in no equity home loan | No Comments »
Monday, June 28th, 2010
So, I am in a situation where I had a good job for years w/o a degree, bought a condo, got laid off and now working again, but I think the real solution is to go back and finish my bachelor’s degree. In order to do this, I would like to quit my job this fall or sometime next year to finish my junior and senior year full time instead of just going part time. One thing is for sure and that is I start my junior year of college this fall, I just don’t know if it will be full time or part time. The college is night classes which makes it good for the part time option. The problem with not working and going to school full time is making my mortgage payment. My condo is worth 240K from the bad economy and have a 190K loan against it. (I had a good down payment from a previous house sale). My current APR on the condo is 5.875%. I got a GFE on a basic refinance (5.125% w/o points or fees) and it came back I would pay 10 per month w/ taxes instead of the 15 per month I’m paying now. I’m also considering not refinancing because it is only a 5 savings per month and I plan to sell in 3 years after I get my degree. If I don’t refinance, I am thinking of going with a line of credit (home equity loan) with the bank I have the home loan with and then quit my job when school starts. I would then use the money from the line of credit to pay my mortgage while I’m in school. I think the percentage rate was around 6.5%. I wouldn’t need to use the home equity loan until my senior year of college though. I currently have ,000 severance from the lay off I plan to use during my junior year to pay my mortgage. Then when that money is gone, I would plan to use the line of credit during my senior year. I like the line of credit because I only pay interest on what has been taking out. Second option instead of the line of credit: Instead of the home equity loan for my senior year of college, I could refinance the condo and "take cash out". I have not looked into this option. If I take ,000 out, I could put it in a CD for a year and then it would be used for my senior year of college to pay my mortgage. I know it is not a good situation for me, but I’m trying to make the best of it. Does the home equity loan sound better or the refinance?
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Tags: 240k, 3 years, bachelor, economy, full time, gfe, good job, Home Equity Loan, home loan, house sale, money, mortgage payment, one thing, part time, percentage rate, real solution, severance, time one, time option
Posted in Home Equity Loan Refinancing | 4 Comments »
Thursday, June 24th, 2010
It didn’t sell for a whole year after being on the market? When we first moved in our Double Wide home 3 years ago, which is a 93′ model, it had old fridge, stove, washer, and dryer (maybe from the early 90’s). We replaced all of those appliances in a matching set. They are all white fridgidaire. We bought those brand new. Also since we moved here, he replaced the whole AC unit and Hot water heater. He also painted a few of the rooms which were wallpapered from when it was built.. so you can imagine the walls looked nasty. The only thing i think will turn people away is the carpet, which is a blue and has wrinkled up i guess you could say. We are talking about having someone come in and clean it and tighten it up. Also, the kitchen floor has a few mud stains on it and some other little problems here and there (nothing major). We are trying to get out of debt and that is why we are trying to sell the home. He bought the house 3 years ago for ,000. When we got it appraised a year ago (before we updated everything and made all the changes), they appraised it as 121,000. I was shocked. Now that we have done all of these repairs, i am thinking that if we sell, we can use the remaining balance to pay off our debts, get married and move into a nicer home with cheaper payments or at least look for something in better condition. We have 2 loan bills over 1,000$ a piece from having to replacing the AC and a couple of other reasons. We also have 2 credit cards and our furniture bill that we racked up from buying the new appliances for the kitchen. Since our credit is bad, we cannot get approved for a home equity loan, a personal loan AND we cannot refinance. My boyfriend has a 12 hour job that he works 6 days a week and he would get a 2nd job to get out of debt, but they keep changing up his hours and they are not understanding about anything. Everything is very overwhelming and hard to deal with and selling the home seems to be our only option of saving from foreclosure and causing our credit score to drop even more. Please let me know what you think we could do.. and also.. if we put the house up for the market, are we allowed to have our stuff in here while they come look at it? I always see pictures online of homes for sale and they are always empty. :/
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Tags: 3 years, ac unit, carpet, credit cards, credit score, debts, foreclosure, fridgidaire, furniture, Home Equity Loan, hot water heater, job, kitchen floor, mud stains, new appliances, personal loan, washer and dryer
Posted in online home equity | 1 Comment »
Tuesday, May 4th, 2010
I was divorced and signed over the deed of our house to my ex wife September 2005. I rented until February 2009 and closed on a 8,000 home. We agreed in the divorce that I would be responsible for a home equity loan I took out to start a business. Since I was renting and paid child support , it took me 4 years to pay that loan off. I did NOT, however, own a home during that entire period. And, as stated, the deed was signed over. I did however claim an interest deduction from the 1098 forms I received every year during the time it took me to pay off the home equity loan. My question is do I qualify for the 00 First time buyers credit. I, like many others, am being reviewed this year. I did claim the credit and I know I qualify for the 3 years without buying clause. I’m just wondering what the IRS is going to think when they see Home Mortgage deductions from the 1098 I received until the loan was paid. Help, please
To: I love Idol.
Thank you for the very thought out response. All those people screaming tax fraud. Give me a break. I received 1068forms. I THOUGHT I was supposed to itemize the interest. In fact H & R block did my taxes that year and added it to my deduction.
To answer your question, the mortgage company took me off the mortgage legally 4 years ago. But I still felt responsible for the home equity loan so I agreed to pay that as well. I just didn’t know you couldn’t claim an interest deduction if you were not on the mortgage. That seemed to be the general concensus. I’m calling my new CPA tomorrow. Any other ideas? If you have something productive to say, this goes out to everyone.
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Tags: 1098 forms, 3 years, affiliate marketing, amp, article marketing, child support, concensus, divorce, first time buyers, foreclosure, Home Equity Loan, home mortgage, interest deduction, irs, love, mortgage company, mortgage deductions, property taxes, ranieri, rebound, t claim, tax fraud
Posted in what is home equity loan | 1 Comment »
Monday, April 12th, 2010
We did 80/10/10 to avoid PMI, it was new construction home and we’ve been here for 3 years. Our loan to borrow ratio is above 90% since the value of our home dropped. I’d love to combine my two mortgages into one, even if the monthly savings isn’t a lot, at least the interest I’m saving is good enough. It seems like none lender wants to touch second mortgages right now, and I’d have to bring a lot of cash to closing. Some housing plan by Obama, it doesn’t help me a bit!
What options do I have?
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Tags: 3 years, 44th president, barack obama, casera, cellino, construction accident, credit equity line, family photographers, home construction loans, iowa family, iran trade, la equidad, love, lovelove, mortgage investors, new construction, new home construction, obama, payday loans, personnel group, populism, ron paul, second mortgages, trade www
Posted in 2nd mortgages | No Comments »
Monday, March 29th, 2010
My wife and I were going to try and refinance our mortgage as our interest rate is 6.25% and the rate had dropped more than a percent. This was the bank’s idea, they actually called us and wanted to set up a meeting. When we got there we went over some ways we could save money, but they wouldn’t allow the the refinancing because my wife’s credit score was too low.
My friend suggested a home equity loan which is, from what I understand, is a loan based off how much non-interest money you’ve paid on the loan. As you can tell I’m not 100% on this.
We took out a loan for about 0,000 and the last value of the house was at about 5,000. The catch here is that I’ve only owned my house for about 3 years so I’ve only actually paid like ,000 on the principle. I’ve never missed a payment, or asked for an extension; and I usually pay more than the amount they ask for.
My plan, if possible, would be to get about 00-00 to pay off some bills, mostly medical. It seems when you go to the hospital these days you get a bill from the hospital, the doctor, the assistant, and pretty much anyone you talk to. The bills aren’t that much in total, but each one wants you to pay a certain amount which is annoying. I’m hoping paying these and clearing any credit card debt will raise us enough to get approval for refinancing.
I do plan on talking with the bank, but I like to come here first just to get a better idea of things.
Thanks in advance.
Note: I am on a fixed rate, I will never go to variable. Also we plan on living here the rest of our lives. We both have very good, very steady work in healthcare.
The idea is once these misc. bills that I pay 0 or so a month to are gone, that money could be slapped back on the monthly mortgage over-payment. I usually paid several hundred over but as the number of the number of these little bills increased, it took away from that and I’m pretty much not paying any extra.
401K is out, as this is my first job that offered it and I have next to nothing. We are a young couple, both mid-20s.
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Tags: 3 years, 401k, credit card debt, credit score, first job, fixed rate, Home Equity Loan, interest money, interest rate, mortgage, principle, refinancing, rest of our lives, thanks in advance, young couple
Posted in Home Equity Loan Refinancing | 5 Comments »
Saturday, February 13th, 2010
I am refinancing my home this month from a 30 year 7.25 to 15 year 4.34 saving ,000 in interest. Problem is that any equity I had in the 3 years I’ve been paying, I’ll lose when I tie closing costs back in. My wife and I have excellent credit and no credit card debt (only student loan, home mortgage, and 2 car payments). Looking for about ,000. Should I go to a bank or put it on a couple cards??
Tags: 3 years, car payments, cards, closing costs, credit card debt, home mortgage, interest problem, student loan
Posted in Home Equity Loan Refinancing | 3 Comments »
Wednesday, February 10th, 2010
I was thinking of remodeling my kitchen to add value…I would like a loan for this. Nothing more than ,000 that I just don’t have at the moment. I don’t believe I can get a Home Equity Loan, cause I have no equity!
(300k loan, zero down, and the place dropped 35K in value in 3 years)
What other loan options do I have? I have great credit and always pay my mortgage on time. I just don’t have 20k.
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Tags: 3 years, business loans, clever girl, history events, Home Equity Loan, insurance advice, keyboard mouse, loan modification, loan options, loans mortgage, logitech wireless, mesothelioma cure, mortgage, mortgage calculator, mortgage fraud, mortgage home loan, mortgage problems, negative equity, samawa, top mortgage, weight loss diet, wireless desktop
Posted in no equity home loan | 1 Comment »
Sunday, December 27th, 2009
Just 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).
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Tags: 3 years, amp, avforums, birthday party, bollard, brainstorming, electric guitar, financial news, guitar amplifier, household, household chores, household goods, household savings, interest rate, little bit, makeup, millionaire, nadya, numerology, rate increase, second thought, side chair, unanswered questions, vans, wirings
Posted in heloc rates | No Comments »
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