My Parents are taking out a home equity loan. The banker said they could take out ,000 and if they used ,000 of it there payments would be 5 a month and that the payments are based on how much you use. So my question is if they used ,000 and payments are 5 a month when they start paying it down will the payments go down to?
Posts Tagged ‘banks’
Anyone know anything about loans please help?
Tuesday, August 3rd, 2010US Bank says my loan is "Investor Owned" and they can't offer me a loan modification, any other options for me?
Wednesday, July 14th, 2010I have a 5 year ARM and it is up in Dec. I had to let go of my second property in AZ. My credit is shot. (Aurora Bank strung me and my cash buyers out for 7 months before still Foreclosing on the house) I ran out of savings. My parents have been helping me pay my bills but that money has just about run out. I just got a corporate part time job with a strong possibility of full time hours soon. US Banks says since my home is an "Investor Owned" loan and it’s not a freddie Mac or Mae home, they can’t offer me a loan mod, forbearance…nothing. I have about 50K equity in it. I want to refinance it and get these good load mod’s that so many people have received. Any other options for me on dealing with US Bank. I heard about stopping payments, putting a restraining order against the banks… I am not sure what that is all about. But basically I want to know if there is any other avenue for me to go down that is legit to get a better loan. I am thinking of having my parents be on the loan and get a new loan entirely. I have bad credit due to the short sale tactics of my AZ property. This is a Ca home in Orange County if that makes a difference. I’m also renting two rooms in the house and we all live together, so if there is some kind of renter protection clause, let me know. Please let me know if there are any assistance programs available to me and or any options, ways of going about this that I should know about. Super Thanks!
I didn’t saw I was looking for a job
SBA loan or Self Finance ? Which is better?
Sunday, June 6th, 2010I recently applied for an SBA loan for my start up (new concept never been done before).
The banks wants 30% cash down and 70% fully secured with collateral (aka my house).
If I have both of what they need then why wouldn’t I just start the business on my own by taking a loan against my house for the 70% and use my 30% cash? A home equity loan @ 5% fixed rate over 30 yrs (vs.) a 6% + Libor variable rate over 10 yrs that the SBA is offering…I don’t get it?
What’s the point of the SBA loan??? If everyone had 30% down plus collateral for the other 70% wouldn’t everyone self finance and use their own money without the hassle of answering to a bank?
If an LLC owns a rental property, can it borrow against the equity in the house to purchase another rental?
Sunday, May 23rd, 2010My sister and I recently inherited a rental property in PA from my dad who passed away last month. She lives in GA and I am local and will be the one taking care of the property and tenants, but we own the property 50/50. I would like to keep the rental and build a property portfolio off of it. Since it is in both of our names, I was thinking we could set up an LLC which we would be partners of, sell the house to the LLC and then borrow against the equity in the property to buy another rental property and more down the road. There is no current mortgage but, I have heard that banks right now will not loan to an LLC for a mortgage for various reasons. Could the LLC just essentially borrow against the equity, take out a home equity loan and use that as a down payment for a future property? She has given me Power of Attorney, but I’m assuming that if we do not form an LLC, I could only borrow against half the equity for a future property. Is that correct? Any and all suggestions are appreciated!
Loanmaster: The rental property is completely paid for, so I have 50% equity and so does my sister. If we "sell" the property to an LLC that we create, the LLC would then own 100% equity. Wouldn’t the LLC be able to borrow say 50% of the equity (HELOC)to use for a downpayment and repairs to a future rental property? Or would I still have to sign a personal gauranty, since the LLC would be borrowing against its own equity? If the loan were to default, the bank would be able to get their 50% equity or whatever makes up the difference. Correct or am I misconstruing things here?
House given to us free & clear, how do we go about getting a home equity loan?
Friday, May 14th, 2010My grandparents are giving us their 2nd residence home. No money owed on it, title will be ours next week. Here’s my question: we want to pay off some debt & do home improvements, but I am concerned about the seasoning clause. What banks/lenders offer home equity loans without a seasoning clause? Since there is no purchase amount, will they go by the appraised value in this case? Thanks in advance.
I have never applied for a home equity loan. Do you know anything about it?
Monday, April 26th, 2010I have a Chase credit card, and they have always kept their word and I applied for a fixed home equity line of credit for 4 yrs. The fixed rate is 7.8%. I am not sure if that is good or not
Should I apply at more than 1 bank? Will other banks, loan companies possibly give me a better fixed rate?
My home is paid for. My dad sold it to me for before his death. I only want a fixed rate, not adjustable and asking for , 000. for the roof and tuck pointing the chimney and fixing some vents up there.
I desperately need a roof since the house is very, very old. The roof is running water all over the floor.
If I have 2 homes and default on 1 mortgage, does the bank come after the 2nd home too?
Friday, April 16th, 2010If I have 2 homes, both with mortgages, and I default on one of the mortgages, can the bank (different banks for each home) who holds the bad mortgage come after the 2nd house?
What's the best online site to lower my Mortgage interest?
Tuesday, March 30th, 2010It’s at 8.5 APR going up faster that warp speed,Chase bank won’t help,they told me to get behind 3 months..
..huh? I have never done that,it sounds funny to me. I have always paid early, full amount for last 10 years I have over 80%equity in my home..huh? Why can’t they help me,no one in this small town of 3 banks here are doing loans.I am retired and my fixed income and pension is being eaten up by this evil monster called Chase..yes they Chase your $$$$$$ till your dead or broke…proper name for these crooks huh? …help!! please.
Any loan officers out there? What to refinance?
Sunday, February 28th, 2010I had a setback, lost my 20yr job to bankruptcy. I made a few good choices, and survived for 18mo, until I found a new ok job. meaning I now make more then my bills, instead of using part of my saving or adding debt to my credit cards to make ends meet. So now I make 30,000, and would like to take advantage of the interest rates. I have a 6.25%. and was told by at least 5 banks or loan companies I could get 4,75% I have over 20% equity, in my home. After I start the loan process, it always falls through. Either the interest rates goes up a 1-2 points, or they want me to put down an additional money. Sometimes it is for the loan process, which is above the usual 2,000-5,000 closing costs I was exspecting. Sometimes it is to increase the down payment.I have a 120,000 house even after the housing crash, and owe 92,000. I actually was going to put 10,000 down to help lower my payments even more. But that still is not enough. The loan never happens. I have a great credit score, and make more then enough to pay my bills. So why am I not getting these refinance loans?
Income to debt is very good. I have other proterty that now only pay for themselves. I uses to make a little income. But I have no other debt, or other loans out.
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