I 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.
Posts Tagged ‘chunk’
Refinance, mortgage question very confused?
Tuesday, November 10th, 2009What does it mean to “lock” just a portion of a home equity line of credit?
Monday, August 10th, 2009I am new to home ownership…. and just got a ,000 equity line of credit. They told me I could "lock" only a portion of it now (i.e. ,000) and then call back at any time and lock another chunk. I asked her what she meant, but her answer went right over my head… Please explain in dummy terms what it means to "lock" K and why I want to do that? And do I want to call back and lock the rest? I am sooo confused. Thanks so much for any information anyone can provide!!
take out home equity loan to pay part of mortgage?
Wednesday, May 27th, 2009I have a 15 year mortgage on my house which I've been paying on for about 7 months. Its fixed at 6.74% APR. Initial amount borrowed was ,016.24 and now I owe ,674.81 after 7 months of payments. (my payment is 4.42 per month) My bank now is advertising a home equity installment loan for up to ,000 at 4.99% APR. The question I have is would it be smart to take out this loan and pay off ,000 of my original mortgage with the money since it is at a lower rate (4.99 vs 6.74)? In other words I'm not looking to use the money for anything other than paying off a large chunk of my mortgage in the hopes of saving some money over time. ps. I'm pretty sure there are no 'closing costs' involved with the home equity loan.
Just wondering, can one have a home equity loan, and still refinance their 1st mortgage? Thank you?
Monday, April 20th, 2009We made some bad decisions and need to pay of some debt, a home equity loan would help and lower the combined payments, but we are also looking to refi in another 3-6 months, but there is no way we can pay of the largest chunk of our debt before then.
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