Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.
Posts Tagged ‘debt consolidation loan’
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?
If I have a loan that is partially secured and I am filing for bankruptcy do I file it on schedule D.?
Sunday, February 21st, 2010I had a personal loan that was refinanced and turned into a home equity loan. Our home was foreclosed and we current on the loan payments. We are filing for bankruptcy and I need to find out whether to list this under schedule D since it is partially secured or under schedule F since they don’t have any property to take from us.
Is a consolidation loan secured by one’s house?
Sunday, January 17th, 2010Is a consolidation loan in the range of 0,000 — 0,000 secured by a person’s home?
Also why are the rates of home equity loans more than home equity lines of credit even though they pretty much the same thing?
Thank You
Car loan or home equity loan?
Sunday, November 15th, 2009We would like to purchase a used car. Are we better to get a car loan or approach our bank to see if we can get a home equity loan?
I think most car loans have a higher interest rate, however you pay it off quicker. Where as the home equity loan would be cheaper/lower monthly repayments but for many more years. Am just not sure which would be better for both the short and long term?!
Oh, and just in case anyone is a finance whizz and this makes a difference….the car purchase is mainy for business, and the property we’d get the equity loan on could either be our rental property or our place of residence (however we used the equity on the rental to help cover the mortgage of new place of residence at the start of this year). See why we are confused!?! lol
Your experience/advice appreciated. Thx!
We have a GOOD credit history.
Thank you to the genuine answers. I think its good advice to keep it seperate and will look into this.
To others – please do not use this as an opportunity to promote your credit businesses (or scams?). We always choose and prefer to use a reliable lender. This was NOT a question about where to get finance….just type of loan was better.
Should I try to hold on to my home or let it go into forclosure?
Saturday, November 14th, 2009We owe 5,000 on our house and it’s now worth about 0,000. We have an ARM that is going to reset in Jan 09. We definitely can’t afford the ,000 jump in payment. Called the mortgage company (Ocwen) and they said we do not qualify for the government’s freeze on interest rates program because our ARM was for 3 years instead of 2, but they said call back closer to the time the loan is set to reset and they’ll work with me. Somehow I doubt it and I don’t want to pay my ,100 property tax bill on the house if I’m just going to lose it in the end. Plus, I’m thinking about all the money we could save every month if we let it go and just rented a house. We’d save about ,000 a month on rent and ,000 a year on property taxes. Why hold on to a house that costs too much and has no equity? Not to mention it’s an interest only loan, so paying it off will NEVER happen. Please give me your advise. Is foreclosure really so bad? My credit score is already low (610)
if someone can’t afford buying gold is this a smart way to acquire it ?
Monday, November 2nd, 2009if you’re concerned about the future.
get a home equity loan or line of credit with a low interest rate. use that money to buy 10-20 thousand dollars worth of gold and have payments lower than car payments for the next 3-4 years.
why would gold go down in price ? the demand for it currently is so large the US mint has stopped selling gold eagles.
What are the best loan options to purchase a new car when I still owe on my current vehicle?
Saturday, October 17th, 2009I owe more on my current vehicle than it’s worth but need to purchase a new car, home equity is not an option and I have fair credit. What is the best course of action?
How long do we have to wait to take out a 2nd mortgage?
Thursday, October 15th, 2009We are wanting to do debt consolidation. We just made our first house payment. It was a Fannie Mae foreclosure which we purchased thru a loan with the USDA. We paid ,000 the house appraises for ,500. How long do we have to wait to get a 2nd mortgage and how much could we get? Any help would be great …thanks
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