Our loan was for 5 years. That time is almost up but we will still owe approx. 66,000.00 as a balloon payment. Cannot find any information on what we can do now. All I can find is that you can refinance it through your existing company. We have done this twice before over the past 10 years. However, this time we have had a severe drop in our credit score. Our estimated property value is at least 3 times what we need to borrow in order to pay off this 66,000.00 balloon payment. would like it to be a regular mortgage, or whatever, so that at the end of the term, we wont owe anything.I guess I am wondering if my current bank is obligated to refinance it or would I be forced to find another company who finances couples with poor credit. We have been with this same bank for 15 years. The last time we refinanced the equity loan, when our credit was good, I asked the banker to set it up so that we wouldnt owe so much at the end of it. I guess he thought that 66,000.00 wasnt SO MUCH. Is any company out there helping couples in our situation .
Posts Tagged ‘equity loan’
Home equity loan term is running out. what to do now?
Thursday, August 26th, 2010Should I refinance my mortgage?
Thursday, August 26th, 2010My home is appraised at 5,000, my mortgage is at 5.875% with a balance of 67,000, I also have an equity loan at 31/2 % with a balance of ,500 should I refinance ?
Equity loan for a home owned by husband and wife?
Sunday, August 22nd, 2010My mother and father have both their names on the home they live in. My father was allowed to take out a 300,000 line of credit (equity loan) on the house without my mother’s permission. Is this allowed. He has dementia and has lost/wasted the money. How could this have happened without the bank informing the other homeowner or getting her permission?
where can I get a bad credit loan with a lot of equity in my home?
Saturday, August 14th, 2010I have bad credit, but lots of equity in my home. Anyone know where I can get an equity loan?
Should I consolidate my credit card debt & close old card accounts before or after refinancing my home?
Monday, August 9th, 2010I have about 00 in credit card debt, I was thinking of getting a end-term loan that has regular monthly payments to get it paid off sooner and a stable interest rate. My problem is two things 1. We (my husband and I) are going to refinance our home in March so I do not know whether to get this loan now or wait until after we refinance. We do no have enough equity in our home to get any kind of equity loan for the house. 2. My husband has about three credit cards that does not have any balance on them and that he has not used in years one he has never used. Does this hurt his credit should we cancel them? If so, do we do it now or after we refinance?
The loan we are looking at is an intrest only for the first 5 years which we will be selling after that and so we don’t want to refinance much more than we already owe on it maybe get about 00 to put down new flooring. The new floors is needed as we have two children w/ eczema & asthma and the old carpet is needing to be replaced. We are looking at laminate flooring throughout the house.
Buying a home, need a down payment?
Wednesday, June 30th, 2010Currently I am in the process of house hunting. I already own a home, but its occupied by three people including me. I am trying to move out to live on my own (Finally). I did a recent credit check back in april, it was good, but back then i wasnt interested in owning a new home.
I have a steady job, and make about 2,000 per month. I have a car payment and a small debt to pay to a bank loan (around 1,500 dollars). So my question is, is it possible for a mortgage company to give a loan without having the required 20% to buy a new house? Should i refinance my current property or get an equity loan? The other two current home occupents will remain in that house and carry on the payments there. If anyone has any suggestions or experience, let me know.
By the way this would be my second time being a home owner, the first time i was very young, and might have missed something. My current situation with the home im living in is fine, but i just want to get out, get my own place and go solo.
By the way, those remaining occupents wouldnt be tennants, one of them is on the title and deed to the house, which would probably make him responsible for the mortgage. Still i would be partly responsible.
Should or CAN I combine my Mortgage loan with my home equity loan (Refiance together)?
Tuesday, May 18th, 2010In 2006 I purchased a home for 9,000, I took out a mortgage for ,200 at 6.75% (30 years fixed) and a home equity for ,700 at 8.74% (20 years fixed) and put down ,000. I did this so I could avoid PMI which I did. But now I want to refinance since my rate is ridiculously high. Can I combine these two loans now, currently at ,000 and 00 = ,100 combined? At my local credit union the rate they show is 5.185 % (at HSBC now). Gonna live here for at least 6 more years maybe more until my parents sell their home. Gonna talk to them but just wanted some insight before I went. To throw something else in I just won ,000 and was thinking of just paying off the Equity loan but wasn’t sure if I should invest it instead? Was gonna open a roth IRA for a retirement fund maybe with 00 of it since I’m in my low 30’s..
would i be granted a home equity loan even tho i file bankrupsy in feb.2005.?
Monday, May 3rd, 2010I,do not have a morgage loan and my credit card debt is only 1,900. I would like the equity loan for only 10,000.my coop is worth 170 thousand,but because of the bankrupsy i don,t know if i,will get approve.
I had a mortgage and an equity loan on my home. I sold my house for less than what I owed the banks.?
Wednesday, March 31st, 2010My first mortgage was payed off and for the equity loan I payed some of the money and they closed the account. I need to know how to file my taxes. The accountant is telling me that I need a form 1099C and the bank is only giving me the 1098.
Related ‘equity loan’ sites :
| Home Equity Loan vs. Line of Credit: Features of Both from ... Explore your loan options at Chase Home Equity and learn the difference between a home equity loan vs. home equity line of credit so you can make a sound decision. ... chase.com/index.jsp?... | |
| Home Equity Loan Rates, News and Advice from Bankrate.com Searching for home equity rates or advice? Bankrate.com offers timely news, opinion and advice on home equity loans and 2nd mortgages. www.bankrate.com/ | |
| Home Equity Rates Online: Home Equity Mortgage Loan Rate ... Take a vacation. Buy a car. Manageable home equity rates make it possible. Apply for a Chase home equity loan online. Get a low monthly payment for your home ... chase.com/index.jsp?... | |
| Wells Fargo - Home Equity Any existing home equity loan must be paid off with this loan. ... Home equity loan and lines of credit are available through Wells Fargo Home Equity Group, ... www.wellsfargo.com/equity | |
| Equity loan - Wikipedia, the free encyclopedia An equity loan is a mortgage loan in which the borrower receives cash. Typically the loan is secured by real estate already owned outright. ... en.wikipedia.org/wiki/ | |
| Home equity loan - Wikipedia, the free encyclopedia A home equity loan creates a lien against the borrower's house, and reduces actual home equity. ... Home equity loans come in two types, closed end and open end. ... en.wikipedia.org/wiki/ | |
| Home Equity Loans | Current Home Equity Loan Rates Get the best current home equity loan rate quote. Use our home equity calculator to calculate your payments and learn more about home equity loans through our guides. www.mortgageloan.com/ | |
| Home Equity Loan Our loan experts take the speed-bumps out of the auto loan process. ... SunTrust Home Equity Loan. If a fixed interest rate is important to you, or if you want to budget for a ... suntrust.com/portal/server.pt? | |
| Home Equity Loans & Line of Credit, Second Mortgage Rates ... Compare rates on home equity loans, equity lines of credit (HELOC), and 2nd mortgages at E-LOAN. Use the equity loan calculator to figure out your monthly payments. www.eloan.com/s/show/equity | |
| home-equity loan: Definition from Answers.com home-equity loan n. A loan or credit line that is secured by the equity the borrower has in a www.answers.com/topic/ | |