Hi, I bought an investment property using my HELOC and I am paying interest every month without paying off the principal. The rent on the house is enough to pay off the monthly interest. While the interest rate is low, should I get a new loan so I can pay off my principle too? Thank you.
Posts Tagged ‘heloc’
Should I get a loan on a house I bought using HELOC?
Friday, August 6th, 2010Home Equity Line of Credit HELP!! Specialized Loan Servicing / GMAC?
Thursday, July 29th, 2010I purchased my home in 2004. At that time, a ,000 home equity line of credit was established through GMAC. In October of 2009, GMAC sold my HELOC to Specialized Loan Servicing.
Ever since, it has been a nightmare.
Can’t keep track of my payments, no idea where my money is being applied, bogus annual maintenance fees (that were not in the original GMAC note), impossible to read statements – I’m just beside myself. On top of all that, it is obvious SLS is geared towards collecting BAD debts. Almost every call I make to them, or piece of mail I receive is set up as if it’s for someone that is 3 months behind. I pay almost double my monthly payment for pete-sakes!!!
I want to get AWAY from this company…. can anyone suggest a lender, company, bank, solution so that I can run from these half-wits??? I don’t deserve to be treated like this, and neither does anyone else that have been upholding their end of the loan requirements.
I want to get a Heloc or Home Equity loan..through a Broker?
Sunday, May 23rd, 2010So I recently applied for a heloc or equity which ever I could qualify for, but neither did.
I applied with WElls FArgo, who are extremely strict!
Thing is I am just on the deed of the house, I think thats why It got denied. So this is my parents house, and they said I could borrow 70k from equity, but they have to apply with me right?
I currently make 3,000/mnth, FIco of 715, with only car payment, and credit card that are being paid off. I really want to get this loan to invest in a property paid in cash! My mom thinks they wont qualify because my mom only makes about 1,200/month, same for my dad.
Will we qualify perhaps through a broker??
Balance on house is 200k. Value is 350k.
Wells fargo is farthest the strictest. I have seen other people with incomes of 500 a month and still got a heloc. Im sure some where I can get it.
How will the today's fed cuts affect a HELOC at 9.95%?
Thursday, April 22nd, 2010Does the heloc automatically go down to 7.75% OR do you have to ask for this rate?
should I pay off the balance of my car with my low interest HELOC?
Tuesday, April 13th, 2010I try to save $$$ in the long run whenever I can, my car owes approximately K at a 5.95% interest rate for 6 years (going on the 4th year of that now), my current HELOC rate is 3.25%, I got an offer to refinance my car for 3.99% which got me to thinking…what if I just PAY OFF the higher auto loan rate using my HELOC & make the SAME EXACT payment (of approx 5 a month) toward my HELOC instead? Would that save me $$$ in the long run? Shorten my payment? Is it wise?
Serious answers please as I would like to take action soon..thanks.
Does a house have to be in living condition to quality for a home equity line of credit?
Monday, April 12th, 2010I bought a duplex a few months ago and I’m in the process of converting it into a single family home. It has been completely gutted and so far has new wall framing up. Is it possible to get a heloc if there is equity in the house, even if it’s not in living condition?
The purchase price was ,000. I owe ,000.
It was appraised for 0,000 when I bought it.
What is the best way for me to finance a new home A/C.?
Tuesday, February 2nd, 2010My bank was offering home equity lines of credit, but I have no equity so I don’t know that I would qualify for that and I really don’t need that much money, only 00-00. I read about Title 1 home improvement loans, but not sure if I would qualify or if it is the type of loan I would need. What are my options? I have a few maxed out credit cards already.
Can they foreclose if I only default on my home equity loan, not my first or second mortgage?
Friday, January 1st, 2010I’m being forced to relocate for my job, and I’m trying to avoid foreclosure or a short sale- I’d like to try to keep current on as much of my debt as possible. My home is currently worth less than half of what I owe (in florida). I do not qualify for refinancing because ratio of the value of the house to loan value. The notes are held by Freddie Mac. I am hoping that they will write a portion off, with the understanding that I’m still paying on a value far higher than I could sell for. (Mortgages worth K, HELOC of K, current home resale value ~0K. I just want to be able to rent it and keep my head above water. Help.
When selling a home, is a home equity credit line treated as a second mortgage or is a line a credit ?
Thursday, December 17th, 2009Can I sell a home with just a 1st mortgage, collect the equity and continue to pay on my Heloc as if it is a line of credit? or will I have to include it in my home sale (and possibly a short sale)?
If I take out a home equity loan to pay off a HELOC (100% of which was used to buy the same home), can I ..?
Friday, December 4th, 2009get interest deduction beyond the first 100k.
Details:
500k home: 250k down payment, 250k HELOC for the rest.
I want to take out a home equity loan to pay off the HELOC so I can fix my rate.
Is the home equity loan tax deductible in its entirety (i know the first 100k is).
Related ‘heloc’ sites :
| Home equity line of credit - Wikipedia, the free encyclopedia A home equity line of credit (often called HELOC and pronounced ... A HELOC differs from a conventional home equity loan in that the borrower is not advanced ... en.wikipedia.org/wiki/ | |
| Home Equity Line Of Credit - HELOC: Definition from Answers.com Home Equity Line Of Credit - HELOC A line of credit extended to a homeowner that uses the borrower's home as collateral www.answers.com/topic/heloc | |
| What You Should Know About Home Equity Lines of Credit A home equity line of credit is a form of revolving credit in which your home serves as collateral. ... Once approved for a home equity line of credit, you will most likely ... www.federalreserve.gov/Pubs/ | |
| Bank of America | Home | Personal Welcome to Bank of America, the nation's leading financial institution and home for all of your personal financial needs. www.bankofamerica.com/ | |
| Sample: HSH's Monthly National Home Equity Line of Credit ... HSH produces monthly surveys of home equity line of credit products. HSH Associates is the world's leading publisher of mortgage and consumer loan information. ... www.hsh.com/helocsample.html | |
| What is a HELOC A Home Equity Line of Credit (HELOC) is a flexible line of against the value of your home. It can be used for home improvements, debt consolidation or anything else. cashmoneylife.com/2008/... | |
| HELOC financial definition of HELOC. HELOC finance term by ... Home Equity Line of Credit. A line of credit in which one borrows against the value of ... That is, the collateral on a home equity line of credit is one's house. ... financial-dictionary.thefreedictionary.com/ | |
| Home Equity Line Of Credit (HELOC) Definition Home Equity Line Of Credit (HELOC) Definition - Definition of Home Equity Line Of Credit (HELOC) Definition on Investopedia - A line of credit extended to a homeowner ... www.investopedia.com/terms/h/ | |
| HelocBasics | Learn how to find a fair HELOC loan, negotiate terms with your lender, and qualify for a ... Here are the five primary ways HELOC foreclosure situations play out: ... www.helocbasics.com | |
| Cole Smith (heloc) on Twitter heloc is using Twitter. Twitter is a free service that lets you keep in touch with people through the exchange of quick, frequent answers to one ... twitter.com/heloc | |