In 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..
Posts Tagged ‘home equity’
Should or CAN I combine my Mortgage loan with my home equity loan (Refiance together)?
Tuesday, May 18th, 2010Can you take money out of home equity and use a car loan to pay that back?
Monday, May 17th, 2010After a month of searching, I found 2 trucks that I was interested in buying. Called the first place, and they sold it just the day before. Called the second place, and they sold it just moments before. I decided to look locally and found a truck on craisglist in a nearby neighborhood by a private seller. It is a steal of a deal!!! I’m afraid they will sell it before I get a car loan from my credit union. I was wondering, can I take the money out of my home equity, then use the car loan from the credit union to pay that off since it’s a much better interest rate?? Just a thought to get things moving quicker. Thanks!
Equity in home used to get a mortgage – is mortgage eligible for modification?
Tuesday, March 30th, 2010If somebody used the equity in their home to get a mortgage (home was paid off, except for ,000, then home was refinanced with a 0,000 mortgage with 0,000 in cash going to homeowner, ,000 to pay off the previous mortgage), is this mortgage eligible for loan modification? Or are only loans that were used to actually purchase a home eligible?
When does a home become eligible for equity loan after purchase.?
Wednesday, March 24th, 2010Hi
I am looking for a home equity. We have located a home to buy and the seller accepted our offer. The appraisal came higher than our offer (which is very in these days, generally appraises to purchase price). We do need a little extra money for certain projects (such as a new car for our newborn). The bank with which we have mortgage loan sanctioned says, they can consider for equity after one year and not now and they also say that the equity, according to them will be based on the purchase price and not the appraised price. We called another bank, and the loan officer says, home becomes immediately eligible for equity, provided it has an equity in it and that we have the papers ready in our name. Can any one suggest how do we do this (in Michigan). Also, if we go to another bank after some time, what is the basis for equity, is it the appraised price, purchase price, or the SEV (after having lived in that home).
Thanks
Applying for a Heloc or a Home Equity Loan?
Wednesday, March 17th, 2010So all I know about Heloc is that interest is variable and then you can make it fixed..How? Is this complicated process?
You pay for what you use.
The amount borrowed will affect if house prices go down, so your availablity of money can go down.
Home Equity
you you must pay as soon as you get the loan.
One lump some of money is given.
And the Bank says 30-45 days money will be received. How long does it usually take to recieve. Thanks!!
It is a buyer's market – I understand that. Home equity loans, how do they work?
Monday, March 8th, 2010If I purchase a home for 0,000, but it is appraised for 0,000, will I have automatic built-in equity that I can use to consolidate ,000 in school loans and credit card debt? Or, will I still have to pay down some of the P&I in my mortgage before I can use the home equity? That is the situation I find myself in right now. Thank you!
Using 1 Home Equity to Pay for Another Home Equity?
Sunday, March 7th, 2010I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
Whats my home equity default payoff effect on credit?
Sunday, February 28th, 2010Lost job (and american dream), home equity went into default, GMAC decided they would rather take 80% drop to close it out rather than readjust. What’s the credit impact?
Can’t refinance without a job? Nor home equity loan? Divorced? Its complicated.?
Friday, February 5th, 2010I have a divorce settlement that left me with my house and my exwife relinquished the home. I have a tenant who pays my mortgage and everything is fine. Its just that when i want to make a move like
refinance, I am pretty sure i cant because i dont have a job (unemployed). Also i would like to get a home equity small loan but i feel like again it will be the same thing. Should it be this difficult for a home that is in good standing, i have great credit too. One of my problems is that the divorce doesnt take wife off of note. I even did a quit claim but still i am told i have to refinance to get her off the loan. But i cant refinance cause im not working…..do i got the vicious circle right or should i try a different banker?
Related ‘home equity’ sites :
| Home equity - Wikipedia, the free encyclopedia Technically, home equity has a zero rate of return and is not liquid. ... Home equity may serve as collateral for a home equity loan or home equity line of credit (HELOC) ... en.wikipedia.org/wiki/ | |
| CHASE Home Equity Loans and Lines of Credit: Home Equity Loan ... The right home equity loan or line of credit makes it possible. Chase loans let you take advantage of the equity in your home so you can build more. ... 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/ | |
| California Home Equity Loans: California Home Equity Loan ... California Home Equity Loan or Line of Credit from Chase. Make the most of your home's equity with a California home equity loan or line of credit from Chase. ... chase.com/index.jsp?... | |
| Home Equity Lines of Credit and Home Equity Loans from U.S. Bank Apply now for a U.S. Bank Home Equity Loan or Line of Credit. We offer competitive interest rates, no closing costs and low monthly payments usbank.com/cgi_w/cfm/... | |
| What is Home Equity? Home equity is the amount of money you have already paid against the value of your home. ... In other words, your equity increases as your mortgage balance decreases. ... www.wisegeek.com/ | |
| Home Equity Loan Center - Yahoo! Real Estate Get information about home equity loans and home equity lines of credit (HELOC) from the Yahoo! Real Estate Home Equity Loan Center. ... realestate.yahoo.com/loans/ | |
| 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 Loan with USA Prime Loans You have good equity in your home and that's money you can use to your advantage. A low-interest home equity loan can make special projects possible. ... www.usaprimeloans.com/ | |
| Home Equity Loans and Lines of Credit From BB&T With Home Equity Loans and Home Equity Lines of Credit from BB&T, optimize the power of your home's equity. Remodel your home, finance education expenses, ... www.bbt.com/bbt/personal/ | |