If 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!
Posts Tagged ‘home equity’
It is a buyer's market – I understand that. Home equity loans, how do they work?
Monday, March 8th, 2010Using 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?
My husband got my family in major financial straits.?
Thursday, January 21st, 2010He will deny everything he has done and blame me, his wife for everything. On occasion he will take some blame. He did not have an income (he always makes sure to spout off that he is in fact working) for a couple of years and no benefits for his family.
No matter what -he has stayed his own course even though financial ruin has been around him. No income, selling his watch to a pawn shop, bringing his wedding ring in to get a loan-then get the ring back, increasing anger, 60K of credit card debts, personal loans from friends–always doing it behind my back, oh and the worst part during all this he would dip into our home equity and say he needs to then all the while he does work per se though has no or spotty income. After a 2 year adjustable arm mortgage he put us in (i would cry and say no I do not want to refinance again) we almost went under. I got our house out of foreclosure by the grace of God.
He tends to still be this Napolean Man and surely this is not the guy I married. I am not sure if he is ill, or addicted to power and control?, or hiding substance abuse? Or chemical imbalance in his brain?
I just want him to get well. I have children to raise with him and after him calling me bad names, etc. ie. abuse on all levels….well just feeling frustrated like when will this end! Has anyone seen someone just throw in the towel for their marriage/family? I mean at times we barely have any money to buy a gallon of milk. I am always frantic running around like a chicken with my head cut off picking up the pieces (ie. getting jobs,etc.) I am scared that he is hiding something that he did. I mean when you see financial ruin for so long is it just depression or something more? Anyone go thru something like this?
Therapists tell me to just focus in on me and my children and let his chips fall where they may. But see what they do not know is he is still loved by me (i love the man he used to be) and he is an amazing Father. Even though he has been cruel to me I still love this Napolean Man!
He has a lot of addiction, ie. alcoholism and drug addiction and depression in his family.
He thinks money is going to solve this (yea some of it it will) but I think there are deeper issues.
Thanks
I got rejected for a home equity loan by capital one, wondering what else to try?
Thursday, December 10th, 2009I needed a loan/line of credit to draw from, to pay down some debt and use for other things around the house, and I tried a capital one home equity but I got rejected primarily because my income to debt ratio was about 55% debt ,,,and I think their cut off was 50%…so I just didn’t make it.
Anyways, I’m pretty upset over it and want to know what other banks or types of loans/lines I should go for, or perhaps try the same one once the income to debt is a little lower? DO all of the banks out there use the same exact criteria, or are some harder for approval than others, etc?
I just don’t want to feel like just because one rejected me like it’s just game over. If that’s the case, fine, but I at least want to know that I tried and put some careful thought into this.
Any ideas?? Sucks being rejected!
blah.
I’m not sure if applying for a lesser amount is more likely to get approved than a lower. I want to make something work, but am not sure how to go about it.
How can I verify the validity of a check written on Charter One equity line?
Thursday, December 3rd, 2009HELP! My crazy husband sold a car over the weekend and accepted an 00 check from a family. The lady assured him the check was good and said it was her "home equity" line. The check just says Charter One, but no address or contact number for the bank. I will be taking it for deposit to my credit union today, but is there a way for me to verify that it is good prior to waiting to see if it bounces??? We live in Georgia and find no brances in this state. Any advice?
Is paying off a mortgage early beneficial tax wise?
Thursday, November 19th, 2009The following is from
http://www.usnews.com/money/personal-finance/retirement/articles/2008/06/19/should-you-pay-off-your-mortgage-before-you-retire.html
"The interest you pay on your home mortgage is tax deductible on up to million in debt. You can also typically write off interest on up to 0,000 of home-equity debt. But you benefit from this tax perk only if all your itemized tax deductions, including your mortgage interest, add up to more than the standard deduction that almost everyone gets automatically….. Jonathan Pond, a financial planner and author of Grow Your Money! 101 Easy Tips to Plan, Save, and Invest, argues that you need to be in the 35 percent tax bracket, or make at least 0,000 annually, for the tax break to be worthwhile. Most Americans in the 25 percent tax bracket might pay, say, ,000 in mortgage interest but save only ,500 in taxes."
If I pay ,000 in mortgage interst but only save ,500, that seems nonsmart to me. Is the above quote correct?
I got a call from somewhere wanting to talk about my home equity..?
Thursday, November 19th, 2009Today i got a call, by the way i am a minor, from somewhere wanting to talk about my home equity….
i said that i was busy and i hung up. then i looked up what it was and it said it was a loan system or something…
what just happened…? help? what should i do??
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/ | |
| 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/ | |
| 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 ... With a home equity line, you will be approved for a specific amount of credit. ... www.federalreserve.gov/Pubs/ | |
| Home Equity Line of Credit (HELOC) from Bank of America Decide whether a home equity line of credit (HELOC) is right for you. Whether you have ongoing finance needs or just want your money all at once, learn ... bankofamerica.com/... | |
| Wells Fargo - Home Equity Loans & Lines of Credit Wells Fargo is one of the leading providers of home equity financing in the United States. www.wellsfargo.com/equity | |
| 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/ | |
| What is Home Equity? A simple formula for determining your home equity is to subtract the amount of the mortgage balance from the current fair market value of your home. ... www.wisegeek.com/ | |
| 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 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 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/... | |