As a homeowner, you need to take out a home equity loan for home repairs. You wish to borrow ,000 to complete all needed repairs.
Research online and find a loan agency that you will borrow from and give the interest rate. Be sure to reference the loan site.
Explain how much it will cost in interest to pay the loan off in 5 years if compounded monthly.
Then explain the difference in paying the loan off at the end of 5 years if simple interest is used.
I 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?
On a home equity loan during a marriage. If a check was created, Would that check require both spouse to sign that check> As the documents require both signatures to acquire that loan. if the moneys are in the form of a line of credit, does the checks to dispense funds require both signatures?
I have 10 years equity in my home (in this market, not as much as you might think) and now I have medical bills from cancer treatments. I am thinking of taking out a HELOC and maybe in 3 years or so I can sell in a higher market. However, the adjustable rate on the HELOC scares me. I can barely afford all my payments now and am relunctant to sell my house in this market. What do you think? Should I bite the bullet and sell or try to hold on?
basic formula- borrow k at 8.75% APR during draw period interest only payment should be= (40,000 x .0875 )/12 months = 1.67/month but I am paying 0.17/month at this APR. What am I missing?
Also, look at the BofA website- they claim a k for 283/month but also claim 7.25% rates.
Isn’t it = (40,000 *.075)/12 months = 250/month? wouldn’t 283/month on a 40k loan equal out to 8.5% interest rate?
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_home_equity_loc
I’m missing something in the calculation or something in hidden fees I don’t quite get. Any help is appreciated.
If my equation is incorrect, what is the proper equation to use to find the payment on an interest only payment on a line of credit?
I need about 15k from my home equity loan fast. My daughter is not covered any longer by our insurance and she became sick and now we need the money ASAP to pay for the bills. My house is appraised at 181k, my mortgage amount left to pay is 61k. I have a high credit score and barely any debt and no late payments. I need an equity loan fast what are my options.
My daughter isnt covered because after a certain age my insurance will not cover her and she has reached that certain age awhile back.
If you get an equity loan at an owner occupied rate and then find out you need to move 2 weeks later can you buy another home and move without having legal repercussions?
It is under the "intention" of living in the property for 12 months though. And if you do intend to live there but something changes that you can’t, why can’t you move? It doesn’t state that you have to live there….
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Home Equity Loans – University Credit Union, Los Angeles, CA
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California Loans
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Tech CU – personal – home_mortgage – home_equity – Home Equity…
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