Comments for Easy Home Equity Loan

Comment on Why don't banks just issue 2 year bonds to borrow home equity at a decent interest rate? by JoeyV

JoeyV — Thu, 29 Dec 2011 01:14:49 +0000

You are very confused about lots of things:

1) When someone wants a loan, he wants to sell a bond not be given a bond.
2) You can’t "temporarily transfer the property owners equity" onto the bank’s balance sheet. The property owner still owns the house. Unless there is a true sale of the house, the bank can’t list the house as an asset. You can’t get around this using sale/buy-back agreements for example.
3) I don’t know what you think is "insured only to 100,000" in this deal or who would do the insuring, but bank loans are not typically insured. It is only bank deposits that are insured.
4) I have no idea why you think there is something similar to operation twist here. Twist is about flattening the yield curve, something which banks don’t typically have an interest in doing.
5) "does this form of bond already exist?" – surely not

Maybe you could make an effort to be more clear about what you are proposing. Your proposal seems to start with someone wanting a loan and walking away with a bond (which makes no sense) and gets less clear from there.

Comment on how to take equity loan on investment home that has no mortgage due? by Top Gun

Top Gun — Mon, 26 Dec 2011 00:15:47 +0000

Called a line of credit against your home, just make sure you have enough rental money coming in to pay the monthly payment!

Comment on how to take equity loan on investment home that has no mortgage due? by Bash Limpbutt's Oozing Cyst©

Bash Limpbutt's Oozing Cyst© — Mon, 26 Dec 2011 00:15:47 +0000

You don’t have to have an existing mortgage to take out an equity loan on the house. In fact, not having an existing mortgage on it will significantly increase the odds of approval and the amount that you can borrow.

On non-owner-occupied property you may be limited to 60% to 70% of your equity in the property as opposed to 80% to 90% for owner-occupied properties but other than your ability to repay there’s no reason why it would be denied.

Comment on how to take equity loan on investment home that has no mortgage due? by Huntsman

Huntsman — Mon, 26 Dec 2011 00:15:47 +0000

Rental income?
Have you been putting this in your taxes?
If so, it may be enough for you to qualify to take a mortgage out of your home.
Although this is an expensive way to get cash, since you have to pay closing costs – which can easily run into the thousands.

Also remember the #1 rule in retirement: No loans

Comment on how to take equity loan on investment home that has no mortgage due? by Landlord

Landlord — Mon, 26 Dec 2011 00:15:47 +0000

It will depend on your total rent income and SSI payments. You will need to provide 2 years of income tax returns to prove the rental income. As long as your income and credit are good enough you should be able to get a loan.

Comment on Where is the best place to search for home equity loans? by Chris

Chris — Sat, 24 Dec 2011 00:14:55 +0000

Check with banks, brokers, and credit unions. Ask people you know who they recommend. Compare offers to those found online.

Mine, http://answers.yahoo.com/question/index;_ylt=AiE4kGqmc_W7vDzj2XKDqXnsy6IX;_ylv=3?qid=20110607183202AAOGxVe

Comment on Will move in 5 years, best to pay off home equity loan of $15k, or combine with home loan and refinance? by william

william — Thu, 22 Dec 2011 00:24:48 +0000

Would definatly combine both loans and refinance. Mortgage rates at all time low. Also the write-offs would be good on tax returns.

Comment on Will move in 5 years, best to pay off home equity loan of $15k, or combine with home loan and refinance? by Judy

Judy — Thu, 22 Dec 2011 00:24:48 +0000

Rule of thumb from money magazine

Only re-fi if you know you will be living in the home for at least 5 to 7 years and
if you can get more than 1.93% lower interest rate.

Remember: Closing costs are a monster.
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Comment on Will move in 5 years, best to pay off home equity loan of $15k, or combine with home loan and refinance? by Darby

Darby — Thu, 22 Dec 2011 00:24:47 +0000

Keep your cash. I’d apply for a new mortgage and tell them you want to pay off your home equity loan with the new mortgage. Depending on your credit rating and your other outstanding debts like credit cards I’d think you could do much better than 5.35 on a mortgage loan. Right now my home equity line is below 3 percent–it’s crazy.

Comment on What companies give home equity loans to people with bad credit to fix the bad credit? by bdancer222

bdancer222 — Sat, 17 Dec 2011 00:17:44 +0000

If you have bad credit, it is unlikely that you will qualify for any kind of home loan with a legitimate lender. There will be lots of scammers and really bad deals.