Home equity loan help?! Anyone financial!?
Sunday, 18. July 2010
Okay I know that without specific numbers no one can really answer this question. But I just want to know how much more a monthly mortgage payment will be if a home equity loan is taken out for home repairs. Here is what I know so far: The house is appraised for 208,000. I dont know what the original down payment was or how much the original mortgage was for but I’m just going to guess 188,000. There have been 60 monthly payments of 1400 per month on I am assuming a 30 year loan. I don’t know what the interest rate was, but they want to take out a home equity loan of 18,000 to 28,000 for home improvements. If anyone can help me figure out approximately how much more the monthly mortgage payments would be that would be great. You can email me if you need any more info that can help.
Lucky111's Says:
Home Equity Loans are secondary loans
If you are paying x amount of money for you home mortgage right no you will pay x amount of money after you get an Equity Loan. The Equity Loan is usually a 5 year Loan and the payments are based on the interest rate, loan amount and length of the loan. Your equity loan would be a seperate payment and if you want it all in one payment you should refinance and get cash out. You need about 680 credit score and about 40% equity in order to get 20% cash because most banks are only doing 80% LTV loans right now which means 80% of your homes value is the most you can get without cash down.
You really have to know your mortgage balance, and your estimated value. Although right now the value likely is less than it was 5 years ago.
Try:
https://www.quickenloans.com/home-equity-loan
I also recommend using compareinterestrates.com to find lower estimated rates…call up a few people and get and idea of what you can do without committing to any of them unless you find something you are willing to do. I also think you need to find your current rate…not apr but just the rate and see if you can get a lower rate for a refinance as that can lower your payment by itself. the drawback is you will be paying for another 30 years if you refinance to a 30 year fixed but you can always pay extra on it if you get a no penalty for early payoff loan and have extra money to put down later.