refinanceing home w/ home equity?
Tuesday, 31. August 2010
Divorced,recently had deed put in my name only,have a home equity loan,wondering if refinancing would be a good idea ,lower payments,lower interest rate,for 15 or 20 years
Easy Home Equity Loan
Home Equity Loan Information
lowermydebtnow.com Says:
When doing a home equity loan you want to ask yourself several questions.
1. What do I plan on doing with the money?
2. If not sure, put a plan together for what you are going to do once you close and have the fund available.
3. Do I have debt I can payoff with this?
4. What are my mid-long term goals with my new mortgage?
5. What payment can I afford?
6. What are my credit scores (to determine what kind of rate you qualify for)
Your mortgage professional should go over your short and long term financial goals with you. You can leverage your mortgage payment to create a savings account, add to a savings account, payoff debt, etc. Feel free to email me if I can answer more questions.
Best Regards,
Anthony
teran_realtor Says:
Often times, when divorce happens the deed gets put in one person’s name, but the existing mortgage is still in both names.
Also, when divorce happens, people’s credit gets hurt.
CAN you refinance at a good interest fixed rate loan on your own?
If you can afford the payment, then the shorter loan is better. If you are unsure about expenses and your future ability to handle the full payment on your own now, then go with a longer term fixed rate loan. Send extra to the principal every month. You can pay off a 30 yr loan in 15 yrs if you send the amount that the 15 yr loan would have required…
oderickpotts from rsbcglobal.net Says:
As a loan officer I would look at what you trying to do and what needs you may have. You may be in good shape or not. Feel free to give me a call @ 313.897.2511