Easy Home Equity Loan

for example just using simple numbers ……….lets say you take 10,000 dollar home equity loan out on your home……and your monthly mortgage payments are 1000 per month 30 year fixed….., does the 10k get added to your mortgage over the 30 years or does it become a separate payment from your mortgage for a shorter period of time like 5 or 10 years?

Interesting Blogs

we are debating because of our situation whether to take this loan or not. we have applied elsewhere, and this is all we have been offered.
we are 30k in debt want to consolidate and lower our interest rate. our payments in total average 1100 a month and interest averages 15-21%
the loan presented to us, is 50K , 5% interest only ( of course we would pay down on principal) 25 years ( our intent is pay off all within 10 years.) the difference of the 30K would be available to us like an a line of equity. Our concern is that shortly I will be without of a job because they are closing down in 4 months and we have a mortgage. We plan on selling our house but this will be a short sale because the value is less than we owe by 20k.this was not due to our home loan we had fixed, but our area was the highest hit in foreclosure thus the value decrease! please no rude comments we are extremely stressed.
the reason we are taking 50K is not because we need the additional amount but to help our credit. If we take 30k it looks as though we maxzed out on a 30 k credit card, whereas if we took 50K (which is a line of credit) then it looks better. If I am incorrect please tell me.
MORE IMPORTANTLY TOTAL CLOSING FEES AND BROKERAGE FEES 6,500!
this is in no way part of the home loan, its a personal line of credit.

Interesting Blogs

my second mortgage is a 15 year conv. 2nd balloon at 8.6% 53k

i owe 290k on my 1st loan at 5.75%(30 year) i dont think i will remain in the house more then 10 years, so i dont think its worth to refinance both loans together and if i did my ltv will be too high. my house would appraise for around 380k and thats about what i would refinance for.

my bank (countrywide) doesn’t refinance 2nd loans anymore so they say. any suggestions?i still owe 27 years on both loans.

Interesting Blogs

I have ,000 in credit card debt that is making me desperate.
I have approximately ,000 in my home equity.
I have about ,000 in an IRA.
All of my credit card interest rates are below 8%, but would I be better off consolidating the credit card debt and getting an Equity loan of some type over 10 years?
I’ve never missed any minimum payments or any payments on bills.

I’m worried about continuing to be able to pay the high credit card payments.

My mortgage rate is 5.25% and although I could sell my home and pay it off, I think the mortgage rate I’m paying would be less than even rent if I sell the house.

What are the positives/negatives of Home Equity Loans?
Thanks in advance.

Interesting Blogs

As rates continue to fall, I’m considering the following:
My home will appraise for ~500,000
I currently owe 0,000 in year 5 on a current 30 yr mortgage @5.875%.

I have spent the last 5 years paying down mortgage debt (my only debt) as fast as possible. Should I tap into my 300k of equity to fund an invetment plan?
I’m considering:
1) Take out a 0,000 loan for 30 years (hopefully, at 5%)
2) Pay a monthly mortgage of ~,000
3) Put the 0,000 into a conservative mutual fund to earn a modest 8% interest.

Given the tax advantages of the mortage interest, the numbers look promising. I understand that mutual funds don’t automatically return 8%. Some years they may lose and some years they may get 16% or more. It’s the average.

The numbers will create a nice cash reserve in about 5-10 years, which is comforting.

Does this make sense. The numbers all point to yes, but I don’t know if I’m missing something. I do have a separate IRA for retirment

Any suggestions?

Interesting Blogs

we got a 0,000 15 year loan at 4.375% 5 years ago and now owe about 0,000. On my last payment about 50 went to principal and 8 went to interest. On the current pace I will be debt free within 10 years. My wife who does not currently work wants more money to spend each month. She is tired of me planning for the future and me telling her that we don’t have extra money for the things she wants (needs are taken care of) and wants more money now.

She figures that since we have 0,000 in equity that she ought to be able to use that money right now. She wants to re-finance the house at the current rate (around 6%) for 30 years to bring our out of pocket cost for the house down each month so that there is more disposable income. In doing so, the amount going to principal is hardly anything and the whole payment would go towards interest. Can someone give me some advice on how to convince the wife that her plan is not the smartest thing to do? It’s tearing us apart

Interesting Blogs

we got a 0,000 15 year loan at 4.375% 5 years ago and now owe about 0,000. On my last payment about 50 went to principal and 8 went to interest. On the current pace I will be debt free within 10 years. My wife who does not currently work wants more money to spend each month. She is tired of me planning for the future and me telling her that we don’t have extra money for the things she wants (needs are taken care of) she spends 00 after fixed bills and wants more money now.

She figures that since we have 0,000 in equity that she ought to be able to use that money right now. She wants to re-finance the house at the current rate (around 6%) for 30 years to bring our out of pocket cost for the house down each month so that there is more disposable income. In doing so, the amount going to principal is hardly anything and the whole payment would go towards interest. Can someone give me some advice on how to convince the wife that her plan is not the smartest thing to do

Interesting Blogs

I currently own a villa in Deerfield Beach, FL (near Fort Lauderdale). I paid 50K for it over 10 years ago. Currently I have about 150K of equity in the home. I re-financed about 6 years ago so my interest rate is at 5.0% on a 15 year loan. The mortgage including taxes and insurance right now is about 0 a month.

We are thinking about moving to a larger house with a purchase price around 300K. With the market, it is really tough to sell. I would like to keep my current house and rent it out. I’m seeing rental prices around the area is about 50 a month.

Presuming I can get that amount, what’s the best way for me to manage my equity so I can buy the new house. Idealy I would like to break even on my rental house after taking the equity out to buy the new house.

Any help or creative financing ideas are appreciated. I would like to hear about different types of loans and is it possible to combine the houses into one mortgage. Does it make sense? Thanks!

Interesting Blogs