Easy Home Equity Loan

I am looking into getting my first home and barely meeting the credit requirements so I am thinking I am going to get a FAIR interest rate with my down payment. I know the market is crap but still not expecting a miracle rate. So my question is this: In regards to auto loans, because the car DEPRECIATES over time, getting a sucky interest rate and planning on getting out of the loan later is not good because the interest is still owed on the high interest rate… but with a home, what should I be considering when getting a FAIR interest rate and will have a better score in the next 1-2 years paying on time? A house APPRECIATES so I won’t be rolling that interest from a higher rate on a house over if I get a new house in 3 years, right?

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We have only had our mortgage for 3 years now.

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I have never made one late payment in over 3 years. I wanted to borrow k to make some repairs to my house. Why would they turn me down?
When I bought the house….I put down 0k

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Hatshepsut places 27% down on a 0000 home, financing the balance through a 40-year mortgage with a fixed rate of 6.25% compounded monthly.

1) How much are her monthly payments? $______

2) How much interest will Hatshepsut pay? $_____

3) Overall, how much will the home cost her? $_____

4) If she sells the home after 3 years, how much does she still owe on the loan? $_____

5) Calculate Hatshepsut’s equity if she sells the home for 9000 in 3 years. $_____

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Hatshepsut places 27% down on a 0000 home, financing the balance through a 40-year mortgage with a fixed rate of 6.25% compounded monthly.

1) How much are her monthly payments? $____

2) How much interest will Hatshepsut pay? $_____

3) Overall, how much will the home cost her? $____

4) If she sells the home after 3 years, how much does she still owe on the loan? $_____

5) Calculate Hatshepsut’s equity if she sells the home for 9000 in 3 years. $_____

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I have a 2nd mortgage with irwin. 3 years ago i declared bankruptcy for medical reasons but did not reaffirm this mortgage. I did not know that i needed to and Irwin was not present at the hearing. they have tried to foreclose which I stopped and now they won’t let me pay off with a refinance but won’t disclose why. Anyone else have similar problems?

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1st = 0K @ 5.62%
2nd = M @ 6.20%
Home equity is 5K @ 7.2%

Hoping to have just two loans. Conforming 7K and Home equity that would allow up to 2M in total debt so Home equity loan = M.

Something like that. House is worth 0 or so…….

I want to get my husband off all the mortgages…

What kind of debt could gross income of K per month support?

Is this a bad idea. We have been seperated 3 years but never divorced — he is willing to stay on mortgages, but I would rather stand on my own and be able to change the title too.

I think too that would allow him to more easily purchase another home. I made 100% of the original downpayment on the one I am discussing.
Home equity loan was used for new roof, new windows, car note repayment, and debt consoldiation. Debt free except these mortgages/and the Heloc

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My wife and I are expecting a child coming in May and we will be looking at added expenses, in the last year I was laid off at work and had to accept a position that hasn’t allowed us to afford the lifestyle we are stuck in currently. We have had our house for 2.5 years and have never had a delinquency nor on any other credit items. The option was brought up to me that the loan we have through our first time home buyers agency "Kentucky Housing" has a forbearance program that if you are 90 days past due that they have the ability to adjust the mortgage for up to 3 years that can lower our interest rate from 6.5 to 3% for that term to give us a chance to bounce back, I would hope in this time period we would be able to rework our finances. I am currently selling the cars we have payments on and doing anything else to lower our debts. Our current credit scores are 740-750, so I am really concerned about being 90 days delinqent. This would save us aprox 300-350 for 3 years and would allow us to keep the equity in the house vs. refinancing which since we have only had the house for a short period would put us back to where we started at on the original value and would only save us aprox 130 a month granted long term would be more benificial but we would probably plan to sell this house with in 3-4 years.

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