Friday, 11. February 2011
My husband and I just bought a home, a long story, but we werent really ready to buy. We did cause the landlord was selling..so it was either buy or move out!
SOO, we went through a mortgage broker and he said basically to stick it out for about 6mo’s making pymts on time and at that time we can re-fi and take cash out ( we have 60k in equity) to pay off VERY high interest rate car loans & some minor home improvements, which would I know would increase our mortage pymt some…. but we would still save money…So was our broker right? Is about 6 months a realistic time? Is our plan smart?
Interesting Blogs
Tuesday, 1. February 2011
we bought our first home in PA, instead of having a traditional home loan of fixed rate for 15%, we took out a loan called HOME EQUITY, 15 years fixed at 5.74%. the monthly payment is 65 (principle & interest only).
We pay property tax & home owner insurance separately; it is 6 per month. Only my husband works, his monthly paycheck is about 00 before taxes.
As of now, our loan payment plus property tax & home owner insurance total is 71 per month.
Are we qualify for loan modification? How do we apply?
Interesting Blogs
Thursday, 6. January 2011
I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime – 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?
Interesting Blogs
Monday, 27. December 2010
Is there a mortgage company that gives people a second chance with bad credit but a good income? One that doesn’t charge an arm & a leg in interest? One that actually tries to help people who screwed up their finances and want to get on track without bankruptcy?
Interesting Blogs
Thursday, 16. December 2010
I am applying for a home "EQUITY LOAN" how does that differ from a regular mortgage? & does experian look at it the same when calculating there "credit scores" ? ( I know they look at "EQUITY LINES OF CREDIT" negatively if used to the max.
Interesting Blogs
Friday, 12. November 2010
I have about 00 in credit card debt, I was thinking of getting a end-term loan that has regular monthly payments to get it paid off sooner and a stable interest rate. My problem is two things 1. We (my husband and I) are going to refinance our home in March so I do not know whether to get this loan now or wait until after we refinance. We do no have enough equity in our home to get any kind of equity loan for the house. 2. My husband has about three credit cards that does not have any balance on them and that he has not used in years one he has never used. Does this hurt his credit should we cancel them? If so, do we do it now or after we refinance?
The loan we are looking at is an intrest only for the first 5 years which we will be selling after that and so we don’t want to refinance much more than we already owe on it maybe get about 00 to put down new flooring. The new floors is needed as we have two children w/ eczema & asthma and the old carpet is needing to be replaced. We are looking at laminate flooring throughout the house.
Interesting Blogs
Saturday, 23. October 2010
I was transferred the family home shortly before my mom passed away. The house has no debt owed on it (but very high prop taxes). It’s in major need of repair (eg crazy plumbing leaks, outdated electrical), but I’m a recent college grad with a fair amount of loan debt & next to no cash to work with.
I’m try to decide between a mortgage b/c the interest rate would be fixed (or at least more stable) or a HELOC because I don’t want to borrow more than the cost of the repairs, but those are difficult to estimate up front.
My plan is to rent the home after the renovations to pay off the loan and other costs of the home, keeping the home as equity, while I live elsewhere.
Interesting Blogs
Sunday, 26. September 2010
I’ve had two personal lines of credit by bank of america, that they reduced the years on it, jacked the interest rates, and closed it from a line of credit to a regular loan.
I then chose to not deal with personal loans anymore and instead got a home equity line of credit, with my home/mortgage calculated as a collateral, etc, & figures into how much you’re elegible for.
Are those less likely to close on you, and change terms/turn into just regular loans, than unsecured personal lines of credit?
Secured vs unsecured I guess is generally the question, aside from the difference in the titles of the loans.
Interesting Blogs