Easy Home Equity Loan

I mean both are similar, and can be used for the same reasons. What’s the difference, which ones are better to apply, which ones are you more likely to get approved of, and WHY are many banks not offering lines of credit/loans…but yet, DO offer "home equity lines & loans?"

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American economy has been fueled by consumption. Everybody thought their house was going to appreciate forever. They keep taking the $$$ out of their home equity and banks are more than happy to lend 100% on any loan. The president spends our money like American consumers. Over a trillion dollars for what??? I don’t feel any safer.Alan Greenspan, in fear of recession citing Japan., kept the interest rate so low that every Tom, Dick, and Harry with social can get an easy loan. The difference between japan and the U.S is that Japan produces more than it consumes. Japan had trade surplus, we have trade deficit. Japanese yen is actually appreciating while our dollar is depreciating. Japan is a country of savers, the U.S is a country of spenders.

What’s going to bail us out after Bush? I hate this sh!t.
On top of that most of the stuff we consume comes from overseas.

O.k, I admit I didn’t go to ivy league school but they did. They should know better.

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Want to re-finance soon. I have a very low loan amount to pay off, excellent credit and equity in my home. Several banks are offering low closing cost with a higher interest rate, which allows me to hold onto cash. Other banks offer higher closing cost and a lower rate. There only seems to be a few dollars difference in the monthly principal and interest whether pay higher or lower closing cost. For my situation how do I determine which way to go; lower closing cost or lower rate.

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I had a few loans out through my significant other, one small one that i used for a car about ,000, one larger one for about ,500, and then we had some combined stuff to do around the house, etc, so that was a home equity for about ,000…all in all those were gotten about a year or two fairly closely together though, and they all started out as lines of credit, fixed interest rates.

We both kept making payments on time, and were on great terms, then this whole credit crisis hit…our credit cards, some of them, the limits got slashed, one or two just closed…..then two of these lines of credit became variable rates…and then if that wasn’t enough, they reduced the terms from lets say 6 and 8 years down to 5, just like that…

and just today I found out that they’re freezing them, the two of them, and they’re no longer lines of credit just simply loans..which totally eradicates drawing more on it lets say at a later date.

So now I especially am very angry, because I feel like we’re being messed around by these banks just because they "can," even though we have good if not great credit, make our payments on time, and that’s actually not THAT bad of outstanding debt being that it’s not all under one person’s name.

it’s just ridiculous though. We’ve been paying them down, and we still have alot of other credit available that we NEVER use, and income is good..everything is good.

So now I’m depressed, becuase in the last year, with all this slashing, it put a serious dent into being able to withdraw espeially for necessary things like health bills.

So as of right now I want to know what the best option would be?

Should I just let things go how they are, or should I try a different bank and then just consolidate a few into one bigger loan, or try to get a line of credit and just transfer over and pay off the, forgive my language, cr@ppy loan deals we now have?

Another concern is, with this outstanding debt, which isn’t astronomical but it’s still quite a bit…

will they be less likely to approve, especially if it’s secured? Does going in person help any..rather than just over the phone and internet, and perhaps putting up a collateral or securing it with something might help?

The thing is, I used personal lines of credit to have as a safety net, just in case emergencies come up, I mess up and over spend,, or whatever financial crisis may arise especially in THIS economy, and it’s something that you pay down but can also reach in if you need it.

IT’s great for rescues, but now banks are seriously cutting that down, and well….not much is available.

So I’m very upset over it. I mean I can understand the economy being bad but…these banks aren’t even giving out notices ahead of time to WARN us about changes@!

They NEVER notified us about this recent change where they’re just becoming loans and not lines of credit which we got APPROVED of.

no letter in the mail, just happened.

This is all by the way, BANK OF AMERICA!

the other one is with capital one, and they’re fine thus far.

is bank of america just a bad place to do business with?

They even treat their LOYAL customers like dirt and we’ve been banking with them for a long time now!

Very depressing I’ll say.

What are our options? I don’t want to go into some debt consolidation thing either because I can totally pay off the bills from the loans etc, tey’re not that much considering they’re spread out for many years, and they serve a great purpose to withdraw money from if they’re lines of credit.
also, once the banks do this, are these permanent changes or can they be subject to change? Bank of America’s reasoning was : well we just don’t DO lines of credit anymore.

Fine, but why should we then bank with them?

It’s our money too we’re paying back, so why pay under one bank’s conditions & terms you don’t agree with.

If another bank is more negotiable and nice to their customers & offers better rates/plans…..then…why stick with bank of america?

They seem very blase about actually working with you. IT’s more like…this is what we offer, this is not, take it or leave it GOODBYE, no care about good customer service or a good payment history NOTHING.

I feel like a number and they treat you almost condescendingly.

Well why do banks offer these services…if they later complain that people shouldn’t be USING THEM? It’s a catch 22, if no one used them…their businesses wouldn’t be as successful.

Banks, what’s the deal!?

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I bought a rental property for cash and want to obtain financing. I prefer a fixed 15-yr. mortage or I could get a home equity loan. The price of it is 70,000 and I want to put down twenty percent of the appraisal, which is higher, more like 80,000. So I want to finance ,000. My problem is I have only been on the job for one month and I have no proof of income for the last two years, since I was self-employed and can not produce a tax return. Which banks should I apply to, whose rules are not as strict, but I still want a decent interest rate. I don’t want these subprime ripoff companies either.
My credit score is very high 770 and I had mortgages before but they were paid off long ago and no longer on my credit report.
I am not able to produce any tax returns at all. But if I make up some false ones can they find out from the gov’t. that I am a fraud?

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I have a 1994 mobile home on a big corner lot in PA. The mobile is anchored to a permanent cement slab and the axels and tires were pulled. There is now an addition so it looks more like modular, double wide,, not sure of the correct wording. The land and the home are both paid in full. My credit is fair. As soon as they hear "mobile" the conversation is over. Am i looking too the wrong lenders? Why will they not give me a loan and use my home as collateral? The property is worth about 78,000 and I only want to borrow 28,000. Banks will finance them when they are bought from dealers so why is this different? I really need to figure this out and find someone who can quote me terms w/o wasting each others time. The property is also paid in full. I have a land deed for that and a title for the mobile home. Can i change the title to a home deed? Good luck with this one,, I appreciate ur input.

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How many people right here on yahoo answers are going to apply for the bailout for homeowners? Please state the political party you identify with and what tax income bracket you are in.

Please do not state whether you agree with it or not. I am not interested in those answers because that is not the question.

http://politicalticker.blogs.cnn.com/2009/03/04/guidelines-will-spell-out-homeowner-bailout/

President Barack Obama promised the guidelines would be released on March 4 when he unveiled his proposal to help keep up to nine million people in their homes at a housing event in Arizona last month.

The officials said the guidelines will include tests to help banks figure out whether individuals homeowners who are "underwater," or have homes that are valued less than the mortgage, can be saved by the president’s billion loan modification program.

Under the administration’s plan, those homeowners considered viable under the new guidelines could have monthly housing payments lowered to 31 percent of their gross monthly income to help prevent foreclosure.

The plan aims to help a second group of homeowners in danger of facing foreclosure who do not currently have enough equity in their homes to take advantage of historically low interest rates through refinancing. Only people who received their mortgages through Fannie Mae or Freddie Mac — about 40 percent of homeowners — are eligible for this part of the plan.

According to the officials, these homeowners normally can usually refinance only with a loan-to-value rate of 80 percent, so that there is at least 20 percent equity in the home. Given that many of these homeowners have dramatically lost equity, they will now be eligible for refinancing at a loan-to-value percent of up to 105 percent, according to the officials.

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In this day and shrinking economy, is suing your home eqity as yoru business fund a good idea? I know for a fact that most if not all banks are afraid to lend anyone a home equity line credit due to the housing value has sunk below sea level, but trying to get much funds as possible to use that fund toward your business. Good idea? Bad iea?

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