Easy Home Equity Loan » credit card debt

Is there a way to take a loan out against an IRA account?

admin — Mon, 05 Sep 2011 08:27:37 +0000

OK, so please read this clarification if you are going to answer (because I can already anticipate the answers and it will not be what I’m looking for if you don’t read this). This is not a 401K loan I am talking about that you get from through your employer (so please don’t go down that path). Also please don’t suggest a home equity loan (the equity in our home is too low for that). I am talking about going through some type of financial institute and having them give me a loan using the IRA as collateral (and obviously taking into consideration the income we are bringing in and credit rating). I am simply trying to find a way to eliminate some credit card debt at a lower interest rate. If that’s not achievable then I will just keep paying off the cards as I am, by making additional payments on each. Thanks in advance.
Thanks for the quick responses guys. I should have also mentioned I was not looking to take a distribution and pay the tax penalties, but the initial answers seem to be on track with what I was thinking.
One of the reason I love Yahoo answers is that I can use the info provided by responders and then use that to google more info. I just googled tax violations thanks to the first answer and this is what I found (which sounds like it’s my solution)….

1
Call the 401k plan administrator for the company you currently work for. Ask whether it will allow you to roll you IRA into the 401k. While this is not the typical rollover discussed in a financial forum, the IRS does allow this and most administrators will agree. Request any paperwork you need from your plan administrator.

2
Call your IRA administrator and request a distribution form. An IRA rollover–regardless of what direction it is moving in–takes a distribution of assets from one account and has 60 days from the date of liquidation to return the assets in kind (cash) into another qualified plan–in this case your 401k.

3
Fill out all paperwork obtained, sign it and submit.

4
Deposit the IRA distribution check into your 401k p

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I can get a home equity loan. This would cover my credit card debt of 15,000. Tax break?

admin — Mon, 25 Jul 2011 00:17:02 +0000

If I take out a home equity loan at 8% to cover my 15k credit card debt at 13.99%. I will save in interest. But will I also get to write off a portion of the 8% come tax time because it involved loan related to my condo? Thanks

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Should I pay off credit card debt or my home equity loan and use spare money to make my house payments?

admin — Wed, 06 Jul 2011 07:27:32 +0000

my credit card debt is 000 and my loan is 00. And what if I loose my job?

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Is refinance or second mortgage a better option (specifics in details)?

admin — Sat, 11 Jun 2011 09:06:04 +0000

We bought our house in 2004 for K and have a 30 year fixed mortgage at 5.25%. Our balance on our mortgage is ,500 Our house has appreciated and is now worth about 0K. We have student loans totaling K and credit card debt of about K. No car loans. We’re expecting a tax return of about ,500. We’d also like to add on another room to our house and have a quote for ,500. We’d like to refinance for about -K. With interest rates getting back down to the mid to low 5% is it a better deal to refinance or get a second mortgage?

Thanks in advance.
My husband and I both have excellent credit.

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What do you know about Home Equity Loans for paying off credit card debt?

admin — Tue, 07 Jun 2011 05:04:27 +0000

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.

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Should I pay off my second Mortgage OR credit card debt with my $8,000 tax credit?

admin — Wed, 01 Jun 2011 18:40:44 +0000

Okay, so we bought a house, and are getting the ,000 tax credit. We opened a second mortgage to pay the down payment on our house (,000). So, should I pay off all of my credit card debt, (about ,000), or pay off the second mortgage (,000)??? What is better financially? The credit card debt has way higher interest. Credit card interest = 7-14% depending on the card. Second Mortgage interest – 8.29%. I want NO credit card debt…. but what is better?

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What is better, debt consolidation loan, home refinance or home equity loan?

admin — Mon, 30 May 2011 05:03:29 +0000

My husband and I want to pay off some credit card debt; which is the better option?

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What is the best method for my situation to pay off my credit card debt?

admin — Sun, 22 May 2011 22:51:56 +0000

I have about 10K in credit card debt that I would like to pay off. The problem is that I’m not sure how to go about doing it. I have the resources and just need to know what way is the best way in terms of being the most financially savvy. I’ve got 2K in cash, 5.5K in a stock which I believe is fundamentally strong and will blossom at some point (but who really knows when), and around 44K in a retirement plan invested in bond funds which is currently enjoying around a 4% rate of return which I can tap for a loan if needed without penalty (only a 2.75% interest for a loan) and I don’t plan on retiring for about 25 yrs. My job is secure too. Also I have about 2K in EE bonds. I am a home owner and considered a refinance loan but don’t want to use my equity to pay off cc debt. So, again I have the means but I’m a little unsure of what would be the "best" way of going about this. Needless to say, I won’t be accumulating anymore credit card debt in the future. Thanks in advance for any suggestions.

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I want to refinance just my 1st Mortgage?

admin — Sat, 21 May 2011 22:51:26 +0000

I have a 5/1 Interest only loan. Resetting 09/2011.

I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It’s currently 8K)
I want to keep my second as is (2K ARM)

Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).

I have both loans through Wells Fargo.
WF say they can’t do anything unless I have 10% equity.
So I’m looking around for ideas.

I have: Good credit. No car payments. No student debit. No credit card debt.

Any thoughts or other ideas.
I’m happy to keep my 2nd as is.
Just want to get the 8K fixed at a low rate.

Thanks

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Can I refinance just my 1st mortgage?

admin — Fri, 20 May 2011 20:52:14 +0000

I want to refinance just my 1st Mortgage.
I have a 5/1 Interest only loan. Resetting 09/2011.

I want to refinance only my first mortgage from an ARM to a 30 year fixed. (It’s currently 8K)
I want to keep my second as is (2K ARM)

Due to declining home values, I have very little to no equity in our home. However, I just want to refinance the 1st (which would be plus or minus about 80% of my current home value).

I have both loans through Wells Fargo.
WF say they can’t do anything unless I have 10% equity.
So I’m looking around for ideas.

I have: Good credit. No car payments. No student debit. No credit card debt.

Any thoughts or other ideas.
I’m happy to keep my 2nd as is.
Just want to get the 8K fixed at a low rate.

Thanks