Easy Home Equity Loan » credit card

If I consolidate debt with a Home-Equity loan will it improve my credit score?

admin — Wed, 03 Aug 2011 19:29:12 +0000

I have just spent a substantial amount of money on a remodel, mostly with a credit card. I am worried it will affect my credit score, so I want to know what I can do. Paying it off within, say, 24 months isn’t an option.

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Would you take this loan?

admin — Wed, 13 Jul 2011 01:15:34 +0000

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.

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Can a bank force me to pay home equity loan with personal assets?

admin — Thu, 17 Mar 2011 14:39:39 +0000

Say I bought a house 30 years ago for cash and took out a loan on what was the full value last year(lets say million) and put all that money in a bank account. Can I just let the lender foreclose on the house that is now worth 0k, take the hit on my credit and walk away with my ,000,000. Can a lender seize my personal assets like they would be able to if it was a credit card?
Note that this is hypothetical.

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Which is the best use of my money to reach financial goals (home purchase)?

admin — Tue, 01 Mar 2011 20:29:49 +0000

I recently got a small out-of-court settlement from a car accident I was in. I’ve decided to use the amount for one of the following: 1)pay off one credit card completely (25% interest!), 2) reduce the balance on another to approximately 20% of available credit (17% interest), 3) pay off the balance of a timeshare to build equity (18% interest over 6 remaining yrs), pay off my car so that I can have collateral for for a downpayment loan OR 5) put into a short-term CD (4% interest over 4 months).

My goal is to put myself in the best position to purchase my first home in approximately 4-6 months. I have saved approximately 3% of what I anticipate my home-price will be.

I have a fairly good credit rating (btwn 660 and 750 depending on the agency) and a 6-figure income, however I also carry a large amount of student debt (also 6-figures, at 3% interest over 24 remaining yrs) and some credit debt.

Which of the above options will give me the most "bang for my buck" so to speak?

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how do I talk to for financial advise…someone I can trust?

admin — Fri, 25 Feb 2011 15:44:42 +0000

I’ve asked a similar Q before but didn’t get what I wanted. We make 50k a year and have 30 K in debt. We financed our home remodel ourselves (our first house) in hopes we would get a home equity loan. It seems like any time we have extra money it goes to paying more on a credit card. I think we have about 6 credit cards and pay a little over the min. We’re self employed so we get hit hard around april for taxes.

It seems like we don’t ever have enough money to put into savings. We don’t have kids yet but would like to start soon. We would just like to get this debt down.

How can we get 15 bills payed every month and still have money left over to save? Can we call creditors to get a lower interest rate? If so what do you ask? Thanks!

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Home equity loan, heloc, or refinance with cash out with bad credit …..?

admin — Sat, 19 Feb 2011 20:26:17 +0000

We are currently working on improving our credit but our scores are still poor. The average of our score with all 3 major credit bureaus is around 580 with our highest score 603 and lowest 560. Our house is paid off in full and is valued around 5000. Is it possible to get a loan with our credit score? We do not have any major debt. We do have a credit card that we are using to help improve our credit score which we pay off every month. The only other debt we have are some medical bills. My wife and I both work and we gross around 00 a month. We are hoping to find a loan so we can help with medical bills due to our child who has a disability and to get him the extra educational help he needs.
I’m know if we could find a lender that would approve us we would be paying a high interest rate due to being high risk. But with us having our house paid off would we still be able to find a lender?
Thank you all in advance for your help!
I am a veteran so I am eligible for a va loan. I’m not sure if that will make a difference or not.
We are in our mid 30′s so a reverse mortgage is out. We are only wanting around 000 give or take. We do not plan on selling our house. We make a decent income, just want some to pay off a few medical bills (about 00) and want to put the rest in savings for help with our son and a buffer. We plan on doubling up on payments also. We are just kind of in a bind right now. Also the loan will help get our credit back on track. The one thing that is hurting our credit right now is we don’t have much for credit. Our vehicles are paid off. Our credit was hurt due not being able to work for awhile and got behind on bills so we had late payments. Was just hoping someone knew if it is possible to get a loan with that low of a credit score with a house that is paid off.
Thank you for the answers!

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We have $13,000 in credit card debt (just one card) and $30,000 on a home equity loan. How do we?

admin — Wed, 16 Feb 2011 05:03:33 +0000

attack this debt the smart way? The credit card has a pretty good fixed rate. The home equity loan is adjustable and it is creeping up steadily. So far, I’ve been paying extra on both debts. Would it make sense to pay more on one than the other?

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Can you borrow your way out of debt with a home equity loan?

admin — Wed, 09 Feb 2011 02:41:36 +0000

Credit isn’t the best in the world there is about 200,000 equity on my house my mortgage is for 100,000 . House payments are up to date and owe 2,000 in credit card and doctor bills. My salary just barely pays mortgage and utilities.No loan companys please.

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Are there negatives when transfering balances from a high rate HE loan to a low rate card card?

admin — Fri, 04 Feb 2011 01:32:02 +0000

I currently have a 10.5% Home equity loan but would like to get a lower rate. Since there is much less equity in my home today than when I purchased, I would need to pay half the balance to get a HELOC at 5.5% and achieve the necessary LTV of the home. I was thinking about transferring the necessary amount to a low interest (fixed for the life of the balance) credit card. Does anybody see a problem with this?

I have excellent credit and no problems making payments.

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What are the major drawbacks with getting a Home Equity Loan on a mortgage to pay off credit card debt?

admin — Mon, 31 Jan 2011 21:51:16 +0000

We’re in our 50′s, with a house that’s worth twice of what’s left to pay off on our mortgage. We were hoping to use the equity for our son’s college in a couple of years, or as a retirement cushion, but want to pay off some MAJOR credit card burdens. Any advice?