Friday, 4. February 2011
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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Tuesday, 1. February 2011
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?
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Friday, 3. December 2010
Is it possible to transfer my home equity loan balance ( ,000 at 8.25%APR) thru my bank to a credit card with a lower APR ( say a Balance Transfer Card at 1.9 % APR for 18 months). My Bank says NO….not without a cash transfer. Why not? I have excellent credit and this would save me from paying interest for a year and a half. By then, almost all of the ,000 would be paid too ( I put in about 0 a month). Any advice?
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Friday, 26. November 2010
I want implants and I don’t want to wait for them any longer. I don’t want to get a credit card or anything because I have two I am trying to pay off. Would it be foolish to take a home equity line of credit?
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Monday, 1. November 2010
i found a good deal on a (almost dream home) house for myself to upgrade. i already own a few properties. i am really scared that loan will not go through this time. do you think it’s a good idea at all to purchase this home using equity lines of credit? i will max up 2 helocs and 1 credit card for this, all at about 4% interest rate. i already have 20% for down, already got pre approval.. but my debt to income ratio is barely making it… so there is a chance i don’t get approved. i really want this house. i know that my credit score will fall and heloc interest rate is adj so it’s risky for long term, i am planning to pay it off in 7 yrs. how else can i get this house?
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Friday, 15. October 2010
My husband took a new job and we need to sell our house. We are about K upside down. We don’t have this money in our pocket to bring to closing when we sell. Our community is flooded with rental homes, so renting is not a great plan cause we can’t afford to rent a home in our new town and pay our mortgage on our current home if we can’t find a renter or if the renter rents for only a year and then we can’t find anyone to rent after that. Has anyone had any experience with taking out a personal loan to pay off the negative equity before selling or maybe even paid it off with a credit card with a low interest rate? Any suggestions?
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Wednesday, 13. October 2010
I recently took out a home equity loan to pay off some credit card bebt. I would like to make double payments each month to pay off the debt early. Since I will take off the interest each year on my taxes would it be better to just make double payments or make one payment and pay the other payment toward the principle only?
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Sunday, 10. October 2010
I am building a new vacation house (2nd house) in PA. I already own the land outright. My current house is paid off (worth 0K)… I have no debt and over 0K in near-cash assets (savings, 401K, stocks). My wife and I earn over 0K/yr. The new house may cost me approx 0K to build. I have K cash right now and should have another K when I start construction. I need a short-term loan, but more like a line of credit that I use when I need to make payments it and repay every month (not a fixed amount) like a credit card. If I borrow another 0K, I can pay it off in a year. I am not looking to touch my savings, so I do want a loan. Even a 0K loan for 2 years in interest will cost approx. K assuming 7.5% APR. What kind of rates am I looking at? What is a good type of loan to get? Should I look for a Home Equity Line of Credit? Traditional Mortgage or Interest only loan and repay off early? Where should I apply for it? My Bank? Online?
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