Easy Home Equity Loan

…savings at 3%?
With everything going on in the market would it be better to just put any extra money in a savings acct just in case I lose my job in the future? Is it safe to assume I can just take out money on the HE loan if I need the cash? Credit score is very good and value of equity in the home is about 80% paid off.

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my credit score is very low but i own a ,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around 0.00 a week.

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I have about ,000 in my cash accounts (banking and savings). Some of this money is in a savings account that I would consider my emergency funds. I have a very generous retirement program of about 12% of my salary, which has been established for about the last 6 years. I am 33 years old, with a wife that has a job and a generous retirement plan and 1 baby.

I have some other small mutual funds that I started from savings which are 3-10 years old and have a current value of approximately 12,000 dollars.

I have a mortgage. We purchased it for 9,000, and we put down 10%. The first loan was a 7 year arm at a rate of 6.5%, and the second loan was a home equity line of credit for $ 57,900. The second loan is a variable rate, pegged to the prime rate. When I first started that loan, it was at 8.5 %, but it is now as low as 4.2 percent. This, of course, changes with the prime rate. The first loan I pay on principle, and the current debt service is $ 448,000. The second loan is interest only, and still has a principle balance of ,900. The down turn in the housing market has left me with only about 2-4% equity in my home as the latest appraisal was only 0,000

My only other debt is a car loan which has a balance of 15,000 and a rate of 5.25%.

What should I do with this extra cash?

Do I:
1. Pay down that line of credit? (obviously this has a variable rate that can change, and is currently taking up 100% of my line of credit which impacts my credit score)
2. Buy a second property? There are some good deals out there for a second home (i.e. condo in Florida) or a rental property. This would be an investment property since we can get something very cheap, but the downside is managing the property.
3. Put it in an invest vehicle? A mutual fund, bonds, etc.
4. Leave it in my savings account?
5. Or something else?

How much of that cash should I keep in my account versus investing or paying of my debt?

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I called Quick Loans to get some extra cash.I am a home owner with equity and right now my loan with my bank that I have is 5.87 interest 30 year fixed.I have 4,000 debt 2 are high interest credit cards the rest are hospital and doctor bills.My credit score is not that great but have kept payments up on mortgage.I wanted 20,000
cash out for a loan .They offered me 133,800 fixed paying only interest for 10 years.They gave me a 6% fixed rate paying off all debts and the rest of the 20,000 to invest and possibly make a profit.My mortgage payment now is 790.00 a month paying principle and interest .The new pay debt would be 878.00 per month paying interest only for 10 years.They also want a good faith deposit of
500.00 and will go towards the loan.This would make my credit slate clean.Should I do this?

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I have two issues currently with personal finances…
1) I have around 10k if credit card debt at an interest rate of 7.99%
2) I have a house worth 200k with less than 3% equity in it. The loan was a 5/1 interest only ARM at a 6.658% rate. The ARM is up in September of 2010.

My question is….if you were me, would you work on paying down the credit card as quick as possible and then focus on putting more equity in to the house so that I can refinance in 2010, or would you immediatly begin putting more equity in the home and only make the minimum monthly credit payments for the time being. I don’t believe I am in a position to attach both issues at the same time right now, but I definitely can begin addressing one. My credit score is currently 769.

Thanks in advance!

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Which word describes what you exchange for money when you negotiate a secured debt with a lender?

       collateral
       credit report
       principal
       interest

Which word describes the decrease in value of an asset over time?

       financing
       equity
       leasing
       depreciation

. What will a bank do if you default on a car loan?

       foreclose on the car
       refinance the car
       repossess the car
       depreciate the car

Why do lenders often charge more interest for a car loan than a home loan?

       because you could crash the car
       the car could be stolen during the loan
       cars can be moved to from one location to another
       all of the above

 What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?

       foreclose on your home
       require the car loan to be paid-in-full
       increase interest rates
       all of the above

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I’ll try to keep this simple. Bought a primary home in Michigan for 9,000 in 2002. I put 20% down and have a 5.75 interest rate. I pay about 0/month with taxes and insurance included.

In January 2009, I moved to Illinois for a better job opportunity, but I can’t sell the house. I am renting it for 0/month utilities not included. I owe about .5K on the house.

I tried to take advantage of the current interest rates to refinance, but the company I worked with will only do 75% Loan-to-Value (because it is no longer a primary residence). There is a house across the street that is similar to mine listed at K, and it’s not moving. There’s no way I can make the loan-to-value ratio. My credit score is above 750. Any suggestions on how I can maximize the equity in my house (such as it is) and refinance with these great rates? Quicken Loans was no help.

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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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