Thursday, 26. August 2010
I bought my home in March of 2003, my mother co-signed for me, but does not live with us or pay on the mortgage. I would like to look into either a refinance or home equity loan, with a goal of perhaps borrowing -15,000 to pay debts, etc. Is it possible to do this and still maintain the same interest rate and monthly payment? Where would be the best place to inquire about the process, my credit union where I handle the rest of my finances, the company that I have the mortgage with, or an outside company?
No, I did not commit fraud thank you very much. I simply mentioned it in my question in case it made a difference. I’m no expert but I’m sure if it were somehow not legal to have a co-signer that did not reside with you then I would never have gotten the loan in the first place!
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Thursday, 19. August 2010
I bought a "fixer upper" house 2-1/2 years ago for ,000. I put ,000 into it using various credit cards with 0% intro rates that are or about to run out. Meaning I will be paying a lot of interest if I dont do something in the next few months. The house now appraises at 5,000 so thats a potential profit of ,000 that I can make. Plus I wont have to pay any capital gains on my profit because it was my primary residence for 2+ years. I am also on a 5/1 ARM loan because of the fact that I did not plan on living in this area that long.
I wouldnt mind staying in the house but I want to buy another property to rent out but dont have any additional funds to do so. Do you think it is better to sell of this house and pay off the debts and start with a clean slate? Refinance and pay off the credit cards and make a down payment on a rental house? or get a line of credit to pay off credit cards and make a down payment on a rental house?
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Tuesday, 27. July 2010
I got 4 credit cards from 4 different banks. Can I use the personal loan or home equity loan to pay all my balances from these 4 credit cards?
For example, I got a total of 00 debt, each credit card got 00 balance, can I pay them all using my Personal loan from Chase?
Because I was thinking like, I can only use the Loan "from Chase" to pay for my debts on Chase.
Is there a difference between Personal and Home Equity Loans?
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Saturday, 17. July 2010
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
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Saturday, 17. July 2010
Other than to make herself more money. We consolidated a bunch of debt into a home equity loan. We were quite happy with 15 years. She offered a larger loan to consolidate more funds that dragged the payments out to 30 years with a higher interest rate and it was only 80 less than our combined payments with the 15 year loan.
I think she thought the 80 dollars could help us now and if we move and sell out house, our debts would be paid off anyway and we would have had that 80 a month extra. But that’s only in the assumption that (a) we move within 15 years and (b) that we need more money later and refinance.
The difference in interest paid between the 30 year combined loan and the two 15 year loans was 183,000.
So, clearly…she was looking out to make her bank more money?
Money people…shed some light on this for me please?
Yeah, I did compute the difference. That’s the 183,000. At no bank, would you find a no interest loan. I am talking in real terms here, not idealist terms.
By the way, Mr. Credit Union guy who hates banks. We did NOT take her advice. We signed for the 15 year. I was really offended that she kept saying that the 30 would have been better. I hate bankers too. I looked into credit unions and I couldn’t find one that could give us a loan we could afford!
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Wednesday, 2. June 2010
Which company would be the best to go w/ for a home equity loan? My credit is bad 
I want to get a home loan, fix up the house, and pay off my little bit of debts i have. I know with my credit being not so great i’d get about a 9% rate (most likely) Im only looking to borrow -40,000
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Saturday, 8. May 2010
I have a friend who is very desperate because of all the debts, shortsale/foreclosure of his house, mounting credit card bills, etc, want to just leave the country for good to start anew. What would be the possible consequences of this? Will it clear all his debts, if he comes back to the US after 3 years would he be in trouble?
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Friday, 7. May 2010
We have applied with one lender. Our home is paid for, our credit is excellent our debts are low and income is very adequate for the amount that we would like to borrow. The lender came back with 10.7 interest. Couldn’t believe it we qualified for 3.9 interest on our depreciating truck purchase that we bought this time last year. How is this interest rate figured? I thought being a secured loan and also great credit there would be no problem of getting around 6.5 Could someone explain this? We do intend to shop further. Thanks in advance.
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