Easy Home Equity Loan

Hello friends,

Does anyone know the current interest rate for the Student Federal Stafford Loan? I am looking to study for a master’s degree and would need to take out a loan. Currently I do have a home equity line of credit at an interest rate of about 8% and would be enough for the master’s degree for ,000.

Should I stick with my home equity line of credit or better to open a loan from Federal Stafford?

Thanks

Brian

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I forgot to mention .5 interest I paid on a Home Equity Line of Credit. I just got the document from the bank. This loan was used for personal use. Do I have to ammend the return ?. I don’t care about the tax benefit

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Just wondering if its better to refinance or take out a home equity line of credit as far as credit damage. Thanks!

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Short sighted of me, I know. Today I got my credit report and score. I have two items negatively impacting my credit, but they are both the same thing. It was a purchase made at Circuit City that my ex-husband made on a credit card in my name. The Circuit City delinquency shows up, as does the collection agency that they placed it with.

The statements were going to my previous address where I lived with my ex, so I never had a clue about it until today. The original charge was 4, and now my credit report shows that the outstanding balance is 9. My ex husband has recently passed away, and now I own the home that he lived in. We had no liens on the property, and his bills. with the exception of that one, were all to date. From speaking to my attorney, it appears that as my name is on the deed, the estate will not have to be probated, as he had zero outstanding debt. My plan is to get a home equity line of credit on that home, for a very low interest rate. This will allow me to pay down the mortgage on my current home, and then be able to refinance it using the equity gained. I will also then be able to do the repairs needed to my ex’s home, to either sell it, or make it suitable for tenants. I purchased my home 4 years ago for 0,000. I’ve made many improvements (new electrical service, new windows, remodeled upstairs), and my real estate agent friend says the house will easily appraise for 0,000 at this point. Given this figure, I’d have about ,000 in equity. My ex’s house had a town assessment of 5,000 (with no liens). I have unfortunately not had a credit card for years. The good standing accounts in my rating are 2 that are paid/closed/never late, and one that is a checking account with an overdraft protection that is open/never late. My credit score is 651. Will paying the account that is negatively impacting my score help immediately? Should I answer one of the hundreds of credit card offers that come my way, and pay it off religiously? I guess I’m wondering what would be the fastest way to get my credit score high enough to qualify for a home equity loan on the second home. Sorry for being long-winded, but I think I got all the essentials in.

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I bought a lot and plan to get a house built in 5 years. I dont like the current loan, 6.25% fix rate for 3 years but interest only. Is it a good idea that I use "home equity line of credit" 4.75% at this moment to pay it off?

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I have an equity line of credit which I took out a little over a year ago. Now I want to use that money to purchase a rental. My bank claims I can no longer take all the money that we agreed upon and wants me to refinance my loan and pay additional costs and also agrees that I probably won’t be getting as much as I orginally qualified for since home prices are down. They are also telling me my interest rate will change if I do use it. Is this legal since I already paid costs for that loan and have had it for a year now? I feel like I am getting the shaft. What can I do?

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We owe ,000 in credit cards and the 0% interest is about to end. We could get a home equity line of credit with a pretty low monthly payment or my husband can borrow from his stocks and the interest charged is paid back into his retirement account. The only problem with this is the payment is going to be higher at 9.25%. I know with the other loan we would be paying the interest to the bank but the payment is more affordable and I could pay extra when possible. I just don’t want to be strapped for money every month. Thanks for your help.

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I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime – 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?

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• Is a home equity line of credit a good idea? | AC Di Sini – Share the Knowledge
• Helpful Information on Home Equity Loan
• 3 Reasons to Get a HELOC – Fast Home Equity Lines of Credit | Refinance Home Equity Line Of Credit