Wednesday, 19. January 2011
Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid.
I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan.
Thanks
I already know the whole "you shouldint have gotten yourself into debt" speech. My husband and I paid for our own wedding, therefore the debt.
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Thursday, 16. December 2010
I am applying for a home "EQUITY LOAN" how does that differ from a regular mortgage? & does experian look at it the same when calculating there "credit scores" ? ( I know they look at "EQUITY LINES OF CREDIT" negatively if used to the max.
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Monday, 6. December 2010
Just bought a house for 4k 30yr 6.125%, it was appraised at 4k. I’d like to make several home improvments and consolidate some debt. How soon can I get a Equity Loan or Line of Credit , seeing how i just bought the home I wasn’t sure if theres a waiting period i.e 6mo-1yr . Also which might be better for my situation the Loan or LOC?
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Friday, 12. November 2010
I have about 00 in credit card debt, I was thinking of getting a end-term loan that has regular monthly payments to get it paid off sooner and a stable interest rate. My problem is two things 1. We (my husband and I) are going to refinance our home in March so I do not know whether to get this loan now or wait until after we refinance. We do no have enough equity in our home to get any kind of equity loan for the house. 2. My husband has about three credit cards that does not have any balance on them and that he has not used in years one he has never used. Does this hurt his credit should we cancel them? If so, do we do it now or after we refinance?
The loan we are looking at is an intrest only for the first 5 years which we will be selling after that and so we don’t want to refinance much more than we already owe on it maybe get about 00 to put down new flooring. The new floors is needed as we have two children w/ eczema & asthma and the old carpet is needing to be replaced. We are looking at laminate flooring throughout the house.
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Friday, 8. October 2010
I have a good credit{over 700},but I do not have W2 form in usa,I just have some saving from my home state.i have two house in usa,but I don’t want equity loan.
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Wednesday, 29. September 2010
I have a bout 100,000K in home equity that I used and make payments monthly, I am trying to get a modification on my home Mortgage, so at the same time do home equity loans get modification as well, if I call the bank of America (my equity loan provider) can I ask for modification on the Equity Loan?
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Monday, 13. September 2010
What can I do to avoid forclosure process from starting when I dont have anything to pay on a small equity loan? I paid cash 169000 for my home I got a equity loan on the house in amount of 55000 in 07 after I tried starting a buissness that failed and I shouldnt of never got aproved for the loan to begin with my credit score is and always has been bad and my only income is ssi disability i was coned 550.00 mo payments and my only income is 637.00 a mo I’m currently owing 3300 in equity payments they’ll except 2000 give me time catch up but I’m unsure where I can get 2000 my score is bad so no loans. I was nieve and now scared can the bail out help me and when? and can I avoid forclosure from starting somehow soon?I even thought I may try to sell and in dec 05 i paid 169000 essesors office currently my home is worth 161000 but real estate comp wants me list for 100000 or less thats crazy any ideas please help i need keep this house untill value goes up some then try relist or sell by owner i also put close to 5000 in work and added a 6000 pool to 3 bedroom 1&1/2 bath full basement almost 3 acre property please help me with ideas how get more time.
Friday, 10. September 2010
I am wanting to purchase a 2 family house that is already occupied and rented for 0 a month, the asking price is only around 15,000 and it’s real estate value is at least double that. The owner is retired and just looking to get rid of the house cheap. I have 550 credit and have no capital to add to the deal. I have gotten a responce from one hard money lender. However, I have been thinking about a hypothetical way to make this happen where all parties win. Please everyone let me know what you think, and if I’m missing anything.
1. Get a private loan (not hard money) from a willing investor for 15k.
2. Purchase the property outright.
3. Get an equity loan for the appraised value of the home (est. 40k).
4. Pay back the private loan with interest.
I’m sure I may be missing something, so let me have it. lol.
I think the key issues I want to know are:
A. Will I need to hold onto the property for a substantial amount of time before I can get an equity loan on it?
B. Will the equity loan terms be affected by my credit scores and debt-to-income ratio like in a mortgage loan?
C. What return would be fair to the private lender for use of their 15k?
The whole thing about it being a "private" loan, is so the bank dosen’t know I didn’t buy it outright with my own money. Therefore the 15k+ private loan will have no bearing on the Equity loan.
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