Friday, 3. September 2010
Can I sell a home with just a 1st mortgage, collect the equity and continue to pay on my Heloc as if it is a line of credit? or will I have to include it in my home sale (and possibly a short sale)?
Sunday, 15. August 2010
I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
Saturday, 24. July 2010
I recently have decided to pull some money from my house for a few different reasons. I have had one of those years where some bills have gone unpaid and have gone to collections, not my best year but I am sure we have all faced this in our lives.
My credit score has hit as a mid score a 585 which is below the guidelines for some lenders to allow an Heloc. My home value is about 500 K, and the loan pay off is about 250 K so I do have the equity in the home for the loan but just not the credit score.
I have looked at a Refi but would suffer a prepayment charge from the lender that is around 8 K as well as another 10 K in closing costs etc….etc… I would like to do a Heloc and I am not really concerned so much about the interest rate on the deal as I will plan to sell the house in the next year.
I am looking for a company that does that kind of lending.
Any suggests my yahoo answer friends.
Wednesday, 7. July 2010
My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks
Wednesday, 7. July 2010
Here’s some background: I owe 59,500 on my house that is worth approx. 75,000. I want to put in a new heating system this spring/summer that will cost ,000, give or take. Thinking about going the route of home equity loan or HELOC. My credit score is 730 (as of a year ago) and my husbands is at least 750. The questions I have are: Will I be able to get a HELOC or loan with the amount of equity I have? Which is better? What is an average interest rate with the credit scores listed above (doesn’t have to be exact-I will shop around). Basically, just give me as much info about these loans as possible. Thanks! One more thing, would I be better off to refinance my mortgage? I’ve only been paying on it for 3 years.
Of course I’ll meet with people about this when I am ready to. YA is for fun and to find out what others out there think about these things. Please, give me your opinions and help me to learn a little about this BEFORE I meet with mortgage people.
Monday, 28. June 2010
I own a house outright in another state (TX) and would like to take out a HELOC against it to help with a down payment for a house to live in here in my home state (CA). It seems to make sense because the interest rate is lower than taking out a 2nd. I would also like to do this a few months before I actually purchase to increase my credit score and help my credit history. Any thoughts?
Friday, 25. June 2010
If I can not pay a home equity line of credit with one bank but I continue to pay the 1st mortgage what action does the home equity line of credit holder take? Both loans are up to date, but I will be unable to pay the HELOC much longer. I do not live in the property in question. It is vacant and with a realtor but it is in Florida and the value is dropping almost daily due to the crisis in the real estate market in florida. Should I let the banks forclose?
Tuesday, 22. June 2010
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I’m wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the 0 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?