Monday, 21. March 2011
Current situation:
- Purchased home in 2006 for 520K
- 1st mortgage was for 417K at 6.125% 30 yr fixed
- 2nd mortgage is 20yr fixed HELOC at 7.625%
- Home is currently only worth 450-480K (due to recession)
Current balances are 390K on the 1st mortgage, 51K on the HELOC
Mortgage broker is telling me only real option is to refinance primary using "DU Refi Plus" to 4.25% (or 4.5%) and then hope that the HELOC subordinates.
Is it worth considering a total refi of both into one loan with PMI?
This is frustrating because I have enough to pay more every month than I do now, and I have savings, but I can’t justify draining it all just to increase equity to get a better rate. So instead I am stuck paying silly interest rates …
Interesting Blogs
Sunday, 20. March 2011
Hi, I was just wondering if I have ,000 of equity in my home will I be able to get a home equity loan of ,000 for my daughters tuition. I also don’t have the greatest credit. Thanks.
Oh and I’m not talking about the HELOC I’m talking about a HOME EQUITY LOAN.
Interesting Blogs
Saturday, 12. March 2011
,000 interest-only balance hasn’t budged in two years thanks to Federal Reserve raising rates. Can only afford to pay the interest, not the principal. Know that a credit card transfer would eliminate the tax deduction, but see few alternatives. Tried a refi application, but appraisal shows loan is underwater because of falling home prices in the area — that means not enough equity to cover the balance on the Heloc!
Interesting Blogs
Sunday, 6. February 2011
I have 40,000 in Credit Card debt. I own my house outright. If I get a Home Equity Loan and move this credit from my cards to the HELOC will it improve my credit score or will it basically stay the same?
Interesting Blogs
Friday, 4. February 2011
I currently have a 10.5% Home equity loan but would like to get a lower rate. Since there is much less equity in my home today than when I purchased, I would need to pay half the balance to get a HELOC at 5.5% and achieve the necessary LTV of the home. I was thinking about transferring the necessary amount to a low interest (fixed for the life of the balance) credit card. Does anybody see a problem with this?
I have excellent credit and no problems making payments.
Interesting Blogs
Monday, 3. January 2011
I have two a mortgage with WF, and a home equity loan with same bank. Balance of 1st mortgage is 86% of appraised value, balance of HELOC is 10%. Would it be possible to refinance the first mortgage to take advantage of today’s low interest rates?
Interesting Blogs
Tuesday, 21. December 2010
I have a ,000 bonus and ,000 in proceeds from a stock purchase plan. What should I do with this ,000?
I have a ,000 student loan at 5% 6 a month
,000 car loan at 0 a month / 9% interest.
I also have a ,000 balance on my home equity line of credit at 15.4%.
I know that’s a really high interest rate, but I am a bit conflicted if I should pay off my car loan to free up that extra 0 a month to pay down the HELOC faster or if I should focus on the HELOC and keep the 0 a month payment going?
The stock plan is not in a 401(k) or IRA. It is out of an after-tax stock purchase plan. The only taxes I have to pay are on the investment gain, which ends up being approximately ,000.
Interesting Blogs
Saturday, 11. December 2010
I thought a home equity or a heloc as sometimes referred to can only take action if the first mortgage institution forecloses on the property. Can a second position initiate foreclosure?
Interesting Blogs