Easy Home Equity Loan

I would like to consolidate 5 different Sallie Mae student loans and a fixed rate 30yr loan on my condo INTO one 5yr loan. The intention is to get a decent rate and reduce overall interest paid by making larger payments for 60 months.

I’ve ran the numbers and can afford the larger payments. I have more than enough home equity to finance the loan.

A HELOC seems advantageous since the interest rate is fixed and not amortized and would help if I could pay the loan off early. But I’m not sure how high this interest rate would be compared to a typical amortized loan over 60 months.

Does anyone know of a reputable lending institution that would allow this? Or does anyone have any other advice to accelerate these loans (possibly just make additional principal payments and leave the loans as they are??)

I’m finding that many lending houses offer a minimum of 10yr terms.
I did contact Countrywide. They do this type of consolidation, but not as low as 5yr terms. Their lowest tenure is 10yrs. I prefer to get all of this paid off in 5yrs instead of 10.

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I was transferred the family home shortly before my mom passed away. The house has no debt owed on it (but very high prop taxes). It’s in major need of repair (eg crazy plumbing leaks, outdated electrical), but I’m a recent college grad with a fair amount of loan debt & next to no cash to work with.

I’m try to decide between a mortgage b/c the interest rate would be fixed (or at least more stable) or a HELOC because I don’t want to borrow more than the cost of the repairs, but those are difficult to estimate up front.

My plan is to rent the home after the renovations to pay off the loan and other costs of the home, keeping the home as equity, while I live elsewhere.

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what could happen to you if you foreclose on a property and have a heloc on the property. it is in arizona, would i owe the money still to the home equity loan company,

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My husband and I own our home. We purchased it over 6 years ago. (It was a repossesion) Got a great deal. Even in the slow market we probably have 0,000 in equity. The draw back with the repossesion is it needs some TLC. We need new windows and siding. These items are big ticket items. Probably about 25,000 together. Our current interest rate on the mortgage is 6.25%. Should we get a second mortgage, a heloc or a line of credit to tap into this equity? We both work and have decent credit.

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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)?

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I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?

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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.

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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

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• Free Credit Repair Advice – HELOC vs Home Equity Loan – What’s The Difference? | raestate
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