Friday, 3. September 2010
I own a house which I bought 4 years ago. I have an equity line at a 4% interest (IT IS NOT interest only). I also have a land loan for 28000 which is INTEREST ONLY at 6.5% interest and it is fixed until 2010; then the interest will change. I have been thinking on putting the 28000 in my equity line to pay off the loan. I will have a better interest rate and I will be paying some money to the principal. Now, I’m concerned because maybe it is a bad idea to add balance to your home equity. What do you think. Should I keep the loan separate from the equity line or should I add the loan balance to the equity line? Thanks a lot.
Interesting Blogs
Monday, 23. August 2010
I have ,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of ,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner.
Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.
Interesting Blogs
Friday, 13. August 2010
After a month of searching, I found 2 trucks that I was interested in buying. Called the first place, and they sold it just the day before. Called the second place, and they sold it just moments before. I decided to look locally and found a truck on craisglist in a nearby neighborhood by a private seller. It is a steal of a deal!!! I’m afraid they will sell it before I get a car loan from my credit union. I was wondering, can I take the money out of my home equity, then use the car loan from the credit union to pay that off since it’s a much better interest rate?? Just a thought to get things moving quicker. Thanks!
Interesting Blogs
Monday, 26. July 2010
My husband and I just purchased our first home. It was a forclosure and we were able to get a good deal and purchase it with an appraised value of ,000 more than we paid. We have fairly poor credit (the scores are super low, but we only have a few late pays from over a year ago) and are eager to get it cleaned up and stop paying amazingly high interest rates. We have already closed all but 2 open credit lines (the ones we’ve had the longest and have the best rates) and my question is two-fold, how soon after buying the home can we pull out the equity and is it a good idea? We both have stable jobs and make almost 0,000 a year. We are in this house to stay and would really like to make sure our next moves are smart ones.
Thanks!
My husband and I just purchased our first home. It was a forclosure and we were able to get a good deal and purchase it with an appraised value of ,000 more than we paid. We have fairly poor credit (the scores are super low, but we only have a few late pays from over a year ago) and are eager to get it cleaned up and stop paying amazingly high interest rates. We have already closed all but 2 open credit lines (the ones we’ve had the longest and have the best rates) and my question is two-fold, how soon after buying the home can we pull out the equity and is it a good idea? We both have stable jobs and make almost 0,000 a year. We are in this house to stay and would really like to make sure our next moves are smart ones.
Thanks!
Try to answer the question without being rude and thinking you know anything about my family from reading a paragraph question about home equity.
Interesting Blogs
Tuesday, 18. May 2010
Transferring credit card debt to a Home equity load, is this a good thing?
Interesting Blogs
Saturday, 15. May 2010
I have paid off my house 100%. Now I am thinking may be want to invest on rental property say condo. If I put down ,000 using my home equity to buy another real estate, what is this mean? I would be paying mortgage based on my down payment correct? What if something happens and became unable to pay it off, what would happen?
Interesting Blogs
Wednesday, 12. May 2010
Would it be better to use 401K loan, home equity, etc.
Interesting Blogs
Thursday, 29. April 2010
Ex girlfriend is now a friend. She recently got a good job with a large firm and wants to buy a small house instead of renting. She was laid off for nine months, so qualifying is tough. Can we purchase as tenants in common and still draw up a legal contract that protects my principal interest in a K loan from my home equity account to her savings account without future "divorce type" proceedings/ramifications over the next 24 months?
Interesting Blogs