Friday, 19. August 2011
We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?
Friday, 12. August 2011
My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we’d then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?
Monday, 13. June 2011
Why would anyone choose an SBA loan when they tie up your collateral and you could use that same collateral for a home equity line of credit?
Monday, 13. June 2011
Why would anyone choose an SBA loan when they tie up your collateral and you could use that same collateral for a home equity line of credit?
Monday, 30. May 2011
I am twenty-two years old and my FICO score from Experian was a 738 four or five months ago. I have:
1. a close to ,000 mortgage with an initial balance of ,000
2. four credit cards with a total limit of close to ,000 (only one of which has a balance [,000 on it but at 0% that I will pay off before any interest accrues])
3. about ,000 in student loans that are not yet in repayment (I am finishing college soon)
4. no auto loan payments (paid cash for my wife’s car and mine)
I am trying to increase my credit score so I can get the very BEST rate on a HELOC (home equity line of credit) so I can begin my real estate career! Hopefully, I can find something lower than prime – 1.00% because I have already been offered that.
Wednesday, 25. May 2011
…your mortgage early.
Your mortgage balance can only be impacted/reduced only once per month. Therefore, if you have a 30 year fixed rate mortgage at 6% you will pay 6% per year every year until the end of the 30 year term. Interest on these loans are front end loaded as well. Conversely, if you borrow from a home equity line you can make payments every week if you so choose and drive down the outstanding balance of that loan weekly. As you drive down that balance, the bank must reduce the amount of interest it charges you thus yielding a much lower rate than the stated rate charged.
Tuesday, 26. April 2011
I am going to claim my credit cards, can I claim my home equity line as well?
Monday, 25. April 2011
My wife has about ,000.00 in credit card debt. All on 1 card. They just jacked her rate to 17%. That is almost 0 a month in interest payments! The card is in her name only. We own a home. It’s in both our names. We have almost 0,000.00 in equity. My credit is shot due to credit card debt in my name only i recently negotiated down and payed off. My wife needs to keep her credit score around the mid 700′s where it is now. So we think if she applies for a home equity loan in just her name she can use that money to pay off her credit card. Problem is, she is an independent contractor and makes like ,000.00 a year. I’m thinking this is not enough to qualify her. Also, both our names are on the deed to our home. We owe about 0K and only have a 1st.
I am also confused about going with a ‘home equity loan" vs a "home equity line of credit".
Please explain the pros vs cons of each. Are both tax deductable? THANKS!!!