Easy Home Equity Loan

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?

Interesting Blogs

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%?

Interesting Blogs

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?

Interesting Blogs

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.

Interesting Blogs

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!!!

Interesting Blogs

We still owe 000 @ 11.25% on our home equity line of credit ! we pay 0 per month.Should we pay this down by 1/2 or should we pay off our truck @ 8.9% bal of ,750? we have no credit card debt as we just payed them off. Recently retired and sadly have no retirement saved up.

Interesting Blogs

I have about ,000 in my cash accounts (banking and savings). Some of this money is in a savings account that I would consider my emergency funds. I have a very generous retirement program of about 12% of my salary, which has been established for about the last 6 years. I am 33 years old, with a wife that has a job and a generous retirement plan and 1 baby.

I have some other small mutual funds that I started from savings which are 3-10 years old and have a current value of approximately 12,000 dollars.

I have a mortgage. We purchased it for 9,000, and we put down 10%. The first loan was a 7 year arm at a rate of 6.5%, and the second loan was a home equity line of credit for $ 57,900. The second loan is a variable rate, pegged to the prime rate. When I first started that loan, it was at 8.5 %, but it is now as low as 4.2 percent. This, of course, changes with the prime rate. The first loan I pay on principle, and the current debt service is $ 448,000. The second loan is interest only, and still has a principle balance of ,900. The down turn in the housing market has left me with only about 2-4% equity in my home as the latest appraisal was only 0,000

My only other debt is a car loan which has a balance of 15,000 and a rate of 5.25%.

What should I do with this extra cash?

Do I:
1. Pay down that line of credit? (obviously this has a variable rate that can change, and is currently taking up 100% of my line of credit which impacts my credit score)
2. Buy a second property? There are some good deals out there for a second home (i.e. condo in Florida) or a rental property. This would be an investment property since we can get something very cheap, but the downside is managing the property.
3. Put it in an invest vehicle? A mutual fund, bonds, etc.
4. Leave it in my savings account?
5. Or something else?

How much of that cash should I keep in my account versus investing or paying of my debt?

Interesting Blogs

I have a fixed mortgage at 6.5% but my home equity loan just dropped down to 4%. Would it be legal to pay off my entire mortgage using my home equity line of credit? Refinancing wouldn’t do me any good since no one can match the 4% rate. I just want to make sure something like this is allowed and doesn’t run afoul of some federal law or banking rule.

Also, are there any cons to doing this? I’m 10 years into a 30-year fixed.

Interesting Blogs