Saturday, 17. July 2010
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
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Thursday, 1. July 2010
10000$ to consolidate 7000 in debt, the going interest rate is 7.5 % we are currently paying between 13%-23% on the cards
the remaining three thousand will go torward minor home improvements & maintanenece (new paint, gardening supplies etc) We are currently living on one income, i will return to work when my toddler goes to school in 2 yrs. My minimum payments on three cards all tolled is 250$ per month while the home equity loan is 65$ per month & that is principle & interest
my fico score (experian) is 704. I dont know my median score, as i get a free credit analysis with my WAMU visa but i get experian only…
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Monday, 21. June 2010
I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I’m not interested in HELOC’s.
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Wednesday, 16. June 2010
My grandparents are giving us their 2nd residence home. No money owed on it, title will be ours next week. Here’s my question: we want to pay off some debt & do home improvements, but I am concerned about the seasoning clause. What banks/lenders offer home equity loans without a seasoning clause? Since there is no purchase amount, will they go by the appraised value in this case? Thanks in advance.
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Tuesday, 11. May 2010
Currently my FICO is 630, I have history of a bankruptcy 6 years ago, I make 80k a year, my only current debt is a 6k auto loan, oh and those dreaded 21k in student loans. I’m in California and 4 years ago I really wanted to purchase a home before the prices got to out of control but no bank would touch me despite a good career and down payment so my parents who had their home paid off got the loan for me and I’ve been paying the mortgage. Now 4 years later I’m ready to be an adult and do the right thing and get my home loan in my name even if it means a higher interest rate then the current 4.5%. With the equity I’ve established (my home is worth 380k and I owe 180k but thinking about borrowing 200k to pay the auto loan and do some home improvements) is it possible for me to get a decent interest rate with my train wreak credit history? Any insight would be appreciated, Kelly
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Wednesday, 5. May 2010
I need money for home improvements, and I also want to get my mortgage payment lower.
I bought this home in march 07, and I have made minor improvements, but the house needs improvements.
If there are any real estate pros out there with some good practical advice please expound on this topic.
Also, I have paid off some credit card debt since I bought the house, so I think my credit rating is better.
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