Easy Home Equity Loan » home loan

Will move in 5 years, best to pay off home equity loan of $15k, or combine with home loan and refinance?

admin — Thu, 22 Dec 2011 00:24:46 +0000

Right now my home equity loan is at 7.4%, and my home loan is at 5.35%
I am leaning towards paying off my home equity loan, but should i combine my two loans and refinance instead?

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Home Loan and Home Equity Loan Refinance question?

admin — Mon, 12 Sep 2011 00:16:04 +0000

If you have a home loan and a home equity loan, if you refinance can you roll the two into one or do you always have to keep the two seperate?

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Can you help us with some questions about refinancing a rental home?

admin — Sat, 03 Sep 2011 06:04:24 +0000

We bought a new home 3 1/2 years ago for 260,000 dollars and improved it in many ways. We have significant equity in this home; we owe just 113,000 dollars on a 30 year conventional (fixed) mortgage at 6.25 percent. My wife and I have credit scores of 750-760 depending upon the bureau asked. Aside from our home loan (113k), we have no debt whatsoever. My wife & I are both teachers.

About six weeks ago, we decided to refinance the home at a much lower interest rate and pull out 15,000 dollars equity. Everything was going fine until, about three weeks later, I decided to relocate for a better-paying job out-of-state. Because property values have declined in my community, we chose to rent the home for 1,500 per month with the goal of selling it after a year or so when the housing market improves. The home will be rented tomorrow.

Unfortunately, the appraiser somehow got the idea that we were selling our home, and our bank initially declined to refinance because of this. When I explained the situation to my loan officer, she said they’d have to “start the process over again” and that we’d pay higher fees and have a higher interest rate if approved.

So I have a couple of questions.

First, how long is this approval process going to take on average? Will it take another month?

Second, what is the possibility of getting a second mortgage to buy an inexpensive home where I am now? In today’s market situation, is that difficult to accomplish?
Our income isn’t very high because my wife chooses to only work part-time these days and spend more time with the kids. We generally have a 55-60K income. We had planned on initially renting in our new community, which is a rural area, and then (after a year or so), selling our home and purchasing with mostly cash. But the rental market is outrageous due to the military base I think. It’s much cheaper to buy: a fairly nice home (15 years old) rents for 17-800, but can be purchased for 150k. So rents are high, but prices are pretty low.

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Can I sue the mortgage company that qualified me for a home loan?

admin — Mon, 22 Aug 2011 06:38:44 +0000

When me and my husband purchased our home we were green to the whole buying process. We found a mortgage company that would qualify us for a home loan, we were just happy to finally have our home, needless to say two years later we wanted to refinance our home and we find out we have a second mortgage (an 80/20) no one explained this to us at the time, nothing was said. Is their anything I can do legally?

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What is the difference between refinancing a home loan and a second mortgage?

admin — Tue, 02 Aug 2011 09:22:08 +0000

We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you

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Would you take this loan?

admin — Wed, 13 Jul 2011 01:15:34 +0000

we are debating because of our situation whether to take this loan or not. we have applied elsewhere, and this is all we have been offered.
we are 30k in debt want to consolidate and lower our interest rate. our payments in total average 1100 a month and interest averages 15-21%
the loan presented to us, is 50K , 5% interest only ( of course we would pay down on principal) 25 years ( our intent is pay off all within 10 years.) the difference of the 30K would be available to us like an a line of equity. Our concern is that shortly I will be without of a job because they are closing down in 4 months and we have a mortgage. We plan on selling our house but this will be a short sale because the value is less than we owe by 20k.this was not due to our home loan we had fixed, but our area was the highest hit in foreclosure thus the value decrease! please no rude comments we are extremely stressed.
the reason we are taking 50K is not because we need the additional amount but to help our credit. If we take 30k it looks as though we maxzed out on a 30 k credit card, whereas if we took 50K (which is a line of credit) then it looks better. If I am incorrect please tell me.
MORE IMPORTANTLY TOTAL CLOSING FEES AND BROKERAGE FEES 6,500!
this is in no way part of the home loan, its a personal line of credit.

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Do Home Loan Modifications include our equity loan?

admin — Fri, 27 May 2011 02:43:00 +0000

Mortgage is with Chase, equity loan is also with Chase. We applied for a loan modification. Due to job loss, decreased pay we cannot continue to make our home loan and equity loan payments.

Wondering if they will adjust/combine our equity loan in our home loan modification. I can’t get a straight answer from Chase regarding specifics until underwriter has approved.

Does any one know, or has had experience with Chase or this scenario.
Thanks!

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Do Home Loan Modifications include our equity loan?

admin — Fri, 27 May 2011 02:43:00 +0000

Mortgage is with Chase, equity loan is also with Chase. We applied for a loan modification. Due to job loss, decreased pay we cannot continue to make our home loan and equity loan payments.

Wondering if they will adjust/combine our equity loan in our home loan modification. I can’t get a straight answer from Chase regarding specifics until underwriter has approved.

Does any one know, or has had experience with Chase or this scenario.
Thanks!

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Home Loan and equity loan? How does it work when a house is already paid off?

admin — Sat, 14 May 2011 00:24:13 +0000

My mom has a home that she bought in 1997. She bought it for 81K and now it is worth about 350K. (It was built in 1991 and we are in southern California.)

She paid off the house back in 2004-just after her husband died she collected the 100K from the life insurnace policy. She is making about .60 an hour-full time-and now she will be bringing home less since her employer is going to take out about a month for health benefits. She only made around 17K last year.
She is about 4 or 5K in credit card debt. Since her husband passed in 2004, she has paid down the credit card debt a lot from 7 or 8K – (most of the money came from the left over amount after paying the house off) but she is still struggling to pay all of her bills.

If my parents had not had the life insurance + if my mom had to pay the mortagage (0.00 month) we would be living on the street now. There is no way she could afford that on her income. Is it worth it getting a home loan for 5K or 6K?
My mom has the ’99 truck (it was dad’s) and it is running and that truck is paid off. Her car a ’99-not running is also paid off. I already asked her if she wanted to rent the room out-she would rather not with her 3 little doggies. They would bark too much.

I thought that interest payments would be lower than credit cards. She is paying 22% of one of her credit cards. that is crazy! I will show this to her tomorrow. Thank you all! If I could I would give you all best answer!

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How Can I get a home equity loan ?

admin — Wed, 11 May 2011 02:45:51 +0000

My home loan is in my husband name my husband died in 2007, I never Transfert the loan into my name. The property is in my name only,
Husband signed over title to the house in my name before he died
There are no liens on the property