Easy Home Equity Loan » insurance

Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?

admin — Fri, 12 Aug 2011 09:13:29 +0000

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%?

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Easiest way to pay off the last $300 on a second mortgage?

admin — Thu, 21 Jul 2011 13:49:54 +0000

I’ve been paying extra on my second mortgage (HELOC), which was a ridiculous 8.5% APR. Now I have only about 0 left. There is no escrow or insurance, since it is a second mortgage. I called and got a verbal payoff quote of 1.31. There is also a 7 cent charge per day after today. I know there is a lot of red tape involved in paying off a loan, involving cashier’s checks. It seems like a small amount and time is not an issue. I was wondering if I could just pay the payoff amount from my electronic checking and see what happens.

What would happen if I just payed 1.31 from my online banking account? (The loan is with Chase.)

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In these economic times, is there anyone who will give a home equity loan to a person with bad credit.?

admin — Tue, 05 Jul 2011 07:28:03 +0000

My husband was ill for many years before he died, and we went through a vicious cycle of slow credit, chapter 13, and chapter 7. His insurance paid off the house. It is my only asset, but because of my credit situation, I cannot get a loan. I am once again caught in the cycle of slow pays. I have a very decent monthly income, but I am constantly playing catch up, so I can’t get ahead.

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I can not afford 2 pay my mortgage and i also have a second!?

admin — Tue, 28 Jun 2011 09:02:18 +0000

I got a subprime loan (Which I barely found out with all the mortgage crisis goin on. Thanks CNN). I also have a second mortgage, which is seperate from the first. I refinanced sometime last year and It did not include my property insurance. When I found out, the mortgage Co. (Countrywide) took my remaining escrow balance and put it towards my taxes. Raising my 1st mortgage 0.00. A month. Also in my area the housing prices dropped. My loan balance (1st and 2nd combined) 9.000, My house is now only worth 5.000. Now my work is slow! Ouch! I am currently current with my payment for this month. Now there is now way i will be able to keep up with my current payment. 00.00 a month. I am planning to let my house go into foreclosure. Now my question(s) is, What is the best way to go about this and what will happen to my second mortgage(will they or can they garnish my wages?). Help!

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Likelihood of two grad students getting second mortgage?

admin — Sat, 28 May 2011 18:51:53 +0000

My fiance and I purchased a house 2 years ago, but we recently decided to pursue doctoral degrees in a different state. We need to move to the other state by mid May, and given the current state of our economy, we are concerned that our house will not sell in time. A good friend of ours is willing to rent our house if we can’t sell it, and the rental income will more than cover the monthly mortgage payment as well as taxes and insurance. I understand that mortgage lenders are getting stricter about who they lend money to. Do you think there’s any way that a financial institution will grant us a second mortgage so that we can buy a second house? We have roughly ,000 equity in our current house, and the balance of the mortgage is only about ,000. We also have just over ,000 in savings (not including retirement), so we’ll easily be able to put 20% down. The kicker, though, is that I’ll be giving up my job for a graduate assistantship, so our total household income (not including potential rental income) will likely drop to about ,000. My fiance is a master’s student right now, so his income will not change considerably. If we cannot sell our current home and we’re forced to rent to our friend, then will mortgage lenders include this rental income in our total household income when deciding whether or not we qualify for a second mortgage?

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How to drop mortgage insurance?

admin — Tue, 17 May 2011 18:06:04 +0000

We bought our house in 2002 for ,900. Because we put no money down, we had to obtain Mortgage insurance. If I understand correctly, this would have to be carried as long as their was less than 20% equity in the home.

When we bought the house, there was fear that the local Navy base would close and people were selling their homes to anyone who could breath. We got our house cheap and with a 5.7% fixed interest rate.

The base stayed open and close to 2,000 jobs have been added. Home construction is booming here. At last check, Zillow.com says our house is worth 1,000 after falling from a high of 6,000.

My question is, shouldn’t I be able to drop the mortgage insurance? If so, how do I go about doing it? I have heard it is almost a nightmare to have it dropped. I have not taken out any loans against the house and have paid an additional 0 on my principle almost every month.

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I need help on this economics essay!!?

admin — Mon, 16 May 2011 18:04:42 +0000

This is what the essay calls for:

research paper explaining the various concepts of mortgages, amortization, principle, interest, accelerated payments, and equity. Include detailed explanationss of the difference between fifteen and thirty year fixed loans, Adjustable Rate Mortgages (ARMs), Private Mortgage Insurance (PMI), home insurance and property taxes.

I have no clue what to write!! I’m all confused. COuld you guys give me some tips on what to write or any websites I should use that’ll help me? I need all the help I could get!!!

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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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I want to buy a townhouse but find it's difficult to save for a downpayment.?

admin — Thu, 12 May 2011 08:33:43 +0000

I don’t want to pay for Private Mortgage Insurance. I want to buy about a 0,000 townhouse but it is hard to save up ,000 for a down payment to avoid PMI.

What options do I have?

- I am a 1st time buyer with good credit.
- I have a good stable job.
- I don’t want room-mates to "help me out" with the mortgage.
- I don’t want to borrow from my 401K which only has a balance of like 00 anyway.
- I have a significant amount of college loans and a car loan, and would be living "paycheck per paycheck" if it weren’t for my wonderful wife.
- I don’t want to settle for high interest rates.

Basically, I’m trying to figure out a way to save 50,000 bucks. My coworkers got their downpayments from the equity on their old homes – (lucky as hell).

It just seems RIDICULOUSLY hard for a first time buyer these days.
Actually, they paid 0% downpayment… It seems you can’t do that these days.

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will the bank take you to court if you foreclose?

admin — Sun, 01 May 2011 06:09:09 +0000

we have a 2nd home will my interest go up while my credit go bad and insurance rates go up will credit cards will be cancelled.we can afford two mortgages but it is scaring me when we have nothing left at end of month.will we be labeled as fraud since we make enough money.the house we want to foreclose is our rental property. what are the process the bank will do ,also we took a equity line on the rental property can we ask the bank where we took the equity to just make it a personal loan should we hire an attorney