Saturday, 4. September 2010
Bought my house about 7 months ago on a 100% financed mortgage with an unbelievably low interest rate, so I want to avoid refinancing. I don’t think i can do a home equity loan because I have little to no equity since i did the 100% finance. Any ideas? I need about 10000 – 15000 for new siding work.
Friday, 3. September 2010
I own a house which I bought 4 years ago. I have an equity line at a 4% interest (IT IS NOT interest only). I also have a land loan for 28000 which is INTEREST ONLY at 6.5% interest and it is fixed until 2010; then the interest will change. I have been thinking on putting the 28000 in my equity line to pay off the loan. I will have a better interest rate and I will be paying some money to the principal. Now, I’m concerned because maybe it is a bad idea to add balance to your home equity. What do you think. Should I keep the loan separate from the equity line or should I add the loan balance to the equity line? Thanks a lot.
Tuesday, 31. August 2010
Divorced,recently had deed put in my name only,have a home equity loan,wondering if refinancing would be a good idea ,lower payments,lower interest rate,for 15 or 20 years
Monday, 30. August 2010
We paid 35,000 for our home and are on a 5 yr ballon note w/10% interest rate. We have been here going on 2 yrs. We would like to renovate the kitchen and bathroom. I currently have a small loan w/CitiFinancial. They sent a letter in the mail offering to refin our home w/ the interest rate 11%. The appraiser came out today, but we are not sure yet what the property is worth . We really have no idea how refinancing or home equity loans/lines of credits work,can someone please give us some sound advice please. I read over some of the questions posted here and Im starting to think we may be making a mistake by refinancing our home. Also one last question if we decided not to go with the offer from citi how is stuck w/ the appraisers bill??? thank you
I will be looking online for a mortgage broker as suggested ,meanwhile can anyone suggest a few good mortgage brokers. And wouldnt the Rate be determined by my credit currently 625. Also,is it fact that each inquiry will need a credit check and therefore it will post on my credit report which brings the credit score down 3 points per inquiry. I am concerned about this. Im currently at a 625 with a thin crdit file however Im slowly building my credit by making my pymnts to my vehicle and loan and credit card. I will be taking the advice from the posters and look for other alternatives or at best a lower rate. Thank you all very much
I understand that the appraisal fee’s are coming out of my pocket if I am to take the loan through citi financial but they did not say anything about who covers the fee if I dont take the loan. Could I be the one responsible even if I turn there offer down?
Sunday, 29. August 2010
I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can’t find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?
Saturday, 28. August 2010
I’m buying a ,000 house according to tax records for ,000, but want to get ,000 because it needs repairs. It shouldn’t really matter to the mortgage company how much I paid for it, because in the (extremely unlikely) event that my house was repossessed, they’d have a ,000 house to sell. Especially since I’m investing the extra money into it and doing the work myself. It would definately be worth well over 0,000 when I’m finished. I don’t want a home equity loan because I want just one payment with just one interest rate. My credit score is 702. I should be able to get a loan.
Thursday, 26. August 2010
I bought my home in March of 2003, my mother co-signed for me, but does not live with us or pay on the mortgage. I would like to look into either a refinance or home equity loan, with a goal of perhaps borrowing -15,000 to pay debts, etc. Is it possible to do this and still maintain the same interest rate and monthly payment? Where would be the best place to inquire about the process, my credit union where I handle the rest of my finances, the company that I have the mortgage with, or an outside company?
No, I did not commit fraud thank you very much. I simply mentioned it in my question in case it made a difference. I’m no expert but I’m sure if it were somehow not legal to have a co-signer that did not reside with you then I would never have gotten the loan in the first place!
Monday, 23. August 2010
We have a second mortgage on our home. The interest rate varies between 7 & 8 percent. Would we be better off to take money out of an annunity (tax free) and pay this off or leave it in and draw 3% interest? Thank you.