Wednesday, 1. September 2010
I have about 20K in I-Bonds (face value). I am going to purchase a 2nd home as a rental property; same town. The rental is K.
The house I live in is worth about 0K and I owe about K on it. I have been qualified under both equity and conventional and on the 5-1 arm as well. I have excellent credit 750’s but due to the property I want to purchase being a rental, the interest rates I am getting are very high. 8.93 on the equity with nothing down and 5.1 with 20%down on the conventional. The 5/1 Arm gives me hives so I am kinda staying away from that one. What do you all recommend. I really did not want to part with the I-Bonds. They have not yet matured and I kinda wanted to use them for my kids first year of college in 5 years but the 2nd house is to help me pay for their college as well. I will be done with my 1st house in 4 1/2 years. What do you suggest.
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Monday, 23. August 2010
I have ,000 in total credit card debt (3 cards). Interest rates are 4.99, 5.99 and 11.74. The card with the highest balance is also the highest interest rate. According to a debt calculator I used, I can pay them off in 42 months with my income. I have been offered a fixed rate personal loan of ,000 at 7.74%. I would pay off the credit cards and use the rest for legal fees (personal situation). Using the same debt calculator, I can pay the loan off in 48 months easily and probably sooner.
Is it worth it to apply for the loan? Will it hurt or help my credit? I do need the extra cash and do not want to take it from my home equity or put more on credit cards. Thank you for your responses.
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Saturday, 21. August 2010
OK heres the deal… I have bad credit however i have my own house all paid for, nothing owed. I need a new car since mine decided to freakin blow up! I tried with Bank of America to get a home equity line of ,000… which was the min, and they denied me because of my credit. I HAVE COLLATERIAL! Anyone know where else i should apply? or am I just basically screwed? You would thing that my house is all paid for that someone would give me a home equity loan…I am trying to avoid going to a car dealership to finance due to the interest rates…Thanks for all your help! any suggestions are also welcome
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Saturday, 14. August 2010
I have been paying on this line of credit for 3 years and becasue it has a flexible interest rate although I pay extra because the interest rates continue to rise most of the payment is almost all interest. I need help getting out of this mess but I also need to put as much money in the 401k as I can because that is not where it should be either. If I do take a inservice withdrawal I will not be able to contribute for 6 months. This means i will lose the interest on the money I take out and on the money I cannot contribute for six months. I will lose my employers 5 percent matching and the tax advantages. What do I do? I plan to retire within the next 3 to 5 years. This is such a mess. I cannot take a loan out because I did so to payoff credit cards and I can only have one outstanding loan at a time. I feel so trapped! The home equity line of credit balance is 13000 dollars.
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Thursday, 12. August 2010
Hi, I bought my house in 2006 for 0k with no down. Interest rate for the first loan (80%) is 6.5% and I got the 2nd loan with 9.5%. Now the estimated home value is ~0k. I know the interest rates these days are less than 5.5%. Can I get a refinance?
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Tuesday, 10. August 2010
I have three homes which I purchased & financed during the period of low interest home equity loans-now the interest rates are very high, the homes are not occupied (no income) and I have been laid off. Do companies work out interest only arrangements and possibly, no late charges until my situation is resolved or improves?
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Saturday, 7. August 2010
I have a home equity loan with an interest rate of 7.49% (fixed). The monthly payment is 9.78. Of that 0.29 goes to interest, 3.13 goes towards the principal, and .36 goes to insurance. My question is: Is the interest they’re charging me every month correct. Sure seems like alot to me, but I’m no money man. The people at the bank don’t seem to be able to explain it to me so I figured I’d ask the question here. Second question: I know interest rates are falling. Would it be wise to refinance this loan at a lower rate? Is now a good time or are rates going to drop more. Or should I just leave it as it is. Thanks alot for any help.
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Friday, 6. August 2010
I just asked this question and got several replies, but forgot to say how much the loan was for. Several of the respondents said they couldn’t answer the question without knowing the amount of the loan. So, It was for around ,000, and the balance is around ,500. So here is the original question:
I have a home equity loan with an interest rate of 7.49% (fixed). The monthly payment is 9.78. Of that 0.29 goes to interest, 3.13 goes towards the principal, and .36 goes to insurance. My question is: Is the interest they’re charging me every month correct. Sure seems like alot to me, but I’m no money man. The people at the bank don’t seem to be able to explain it to me so I figured I’d ask the question here. Second question: I know interest rates are falling. Would it be wise to refinance this loan at a lower rate? Is now a good time or are rates going to drop more. Or should I just leave it as it is. Thanks alot for any help.
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