Easy Home Equity Loan

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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Why don’t payday loan companies and other loan companies that provide loans over ,000 and provide first & second mortgages in Ohio be required to have loan officer licenses & mortgage broker licenses? Does anyone know?

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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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I have an investment property that I rent out to a tenant in Georgia. I currently am up to date on my first equity line that I have out on the property, but my second line has become past due by almost 30 days and lender has put a hold on the account. Even when I try to make payments on the account they do not let me due to some reason. I have consulted with others who have loans from this lender and they say that a freeze has been placed on their accounts as well (approx 30 others). In the event that that I am unable to pay the loan in its entirely if recalled by the lender or if the lender does not accept payments causing it to go into foreclosure, how will this affect my first mortgage, tenant, and me personally. Can I just allow it to be foreclosed and wash my hands of it, taking the hit on my credit? Or can the lenders sue me for anything? Also if the bank does decide to foreclose will that require me to pay any type of legal fees?

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We have a house at 94900, and appraised at 125000 but it seems like every bank only loans at 80% of value now which is not much. Any ideas?
thanks for the answers so far. Can I get a fha equity loan if my mortage is a conventional fixed not a fha? Thanks

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I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second (00). I only have 00 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

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my second mortgage is a 15 year conv. 2nd balloon at 8.6% 53k

i owe 290k on my 1st loan at 5.75%(30 year) i dont think i will remain in the house more then 10 years, so i dont think its worth to refinance both loans together and if i did my ltv will be too high. my house would appraise for around 380k and thats about what i would refinance for.

my bank (countrywide) doesn’t refinance 2nd loans anymore so they say. any suggestions?i still owe 27 years on both loans.

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Yesterday I got a letter from my bank, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, "my loan will be considered payed in full". They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan (balloon), I don’t trust my bank and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.
Ok, the answers up till now seem really good but I want to put a little bit more detail to see is it can help me get even better answers:

First Loan:
9,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
,000 30 years fixed
13% APR
***offered to pay only ,000 to pay it off***

My loans total: 4,000
My house is now worth: about 0,000
My mortgage bank is Aurora Loan Services, just do a search for their company name online and you will know why I don’t trust them. I called them today and they said there was no more information that I could get, just the letter, that’s it. They were kind but not helpful at all and I have only 30 days to take the offer and send my money order… because they will not take a bank wire or any other more secure kind of payment.

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