Easy Home Equity Loan

1st = 0K @ 5.62%
2nd = M @ 6.20%
Home equity is 5K @ 7.2%

Hoping to have just two loans. Conforming 7K and Home equity that would allow up to 2M in total debt so Home equity loan = M.

Something like that. House is worth 0 or so…….

I want to get my husband off all the mortgages…

What kind of debt could gross income of K per month support?

Is this a bad idea. We have been seperated 3 years but never divorced — he is willing to stay on mortgages, but I would rather stand on my own and be able to change the title too.

I think too that would allow him to more easily purchase another home. I made 100% of the original downpayment on the one I am discussing.
Home equity loan was used for new roof, new windows, car note repayment, and debt consoldiation. Debt free except these mortgages/and the Heloc

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I’ve always had very good credit score. 11/2007 was 725. Today it’s 680 and going down (I’m sure). Owe about 43000 in credit cards, have 2 mortgages and 2 401k loans. All taken to put children through college and help with their finances. Was doing will however over the past 10 months, 2 of the children lost their jobs and now I’m in financial trouble.The creditors are constantly calling, I’m only late by 2 wks, however do not see a way to now pay for 2 months and late fees too, pluse interest rate was jacked up. This is a nightmare, depressing and embarrassing. I need some help/advice as to what are my options. Tried Home Equity but qualify for high interest which only buys me a little time before I’ll be back in trouble again. I just can’t make ends meet anymore. Pl help soon.

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I currently own a villa in Deerfield Beach, FL (near Fort Lauderdale). I paid 50K for it over 10 years ago. Currently I have about 150K of equity in the home. I re-financed about 6 years ago so my interest rate is at 5.0% on a 15 year loan. The mortgage including taxes and insurance right now is about 0 a month.

We are thinking about moving to a larger house with a purchase price around 300K. With the market, it is really tough to sell. I would like to keep my current house and rent it out. I’m seeing rental prices around the area is about 50 a month.

Presuming I can get that amount, what’s the best way for me to manage my equity so I can buy the new house. Idealy I would like to break even on my rental house after taking the equity out to buy the new house.

Any help or creative financing ideas are appreciated. I would like to hear about different types of loans and is it possible to combine the houses into one mortgage. Does it make sense? Thanks!

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Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash?
I asked this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer.
Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should put on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit.
I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to put down 15 % on the fha or should i put down 3 % and save the money for the conforming when i refinance. I would put 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %.

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I had a few loans out through my significant other, one small one that i used for a car about ,000, one larger one for about ,500, and then we had some combined stuff to do around the house, etc, so that was a home equity for about ,000…all in all those were gotten about a year or two fairly closely together though, and they all started out as lines of credit, fixed interest rates.

We both kept making payments on time, and were on great terms, then this whole credit crisis hit…our credit cards, some of them, the limits got slashed, one or two just closed…..then two of these lines of credit became variable rates…and then if that wasn’t enough, they reduced the terms from lets say 6 and 8 years down to 5, just like that…

and just today I found out that they’re freezing them, the two of them, and they’re no longer lines of credit just simply loans..which totally eradicates drawing more on it lets say at a later date.

So now I especially am very angry, because I feel like we’re being messed around by these banks just because they "can," even though we have good if not great credit, make our payments on time, and that’s actually not THAT bad of outstanding debt being that it’s not all under one person’s name.

it’s just ridiculous though. We’ve been paying them down, and we still have alot of other credit available that we NEVER use, and income is good..everything is good.

So now I’m depressed, becuase in the last year, with all this slashing, it put a serious dent into being able to withdraw espeially for necessary things like health bills.

So as of right now I want to know what the best option would be?

Should I just let things go how they are, or should I try a different bank and then just consolidate a few into one bigger loan, or try to get a line of credit and just transfer over and pay off the, forgive my language, cr@ppy loan deals we now have?

Another concern is, with this outstanding debt, which isn’t astronomical but it’s still quite a bit…

will they be less likely to approve, especially if it’s secured? Does going in person help any..rather than just over the phone and internet, and perhaps putting up a collateral or securing it with something might help?

The thing is, I used personal lines of credit to have as a safety net, just in case emergencies come up, I mess up and over spend,, or whatever financial crisis may arise especially in THIS economy, and it’s something that you pay down but can also reach in if you need it.

IT’s great for rescues, but now banks are seriously cutting that down, and well….not much is available.

So I’m very upset over it. I mean I can understand the economy being bad but…these banks aren’t even giving out notices ahead of time to WARN us about changes@!

They NEVER notified us about this recent change where they’re just becoming loans and not lines of credit which we got APPROVED of.

no letter in the mail, just happened.

This is all by the way, BANK OF AMERICA!

the other one is with capital one, and they’re fine thus far.

is bank of america just a bad place to do business with?

They even treat their LOYAL customers like dirt and we’ve been banking with them for a long time now!

Very depressing I’ll say.

What are our options? I don’t want to go into some debt consolidation thing either because I can totally pay off the bills from the loans etc, tey’re not that much considering they’re spread out for many years, and they serve a great purpose to withdraw money from if they’re lines of credit.
also, once the banks do this, are these permanent changes or can they be subject to change? Bank of America’s reasoning was : well we just don’t DO lines of credit anymore.

Fine, but why should we then bank with them?

It’s our money too we’re paying back, so why pay under one bank’s conditions & terms you don’t agree with.

If another bank is more negotiable and nice to their customers & offers better rates/plans…..then…why stick with bank of america?

They seem very blase about actually working with you. IT’s more like…this is what we offer, this is not, take it or leave it GOODBYE, no care about good customer service or a good payment history NOTHING.

I feel like a number and they treat you almost condescendingly.

Well why do banks offer these services…if they later complain that people shouldn’t be USING THEM? It’s a catch 22, if no one used them…their businesses wouldn’t be as successful.

Banks, what’s the deal!?

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I have an 80/20 loan. The 80 is an ARM with a 10 yr libor that had a 6.25% that went to an 8.25% in Feb. The other loan is a 30 yr fixed with an 8.25% rate. My husband is active duty military, so we qualify for the SCRA which locks us in at a 6% rate for as long as he remains active duty, which he intend to do for 20 years. Because we moved for his job, we had to rent out our townhome due to decreasing mortgage prices. We want to refinance to lock in our interest rates, esp since they are now in the 5.75% ranges and make our loans just one. We were told by our lenders (citi) that we have no equity in our home, therefore do now qualify to combine loans, and that refinancing cost will be around 5,000. Also it will be different considering the home is now an "investment" since it’s being rented. So my ? is do we keep the loan we have since we’re under the SCRA, or do we act now and go for rates that are low.And if so, how do we go about gettin a loan that doesnt require much to put down

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I called Quick Loans to get some extra cash.I am a home owner with equity and right now my loan with my bank that I have is 5.87 interest 30 year fixed.I have 4,000 debt 2 are high interest credit cards the rest are hospital and doctor bills.My credit score is not that great but have kept payments up on mortgage.I wanted 20,000
cash out for a loan .They offered me 133,800 fixed paying only interest for 10 years.They gave me a 6% fixed rate paying off all debts and the rest of the 20,000 to invest and possibly make a profit.My mortgage payment now is 790.00 a month paying principle and interest .The new pay debt would be 878.00 per month paying interest only for 10 years.They also want a good faith deposit of
500.00 and will go towards the loan.This would make my credit slate clean.Should I do this?

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We hav e a 5/1 ARM @4.5%. It will reset 11/09. Our house has depreciated, so we’ll no longer have 20% equity when we have to refinance in 2009. We also have a 2nd mortgage for 90K at 7.3%. We tried to combine both loans, but the 2 combined are more than 85% of the LTV. Our bank offers another 5/1 ARM for the first loan, but at 5.2, with a 0 one-time payment, no closing costs. Our payments will go up 0, which we can do. My question is, does it make sense to take the new 5/1 ARM, instead of waiting for interest rates to go up? Our worry is what will happen if we wait? Since we’ll no longer have the necessary equity, nor the money to pay off our 2nd mortgage, will we lose our home? Isn’t it better to refinance while rates are still low? Thank you!

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