Easy Home Equity Loan

I am twenty-two years old and my FICO score from Experian was a 738 four or five months ago. I have:

1. a close to ,000 mortgage with an initial balance of ,000

2. four credit cards with a total limit of close to ,000 (only one of which has a balance [,000 on it but at 0% that I will pay off before any interest accrues])

3. about ,000 in student loans that are not yet in repayment (I am finishing college soon)

4. no auto loan payments (paid cash for my wife’s car and mine)

I am trying to increase my credit score so I can get the very BEST rate on a HELOC (home equity line of credit) so I can begin my real estate career! Hopefully, I can find something lower than prime – 1.00% because I have already been offered that.

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I love reading the advice here.

My wife and I are planning to buy a home in Indiana from our parents, which they own without a mortgage. We’re planning to let the parents finance the sale to us (at a reasonable, IRS-approved, rate).

The current value is about 0K. The home is about 20 years old. It is habitable, but needs repairs (roof, carpet, new mechanicals, cosmetic fixes, etc.) which should rapidly increase its value by 10-20%. We plan to buy the house as-is. We have the K for repairs.

Immediately after that (or during, if possible), we’d like to remodel the kitchen and baths. We will likely want to take a loan (5-20% of the home value) to do it. The parents won’t have the funds for that, so we’ll be looking for a mortgage.

What’s the best course for that second loan?

We don’t want to pay PMI or other unwarranted fees. We have decent credit, 690-710, a low DTI ratio, and good financial reserves.

Any other general advice is appreciated. Thanks!
I seen some answers that suggest a HELOC. I hadn’t thought of that, since I presume the rates will be significantly higher. Wouldn’t a 2nd mortgage make more sense?

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Mortgage is with Chase, equity loan is also with Chase. We applied for a loan modification. Due to job loss, decreased pay we cannot continue to make our home loan and equity loan payments.

Wondering if they will adjust/combine our equity loan in our home loan modification. I can’t get a straight answer from Chase regarding specifics until underwriter has approved.

Does any one know, or has had experience with Chase or this scenario.
Thanks!

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Mortgage is with Chase, equity loan is also with Chase. We applied for a loan modification. Due to job loss, decreased pay we cannot continue to make our home loan and equity loan payments.

Wondering if they will adjust/combine our equity loan in our home loan modification. I can’t get a straight answer from Chase regarding specifics until underwriter has approved.

Does any one know, or has had experience with Chase or this scenario.
Thanks!

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I have a 2nd mortgage with irwin. 3 years ago i declared bankruptcy for medical reasons but did not reaffirm this mortgage. I did not know that i needed to and Irwin was not present at the hearing. they have tried to foreclose which I stopped and now they won’t let me pay off with a refinance but won’t disclose why. Anyone else have similar problems?

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My wife and I are expecting a child coming in May and we will be looking at added expenses, in the last year I was laid off at work and had to accept a position that hasn’t allowed us to afford the lifestyle we are stuck in currently. We have had our house for 2.5 years and have never had a delinquency nor on any other credit items. The option was brought up to me that the loan we have through our first time home buyers agency "Kentucky Housing" has a forbearance program that if you are 90 days past due that they have the ability to adjust the mortgage for up to 3 years that can lower our interest rate from 6.5 to 3% for that term to give us a chance to bounce back, I would hope in this time period we would be able to rework our finances. I am currently selling the cars we have payments on and doing anything else to lower our debts. Our current credit scores are 740-750, so I am really concerned about being 90 days delinqent. This would save us aprox 300-350 for 3 years and would allow us to keep the equity in the house vs. refinancing which since we have only had the house for a short period would put us back to where we started at on the original value and would only save us aprox 130 a month granted long term would be more benificial but we would probably plan to sell this house with in 3-4 years.

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My daughter and I own a home together, we have no mortgage. I want to take out a home equity loan because I have good credit and he has bad credit. If I take out a home equity loan in my name only, can my daughter still be on the deed? Please help b/c if she has to do a quit claim deed she will not agree it!

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Also, will I be legally obligated to split the profit with this person
My name is the only name on the mortgage, and I make all the payments. Say we get 15000.00 Back profit. Will I be legally obligated to split it with the second party even though his name is only on the deed and not the mortgage.

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