Equity loan?
Q. Currently I had equity loan from Well Fargo bank with rate 8.75%. Can I apply for replace that with different bank for better rate?
Asked by Bee - Fri Jan 25 12:50:45 2008 - - 2 Answers - 0 Comments
Q. Currently I had equity loan from Well Fargo bank with rate 8.75%. Can I apply for replace that with different bank for better rate?
Asked by Bee - Fri Jan 25 12:50:45 2008 - - 2 Answers - 0 Comments
What exactly is a home equity loan and can I still get one with bad credit?
Q. I do own my own home but am still paying off my mortgage. My son needs more money for college and we've tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don't know if it's a good idea though.
Asked by Pantsguy - Tue Nov 24 17:13:34 2009 - - 5 Answers - 0 Comments
A. When you take out a home equity loan, you are basically borrowing money and putting up your house's equity as collateral. It's like any other loan but this kind states that the lender can take your home, in very plain terms, should you default on your loan. When you're looking for home equity loans, bad credit shouldn't stop lenders from giving one to you. It doesn't sound like you're in too good financial standings so make sure that you will be able to pay back the loan because losing your home would not make your situation any better. I sincerely recommend you spend at least a day budgeting out the next few years of your life in preparation for this new loan. On the bright side, it will be a much better lending rate than other high… [cont.]
Answered by wOOtang - Tue Nov 24 20:54:40 2009
Q. I do own my own home but am still paying off my mortgage. My son needs more money for college and we've tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don't know if it's a good idea though.
Asked by Pantsguy - Tue Nov 24 17:13:34 2009 - - 5 Answers - 0 Comments
A. When you take out a home equity loan, you are basically borrowing money and putting up your house's equity as collateral. It's like any other loan but this kind states that the lender can take your home, in very plain terms, should you default on your loan. When you're looking for home equity loans, bad credit shouldn't stop lenders from giving one to you. It doesn't sound like you're in too good financial standings so make sure that you will be able to pay back the loan because losing your home would not make your situation any better. I sincerely recommend you spend at least a day budgeting out the next few years of your life in preparation for this new loan. On the bright side, it will be a much better lending rate than other high… [cont.]
Answered by wOOtang - Tue Nov 24 20:54:40 2009
Can you change a home equity loan to a personal loan?
Q. My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.
Asked by Jessica B - Mon Sep 1 17:55:10 2008 - - 2 Answers - 0 Comments
A. Sure, but an unsecured la will have a rate of 2% higher attached to it. Based on what you're saying the brother-in-law has enough debt already.
Answered by David M - Mon Sep 1 18:49:49 2008
Q. My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.
Asked by Jessica B - Mon Sep 1 17:55:10 2008 - - 2 Answers - 0 Comments
A. Sure, but an unsecured la will have a rate of 2% higher attached to it. Based on what you're saying the brother-in-law has enough debt already.
Answered by David M - Mon Sep 1 18:49:49 2008
Can a fixed home equity loan drop my credit score?
Q. I requested $10,000 dollar home equity loan to roof my house. My FICO score was 780 until approx March when I applied for a home equity loan at a fixed rate. Now my FICO score is 740. What happened? I am never late on any payments. I pay over the minimum amount do on my card every time.
Asked by happydawg - Tue Jul 1 12:10:36 2008 - - 1 Answers - 0 Comments
A. There are a number of factors that go in to the scoring model and on time payments is a major one, but not the only one. Having a new account can be a risk factor all by itself. Since it is a closed end loan, the balance is near the limit and it has probably only just started reporting. I wouldn't freak out or anything. A 740 is still pretty darn good. My scores boucne around with little rhyme or reason. Sometimes opening a new account can have a positive affect. I went to Home Depot to buy $300 worth of windows and walked out with 20K in new credit. Having the additional available credit had a very favorable affect on my scores. I don't have to use the credit if I don't need to. Also, if you have a balance on a credit card that is… [cont.]
Answered by Dale H - Tue Jul 1 12:35:16 2008
Q. I requested $10,000 dollar home equity loan to roof my house. My FICO score was 780 until approx March when I applied for a home equity loan at a fixed rate. Now my FICO score is 740. What happened? I am never late on any payments. I pay over the minimum amount do on my card every time.
Asked by happydawg - Tue Jul 1 12:10:36 2008 - - 1 Answers - 0 Comments
A. There are a number of factors that go in to the scoring model and on time payments is a major one, but not the only one. Having a new account can be a risk factor all by itself. Since it is a closed end loan, the balance is near the limit and it has probably only just started reporting. I wouldn't freak out or anything. A 740 is still pretty darn good. My scores boucne around with little rhyme or reason. Sometimes opening a new account can have a positive affect. I went to Home Depot to buy $300 worth of windows and walked out with 20K in new credit. Having the additional available credit had a very favorable affect on my scores. I don't have to use the credit if I don't need to. Also, if you have a balance on a credit card that is… [cont.]
Answered by Dale H - Tue Jul 1 12:35:16 2008
Can you use a home equity loan for something other than a home?
Q. I need a loan & some people had suggested I look into this because of the lower interest rates, instead of using high interest (not to mention EVIL) credit cards. But it's not for a home & I don't have enough collateral for the amount I'd like to borrow. I have a great credit score over 700, but also have student loans & other credit card debt, which I am very good at paying at, & make enough to make the payments comfortably. If I can't get a home equity loan, what kind of loan can I get, & at what amount & rate should I expect? I've looked around online, but all the bank terminology does nothing but confuse me, so anyone who could explain this a little more "user friendly" would be helpful! It's not for home improvement. Actually, it' [cont.]
Asked by curiousgirl - Mon Aug 13 02:09:20 2007 - - 13 Answers - 0 Comments
A. You can use the equity loan for anything. They will literally give you a check book and debit card in many cases. You are basically borrowing against the equity you have in your home. The interest you pay on this loan will be tax deductable and that is also what makes it more attractive than a credit card or personal loan. Be very carefull! Turning your home in to an ATM machine is what has gotten many people in trouble and is what has caused the "credit crisis" that we are seeing right now. The stock market has plunged because of this and the negative effects on the economy are still being played out. I would only do this if it is necessary or if the loan will add value to your home. You may find yourself in a position where your home is… [cont.]
Answered by Shay nay nay - Mon Aug 13 02:26:58 2007
Q. I need a loan & some people had suggested I look into this because of the lower interest rates, instead of using high interest (not to mention EVIL) credit cards. But it's not for a home & I don't have enough collateral for the amount I'd like to borrow. I have a great credit score over 700, but also have student loans & other credit card debt, which I am very good at paying at, & make enough to make the payments comfortably. If I can't get a home equity loan, what kind of loan can I get, & at what amount & rate should I expect? I've looked around online, but all the bank terminology does nothing but confuse me, so anyone who could explain this a little more "user friendly" would be helpful! It's not for home improvement. Actually, it' [cont.]
Asked by curiousgirl - Mon Aug 13 02:09:20 2007 - - 13 Answers - 0 Comments
A. You can use the equity loan for anything. They will literally give you a check book and debit card in many cases. You are basically borrowing against the equity you have in your home. The interest you pay on this loan will be tax deductable and that is also what makes it more attractive than a credit card or personal loan. Be very carefull! Turning your home in to an ATM machine is what has gotten many people in trouble and is what has caused the "credit crisis" that we are seeing right now. The stock market has plunged because of this and the negative effects on the economy are still being played out. I would only do this if it is necessary or if the loan will add value to your home. You may find yourself in a position where your home is… [cont.]
Answered by Shay nay nay - Mon Aug 13 02:26:58 2007
Can you get a home equity loan for a home that needs rehab?
Q. The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
Asked by Lue R - Tue May 26 10:32:51 2009 - - 1 Answers - 0 Comments
A. If you have a long standing relationship with bank they may loan you money based upon future value. You can probably about 70% of what home will appraise for in its current condition.
Answered by David Z - Tue May 26 10:41:09 2009
Q. The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
Asked by Lue R - Tue May 26 10:32:51 2009 - - 1 Answers - 0 Comments
A. If you have a long standing relationship with bank they may loan you money based upon future value. You can probably about 70% of what home will appraise for in its current condition.
Answered by David Z - Tue May 26 10:41:09 2009
Should I take a home equity loan to pay off the 17,000 in medical bills I have?
Q. I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?
Asked by wannabeloved - Fri Apr 25 23:41:52 2008 - - 4 Answers - 0 Comments
A. Why would you transfer an unsecured debt into something that could result in the loss of your home if you default? A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
Answered by Rick B - Fri Apr 25 23:45:31 2008
Q. I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?
Asked by wannabeloved - Fri Apr 25 23:41:52 2008 - - 4 Answers - 0 Comments
A. Why would you transfer an unsecured debt into something that could result in the loss of your home if you default? A payment is a payment. Make the payment to the hospital, not to your mortgage lendor.
Answered by Rick B - Fri Apr 25 23:45:31 2008
What is the best way to pay off an equity loan?
Q. I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
Asked by freeworld37 - Tue Nov 4 13:10:53 2008 - - 2 Answers - 0 Comments
A. The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest. Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Answered by www.tawanastegall.com - Tue Nov 4 13:35:46 2008
Q. I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
Asked by freeworld37 - Tue Nov 4 13:10:53 2008 - - 2 Answers - 0 Comments
A. The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest. Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Answered by www.tawanastegall.com - Tue Nov 4 13:35:46 2008
What would be better, a home equity loan or refinance at lower rate to add on to my home?
Q. I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?
Asked by BamaboynTN - Sat Mar 1 09:55:07 2008 - - 8 Answers - 0 Comments
A. Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Answered by Tony D - Sat Mar 1 10:08:30 2008
Q. I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?
Asked by BamaboynTN - Sat Mar 1 09:55:07 2008 - - 8 Answers - 0 Comments
A. Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Answered by Tony D - Sat Mar 1 10:08:30 2008
Can you use the money from your home equity loan to buy another house?
Q. Say I remodel my house, end up with 30k in equity, and take out a home equity loan for that amount. Can I turn around and use that 30k as a down payment on another property? Edit: The new property would be used to renovate/flip and sell.
Asked by VR4Jen - Thu Jun 18 17:03:32 2009 - - 3 Answers - 0 Comments
A. Heck yes! There are no restrictions on how you can use your HELOC. Here's the deal, when purchasing another property, the new lender MAY want to "source" the funds for the down payment. Via your credit report, they'll see that you drew the funds from the HELOC. This MAY be a problem to the new lender. It depends on the LTV (loan to value ratio) of the new purchase (under 60-70% they won't care), or excellent credit. Also, if you can show your account has plenty cash anyways, it will be moot. The lender USUALLY likes the down payment to be from your hard-earned bank account, and NOT from an "equity line gamble." You may want to let the money sit in a bank account for 3 months to "season", then go at it.
Answered by Seasoned S - Thu Jun 18 17:48:12 2009
Q. Say I remodel my house, end up with 30k in equity, and take out a home equity loan for that amount. Can I turn around and use that 30k as a down payment on another property? Edit: The new property would be used to renovate/flip and sell.
Asked by VR4Jen - Thu Jun 18 17:03:32 2009 - - 3 Answers - 0 Comments
A. Heck yes! There are no restrictions on how you can use your HELOC. Here's the deal, when purchasing another property, the new lender MAY want to "source" the funds for the down payment. Via your credit report, they'll see that you drew the funds from the HELOC. This MAY be a problem to the new lender. It depends on the LTV (loan to value ratio) of the new purchase (under 60-70% they won't care), or excellent credit. Also, if you can show your account has plenty cash anyways, it will be moot. The lender USUALLY likes the down payment to be from your hard-earned bank account, and NOT from an "equity line gamble." You may want to let the money sit in a bank account for 3 months to "season", then go at it.
Answered by Seasoned S - Thu Jun 18 17:48:12 2009
How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?
Q. The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help
Asked by don c - Sat Sep 1 19:51:27 2007 - - 3 Answers - 0 Comments
A. It all depends on the difference in the value of the place and the amount owed on the loan - that is what's considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against. I found a great article about it on www.payoffmyloansnow.com
Answered by Bobbyhaze - Tue Sep 4 21:50:49 2007
Q. The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help
Asked by don c - Sat Sep 1 19:51:27 2007 - - 3 Answers - 0 Comments
A. It all depends on the difference in the value of the place and the amount owed on the loan - that is what's considered your equity. Many banks will only loan up to about 80% of the equity, but a few go higher. For example, lets say you owe $50,000, but the place is worth $60,000, then you have $10,000 in equity. Take 80% of that and you have about $8,000 you could loan against. I found a great article about it on www.payoffmyloansnow.com
Answered by Bobbyhaze - Tue Sep 4 21:50:49 2007
Is it possible to refinance a home equity loan to be able to get a lower rate?
Q. Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.
Asked by CHRISTINA N - Wed May 9 16:25:56 2007 - - 4 Answers - 0 Comments
A. Hi there, When it comes to refinancing a home equity loan you reall have to shop around to make sure you get the best deal. You your deciding on your option you make to make sure you get the following *Competive Rate *Lower you repayments * Great Customer Service You must not forget the last point, remember your the customer and the customer is always right !!! Give these guys a go, I think you will be pleasantly supprised
Answered by Answer G - Thu May 10 01:35:40 2007
Q. Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.
Asked by CHRISTINA N - Wed May 9 16:25:56 2007 - - 4 Answers - 0 Comments
A. Hi there, When it comes to refinancing a home equity loan you reall have to shop around to make sure you get the best deal. You your deciding on your option you make to make sure you get the following *Competive Rate *Lower you repayments * Great Customer Service You must not forget the last point, remember your the customer and the customer is always right !!! Give these guys a go, I think you will be pleasantly supprised
Answered by Answer G - Thu May 10 01:35:40 2007
What is the difference between a HELOC and a Home Equity Loan?
Q. I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
Asked by King Money 1985 - Tue Jul 4 15:08:06 2006 - - 2 Answers - 0 Comments
A. HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.
Answered by cafe_blue_note - Tue Jul 4 15:50:35 2006
Q. I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?
Asked by King Money 1985 - Tue Jul 4 15:08:06 2006 - - 2 Answers - 0 Comments
A. HELOC stands for Home Equity Line Of Credit, It is a revolving line of credit much like a credit card, the account is revolving for ten years,then converts to a fixed rate loan, A home equity loan on the other hand is a fixed loan for a set amount and is usualy amortized over ten years. hope this helps.
Answered by cafe_blue_note - Tue Jul 4 15:50:35 2006
Is home equity loan on a rental property tax deductible?
Q. I own a home right now where I am still paying PMI. I also have a rental property. I would like to take a home equity loan on the rental property to pay-off some of my mortgage so I will not have to pay PMI to my first home anymore. Will the interest I pay on the home equity loan on my rental property be tax deductible?
Asked by redballoon - Tue Sep 29 20:52:59 2009 - - 7 Answers - 0 Comments
A. Get to a private and legitimate loan lender from a well known and recognized u/k based financial services lenders from (Money shark Loan Company). We offer loan at 4% interest rate. All applicants must be eligible enough to secure minimum loan of $7,000.00 to a maximum of $500,000.000.00 dollars. Note: (We only give out loans to law abiding citizens from every part of the world). Our transactions are been accompanied with full compliance to company's terms and conditions statements for loan facilitation requirements of your loan contract. We will help provide your loan transfer within 24hrs of our normal six working days of the week .Interested applicants should please contact us via email: moneysharkloan@ymail.com To meet Contact Name:… [cont.]
Answered by Tessy Anderson - Wed Sep 30 05:36:30 2009
Q. I own a home right now where I am still paying PMI. I also have a rental property. I would like to take a home equity loan on the rental property to pay-off some of my mortgage so I will not have to pay PMI to my first home anymore. Will the interest I pay on the home equity loan on my rental property be tax deductible?
Asked by redballoon - Tue Sep 29 20:52:59 2009 - - 7 Answers - 0 Comments
A. Get to a private and legitimate loan lender from a well known and recognized u/k based financial services lenders from (Money shark Loan Company). We offer loan at 4% interest rate. All applicants must be eligible enough to secure minimum loan of $7,000.00 to a maximum of $500,000.000.00 dollars. Note: (We only give out loans to law abiding citizens from every part of the world). Our transactions are been accompanied with full compliance to company's terms and conditions statements for loan facilitation requirements of your loan contract. We will help provide your loan transfer within 24hrs of our normal six working days of the week .Interested applicants should please contact us via email: moneysharkloan@ymail.com To meet Contact Name:… [cont.]
Answered by Tessy Anderson - Wed Sep 30 05:36:30 2009
How do you buy investment property with a home equity loan?
Q. My husband and I are thinking of purchasing an investment property by way of using a home equity loan on our first home. Is this a smart thing to do? what are the down sides of it? We don't have money of our own in the bank to do it, but it seems like a good time to take advantage of the changing real estate market.
Asked by Patricia P - Mon Aug 25 05:20:32 2008 - - 1 Answers - 0 Comments
A. Forget taking such a risk. Untill you have a nice 6 months emergency fund don't go messing with your home security. Good luck but don't let the vision of having "investment" property make you do something foolish. IF you did have some money in the bank and experience my answer MIGHT be different.
Answered by katherine - Mon Aug 25 05:31:52 2008
Q. My husband and I are thinking of purchasing an investment property by way of using a home equity loan on our first home. Is this a smart thing to do? what are the down sides of it? We don't have money of our own in the bank to do it, but it seems like a good time to take advantage of the changing real estate market.
Asked by Patricia P - Mon Aug 25 05:20:32 2008 - - 1 Answers - 0 Comments
A. Forget taking such a risk. Untill you have a nice 6 months emergency fund don't go messing with your home security. Good luck but don't let the vision of having "investment" property make you do something foolish. IF you did have some money in the bank and experience my answer MIGHT be different.
Answered by katherine - Mon Aug 25 05:31:52 2008
Will a home equity loan qualify us for the 1st time buyer tax credit?
Q. We were put on the deed of a home while we were "renting to own" (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?
Asked by Melissa - Wed Jul 15 12:53:40 2009 - - 6 Answers - 0 Comments
A. Nope. You are already on the deed, so you aren't legally a first time home buyer. It needs to be a mortgage that would let you "buy or purchase" the property. Home equity loan would not qualify.
Answered by PepsiLime - Wed Jul 15 13:11:51 2009
Q. We were put on the deed of a home while we were "renting to own" (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?
Asked by Melissa - Wed Jul 15 12:53:40 2009 - - 6 Answers - 0 Comments
A. Nope. You are already on the deed, so you aren't legally a first time home buyer. It needs to be a mortgage that would let you "buy or purchase" the property. Home equity loan would not qualify.
Answered by PepsiLime - Wed Jul 15 13:11:51 2009
How do you get a home equity loan to purchase a car?
Q. How does a home equity loan work?
Asked by Lojo - Sat Jan 17 15:28:08 2009 - - 3 Answers - 0 Comments
A. The lender looks at the amount of ownership you have in the home and projects the cost of loaning you an amount of money up to that point. Say for instance your home is worth $100,000. If you owe $20,000, then you own 80% of the value ($80,000). The lender will take your application, have it appraised, offer you a certain amount of money (including interest). Next you are offered a closing date. Then you are offered checks that you can write out in the amount you want. If its not the same lender on your primary mortgage, a deed is created giving that lender rights to your property if you default on your payments.
Answered by MissV - Sat Jan 17 15:32:35 2009
Q. How does a home equity loan work?
Asked by Lojo - Sat Jan 17 15:28:08 2009 - - 3 Answers - 0 Comments
A. The lender looks at the amount of ownership you have in the home and projects the cost of loaning you an amount of money up to that point. Say for instance your home is worth $100,000. If you owe $20,000, then you own 80% of the value ($80,000). The lender will take your application, have it appraised, offer you a certain amount of money (including interest). Next you are offered a closing date. Then you are offered checks that you can write out in the amount you want. If its not the same lender on your primary mortgage, a deed is created giving that lender rights to your property if you default on your payments.
Answered by MissV - Sat Jan 17 15:32:35 2009
How soon after Ch.7 Bankruptcy discharge can I apply for a home equity loan and get approved?
Q. I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I'm just wondering because I'm sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?
Asked by Chem Help - Sun Jul 11 09:10:39 2010 - - 5 Answers - 0 Comments
A. In theory, the day after the discharge. In practice, a minimum of 2 years. In the current fiscal situation, 5 years.
Answered by Ghost of Zeuz - Sun Jul 11 09:23:25 2010
Q. I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I'm just wondering because I'm sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?
Asked by Chem Help - Sun Jul 11 09:10:39 2010 - - 5 Answers - 0 Comments
A. In theory, the day after the discharge. In practice, a minimum of 2 years. In the current fiscal situation, 5 years.
Answered by Ghost of Zeuz - Sun Jul 11 09:23:25 2010
How 2 solve for potential amount of credit available for home equity loan?
Q. Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. Ramon's credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that's available to Ramon for a home equity loan?
Asked by Richardsbabygirl - Thu Oct 25 17:42:25 2007 - - 3 Answers - 0 Comments
A. There is a homework section of the site you might try next time.
Answered by Rebecca - Thu Oct 25 17:54:38 2007
Q. Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. Ramon's credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that's available to Ramon for a home equity loan?
Asked by Richardsbabygirl - Thu Oct 25 17:42:25 2007 - - 3 Answers - 0 Comments
A. There is a homework section of the site you might try next time.
Answered by Rebecca - Thu Oct 25 17:54:38 2007
When getting a home equity loan does the bank or credit union do an appraisal on your property?
Q. When getting a home equity loan does the bank or credit union do an appraisal on your property?
Asked by z400wood - Fri Nov 7 20:57:08 2008 - - 6 Answers - 0 Comments
A. Yes, of course, they need to determine how much equity there is.
Answered by Landlord - Fri Nov 7 21:04:16 2008
Q. When getting a home equity loan does the bank or credit union do an appraisal on your property?
Asked by z400wood - Fri Nov 7 20:57:08 2008 - - 6 Answers - 0 Comments
A. Yes, of course, they need to determine how much equity there is.
Answered by Landlord - Fri Nov 7 21:04:16 2008
From Yahoo Answer Search: 'equity loan'
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Wed, 11 Aug 2010 21:40:45 GMT+00:00
Motley Fool (blog) our politicians take out a multi trillion dollar home equity loan last year...spend like drunken sailors...and forceed us all to cosign on it. ...
espanol.video.yahoo.com
Mon, 02 Nov 2009 06:13:24 PST
Should You Use a Home Equity Loan to Pay Off Credit Cards? While it's much harder to tap your home equity than it was in the past, it's ... espanol.video.yahoo.com.
equity-shop.co.de
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Wed, 01 Sep 2010 22:26:40 GM
2002 FIFA World Cup Korea/Japan Movie (Part 4/12). at home . equity loan. interest rate. Legally Blonde: The Harvard Variations · Alex Takes Calls About Health-Care on The Alex Jones 2/2 ...
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