Equity Loan Answers
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 - 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 - 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 I transfer an existing home equity loan, attached to my current residence to a new residence?
Q. I took a home equity loan out a while ago and in this market, my equity has dropped considerably. If I were to sell my home, I could pay off my 1st mortgage, but I'd still have a balance of about $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?
Asked by Love - Sat Aug 22 10:43:02 2009 - - 1 Answers - Comments
A. simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
Answered by infinite crisis 247 - Sat Aug 22 10:48:01 2009
Q. I took a home equity loan out a while ago and in this market, my equity has dropped considerably. If I were to sell my home, I could pay off my 1st mortgage, but I'd still have a balance of about $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?
Asked by Love - Sat Aug 22 10:43:02 2009 - - 1 Answers - Comments
A. simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
Answered by infinite crisis 247 - Sat Aug 22 10:48:01 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 - 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 - 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
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 - 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 - 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
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 - 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 - 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
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 - 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 - 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
How does a home equity loan work?
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments
A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007
Q. I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so… [cont.]
Asked by newmoon - Mon Mar 19 16:11:58 2007 - - 3 Answers - 2 Comments
A. I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
Answered by PCL-R - Mon Mar 19 16:25:37 2007
Equity Loan?
Q. Need cash..I'm not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?
Asked by Tom - Fri Dec 28 21:59:43 2007 - - 2 Answers - Comments
A. always refinance to a better rate if you can for every 0.125% lower in rate you will save at least 500 a year in interest. Try to go for an 30 year fixed or 15 year fixed for a slightly better rate.
Answered by Billy T - Fri Dec 28 22:08:56 2007
Q. Need cash..I'm not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?
Asked by Tom - Fri Dec 28 21:59:43 2007 - - 2 Answers - Comments
A. always refinance to a better rate if you can for every 0.125% lower in rate you will save at least 500 a year in interest. Try to go for an 30 year fixed or 15 year fixed for a slightly better rate.
Answered by Billy T - Fri Dec 28 22:08:56 2007
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 - 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… [cont.]
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 - 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… [cont.]
Answered by Seasoned S - Thu Jun 18 17:48:12 2009
How easy is it to get a home equity loan? I would like to use that to pay off cc debt.?
Q. Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid. I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan. Thanks I already know the whole "you shouldint have gotten yourself into debt" speech. My husband and I paid for our own wedding, therefore the debt.
Asked by Anna Z - Tue Aug 14 11:08:01 2007 - - 4 Answers - 3 Comments
A. Don't rely on home loans to pay credit card debt. The primary difference between credit card debt and home equity loans is that the latter are "secured" loans. You've pledged your house as collateral against the amount you borrow. If you fall behind on your payments for any reason, you could potentially lose your home. In my experience, when people borrow against their homes to eliminate credit card debt, they typically just slide right back into it -- at the same level or worse -- within two to three years. That's because even after wiping the slate clean, they don't change their spending habits. They max out their credit cards all over again and find themselves in an even deeper hole. Is it possible to use your home… [cont.]
Answered by snwbm - Tue Aug 14 11:16:50 2007
Q. Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid. I would also like to know how this will affect my credit score. Is it better to have an X amount on credit cards, or have that same amount on an equity loan. Thanks I already know the whole "you shouldint have gotten yourself into debt" speech. My husband and I paid for our own wedding, therefore the debt.
Asked by Anna Z - Tue Aug 14 11:08:01 2007 - - 4 Answers - 3 Comments
A. Don't rely on home loans to pay credit card debt. The primary difference between credit card debt and home equity loans is that the latter are "secured" loans. You've pledged your house as collateral against the amount you borrow. If you fall behind on your payments for any reason, you could potentially lose your home. In my experience, when people borrow against their homes to eliminate credit card debt, they typically just slide right back into it -- at the same level or worse -- within two to three years. That's because even after wiping the slate clean, they don't change their spending habits. They max out their credit cards all over again and find themselves in an even deeper hole. Is it possible to use your home… [cont.]
Answered by snwbm - Tue Aug 14 11:16:50 2007
How long do you have to wait for a home equity loan?
Q. How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
Asked by - Fri May 25 08:54:26 2007 - - 4 Answers - Comments
A. You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren't assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based… [cont.]
Answered by Texas Girl - Fri May 25 11:19:33 2007
Q. How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?
Asked by - Fri May 25 08:54:26 2007 - - 4 Answers - Comments
A. You can take out a home equity loan at any time after you have purchased a house as long as you have the necessary equity to do so. Yes, you will have to "re-close" on the new loan because you will have new paperwork and a new lien will be added to the house. As for your last question, I believe you are asking about other loans you can take out if you own your home. Well, of course there are other loans that you can take out that aren't assosiated with your home, but that depends on what you are looking to finance. Anytime you use your home as collateral on a loan, the bank will put a lien against the title and will require some sort of equity available to draw from. You can try for a home improvement loan, which again is based… [cont.]
Answered by Texas Girl - Fri May 25 11:19:33 2007
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 - 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 - 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
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 - - 6 Answers - 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 - - 6 Answers - 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 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 - 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 - 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
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 - 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 - 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 does home equity loan qualification works if you have bad credit? ?
Q. My credit isn't perfect and I want to get a home equity loan. What are the qualifications? What lenders look at if you have bad credit? How can i increase the chances of getting one, without waiting for credit to go up? Would appreciate if you can answers even one question. I am desparate for good information. Thanks!
Asked by smiling_chicka - Mon Oct 27 12:33:09 2008 - - 3 Answers - Comments
A. Get in touch with a mortgage broker and explain your situation. He/she may know some lenders who will give out equity loans to people with less than perfect credit. Be prepared to pay above market interest rates however. As always, your house will have to appraise for more than you owe on the first mortgage and depending on the credit markets at the time, you may not be able to go up to 100% of appraisal.
Answered by Steve D - Mon Oct 27 12:38:09 2008
Q. My credit isn't perfect and I want to get a home equity loan. What are the qualifications? What lenders look at if you have bad credit? How can i increase the chances of getting one, without waiting for credit to go up? Would appreciate if you can answers even one question. I am desparate for good information. Thanks!
Asked by smiling_chicka - Mon Oct 27 12:33:09 2008 - - 3 Answers - Comments
A. Get in touch with a mortgage broker and explain your situation. He/she may know some lenders who will give out equity loans to people with less than perfect credit. Be prepared to pay above market interest rates however. As always, your house will have to appraise for more than you owe on the first mortgage and depending on the credit markets at the time, you may not be able to go up to 100% of appraisal.
Answered by Steve D - Mon Oct 27 12:38:09 2008
How does home equity loan qualification works if youa re self employed?
Q. I am self employed and want to get qualified for home equity loan. What are the qualifications lenders look at. What do I need to show them and have? Been trying to find out on the net, but can find any good resources. If you know any and dont mind sharing would be awesome. Thanks!!!
Asked by smiling_chicka - Mon Oct 27 12:31:11 2008 - - 1 Answers - Comments
A. You will most likely be required to show two years of IRS filings to prove income. Everything else is basically the same as applying for a first mortgage - house appraisal, savings/checking account statements, credit reports and scores, etc.
Answered by Steve D - Mon Oct 27 12:41:44 2008
Q. I am self employed and want to get qualified for home equity loan. What are the qualifications lenders look at. What do I need to show them and have? Been trying to find out on the net, but can find any good resources. If you know any and dont mind sharing would be awesome. Thanks!!!
Asked by smiling_chicka - Mon Oct 27 12:31:11 2008 - - 1 Answers - Comments
A. You will most likely be required to show two years of IRS filings to prove income. Everything else is basically the same as applying for a first mortgage - house appraisal, savings/checking account statements, credit reports and scores, etc.
Answered by Steve D - Mon Oct 27 12:41:44 2008
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 - 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 - 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 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 - 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 - 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
Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage?
Q. We will be listed as "entering foreclosure" until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?
Asked by D G - Thu Jun 14 16:40:25 2007 - - 11 Answers - Comments
A. NO
Answered by John - Thu Jun 14 16:48:59 2007
Q. We will be listed as "entering foreclosure" until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?
Asked by D G - Thu Jun 14 16:40:25 2007 - - 11 Answers - Comments
A. NO
Answered by John - Thu Jun 14 16:48:59 2007
From Yahoo Answer Search: 'equity loan'
Sat Apr 9 11:53:25 2011
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Newsbycompany (press release)
Sun, 27 Mar 2011 23:06:48 -0700
Offer home equity mortgage loan for Canadian. Home equity line of credit help when one wants cash or want to turns the amount saved in buying home. Home equity loan best way to get fast cash. Dwelling equity loans can be utilized as solutions to ...
bankrate.com
Searching for home equity rates or advice? Bankrate.com offers timely news, opinion and advice on home equity loans and 2nd mortgages.
www.bankrate.com/home-equity.aspx
An equity loan is a mortgage loan in which the borrower receives cash. Typically the loan is secured by real estate already owned outright.
Matching Results for Equity Loan:
Texas ratio(economics, finance) A measure of a bank's creditworthiness, equal to ratio of the bank's nonperforming loans to the sum of its tangible equity ...
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The unpronounced "b" in the modern English spelling, is a Latinisation from the ... pay to another, generally as a result of a loan or other financial transaction. ...
housesforsalesa.info
admin, housesforsalesa.info
2011-12-15 09:16:22
impossible to get approved for any home equity loan . Even if, thousands of. broadcast including poor confidence can get loans. Because home equity monetary loans. are secured loans, lenders are keen to grant money to ...
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