Question: #1: home equity?
im looking to buy a home. and my brother told me that the home im looking to buy has equity and at closing i can cash out the homes equity. Im confused because i thought i built the equity in the home buy pay my mortage every month. please tell me if he is right or not . it would be nice if he is. i could use the money for my business . thank you for your time
- asked by J D
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- answered by: HeyDonny View All Answers (9)
Question: #2: What is a home equity loan and what is the process to applying/being accepted for one?
I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions....Another thing. Im looking to build my own home--hence the loan inquisition.
- asked by Phoenix
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- answered by: Miss Emily1
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Question: #3: How do you pull equity out of your home with taking a how equity loan out?
First of all how do you build equity in a home? How do you report the equity to your lender? And lastly how to you pull the equity that you’ve built up out of the home with out taking a home equity loan out? Thank you in advance for any help that you can give me.
- asked by B_dub
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- answered by: a_j_edwards2002
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Question: #4: How are fixed home equity loan rates determined?
I've noticed on historic charts that there doesn't seem to be any correlation between home equity loans and HELOCS or mortgage rates. I know HELOCs are usually based off of the prime rate, but what determines how fixed home equity loan rates fluctuate?
- asked by Pablo1709
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- answered by: Lila View All Answers (0)
Question: #5: 2nd Home is it better to get an equity Loan to purchase or a 1st mortgage?
We own our house fully No mortgage value approx $550k. We are thinking that we like to retire early to near the beach. Currently we found nice homes with land in that area for $175k. Is it better to get a home equity for the full cost of the Beach home plus any other small debit (approx $75k 2 cars and a timeshare) or continue to pay on the individual debits and add a Mortgage for the Beach house?The ultimate goal would be to get settled into the 2nd home and then sell the current home pay off the balance and then put the rest in an investment with monthly dividends to use as retirement income until we reach retirement age and also maybe get a parttime job.
- asked by helenta35
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- answered by: mtgguy
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Question: #6: How does a home equity loan work?
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 far have done good. But those student loans are looming in the background.
- asked by newmoon
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- answered by: PCL-R View All Answers (5)
Question: #7: Is it better to use home equity or retirement to temporarily make ends meet?
We are married in our 40's with a baby. I am stay at home mom and my husband was laid off. We have two homes and no debt aside from mortgages. Should we use our home equity or cash in retirement to make ends meet until we have another income?
- asked by Kristen A
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- answered by: Nathan K
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Question: #8: Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?
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%?
- asked by Melissa O
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- answered by: tianaramal
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Question: #9: What is the difference between a mortgage and a home equity loan?
I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I'm not interested in HELOC's.
- asked by BC
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- answered by: dmaturin12
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Question: #10: What is better, home equity loan or line of credit on home I own outright?
I just finished building my house and I have no mortgage or anything as I had enough cash to buy the land and build outright. But, I have no money left to landscape and have some medical bills I would like to pay off. Can I get a home equity loan or line of credit on my house? Which is better?
- asked by aidal1135
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- answered by: Big Deal Maker
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Question: #11: Can you get a home equity loan while in a debt management program?
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
- asked by disappearingact
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- answered by: bianca
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Question: #12: How long do you have to wait for a home equity loan?
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 *Rock*Girl*
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- answered by: Texas Girl
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Question: #13: What to look for when shopping around for home equity loans?
Any advice on what to look for when shopping around for home equity loans?Are there referral commissions?I have a couple of individuals looking for a home equity loan ... I told them I'd look into it for them. I'd like to find a quality vendor, but if referrals commissions are paid out, I'd like to negotiate for that too.How do I figure out what is a "great deal"?PS. I'll happily take general replies but this would be specific to Calgary, Alberta, Canada.
- asked by 27amDotCom
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- answered by: Landlord
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Question: #14: What would be better, a home equity loan or refinance at lower rate to add on to my home?
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
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- answered by: Tony D
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Question: #15: What are the benefits of a home equity loan?
What are some benefits of a home equity loan? How does it work? Whats a good interest rate for someone with OK credit? My is good, but my husbands is fair. We are planning on consolidating high interest cards and possibly using sometowards a newer vehicle.
- asked by cheerful2
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- answered by: nickfromct View All Answers (5)
Question: #16: How long after buying a home will i be able to take out a home equity loan?
I am wanting to buy my first home and the home i found needs work. I want to take a home equity loan out to make the repairs but i dont know what kind of time frame i will be looking at to get one. Any advice would be much appreciated.
- asked by Kelly
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- answered by: Dr. Deth
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Question: #17: What's a safe way to use my home equity to make money?
I own my home and don't have a mortgage payment. Can I get a home equity loan, and then invest that money into a safe investment (such as a bond mutual fund) and pocket the difference each month, assuming that the fund's monthly distribution is higher than the mortgage payment? Or, is there some other "scheme" I can set up that would be similar? I don't want to use the home equity loan money to start a business or buy real estate or anything like that - too risky. I'd prefer to stick with things like mutual funds. I just got to thinking that my home is just sitting here, not really going up in value (in my area, anyway), and that money isn't doing anything for me. Surely there has to be a safe way to let it make me a little money, right?
- asked by lieinourpig
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- answered by: sniper
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Question: #18: What is the typical point for a home equity line of credit?
Does anyone know the typical point for a home equity line of credit ? By point, I mean the up-front fee that is proportional to the credit limit. So if the term asks for 5 points (5%) and the line of credit is $100,000, there is a $5,000 fee. Do you think that the numbers I've just mentioned are a pretty good deal, assuming that the interest rate is good? Thank you.
- asked by gradjimbo
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- answered by: Frank M
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Question: #19: what happens in a home equity default when the 1st mortgage is current?
If I can not pay a home equity line of credit with one bank but I continue to pay the 1st mortgage what action does the home equity line of credit holder take? Both loans are up to date, but I will be unable to pay the HELOC much longer. I do not live in the property in question. It is vacant and with a realtor but it is in Florida and the value is dropping almost daily due to the crisis in the real estate market in florida. Should I let the banks forclose?
- asked by crisislooming
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- answered by: ScottMortgageExpert
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Question: #20: How tax deductible are charitable donations and home equity loans?
When they say donations and home equity loans are tax deductible, what does this mean? Does a $1000 donation mean $1000 less federal income tax? Does $1000 paid in interest on a home equity loan mean $1000 less federal income tax?
- asked by djchuang
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- answered by: Kristy
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Question: #21: Should I take a home equity loan to pay off the 17,000 in medical bills I have?
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 Trixie
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- answered by: Rick B
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Question: #22: Can you use a home equity loan for something other than a home?
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's basically a business expense, but I'm not sure if a bank would consider this a business type of loan.Oh, & one *minor* detail... I don't own a home :(
- asked by curiousgirl
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- answered by: Shay nay nay
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Question: #23: What is todays interest rate on a fixed rate home equity line of credit?
I am asking because I am really nervous about applying for home equity for a roof starting very soon-probably next week.My roof is leaking.
- asked by happydawg
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- answered by: rtfm
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Question: #24: Should I use my home equity line of credit to pay off my car loan and part of my student loan?
By using the HELOC, it's going to free up several hundred dollars per month, and I can claim it as a tax deduction at the end of the year. On the other side, I'm eating up a sizable amount of home equity by doing so. I'm planning to pay them off either way--I can do it now with the HELOC, or after I sell my house, with the cashed in equity. Which route should I go? Does it make a difference?
- asked by djbod2006
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- answered by: Anemone
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Question: #25: Is it possible to refinance a home equity loan to be able to get a lower rate?
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
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- answered by: Answer G
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Question: #26: What is the difference between a HELOC and a Home Equity Loan?
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
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- answered by: cafe_blue_note
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Question: #27: How find new home equity line of credit?
I have a home equity line of credit at 9%; I see them advertised at 7.5%. Any ideas on how I might find a better rate without closing costs besides just calling around?
- asked by Lighthearted
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- answered by: healthspot_2000 View All Answers (2)
Question: #28: Is it better to borrow against home equity when you still have a first mortgage?
Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?
- asked by GoGators
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- answered by: DeltaForce
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Question: #29: What does my girlfriend need to do to change a home equity loan?
My girlfriends ex-husband tricked her into signing a revolving line of credit for the house they owned together when they were married. He also has her listed on the property deed as well as the deed of trust for the revolving line of credit. She recently signed paperwork to get her name removed from the property deed. What forms does she need to file in order to have her name removed from the home equity revolving line of credit?
- asked by safdman
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- answered by: valstpatrick
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Question: #30: How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?
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
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- answered by: Bobbyhaze
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