LineofCreditHomeEquity.info

of credit for the house i didn’t sell yet.

Hi.
I am planning to purchase a 2nd home (to keep it in the family) from an older relative who lives out of state. I currently have a primary residence which I would like to sell in a couple of years. Would it be wise to start a new loan, home equity loan or home equity line of credit.

Thanks

If we have to move for a job transfer and have a mortgage and equity line of credit total valuing ,000 more than our current homes value, what can we do?
1) Let it foreclose?
2) Tell both Equity Line and Mortgage Company we are moving for a job offer elsewhere and to short sale? (Again, they are 1 different companies)
3) How can we buy if our excellent credit will be dipping from the issues taking place on this end?

Hi, I Have came into a rather large amount of cash, and I will be buying a house with it but I also need about K to keep to expand my business.
The house I want to buy is a forcloseure, and it is priced K below tax value. it is going to cost me K to buy it.
My question is, would it be better to put K down and get the rest on a loan, OR pay cash for the house, and then take out a home equity loan or line of credit?

My credit is pretty bad, All I have good on it is, two cars paid off in less time, but I was only the co signer on. THE BAD: I have defaulted on two 0 credit cards about 5yrs ago., and about 4yrs ago my cable co pissed me off, so I did not pay the bill and they put it on my credit.

So based on my poor credit score, could I even get a ,000 loan or line of credit on my (tax value 7,000) paid for house?

Also, if you believe I could, I wll have aprox K left over from the house, would it be better to take out a ,000 loan/line of credit and put the K cash down?

thanks
Oh forgot to add, I have a very good work history, with no gaps in 7 years.
And Ive only worked 3 jobs my whole life. the shortest one being 2.5years the job now 4yrs.
NEW DETAILS:
the house I want is a "cash only type deal" The bank that owns it will not accecpt offers with bank financing. I forgot about that.

I have a Chase credit card, and they have always kept their word and I applied for a fixed home equity line of credit for 4 yrs. The fixed rate is 7.8%. I am not sure if that is good or not
Should I apply at more than 1 bank? Will other banks, loan companies possibly give me a better fixed rate?
My home is paid for. My dad sold it to me for before his death. I only want a fixed rate, not adjustable and asking for , 000. for the roof and tuck pointing the chimney and fixing some vents up there.
I desperately need a roof since the house is very, very old. The roof is running water all over the floor.

I have 0K home. I owe 1K at 6.35% and have a second line of credit that I owe at 8.6%. I also have a couple of credit cards for about K at 18%.

I want to wrap it all into one payment, but wonder if I should refi my house for about the same interest rate, take out a new home equity line for more money and about a point less interest, or take some money out of my retirement funds and just pay off the high-interest cards and car payment (about ,000). Any thoughts on the best way to go about this?

I hear the phrase many time" it’s better to be cash Rich and equity poor then Cash poor and equity rich " Everyone recommends taking the equity out of your house and investing it because the market is slipping? They say if your house looses value 20K, you just lost that 20K because you did not pull the money out…..

But what is your "portfolio investment” don’t yield as much as you interest on the Home Equity line of Credit? Also what if your house is work 200K, and then you pull that equity and the value drops, then what? Are you upside down?

I simple can’t understand the urgency for people to do this unless then are paying down high interest credit cards?

What do you think?

When we went to refinance in order to take out more money (job loss) we told the mortgage company (biggest one in MI) that we had two mortgages. One was our main and the second was a Home Equity Line of Credit (that this same mortgage company brokered).
The concern was since home values had dropped if there would be any equity left in the home. The banker then came back and said that whenever the Line of Credit was sold from the original company to the second company it became a standard LOC, so we were able to refinance and get money.
The thing is we get interest paid forms for taxes so did the mortgage company make a mistake? How do we find out if the LOC is a Home Equity and if this company actually has a right to money if the house is sold?