Comments for LineofCreditHomeEquity.info

Comment on Home Equity Line Of Credit? by Rachel Ravage

Rachel Ravage — Wed, 10 Mar 2010 17:58:59 +0000

Does he realize that the line of credit has to be paid back and his house can be foreclosed upon if he were somehow unable to make payments?

Any fixed rate apr is better than an adjustable. Right now with the way the economy is, flipping properties might not be as equitable as it was.

Comment on Home Equity Line of Credit rates? by Answerman84

Answerman84 — Wed, 10 Mar 2010 01:22:12 +0000

8.25 is the going rate for a HELOC however if you check around some banks usually have a special for the first few months. But is a HELOC what you are really looking for? Are you aware that HELOCs have variable rates? At the bank I work for the ceiling is 16%. If it is just a one time loan secured by property that you are looking for and not a line of credit then I would recommend a Home Equity Fixed Loan. This is still a loan secured by your house however your rate is fixed and is usually lower. For instance the max loan term on a Home Equity Fixed Loan or (HEFIX) is 20 years. For $250,000.00 at our rate for 20 years is as low as 7.52% and that would bring your payment to around $2,017.17 a month. The main thing you need to remember is that a HELOC is not a fixed rate and I have had people in my office that have had low rate HELOCs but as soon as the rates began to climb so did their loan rates. Also some banks do not charge an application fee or closing costs on their Home Equity loans but some do so shop around because thats an important thing to do with so many options out there.

Comment on what forms should i expect to sign at the closing of a home equity line of credit? by birddawg2006

birddawg2006 — Tue, 09 Mar 2010 09:24:18 +0000

It depends on the lender. You will sign a settlement statement that breaks down the whole transaction (all the settlement charges, loan amount payoffs, etc.). You will also sign a note with the mortgage amount and rate. There will be a security deed that gives the lender an interest in the property as collateral. Any riders (such as something regarding a HOA for example). You should get a copy of your truth-in-lending statement. After that, a bunch of random documents – compliance agreement stating you will help the lender if any errors occurred at closing, privacy policy, escrow disclosure if an escrow account is being set up for your taxes and hazard insurance, multiple foreclosure notices making sure you are aware that if you don’t pay your mortgage, the lender has the legal right to foreclose. Those are the big ones. There will be some other lender-specific documents in there as well.

Comment on Why did my current mortgage company turn me down for a home equity loan/line of credit? by Landlord

Landlord — Mon, 08 Mar 2010 18:23:48 +0000

Ask them.

It could be your credit rating.

It could be the present value of the home.

Your income could be too low.

Your debt may be too high.

Comment on how do you repay a home equity line of credit? by Cowboy_Bebop

Cowboy_Bebop — Mon, 08 Mar 2010 01:22:08 +0000

Through monthly payments set up through a credit union, bank or some other financial institution, just like any other credit or loan.

Comment on I have a home equity line of credit if a convert that to a home loan with that help my credit score.? by Jim Q

Jim Q — Sun, 07 Mar 2010 07:50:16 +0000

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments. – buildcredit.ifastnet.com

Comment on Home Equity Line of Credit vs Refinance? by Akbar B

Akbar B — Sat, 06 Mar 2010 14:12:12 +0000

A refinancing with cash out is your best option. Use the cash to pay off all your loans and keep some cash on hand, get a 30 year mortgage and you will only have one single payment to make and if its 30 years the payment will be lower too and you should be able to qualify as you have equity in the house and you will need to show a steady job too to assure the lenders that you are capable of paying the monthly payments on the new mortgage. Good luck.

Comment on who has the best deal on a home equity line of credit? by shipwreck

shipwreck — Fri, 05 Mar 2010 22:26:39 +0000

Charles Schwab bank has prime minus .75 which is pretty good. Prime minus 1 is the best I have heard of but not offered where I am.

Comment on Are we allowed to use our Roth IRA to pay off a Home Equity Line of Credit? by Ken Clark, CFP

Ken Clark, CFP — Fri, 05 Mar 2010 06:09:52 +0000

You can always take withdrawals from an IRA, but whether or not you pay penalties / taxes, is another issue.

You will pay the 10% penalty if the distribution is used to pay your equity line… the exception is only for first-time home purchase up to $10,000.

Additionally, you will pay ordinary income tax on the gains you have made on the contributions.

Hope that helps!

Ken Clark
Certified Financial Planner

Comment on Looking for a Home Equity line of Credit with a fair Credit Score, does anyone know of a great company? by rwebersolutions

rwebersolutions — Thu, 04 Mar 2010 15:53:59 +0000

Hi If you just want HELOC then try schwab bank. If you want to refi 1st with cash out, which would be less than a HELOC. Most 2nd or Heloc will have a higher payment than the refi even if you have a great rate now. Even if you only need the money for short time. You should invest for emergency time. Most people don’t think about it; they get laid off or lose their job. So when this happens they have nothing to help them to make the payments. Why Foreclosures are up so high today. email me lets look at the numbers for you. Tell me your details of your need so I can help you. email: bwebermale@sbcglobal.net
no I don’t work for Charles Schwab.