Home Equity Loan Answers
What must be a debt to income ratio to qualify for home equity loan? ?
Q. What is a debt to income ratio to qualify for Home Equity Loan / Home Equity line of credit. What if I go to mortgage brokers who have access to "B" type lenders at higher rates? Thanks guys!
Asked by Ivan S - Mon Oct 27 11:23:47 2008 - - 1 Answers - 0 Comments
A. Home Equity Loan and Home Equity Line of Credit are separate financing terms. Please remember, you don't want Home Equity Line of Credit but want Home Equity Loan. Debt to income ratio of 1 to 10 is the minimum requirements in most cases.
Answered by Kay - Mon Oct 27 11:34:20 2008
Q. What is a debt to income ratio to qualify for Home Equity Loan / Home Equity line of credit. What if I go to mortgage brokers who have access to "B" type lenders at higher rates? Thanks guys!
Asked by Ivan S - Mon Oct 27 11:23:47 2008 - - 1 Answers - 0 Comments
A. Home Equity Loan and Home Equity Line of Credit are separate financing terms. Please remember, you don't want Home Equity Line of Credit but want Home Equity Loan. Debt to income ratio of 1 to 10 is the minimum requirements in most cases.
Answered by Kay - Mon Oct 27 11:34:20 2008
Can you get a home equity loan while in a debt management program?
Q. 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 - Fri Oct 13 14:47:18 2006 - - 3 Answers - 0 Comments
A. he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Answered by bianca - Sat Oct 14 02:14:58 2006
Q. 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 - Fri Oct 13 14:47:18 2006 - - 3 Answers - 0 Comments
A. he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Answered by bianca - Sat Oct 14 02:14:58 2006
What are the benefits of a home equity loan?
Q. 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 - Thu Mar 29 16:28:14 2007 - - 5 Answers - 0 Comments
A. The rate will be somewhere between 7-8% right now. The main benefit is its tax deductibility. You'll be able to finance high rate credit card debt at a much lower rate and get a tax deduction. You also be able to spread the payments over a longer period of time. Home Equity Lines of Credit generally only require an interest only payment while a home Equity loan is generally amortized over 10 years. Just be careful, you're potentially spending your home's equity on frivolous items.
Answered by nickfromct - Thu Mar 29 16:37:49 2007
Q. 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 - Thu Mar 29 16:28:14 2007 - - 5 Answers - 0 Comments
A. The rate will be somewhere between 7-8% right now. The main benefit is its tax deductibility. You'll be able to finance high rate credit card debt at a much lower rate and get a tax deduction. You also be able to spread the payments over a longer period of time. Home Equity Lines of Credit generally only require an interest only payment while a home Equity loan is generally amortized over 10 years. Just be careful, you're potentially spending your home's equity on frivolous items.
Answered by nickfromct - Thu Mar 29 16:37:49 2007
Can you still qualify for a home equity loan if you behind on mortgage payments?
Q. I'm behind on mortgage payments because, i'm going through a loan modification, but i need money to pay for school, will i be able to still get a home equity loan. Because my credit is not amazing.
Asked by youngboycaz - Sun Aug 15 13:12:04 2010 - - 2 Answers - 0 Comments
A. No. That's the FIRST thing a lender will check before granting a home equity loan. If the primary loan is in default nobody will approve a home equity loan.
Answered by Let me steer you - Sun Aug 15 13:28:17 2010
Q. I'm behind on mortgage payments because, i'm going through a loan modification, but i need money to pay for school, will i be able to still get a home equity loan. Because my credit is not amazing.
Asked by youngboycaz - Sun Aug 15 13:12:04 2010 - - 2 Answers - 0 Comments
A. No. That's the FIRST thing a lender will check before granting a home equity loan. If the primary loan is in default nobody will approve a home equity loan.
Answered by Let me steer you - Sun Aug 15 13:28:17 2010
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
Can I get a home equity loan with no seasoning requirements with bad credit?
Q. We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?
Asked by VH - Tue Jul 24 14:51:57 2007 - - 5 Answers - 0 Comments
A. That is correct, most seasoning times are 12 months were you can get a home equity home but they will use the purchase price or appraised value whichever is less. The bigger problem would be the credit issue, home equity loans and other types of subordinate financing is a higher risk for lenders and therefore unless the loan to value is very, very low they may not approve it. Lenders always look at what financial position they might be in if the property is foreclosed on and poor credit has been an indicator of future payment patterns, if you had put a large down payment at the purchase then they may consider this has a compensating factor with a low loan to value. I provided you a website for FannieMae, whose guidelines for lending… [cont.]
Answered by Etta P - Tue Jul 24 15:35:28 2007
Q. We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?
Asked by VH - Tue Jul 24 14:51:57 2007 - - 5 Answers - 0 Comments
A. That is correct, most seasoning times are 12 months were you can get a home equity home but they will use the purchase price or appraised value whichever is less. The bigger problem would be the credit issue, home equity loans and other types of subordinate financing is a higher risk for lenders and therefore unless the loan to value is very, very low they may not approve it. Lenders always look at what financial position they might be in if the property is foreclosed on and poor credit has been an indicator of future payment patterns, if you had put a large down payment at the purchase then they may consider this has a compensating factor with a low loan to value. I provided you a website for FannieMae, whose guidelines for lending… [cont.]
Answered by Etta P - Tue Jul 24 15:35:28 2007
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
How does doing a cashout refi or home equity loan affect AMT risk?
Q. We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around $60,000) and then do a 2nd (Equity loan) for the rest...does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in the 1040 or 6251 affect this)? Is there a better approach we could take?
Asked by P-Dawg - Thu Mar 27 01:18:45 2008 - - 2 Answers - 0 Comments
A. you will not be taxed on any loan amounts...if you hold that money in the bank, the interest it may earn is taxable though. a loan is not income...you have to pay it back...it will not become income even if you buy a car with it. but if you buy a car with it, the interest you pay on it is not deductable.
Answered by viajero_intergalactico - Thu Mar 27 01:55:32 2008
Q. We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around $60,000) and then do a 2nd (Equity loan) for the rest...does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in the 1040 or 6251 affect this)? Is there a better approach we could take?
Asked by P-Dawg - Thu Mar 27 01:18:45 2008 - - 2 Answers - 0 Comments
A. you will not be taxed on any loan amounts...if you hold that money in the bank, the interest it may earn is taxable though. a loan is not income...you have to pay it back...it will not become income even if you buy a car with it. but if you buy a car with it, the interest you pay on it is not deductable.
Answered by viajero_intergalactico - Thu Mar 27 01:55:32 2008
My parents are taking out a home equity loan to lend me money to start a business, does anyone get taxed?
Q. I'm looking to open a shop and my parents offered to lend me some money to help out. They are taking out a home equity loan to lend me about $35,000 to $55,000. I agreed to pay them back. Because they are taking out a loan do they have to pay any taxes? Do I have to pay taxes on this money? I don't have any assets so I wouldn't be able to get a loan for the amounts of money I posted.
Asked by Felt B. - Sat Nov 24 19:37:34 2007 - - 3 Answers - 0 Comments
A. not unless you are going to pay them any interest on the loan!!! sure hope you make it -- hate to see your folks lose there home!!!
Answered by mister ed - Wed Nov 28 09:30:31 2007
Q. I'm looking to open a shop and my parents offered to lend me some money to help out. They are taking out a home equity loan to lend me about $35,000 to $55,000. I agreed to pay them back. Because they are taking out a loan do they have to pay any taxes? Do I have to pay taxes on this money? I don't have any assets so I wouldn't be able to get a loan for the amounts of money I posted.
Asked by Felt B. - Sat Nov 24 19:37:34 2007 - - 3 Answers - 0 Comments
A. not unless you are going to pay them any interest on the loan!!! sure hope you make it -- hate to see your folks lose there home!!!
Answered by mister ed - Wed Nov 28 09:30:31 2007
How does home equity loan qualification works if you 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 - 0 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 - 0 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
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
Can I apply for home equity loan while house is listed for sale?
Q. In MD area, is it possible to apply for home equity loan while house is listed for sale? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have been pretty tight recently. If my house is sold, home equity would obviously be paid off from the proceeds. Thanks Thanks for all replies. Since loan is secured by the property.. won't they get their money once property is sold !! what am I missing here ??
Asked by User - Tue Apr 28 13:14:48 2009 - - 2 Answers - 0 Comments
A. No...lenders will not make loans on property listed for sale. If you need to get a loan remove your home from the market and then apply for the loan. In the past I've seen lenders refuse to make a loan on a property just a couple of days before the 2nd trust deed closing, when the lender discovered that the property in up for sale.
Answered by Glenn S - Tue Apr 28 13:30:10 2009
Q. In MD area, is it possible to apply for home equity loan while house is listed for sale? I am trying to purchase a land/lot, but need home equity loan for downpayment. I know loan guidelines have been pretty tight recently. If my house is sold, home equity would obviously be paid off from the proceeds. Thanks Thanks for all replies. Since loan is secured by the property.. won't they get their money once property is sold !! what am I missing here ??
Asked by User - Tue Apr 28 13:14:48 2009 - - 2 Answers - 0 Comments
A. No...lenders will not make loans on property listed for sale. If you need to get a loan remove your home from the market and then apply for the loan. In the past I've seen lenders refuse to make a loan on a property just a couple of days before the 2nd trust deed closing, when the lender discovered that the property in up for sale.
Answered by Glenn S - Tue Apr 28 13:30:10 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 - 0 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 - 0 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
What is a home equity loan and what is the process to applying/being accepted for one?
Q. 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 - Sun May 20 15:16:18 2007 - - 4 Answers - 2 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
Q. 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 - Sun May 20 15:16:18 2007 - - 4 Answers - 2 Comments
A. Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity. Equity is the difference between what you owe & what the home is worth or appraised at now. There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher. You could cash out say 80%, based on my #'s above that would total about $164,000. & you could use this money towards a down payment & for construction costs with the home you're interested in building. You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid… [cont.]
Answered by Miss Emily1 - Sun May 20 15:44:34 2007
What is the difference between a mortgage and a home equity loan?
Q. 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 - Thu Jul 12 17:41:49 2007 - - 5 Answers - 1 Comments
A. Just the packaging of the financial product. Once upon a time Home Equity Loans were called 2nd mortgages. The real difference is risk factor for the bank. Typically Home Equity Loans are 2nd to be paid in the event of a foreclosure or other bad financial happening - leaving them exposed if there wans't any many for them at the end of the day. So they charge you a bit more interest to compensate for this additional risk. Since you would be leveraging your house for the 1st time again, and the holder of this new "note" would be the only creditor and thus 1st in line for payment in the event of default, lenders may negotiate a little and get you a better rate. Its probably something you should take to a local bank or branch where… [cont.]
Answered by dmaturin12 - Thu Jul 12 17:54:38 2007
Q. 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 - Thu Jul 12 17:41:49 2007 - - 5 Answers - 1 Comments
A. Just the packaging of the financial product. Once upon a time Home Equity Loans were called 2nd mortgages. The real difference is risk factor for the bank. Typically Home Equity Loans are 2nd to be paid in the event of a foreclosure or other bad financial happening - leaving them exposed if there wans't any many for them at the end of the day. So they charge you a bit more interest to compensate for this additional risk. Since you would be leveraging your house for the 1st time again, and the holder of this new "note" would be the only creditor and thus 1st in line for payment in the event of default, lenders may negotiate a little and get you a better rate. Its probably something you should take to a local bank or branch where… [cont.]
Answered by dmaturin12 - Thu Jul 12 17:54:38 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 - - 6 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 - - 6 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
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
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
difference between a home equity loan and a consolidation loan?
Q. What is the difference between a home equity loan and a consolidation loan? Which one looks better on your credit report?
Asked by zeishabush - Fri Aug 29 05:55:23 2008 - - 1 Answers - 0 Comments
A. A home equity loan is secured by your property and a consolidation loan may not necessarily be a secured loan. It may be just a large personal loan with the purpose of consolidating debts into one payment. A home equity loan may be used to consolidate debts but may also be used for home improvements, college costs, or any other expenses that come about. Visit to know more about the home equity loan. Also you will get low loan rates for NMTW membership.
Answered by iraymond20 - Fri Aug 29 05:56:49 2008
Q. What is the difference between a home equity loan and a consolidation loan? Which one looks better on your credit report?
Asked by zeishabush - Fri Aug 29 05:55:23 2008 - - 1 Answers - 0 Comments
A. A home equity loan is secured by your property and a consolidation loan may not necessarily be a secured loan. It may be just a large personal loan with the purpose of consolidating debts into one payment. A home equity loan may be used to consolidate debts but may also be used for home improvements, college costs, or any other expenses that come about. Visit to know more about the home equity loan. Also you will get low loan rates for NMTW membership.
Answered by iraymond20 - Fri Aug 29 05:56:49 2008
From Yahoo Answer Search: 'home equity loan'
Mon Nov 7 02:29:45 2011
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S Ls given warning about freezing credit The Office of Thrift Supervision warns against improperly lowering credit limits or altering rules for home equity loans
smartmoney.com
Wed, 25 Aug 2010 10:01:19 GMT+00:00
Smartmoney.com Other options to consider include taking out a home equity loan , selling personal items to raise money or asking a well-off friend for a loan (provided the ... The Perils of Tapping a 401(k) The Market Oracle
suntrust.com
Learn the Value of Your Home. If you're considering a home equity line of credit or a home equity loan, get an estimate of what your home may be worth4. ...
www.suntrust.com/equity
A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are useful to finance major expenses such as home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
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