Comments on: December 16th market update

By: KarenB

KarenB — Thu, 20 Aug 2009 09:35:29 +0000

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By: don c

don c — Wed, 19 Aug 2009 10:20:37 +0000

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
http://www.payoffmyloansnow.com

By: BamaboynTN

BamaboynTN — Tue, 18 Aug 2009 17:40:28 +0000

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.

By: I got 2 points for this answer

I got 2 points for this answer — Tue, 18 Aug 2009 02:31:34 +0000

In almost all cases you can roll them both into one loan, applicable regulations for apply as per the state you live in and seasoning requirements may also apply if the second was done less than 12 months. Check this out with your lender before you pay for anything. I did that with my home in Florida and there was no problems with it. Hope this helps

By: lovecats

lovecats — Mon, 17 Aug 2009 10:21:32 +0000

Not only will you not get 5% loan, with "average" credit rating you may not be able to do anything. Good luck.

By: costumes.us.com

costumes.us.com — Mon, 17 Aug 2009 07:21:53 +0000

You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.

The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?

So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.

By: Big Banks

Big Banks — Mon, 17 Aug 2009 07:01:57 +0000

a refinance loan is basically a loan from another company to buy your house again (you pay off your current loan but pick up a different one in the process). This is usually done to get a lower interest rate.

a home equity loan is simply a loan in any dollar amount that is backed by the equity in your home. You can't usually get loans that exceed your equity.

a home equity line of credit (or HELOC) is essentially a credit account, much like a credit card, where your "limit" is the amount of equity available in your home. It is better than a home equity loan for situations where you need to make lots of purchases, rather than one big purchase where you know the exact amount. If that was the case, the equity loan would work better than the HELOC.

By: Hottiez

Hottiez — Mon, 17 Aug 2009 06:31:14 +0000

If you have a great rate on the first then leave it. It also depends on the size of your HEloan. Ask your broker or bank to compare the two and see what's in your best interest. A HELOC is very easy depending on your credit. If the credit is good then you should expect a no closing cost loan at about 5%
You can email with any other questions
brandonbroker@yahoo.com