Answers
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I'm wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?
you definitely should have done research before going into any loan with any bank. Most banks are prime- 0.50% and you probably should have looked around for one that didn't charge closing fees.....the good news is, do your research now, wait a few months and pay off this one with a more competitive offer.
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Our credit scores are only in the mid 600's. Our business has been open in Idaho for 1 year now. Previously we owned a business for 13 years in another state, same line of work. We have owned our home for 19 months. We paid 71,000 and now fair market value places it at 150,000 to 190,000. We would like a line of credit for 140,000 to consolidate debt and finish remodeling our house. An appraisal would need to be drive by only because we have exposed walls inside. We are trying to bring up our credit scores by "opting out" of credit offers and doing some dispute clean up. "Countrywide" seemed to be coming through for us until all of this market stuff started happening. If anyone can give us direction, it would be great. Thanks, Barbara
We currently owe 68,000 on our mortgage.
i would look into FHA...they have a rehab program that will alllow you to fix up your house.
Opting out of credit DOESNT RAISE YOUR SCORE.
many loan officers believe in that and it's UNTRUE.
it even says that on the optout website.
FHA allows up to 95% cashout value.
Is there any danger to me and my home if they go bankrupt? Should I consider getting an equity line with another bank and closing this one down? Though I don't think my credit will hold up to get a new line. I have my first with Countrywide
That is the last thing you should worry about! Your property will be perfectly safe even if your lender goes bankrupt. Because banks use the funds in their deposit base to fund loans then they turn around and sell them to Wall Street for a small profit and to replenish their funds. Then they repeat the process again and again and again...Afterwards, for a small monthly fee the banks collect the monthly mortgage payments on behalf of their investors whom they have sold their loans to. So, E*Trade is just the middleman between you and Wall St. If E*Trade goes bankrupt you probably wont be able to draw any available credit that you may have left on your line of credit, but you still owe the balance to the "Holder of the note" who will find someone else to collect payments on their behalf.
What's Hiding In Your Home Loans? - COUNTRYWIDE HOME LOAN
These findings suggest that Americans may be neglecting to recognize their home as an asset that can—and should—be managed like other investments in their portfolios. Survey results also underscore the widespread misperceptions that exist about mortgages, including how they work, their flexibility, and their place in an individual’s overall financial package. When it comes to stocks, for example, it’s considered obvious for Americans to keep an eye on and take action on their investments to maximize growth potential, but the same doesn’t seem to hold true for their homes. Instead, many homeowners simply stick with their original mortgage, even if it may not make...
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