Credit Credit Equity Home Line Union

I sold a townhouse I had financed through the credit union around April 2004.
I don't own real property at this time.

They have not updated their file to indicate that you no longer own real estate. That is why you received that notice of pre-approval. Most CU are unmanned and you have 1 person working in different departments. I work with one CU that has a member base of 11K members and only have 20 people working to service that base.

2006-04-12 13:42:37 by albo888888

While the credit crunch has made borrowing for... or against... your home more difficult, home equity loans and lines of credit remain popular for ...

I owe about $30,000.00 and I want to consolidate, where should I go to get a loan/line of credit? are Credit Unions a good bet?, should I try my mortgage company?, or does anyone have any other valid suggestions. If I am not already a member, are there ways to join credit unions. Are there any bankers or loan officers out there that can help or point me in the right direction? I live in MD

It would be better for you to have someone look at your total financial picture with you. They would be able to help you identify the least total cost of eliminating your debt. Some refinances help improve immediate cash flow, but significantly increase the total amount of dollars used to finance that debt, due to the increased length of payment period.

Email me if you would like me to get you in touch with someone in your area that would work with you on that. Services would be free. If you don't want what they offer, would not cost you, but you'd have a blueprint that will help you get to where you want to be, financially.

Good luck whichever way you go. Hope to hear from you.

2007-05-03 10:24:14 by livemartianwilltravel

My husband and I bought our house 2 years ago. It is our starter house and we anticipate moving out in the next 3-4 years. We are having a sewage system put into our neighborhood and must pay a $3900 tap in fee in addition to the amount it will cost to pay a plumber to dig a line from our house to the sewage system. We are looking at about $6000 that we do not have readily available.

Along those same "home improvement" lines, I would like to renovate our kitchen. I thought that it might be a good time to look into a home equity line of credit to a.) help pay for our sewage and b.) help us pay to renovate our kitchen. I have only done a little reading on the home equity loans, and we can get a good rate from our credit union at 4.99%. I am wondering if we would get approved for $8,000, and is it a smart move to get the home equity loan?

First, always always check out 2-3 other banks and see what rates they will give you. It is a tough market out there and they are fighting for business - your business.

Second, I would need more details. Are you getting a fixed rate loan or a line of credit? There are two home equity loans out there. The fixed rate/lump sum and the variable rate/ line of credit that works like a checking account. A variable rate might do you well if you can pay it off this year. The rates are not going to sky rocket any time soon. But if it will take a while to pay back - a fixed rate might be better.

I can't tell if $8000 is good or not without knowing how much you paid for the house and how much the house is worth - otherwise known as your equity. Your loan to value is a necessary number in order to come with your rate and loan amount and whether it is a "good deal".

Of course, it is always best to save up the money and pay for things without borrowing. Have a goal of say $10,000 in a money market account and borrow from yourself. Then, pay it back to yourself in little chunks.

2008-07-14 19:01:31 by Elle C

I would like to purchase a mix-use commercial space from the owner. I own all of my inventory. I need help locating a bank or mortgage company willing to work with a self employed entrepreneur. I have a equity line of credit already with a small credit union, however, they do not offer mix-use commercial loans. Can someone out there please help to steer me in the right direction? I need a second chance. Patricia

any bank esp. a community bank would be a good bet. make sure you ask if they are preferred SBA lenders since they have programs for small business owners that mitigate credit risk..

2007-02-06 05:40:48 by patricia b

A HELOC (Home Equity Line of Credit) is being offered to me by my credit union at the prime rate, currently 5%. I was wondering if I should just take that and end my search, or if I shouldwaste my time shopping around. My mortgagor offered to roll the expense into a new 30-year fixed but with $100K in home equity, why bother paying closing costs and a higher (6.25%) interest rate than the HELOC? Should I just stop looking and take the HELOC at Prime?

Take the HELOC and run....being greedy may end up costing you more if they change the criterion or you take too long to accept. Run Forrest Run !

2008-07-15 12:26:10 by iruleatmath