Answers
My home has appreciated significantly, and I'm looking to pay off my current adjustable rate mortgage and get a fixed rate loan at a lower interest rate, as well as extra money to fix it up and pay off my car loan and other bills. Also, do either cover property taxes and insurance, or will I have to pay them out of pocket? I just want to know the basics before going to the bank so I don't feel confused or overwhelmed. Thanks!
If your goal is to pay off your existing loan, your only option is to refinance. A HELOC is essentially nothing more than it sounds - a line of credit backed by your house and therefore with a lower rate than unsecured instruments like credit cards. You would use a HELOC if you were satisfied with your current mortgage rate and wanted to consolidate a bunch of payments into a single one with a more attractive rate.
So, when you refinance your home at a better rate, property taxes and insurance (both types: mortgage insurance if less than 20% equity and homeowners) will both be components of your "PITI" payment (principal, interest, taxes, insurance, [mortgage insurance])
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ADDvantage Technologies Reports Fiscal 2009 Year-End Earnings
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) today announced its results for the three and twelve month periods ended September 30, 2009.
Revenue for the three month period ended September 30, 2009 was $10.2 million compared to $14.6 million in the same period a year ago, a decrease of 30.6%. Revenue from new and refurbished equipment sales declined $4.3 million as a result of the downturn in the economy, which has caused customers to continue to conserve cash and limited customers' access to affordable financing. Service revenue declined by $127,000 compared to the same period last year.
Net income attributable to common stockholders in the fourth quarter of 2009 was $712,000, or $0.07 per diluted share, as compared to $1.1 million, or $0.10 per diluted share, in the year-earlier period.
Home Refinance equity method will benefit you.
Equity loan is the most economical way to go. Because your home is the collateral for the loan, your rate is going to be lower than other loan options. It also has tax benefits. In general, if you can deduct the interest that you pay on your first mortgage on your taxes, you can also deduct the interest from your second mortgage. There are many advantages to using a loan to satisfy your borrowing needs.
There are two basic options when choosing what type of home credit that you actually use. This is good for people who have projects that will take an extended period of time. They can purchase materials as they go and pay less interest in the meantime. Usually the interest rate is variable. You payment fluctuates as your balance changes.
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