Answers
We have a large mortgage and a HELOC.
Is there a proven method to reduce this fast? Can you make two or three payments a month?
Pay as much as you can over your minimum payment monthly.
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I've owned my home for only two years.My interest is 8%. I would like to pay off credit cards and do some home improvment. is it a good idea to look into an equity line of credit(if I have any) Should I refinance? Or should I find other way's to pay off CC and do home improvments. I would really like to get my self out of this CC hole I'm in. I'm not sure if using my home would be a good idea..Maybe I should refinance? I'm really lost!! I want to make the right financial decision. Please help with any advice. BTW- were having another child in Febuary and I need to get rid of some mold in the basement bathroom, That's why I need some money fast for home improvments.
Thank You
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I am trying to get a Home Equity Line of Credit from my primary Mortgage holder on short notice.
How hard should this be ?
They took my information 2 days ago and said it should be a breeze but now thyere not returning my calls.
My house is worth 399k , I have 165k in equity and am asking for home equity line of credit of just 15,000
This is an emergency situation and i have no one to turn to otherwise.
If they turn me down, how easy is the process with another lender ?
I really need a no doc fast deal.
With the current market problems a no doc loan is almost impossible. If you have a good banking relationship check with them. Bank of America, Chase and Wells Fargo can do equity loans if you have good credit and plenty of equity.
Is it even possible? Want to do remodeling, pay off son's car etc. Will also pay off house so I won't have two "mortgage" payments. From what I've heard a HELOC is easier/faster to get. What I want to do is take out the complete amount and lock in the rates of the amount I draw out.The reason for doing a HELOC instead of cash out refi is less hassle right? (inspections, surveys and all the assoc. finance bs fees) And you can lock in the rates on the financed portion of the HELOC, with the balance paid like a conventional loan. And those locked in rates aren't that much different than reg. financing.... just less paperwork hassle right?? Don't forget it's an owner financed home w/ legal notarized contract. House worth 80k, considering 40 to 50k HELOC. Thanks!
The part where I'm not the title holder doesn't make since because they make HEL's and HELOCS to people that haven't paid off there home mortgage, hence aren't the title holder. I wasn't getting the HELOC "to buy things" I have no credit cards etc. the only loans I have are mine and my sons vehicle. This is the reason to do it, less debt/payments and getting things fixed. I would pay off the house 12k, no more payments, pay off sons car 3k, no more payments, remodel some, need new hvac, general repairs, doing this would lower my monthly outgo by about $450. I would have the rest in savings for college, he starts next year. The reason I was considering a HELOC was I thought it would be easier (less paperwork, inspections etc., and maybe less requirements). And the reason to take all the money out of the HELOC and lock it in was just incase later the economy goes to...uh.. heck, and they can't withdrawl the loan/offer (which I read they could) I'll need it later (college) good info!
You have left our some important details.
You say "owner financed" and "legal notarized contract", but is your name on the title? Or, did you do a "contract for deed"?
The only person who can encumber the title is the title holder. So, if you did a contract for deed, then the previous owner may still hold title. In fact, the previous owner may have an existing mortgage loan on the house from when he/she bought it.
So, first you need to find out who is on the title to the house.
HELOCs will only allow loans on your equity stake in the property. There are also costs to the HELOC that you should consider. Here's a link to help you understand the process:
http://www.federalreserve.gov/Pubs/equit y/equity_english.htm
Not on a debit mastercard or debit visa but just a regular credit card. I was told a card like a home equity line of credit would work faster. Is this true or not. I can't understand how money could be sent via a credit card: I thought you could just charge things on them. Does anyone working in that industry know anything about that. I have an inheritence from another country and it is not a scam I know for sure. I have never heard of transferring money this way, is it possible and how? Thanks for the help. Any information would help in this transaction. I do not want to break any laws. Thank You for helping with your wisdom it is greatly appreciated.
Transfering money from anywhere is not a problem. You can physically send the currency, get a cashiers check or money order, or electronically wire from one account to another. You could even purchase some goods like gold/jewels and send those (with shipping insurance!) Credit cards have nothing to do with transferring money - unless you use them to get a cash advance (which some lines of credit allow).
Can I Convert My 2nd Mortgage To An Unsecured Loan? | payment online
If you have any equity in your home talk to bank that can offer you a home equity line of credit. They have much lower interest rates than 2nd mortgages and are also interest only payments. For $13k you would be be paying less than $50 bucks a month. All these private loan companies charge interest rates of 8 to 10 percent on 2nd mortgage loans compared to a prime rate your bank would offer through a HELOC (home equity line of credit).
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News
Next year I'll be debt-free!Ecommerce Journal - Dec 29, 2009
Next year I'll be debt-free! switching to a new balance transfer card with lower interest rates or consolidating your debt through a second mortgage or a home equity line of credit. and more »Wall Street Journal - Dec 12, 2009
At the time, I didn't know that the second loan was a de facto home-equity line of credit. I knew it would be a higher rate–a little more than 2.5 and more »US Banker - Dec 29, 2009
He adds Geezeo has also built a cross-marketing platform for institutions - a bank that wants to offer a home equity line of credit in a targeted fashion,Reuters - Dec 30, 2009
Special Report: America's route to recoveryFrom its peak in 2005 to the second quarter of 2009, US home equity fell 37 percent, or $4.7 trillion, according to the Federal Reserve. and more »
istockAnalyst.com (press release) - Dec 30, 2009
He took out a loan he couldn't possibly repay on the original terms - an OptionARM or other "exotic" loan, and then (in many cases) HELOC'd out every penny and more »
Leagle, Inc. - Dec 17, 2009
Thereafter, on November 6, 2003, Mary obtained a home-equity line of credit from Keesler Federal Credit Union (Keesler) in order to repair and renovate theSeeking Alpha (blog) - Dec 28, 2009
US home equity has dropped from 58% in 2003 to 43% this year, a loss of over 25% in 6 years. This is reality for American peasants, the 300M people who