Line Of Credit
The state of home equity: home-equity loans and lines of credit have been affected by the same negative forces that have driven first mortgages to ... Equity): An article from: Mortgage Banking [H] [T] [M]
Shelley Leonard (Digital) Mortgage Bankers Association of America 2010-09-01
Release date: 2011-01-04
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Answers
Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?
For HELO interest on principal beyond $100k to be deductible, the proceeds must be plowed back into the property pledged as security. If it's used for any other purpose, the interest on the amount of the loan over $100k is non-deductible. To be considered as acquisition debt, the property acquired must be the security for the loan.
Do I refinance or get a HELOC (Home Ewuity Line of Credit)... That is the question. Watch this short video to learn which one is best for you ...
I just finished building my house and I have no mortgage or anything as I had enough cash to buy the land and build outright. But, I have no money left to landscape and have some medical bills I would like to pay off. Can I get a home equity loan or line of credit on my house? Which is better?
A mortgage would be your best bet when it comes to a lower interest rate.
Most banks have prepenalty payments on most of the equity type of loans. However the line of credits generally will not.
I'm thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?
Anyone cosigning for something such as that would have to be on the deed to qualify. Otherwise is is not a home equity loan but a personal loan.
Is it a good idea to take out either a home equity loan or a home equity line of credit to pay off high interrest credit cards/ and other debts?
No Bad Idea. What you will do is put an unsecured debt on your house and you never want to do that. You would be better just to work up a plan and pay off the cards or if you must transfer the cards to a low rate card and pay it off as fast as possible. The reason you do not want to put it on your home is what if something happened and you lost your job or got hurt (car crash, etc) and could not work. If you do not pay your credit cards then it just messes up your credit but if you don't pay your equity loan or mortgage they will come take your house. Or what if you don't change your spending habit you pay off the cards with an equity line and then run the cards back up. That happens all the time.
My husband passed away last year and I have medical bills and credit card bills that I can't pay, would like to know if I were to file bankruptcy can I include my home equity line of credit?
I am not looking for a loan, I was just wanting to know about my home equity loan and bankruptcy.My husband passed away and I am not working due to medical reasons and a have limited income. My father has been helping me but I can't expect his help forever.
Speak to a lawyer. However, a HELOC is a secured loan -secured by a lien on your home. I doubt that it can be discharged through BK.
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Home equity loans: FAQ. | refinance interest only
Interest rates. A home equity loan can also be used for home improvement purposes, and certain tax advantages can apply.
According to current home equity statistics from the U.S. Census, approximately 7.2 million Americans obtained home equity loans in the past year. However, not all loans are right for everyone. It is important to decide which type of home loan is the perfect fit for you. To be sure that you are making a confident financial decision before you sign on the dotted line, read on for answers to frequently asked questions (FAQ) about home equity loans.
FAQ: Are Home Equity Loans (HEL) and Home Equity Lines of Credit (HELOC) the same thing?
A: No. Although both of these loans are of second mortgages, a HEL and a HELOC have some important differences. With a HEL, you receive a lump sum of money, while a HELOC works more like a line of credit.
...News
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At the peak of the housing boom in 2006, banks made $430 billion in home equity loans and lines of credit, according to the trade publication Inside and more »The Consumerist (blog) - Dec 30, 2009
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UPI.com - Dec 30, 2009
That tag line, frequently seen alongside the Standard & Poor's/Case-Shiller home price index is doubly critical these days in an economy rocked hard by a and more »
Chicago Sun-Times - Dec 26, 2009
BigPond NewsRecord-low mortgage rates, but many can't refinanceThe lender might refuse to subordinate, or if you have a line of credit, the lender might come back and say they'll subordinate the loan -- but only if you Mortgage Rates: Current Mortgage Rates Back Above 5.00%Lack of mortgage backed securities buyers could cause 2010 mortgage rates hikeall 103 news articles »
Philadelphia Inquirer - Dec 28, 2009
In anticipation of a refinancing on my home to pay for supplies, I charged my credit card a little more than $5000 for them. I hoped that the loan would go and more »Wall Street Journal - Dec 30, 2009
Washington PostThe GSEs had begun buying risky loans in 1993 to meet the "affordable housing" requirements established under congressional direction by the Department of VIEWPOINT: Treasury Updates GSE Support, and the Mainstream MisleadsChristmas presents for bankersFannie Mae and Freddie Mac: Just a Four-Letter Word? - -all 1,571 news articles »
NorthJersey.com - Dec 30, 2009
use the county's AAA credit rating to open what is essentially a line of credit at TD Bank. The program's promised 24-hour turnaround for loan approvals