Line Of Credit
Secondary market. (lowering the risk weighting for warehouse credit lines and loans): An article from: Mortgage Banking [H] [T] [M]
Michael S. Taliefero (Digital) Mortgage Bankers Association of America 1992-01-01
Release date: 2005-07-28
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Answers
Does my husband have to be on the title or deed to the house for us to get a mortgage or equity line of credit? I live in NYS.
Only if you want to use his income in qualifying. Lenders want the title to reflect the names on the loan.
Phil Strong answers the query "Paying off the mortgage vs Line Of Credit?" Get more details at: philstrong.com
I have heard of a software program that shows you how to pay off your mortgage a line of credit.
Say you run 4K a month of bills through your checking account you would on average have 2K sitting earning nothing. If you borrowed 4K from your HELOC and paid down the first mortgage you would owe HELOC on average 2K at a slighly higher rate than the first mortgage. This would cause me to want to get out of that debt as fast as I could and make me feel I couldn't go shopping while in HELOC debt so soon I would have the HELOC paid off and could start again.
It might be fun to do but you don't need a program. You could just be on a tight budget and send every cent in to the mortgage company.
Another way is if you have an emergency fund you could use the HELOC for the emergency fund and send that money to the mortgage.
I wouldn't prepay a mortgage unless the rate was awful since you might earn more somewhere else and have more flexiblity with your money.
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Its ok as long as you have a free of low cost supply of alcohol..or you dont mind walking drunk..ditch the car, forget the mortgage..walk to work drunk
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I'm trying to decide whether to take an open variable mortgage versus a credit line. Is there any difference? I live in Ontario, Canada
In Canada mortgage interest is not tax deductable, unless you're doing the smith maneuver.
Will a bank give you a line of credit to cover your mortgage or are you referring to a product like manulife one? The rates on the line of credit tend to be higher than on the variable rate mortgage.
I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime - 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?
Yes, you will need to pay it off. You won't get a refinance with an existing lien against your house.
Buy Cheap
Understanding credit line mortgage. | equity line of credit rates
Equity loan is paid to you in a one-time lump sum manner, immediately after the contract has been signed. Once you have received the entire amount, you can no longer borrow on that account.
This offers you the flexibility of accessing the amount you need to borrow when you want to for duration of the agreement. If you are planning to use the loaned amount in installments such as college tuition fees, or as a stopgap while you are unemployed, take out a home credit at your disposal. However if you default on the loan payments, you run a real risk of losing your home. Conversely, this is why it is attractive to lenders, because their experience has shown them very few borrowers default on payments.
...News
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home-equity line of credit (HELOC), and it's not too late to try. You would have fewer fees and you would not need the PMI (Private Mortgage Insurance). and more »PR Web (press release) - Dec 30, 2009
dollars to Bank A on their first mortgage, and $100,00.00 dollars to Bank B on their second mortgage and/or equity line of credit also known as a HELOC. and more »
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Examiner.com - Dec 29, 2009
For those of you with a Home Equity Line of Credit (HELOC) this is an opportune moment to create a strategy about how to handle it.Examiner.com - Dec 29, 2009
MonitorBankRates.comIf you are one of the people contemplating buying a house to cash in on that tax credit, you might seriously think about getting off the fence now. Mortgage Rates: Current Mortgage Rates Back Above 5.00%Record-low mortgage rates, but many can't refinanceall 97 news articles »