Answers
Whats the difference between a loan and a line of credit?
Do you think its ok to search for the lender on the internet or should I go to my bank who refused it 2 yrs ago even though my FICO score was over 700? Its 760 now.
Do most people get quotes for the work they need or do they just borrow over and beyond what they think they need?
What are they going to ask me for when I apply for the equity line of credit?
#1 - A loan is a one time amount of money lent to you. Once it's paid off, it's done. A line of credit is a revolving credit amount where once ou pay the amount owed of, you can use the credit again (just like a credit card).
#2 - It is best to either search online or find a mortgage/loan broker. A broker has far more access to different companies that might have different lending requirements so if you were declined by one place, they will be able to shop it to another.
#3 - If you get a loan, it might be required or at least a good idea to get a quote for the work that is being done. There's no point in borrowing money and paying interest on it, just for the sake of having some extra cash around. If you are taking a line of credit, don't worry about the reciepts...you are only charged interest on the amount that you spend on it, not the amount available.
#4 - They will ask you more or less the same questions whether it's line of credit or a loan, however, they are alittle more strict with lines of credit, becuase you need to be responsible for a longer period of time instead of just the duration of one loan term.
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My house has a 80k loan and a 50k equity line of credit (diff bank)
Built 1849 I do not have the money to fix. Now a 3rd child is coming and my house has serious mold problem. Family is sick. I want to walk away. Help... deed in lieu of foreclosure?
What kind of options are available. I want to get a mold check for proof. Get quote to clean. Which I cannot afford. Then hand over to bank. House is unsafe to live in.
What is house worth? It had be worth more than 130K? If you have 50K on L-O-C, you should able to close escrow account unless you are with FHA, the first 5 years...Stop paying property tax if it is not livable...close escrow acct if possible, it will save you payment for a short while...sale it as quick as possible...
270k loan on appraised house of 475k. Wanted a home improvement line of credit for a few things. Time requirement after closing for HELOC? LTV limit? Appraisal still work for HELOC application? Had appraisal done before purchase. Looking at Bank of America (already have an account with them). They quoted 5.74% on 100k loan. Good rate? Thanks in Advance.
Of course there are many factors that determine the amount you can borrow and interest rate, including debt to income ratio. LTV may be fine if they determine it would still be 80% or less. A fixed rate is normally somewhat higher than variable rate, but would also eliminate surprise interest rate jumps that brought this country to it knees.
My lender gave me a free HELOC to borrow back paid principal when I refi'd in 2005. Its rate is variable at prime minus 0.5%, which started out in 5% range, climbed to 7.5% by 2007, and has now slipped back to 3.75% (on its way to 2.75%).
In my neighborhood, bankrate.com is showing Bank of America at 4.74% (prime + 1.49%, minus 0.25% if you auto pay). Not sure what they charge to lock a fixed rate. There is a savings & loan that shows 2.24% (prime - 1.01%) with no closing, pre-payment, or annual fees.
Getting a Colorado Mortgage Rate Quote
If you are looking for a Colorado mortgage rate quote for a Colorado mortgage loan, then there are many places to go. Of course there are many ads for different Colorado mortgage lenders that are based in the state and around the country. But for a better, more personal Colorado mortgage, it is best to go with an in-state Colorado mortgage lending professional. Colorado is unique, with a particular mix of modest private homes, second homes, luxury homes and other types. Because of this, the needs of would-be borrowers who are looking for a Colorado mortgage quote are unique as well. That necessitates a knowledgeable Colorado lender who can work with a borrower and fir their needs with the best...
News
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Like a home equity line, it does not have to be used unless and until the need arises. And unlike a home equity line, it does not involve any debt and more »The Market Oracle - Dec 30, 2009
And of course there's also what can be characterized as technical reasons that fly in the face of logic suggestive talk of higher equity prices is and more »