Equity Home Loans

Is it better to get a home loan thru home equity line loan? I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.

Can my wife take a home equity loan for personal use on a jointly owned home without my consent? My wife earns more money than me. The home loan is in her name but the home title is in our joint names. Can she take a home equity loan without my consent?

Home equity loan or refinance existing home loan? My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted to real property. Which is better? A home equity loan, or refinance our existing loan? Where do we start? What should we know? And what we should be careful of?

Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it? I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on $12,000. What to do?

can i get a home equity loan on a home i just bought that i was gifted equity in it? we are buying a home from my mother. she is gifting us the equity in the home. can we get an equity loan at the same time as we get our home loan or do we have to wait and how long?

What is a home equity loan and what is the process to applying/being accepted for one? I paid roughly $90,000 for my home. It was a TLC home and I've fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don't want to go into it without fully understanding what it is--I also don't want to go to my banker with stupid questions....Another thing. Im looking to build my own home--hence the loan inquisition.

How does a home equity loan work? I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so far have done good. But those student loans are looming in the background.

Can a fixed home equity loan drop my credit score? I requested $10,000 dollar home equity loan to roof my house. My FICO score was 780 until approx March when I applied for a home equity loan at a fixed rate. Now my FICO score is 740. What happened? I am never late on any payments. I pay over the minimum amount do on my card every time.

Can you have a home equity loan and a home equity line of credit? My husband and I have two mortgages (an 80% and a 10%). Our banker uses the term for the "second mortgage" interchangeably with a "home equity loan". Is it possible for us to take out a home equity line of credit at the same time we are paying the second mortgage?

How do you pull equity out of your home with taking a how equity loan out? First of all how do you build equity in a home? How do you report the equity to your lender? And lastly how to you pull the equity that you’ve built up out of the home with out taking a home equity loan out? Thank you in advance for any help that you can give me.

Can you get a home equity loan while in a debt management program? I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.

What is better, home equity loan or line of credit on home I own outright? 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?

What is the difference between a mortgage and a home equity loan? I own a home that is paid off but would like to take out a loan to fund some home improvements as well as help my parents pay off their home equity loan. Given this scenario can I take out a mortgage since mortgage rates are lower or am I limited to a home equity loan. I'm not interested in HELOC's.

Can you use a home equity loan for something other than a home? I need a loan & some people had suggested I look into this because of the lower interest rates, instead of using high interest (not to mention EVIL) credit cards. But it's not for a home & I don't have enough collateral for the amount I'd like to borrow. I have a great credit score over 700, but also have student loans & other credit card debt, which I am very good at paying at, & make enough to make the payments comfortably. If I can't get a home equity loan, what kind of loan can I get, & at what amount & rate should I expect? I've looked around online, but all the bank terminology does nothing but confuse me, so anyone who could explain this a little more "user friendly" would be helpful! It's not for home improvement. Actually, it's basically a business expense, but I'm not sure if a bank would consider this a business type of loan. Oh, & one *minor* detail... I don't own a home :(

Can I get a home equity loan with no seasoning requirements with bad credit? We just purchased a home and want to consolidate some bills to create a better cash flow. The problem is we've only been in the house for two months. I'm being told that most companies require 6 months to 12 months seasoning to get a home equity loan. Any suggestions?

How long do you have to wait for a home equity loan? How long after purchasing a home do you have to wait to take out a home equity loan? Do you have to re-close? Are there loan you can take out beside equity if you own a home?

What would be better, a home equity loan or refinance at lower rate to add on to my home? I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?

What are the benefits of a home equity loan? What are some benefits of a home equity loan? How does it work? Whats a good interest rate for someone with OK credit? My is good, but my husbands is fair. We are planning on consolidating high interest cards and possibly using sometowards a newer vehicle.

Should I take a home equity loan to pay off the 17,000 in medical bills I have? I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?

can you refinance a home equity loan to lower the payments? My mother signed a home equity loan with my grandfather who has just passed, and I am trying to help her pay the bills but the payment on the house is too high. If she refinances could her payment go down? Are there any other options, or any kind of loans or help from anywhere? I am totally clueless this was very unexpected.

Is it possible to refinance a home equity loan to be able to get a lower rate? Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.

How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure? The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help

Will I be able to get a home equity loan if I am currently in a forebearance agreement with my mortgage? We will be listed as "entering foreclosure" until September, but have already made 5 consecutive payments into the forebearance plan, including a large down payment. However, in order to get our finances in order and pay education costs, we need to take out a home equity loan. Will lenders approve the loan (if we have one great credit score, one bad, and a good income) in our current state? Or would it be rejected outright?

My parents are taking out a home equity loan to lend me money to start a business, does anyone get taxed? I'm looking to open a shop and my parents offered to lend me some money to help out. They are taking out a home equity loan to lend me about $35,000 to $55,000. I agreed to pay them back. Because they are taking out a loan do they have to pay any taxes? Do I have to pay taxes on this money? I don't have any assets so I wouldn't be able to get a loan for the amounts of money I posted.

Should I get a home equity loan to pay off back taxes? I need to pay off about $30,000 in back taxes. Is it better to take out a home equity loan, cash in stock, or borrow or liquidate a 401K?

what is the best fixed rate for home equity for 15 years for100k loan with excellent credit? I have presently home equity loan 100k @ 7.49% as at present rates are better I want a fixed rate loan 15 yrs what best rates i can get for non document loan , I have 790 credit score what will be closing cost(if possible my monthly pament for 100k fixed) I live in new york state. Thank you.

How long after buying a home will i be able to take out a home equity loan? I am wanting to buy my first home and the home i found needs work. I want to take a home equity loan out to make the repairs but i dont know what kind of time frame i will be looking at to get one. Any advice would be much appreciated.

How 2 solve for potential amount of credit available for home equity loan? Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. Ramon's credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that's available to Ramon for a home equity loan?

What is the difference between a HELOC and a Home Equity Loan? I know a HELOC is a "Home equity line of credit" but what is the difference between that and a "Home Equity Loan"?

How does doing a cashout refi or home equity loan affect AMT risk? We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around $60,000) and then do a 2nd (Equity loan) for the rest...does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in the 1040 or 6251 affect this)? Is there a better approach we could take?

should I pay down my home equity loan or pay off credit cards? Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.

Can I get a home equity loan with a first mortgage? I am buying my first home with an FHA loan. The mortgage company I am using doesn't do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect... I'm trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!

How much will a Home Equity Loan cost? I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, how much typically will a Home Equity Loan cost me in fees?

where is the best place to get a home equity loan besides a bank? I have already tried at my bank and was denied. Does anyone know a good tried and true place to get a home equity loan?

Is it true you can get a home equity loan after 30 days? How long do you have to live in a home that appraised higher than what you paid to get a home equity loan? Our credit is now damaged, is it still possible?

Should I get an home equity loan or should I save my money and pay with cash? I own a house that will be paid off next year. I want to do some remodeling in my house like a new kitchen, all new travertine floors, new doors and some other things. The total of my remodeling will be about $45,000 including all the labor and materials. My question is: Do I get a home equity loan for 7% to8% or do I save my extra cash and pay for the remodeling in full in about 2-3 years after I pay off my house? If I get a home equity loan for about 5 years, I will pay nearly $10,000 in interest alone. That’s a lot of money! Any ideas? P.S. I have no debt except my house loan. No credit cards, no cars, no school loans, no nothing!I have a credit score of 780 and I don't like to pay interest if I don't have to!

Is a Home Equity Line of Credit or Home Equity Loan used to buy a second home tax deductible beyond $100,000? 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?

Is a home equity loan easier to get if your credit is not that great? I want to do some improvements in my house and I think a home equity loan will be the best thing for me....Suggestions anyone....

Best way to get money thru a home equity loan? I own a home and want some extra money.I have about 200,000 equity on my home and my loan is for a 100,000.My credit is not the best in the world.I have 2 credit cards total of 1,700 dollars and owe a few doctor bills totaling 730 dollars.My house payments are current and I have no car loan.My salary just barely pays my bills.Maybe I can leave some money in a high interest account to acquire some money from the equity loan too and use some of the money to do a few things to house but not major remodeling just new carpet,paint landscaping etc etc.What is the best way to get some extra cash,I am a single mom and only have my one income coing in and can't take another job because I have to take care of my other responsiblities as a mom.Please no loan companies respond. Just want to make my quaility of life a little better.Thanks anyone.

Do you need good credit to take out a home equity loan? Will bad credit affect chances of being considered? My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?

After purchasing a home, how long must I wait before I can be approved for a Home Equity Loan? I'm interested in buying an invesment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan? I'm interested in buying an investment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I'm interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan? The asking price of the home I'm interested in is 30% under market value.

Is it safe to leave a home equity loan unlocked? I have a home equity loan for $100,000 locked at 7.25%. I decided to unlock it for $200 and relock it a a lower rate, only to discover the new rate was 7.35%. If I leave it unlocked the current rate is 5.49% (prime minus 0.51%). I had short term money in the 1980's at 18-21% and cannot afford that now. Could this happen again? Is it safe to unlock this money and leave it unlocked? Or should I stay with the current locked rate?

Does a co-signer need to be on the title to apply for a home equity loan or a home equity line of credit? 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?

Should you use a different lending company when applying for a home equity loan? We are going to apply for a home equity loan so we can put a pool in.Should we apply with our current mortgage company or someone new. Does it matter?

what happens if you foreclose and you have a home equity loan on the property? what could happen to you if you foreclose on a property and have a heloc on the property. it is in arizona, would i owe the money still to the home equity loan company,

Can I get a home equity loan or do I have to re-do my mortgage? I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I'd like to redo my loan, and add my car payment on with it on a 15 year loan. The problem is that the mortgage company had a stipulation that they got to do my 2nd and 3rd mortgage, which they want to charge thousands of dollars in fees to do. Can I go through my local bank and do a home equity loan using my house as collaterol, and pay of the mortgage company?

Which would be better for us, taking out a home equity loan or refinancing? My husband and I want to take about $15,000 to pay off debt and renovate our home, which we just purchased last July. Our current interest rate is 7.25% and we owe about 65k on our home that appraised at 100k. The problem is that our credit is not great and not well established. Which would be the best option for us, home equity loan or refinance?

whats the difference in a home equity loan and a line of credit? I know what a home equity loan is but not sure about a line of credit-which one would you recommend?

if i take out a home equity loan now will this loan affect me if i want to refinance my mortgage.? I have 24 years left on 30 year mortgage. I am thinking about a home equity loan at a favorable rate, rather than roll in to refinance consolidation. If rates are favorable later this year i may like to refinance 1st mortgage at 15 years. Will home equity loan affect my refinancing even if i am not looking for any cash out.

How long do you have to own a house before you can get a home equity loan? My husband and I are in the process of buying our first home. We got a great deal on the house at 1/2 the appraised value. How long do we have to own the house before we can take out a home equity loan on the home. We want the money to fix up some things in the house. Thanks!

How should I go about selling my current home that I have a mortgage and home equity loan on and go about..... We want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? We have a mortgage on the house we live in now and a home equity loan also, so we need to sell this one and get another home and a new mortgage on a new one. What are the steps to take to do all of this? Please help!!!

Is a home equity loan a good idea? Or are they bad? I understand the concept of equity but can the lender take your home if you fall behind on payments? Is there any real negatives to getting a home equity loan? Is Wells Fargo Canada a good option? Thanks.

Get rid of home equity or car loan? I have a dilemma. We have a $14,000 home equity loan at 7.25% apr, a car loan on a 7 yr old car for $9500 at 5.99% apr and $90000 in savings at 3-4% interest rate. We are currently having a baby and have short-term goals of starting a business so we don't want to get rid of too much cash. We probably will only be in this house for another 3-5 yrs. Should we pay-off the home equity loan or the car loan or both? Thanks for your replies.

Home Loan and Home Equity Loan Refinance question? If you have a home loan and a home equity loan, if you refinance can you roll the two into one or do you always have to keep the two seperate?

I need to foreclose on my home with a home loan and a home equity loan.? I have a home loan for $155,000 and a home equity loan for $35,000. I ended up with a predatory lender situation and am stuck. I cannot sell the home with the market the way it is. My realtor just told me that I may sell it for in the $140,000's. I had an option arm loan and the house payment doubled in Dec. 2007. I just want to get rid of the house. I have a place to go and can start over. I'm at wits end and do not know what the best route is.

Home Equity Loan, Home Equity Line of Credit or a Personal Loan? A baby boy recently entered our lives and prior to his birth, we had a bit of credit card debt that should have been taken care of but wasn't. My wife is now working part-time instead of full-time, which has been really rough. Our debt is not getting any better. We borrowed money from immediate family to purchase our home so the loan is a low APR and is not technically on our credit. We still need to consolidate our debt (credit cards, vehicle loans, etc...) but not sure what route to take. It sounds like a Home Equity Loan is the best choice since the APR is usually fixed and is like a typcial loan. Do you have any suggestions for us? We do not want to damage our credit so we need to make the best choice. Thanks!

need a home equity loan home equity 300,000 credit score 560? My friend has a equity in his home $300,000 but his credit score is 560. He wants her daughter to take the equity loan but she is not in the deed.

Home equity ? I bought and sold a home for my daughter using a home equity loan from my home. After selling the home, I put the equity back into my home (and still pay on it). My taxes are reading that by selling this home, I received income - but it's not. Actually, I lost money... anyone have suggestions?

Home Equity loan can I deduct from my taxes? When I got the home equity loan 4 yrs ago it was for 20% over the value of the home and I used not deduct the intrest from the loan on my taxes. In the last 4 yrs the home value has gone up and both my mortgage and equity loan have gone down. I am below the value the home now and was wondering if I can now deduct the interst from my taxes. My last apprasial 5yrs ago is for about what the loans are for, but I am doing a refi and getting a new apprasal this month which will be for much more then the current loans are. In other words can I use this appraisal this month as proof that the loans are less then the value of the home for the 2007 tax period.

Home Equity loan to pay off my 20% mortgage loan.? Am i off the mark here with thinking that i can take out a home equity loan to pay off my 20% mortgage loan? I didn't have the 20% down payment when i bought my place, so i took out a 20% loan @ 9.75% to cover that and avoid the PMI. Can i take out a home equity loan to pay this off, while paying back the home equity loan at a much lowwer rate? Or am i better off refinancing after paying my mortgage for at least a year?

what do I need to know about home equity loans when appling to makd good choice or should I get just a loan? cant decide if I want private loan home equity or 2 moragage dont know which way is best

home equity loan questions? I own a home in Oregon appraised at $378,000. It's paid in full. We want to relocate to Raleigh, NC. On a recent trip we made a offer on a home and it was accepted, the sale is pending. To purchase this home I am planing to use the equity in my paid-off home, pay cash for the new home of $230,000, then sale my home in Oregon and therefore the loan would be cleared. Any better options for doing this? My payments will be about $1900 on the equity loan and I would sure like to avoid having to pay more then one payment. Can i request my payments to be delayed for 90 days? What is the maximum? I wish to sell my old home before having to make those huge payments. Any tips or advice is appreciated on how to save as much as possible. Thanks!

Home equity loan help please? Ok, so i owe roughly 100K on my home and it appraises at around 117K. I need to get roughly 10K, is that doable, i want to make improvements to my house. How do i go about doing this, or getting approved? I would say my fico score is around the low six's. what all cost would be involved with the loan? like appraisal, closing cost etc... and would that all just be deducted from the equity loan itself? Also, what all do they factor into giving you a loan? Are equity loans easy to get? I live in Ohio by the way. Any information is appreciated.

Home Equity Loan...How easy to get based on this information? I originally tried to get a regular mortgage and was denied....but the following happened... I bought a home (closed today!) for cash for $16,174.10...the home is actually assessed at $38,000. I need to get a home equity home to be able to get a furnace (the only thing it needs right now that is major according to the inspector.) Can I get a home equity loan for about $10,000 even if I was turned down before for a mortgage? (They turned me down cause my credit score was about 575 and my debt ratio was 42%.) My credit score would be a little higher and I would have no debt now cause I paid off my car loan and have no mortgage. Thanks! Dude, I don't have a FIRST loan. I paid cash for the house! (all the money I had left actually, that's why I am in need of a home equity loan now.)

Can a new home equity loan amount be larger than your mortgage balance? We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don't want the expense of closing costs on a new mortgage.

If I want to apply for a small business loan, is the rate higher than home equity loan?? Which is a better way of taking out the loan.. small business loan?, home equity loan?, or personal loan? I am starting a corporation and I need a startup money.. Do they give out loan for a new corporation? or do i need to personally guarantee it??

selling, home equity loan--what happens? my husband and i want to move back to our hometown, but we've only owned our home for 2 years and have a home equity loan that we rolled our other debts into. we won't be able to sell our home for the full amount we owe on both our mortgage and the equity loan--just the mortgage, and maybe a little more than that, but not 100%. what happens in this situation?

Home equity? Would it be a good ideal to get a home equity loan to purchase an investment property. Considering the markets today should I just leave well enough alone

Home Equity Loan Question in Texas? First of all, I know that I can only have liens for 80% of the value of my home. I also know that I can only take out 1 loan a year. I also know that it takes several days to close. Getting that out of the way here is my question.... I recently put in an application for a home equity loan for bank of America here in Texas. Everything was approved but they said that since my parents co signed for the house, that my parents would need to be off of the warranty deed in order to finalize the loan..... Is this true or is this just a bank of america rule??? I talked to other banks and lenders and they say that this is not true and that my parents will just have to sign some paperwork at closing basically saying that they acknowledge existance of the equity loan and share no responsibility. Thank you for your help!! People, I am not refinancing! I am doing a home equity loan! I don't want someone to call, I just want a straight answer. I am sorry but I have asked this question 5 different ways and noone seems to be able to give me an answer.

Tax write-off for Home Equity Loan? Last year, I bought a 2nd home, but my mom took out a Home Equity Loan on her home and used that money to purchase my 2nd home. I paid her monthly Interest payments, so she did not spend a penny of her own money. (the whole loan was just a temporary thing as I was waiting to sell my 1st home, so I paid off her Home Equity Loan after a few months once I sold my 1st home). Can I deduct the interest on this Home Equity Loan? The 2nd home is in my name - I bought it, but used my mom's money from her equity loan. Since the home is mine, and my income paid the interest, I should be able to write it off on my taxes, right? I guess the problem I'm not sure of is if it will cause problems since the loan was not in my name.

Home Equity Loan Question? I owe nothing on my house its paid off and in my name. The house its self is worth about $35k-$40k. My credit sucks right now and i wanted to know would i be able to take out a small equity loan out on the house to pay off a few of my debts and fix up the house? I know i'll most likely get a high rate because of my age and credit rating. But i just didnt know if they give home equity loans to people w/ "crappy" credit.

Home Equity Loan with Life Estate on the Deed? My parents recently signed the deed of their house over to me with a Life Estate clause added to it so that they will still have a place to live. The intentions were for me to get a home equity loan in order to make some much needed renovations to the house, including a handicapped suite for the both of them to make them more comfortable. However, everyone with whom I have spoken has told me that with the life estate clause on the deed, it is impossible for me to secure a home equity or other type of loan, even if my parents cosign since they are the beneficiaries of the life estate. What options do I have so that I can get a loan for the renovations?

What is a Home Equity Loan? Is a home equity loan a good loan to take? And what is the different in a mortgage loan and a home equity loan?

Home Equity Loan with a FICO of 530? I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can't find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?

home equity loan vs. equity line of credit? Why pay closing costs on a home equity loan if a home equity line can be obtained at a comparable fixed rate and tax deductable? Am I missing something here?

Home equity loan a good option to pay off bad debt? We have terrible credit and would like to pay off all of our debt and start fresh. We own our home and have probably about $40,000 in equity. We'd like to refi the house, take the equity out and pay off our debt - it's the only option we can think of besides declaring bankruptcy. But honestly with bad credit I don;t know that this is even an option for us, and if it is, I don't even know where to start. Is it a good idea, and if so, where can we look for a refi that will loan to people with really bad credit? If it's not a good idea, is bankruptcy our only other option? We live paycheck to paycheck right now and don't have any other way of paying off the debt. Thanks! To the answerer telling me to "grow up" -- please don't judge. We are trying to grow up and get out of debt the best way we can. We have a ten-month old baby to consider and want to do what is best for all of us. We have made some bad choices in the past and have learned some lessons the hard way - we accept full responsibility for our past decisions and we're doing the best we can. I just need helpful guidance - not tacky comments to make me feel even worse about the situation!!

Is a home equity loan an ideal way to pay off credit card debt? Ok, this is unconventional - My mom is disabled. Her home was affected by Katrina. Her home is finally fixed. However, during the past two years, she's accrued close to $100,000 in credit card bills to pay off some of the repairs since a lot the funds from the insurance and the government were not enough. Additionally, since she is disabled and receives little from the government, she has been unable to pay enough or on time. Her interest has gone up to 25-30% on 4 cards. I have good credit. I own a condo. I want to at least help her by getting a home equity loan (basically a second mortgage) even though I want to get a loan in a couple of years to buy a house. She's considered bankruptcy with Chapter 13 in order to not jeopardize her home, which she paid off with some of the funds received from Katrina. It seems she has no way out; and I hate to be in this situation from my own financial balance. What can be done? She needs serious help; and I don't want to jeopardize my credit.

Can I get a home equity loan with Bad Credit. i OWN My home and its fully paid for? I went to the bank today and tried to get a home equity loan but they turned me down because I had bad credit. I have a stable job that I worked at for over 5 years, I own my home and it is fully paid for. I drive a 2006 Mustang Gt but they still turned me down because of bad credit. I wanted to get the cash to fix my home becuase it need new pipes and a heating system, so i wasnt going to go blow the money. My credit isnt super bad but its still not good, is it possible for me to get a home equity loan without good credit. i DONT want any online loan stuff or any stuff like that. I LIVE in a small town with not that many banks and i need this loan before winter. cAN I GET THIS LOAN WITH MY BAD CREDIT?

Mortgage question concerning mortgage and home equity loan! Help Please!? I own a paid off 120-140k house. My credit score is 640 and quickly improving. I rent my house out and have an apartment but my lease expires in a month. My apartment costs 600 a month for a studio. Ive never been late ect. I found a condo with low fees monthly and its only 55k for a 2br 1 1/2 bath. What is the chances I can get a home equity loan for this condo with a 6-7% intrest rate? Should I go with a home equity loan or a totally new mortgage on the condo itself? The home equity loan has no closing cost while a mortgage will be around 3k in closing. I just dont want a home equity loan with more than 7% intrest. Anything more than that is ridiculous! Can I get it?

Refinancing my mortgage and home equity loan? I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K. I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys. Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks in advance for

Sell, Refinance, or Home Equity Loan? I am seem to be swiming in debt at this time in my life...I would like to secure some money to help me pay off some bills.. I have equity in my house. Is it best to refinance this high interest loan, sell the home and use the profits to pay my bills, or take out a home equity loan? My first instinct is to stay in the house for a few more years beacuse this area is increasing in value.. How safe are home equity loans? Is refinancing wise with poor credit?

Home Equity Loan; Where to go? fair credit - only 580 credit score? I have a home with aprox. $200k equity and I want to take a loan. Where can I go where they would search for a lender. Last year I went to my credit union and they denied the loan due to my recent fair credit. (I did the regretable mistake of cosigning for a family member and didn't know they stopped paying on a loan until it was too late) I don't want to refinance, I have a good 15 yr loan (fixed 5.2 with only 10 yrs left). thanks thanks

Mortgage loan total plus home equity loan when selling? My fiancee (or living companion for 10 years) was given an only one chance if he cheated again. We have a house together and a home equity loan (all in my name) if i decide to sell the house cause the things don't work out (i must sell the house cause i could not afford the mortgage plus the loan by myself plus all the costs of the house) do i add both of the loans together at the time that i put the house on the market? My house is in mint condition, just remodeled bath and kitchen too and the total that i owe is $180.8k (mortgage and home equity) and houses in my neighborhood are selling for close to 300k. Any recommendations?

Which is better, a home equity loan or a home equity line of credit? My mother is running out of money (she is selling her house) and it is coming down to the only money she has is in the equity of her house (@$500,000). She currently has a mortgage at 7% for 50,600. She is considering a home equity loan or a home equity line of credit. I see home equity loans for about 7% and HE Line of Credits for 6.5% (quick searches that I've seen). Which is a better choice if she sells her house in the next 6months-1year and should she pay off her mortgage passed on these interest rates on the HEL and HELOC? Any suggestions is greatly appreciated! She is 69 years old...I shy away from a reverse mortgage due to the large fees that are involved in setting it up. The house is currently on sale.

Refinance my mortgage and home equity loan? I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K. I have also started the process of refinancing my home mortgage from 6.8 to around 5 something hopefully. It has a balance of $54k with 10 years to go on the current loan. I was originally thinking of just refinancing the mortgage with a 10 year payment period without taking out any additional moneys. Question: Should I refinance my mortgage, taking out enough to also pay off my home equity loan as well? Thanks

Home equity loan? I bought a brand new home nearly 2 years ago in Nashville. I would like to know if it is possible to take out a home equity loan after owning the house for this little amount of time. Or maybe a line of credit would be better? I want to consolidate some loans.

Home equity loan? When you have a home equity loan and go to sell your home, do you have to repay the loan at the time of sale or can you still make payments?

second home equity loan? I live in MA. I took out a home equity loan last summer for MUCH less than the amount that the bank offered/approved me for. I now wish I had taken a higher amount. Will a bank give a second loan-since they did approve me for more than I accepted? or do apply w/same bank for another equity loan and would they consolidate the 2. I have emailed the bank and am waiting on their reply.

Home equity loan for credit card debt? Hi-- It's amazing how quickly you can go from livin' phat to flat broke. My husband and I have $60,000 in home equity mostly from a very large down payment about 6 months ago. And now are about $15,000 in the hole with credit cards at about 10%. I think taking out a home equity loan (we are 6% on that one) is a good idea, but don't know that much about it. Will it damage credit ratings, etc? We can pay the bills just fine but don't like the fact that amex owns our azzes. Any advice greatly appreciated. Thanks!!

Home equity loan or line of credit? I have a house I bought two years ago that I would like to either take out a home equity loan or line of credit against. My credit score is around 620. What is the best way to go about doing this? How long does it take? I've got a 30 year fixed at a rate I can afford so I am ok in that regard.

Home Equity Loan? If I get a home equity loan on a home am I able to sell the house and move while still owning money on the loan?

Can you take out a home equity loan on your current home to put a down payment on an investment property? Just wondering if I put a considerable down payment on a home and built more equity over a few years if it would be possible to take a home equity loan out to put a down payment on another home that would be used for investment purposes? A rental property/duple/apartment complex etc.... Of course I realize that the home equity loan would need to be paid back but I was wondering if people out there do this on a regular basis? If not can anyone give me creative financing ideas when it comest to purchasing multiple homes for investment purposes. I understand a persons credit score tangible assets can be a determining factor but I have yet to build any considerable assets. I make close to $250K a year before taxes, would that alone be good enough for banks to finance me? P.S. - I live in the Dallas TX area and I am looking at properties averaging around $100K as rental properties. Just wondering if building up equity in homes would allow me to borrow to purchase.

Can my apprasial for a Home Equity loan also be used to get PMI off of my mortage? I am starting my own business and need start up cash. I bought my home last year for 209000, but it was way undervalued. Several smaller homes in my neighoorhood have sold for about 230000. The principal remaining on my loan is 205000. If I take out a home equity loan for 40K and can get my house appraised for 250K while reducing my principal to 200K I can eliminate PMI and roll that money (and then some) into the payment for my home equity loan. Will my mortgage company accept the home equity loans company's appraisal (it should be done by an outside company). Also, the reason I layed out so much information is because I am also fishing for any advice I can get on this situation. Thanks for any input at all!

Home Equity Loan With Low Credit Score? Is it possible to get a home equity loan with a 565 FICO? I've been offered refinance options, but after the closing costs it's not usually worth the hassle and increased payments. I have about 22% equity in my home and need to borrow between 10% and 15% of the value. Anyone out there work for someone that can do this?

home equity loan advice for grandparent? My grandmother has aquired debt in total of $10,000.This is mainly due to using credit cards and such to purchase fuel for her home, new oil tank, new furnace and several other necessities over the years.She is currently living on a fixed income of 1200. per month.Right now, creditors are harassing her left and right and she is struggling to pay the bills.I help, but I am not rich.There is only so much I can do. She is overwhelmed and the taxes are due on the house in January. I went to LendingTree.Com. and came up with a Home Equity Loan from Champion Mortgage.How safe is this?Is this the right thing for her?Any other options? They charged her to assess her home. Are their closing costs that must be paid before she receives money? Even if she doesn't get approved? I would hate to see her lose her home. Please help!

home equity loan vs. line of credit?? here's the stats: 611 credit score $3,400 a month income (but it's under the table and goes up or down sometimes) my banking deposits are not the same every month, but it always shows that some kind of deposits are made never paid a bill late score is lower due to high debt own my home "free and clear," and it appraised for $570,000 in california about... 3 to 4 months ago... i want to take out, like less than $160,000.. i need at least $100,000 to pay off all my student loans, car, credit cards, etc. but would like more to get one of my cars fixed and do home improvements (and have a little amount of "back-up" money).. will i qualify for anything?? and what's better in my situation, a line of credit or an equity loan?? the bank can cut the checks to my creditors and i will close my accounts too (on all of my credit cards, except maybe one or two) so they know i won't be getting back into debt.. what do you guys think?? and what's a good company to what's a good company to go with??

Home Equity Loan? Im thinking of getting a home equity loan, and with the money pay some debt off plus make home repairs. Is it a better idea to pay off old debts in full upfront, or, pay them off gradually?( keeping the loan-money available for a longer time)

Home Equity Loan? I am considering a home equity loan to pay off just a couple of bills - - a student loan, car payment, credit card... But I don't know anything about this type of loan! What can you teach me... are there closing costs required, etc??

Home Equity Loan to repay 401(k) Loan? I took a loan out of my 401(k) to pay for part of my down payment, and for renovations for a co-op I am purchasing. My thought was to repay the 401(k) with a home equity loan, the thought being that the interest on the HEL is deductible, versus no deductiblility for the 401(k). Are there any restrictions about what a HEL can be used for?

Can someone explain home equity loan? We have been in our house 2 years, and want to take out a $5000 home equity loan. Do both me and my husband have to be on loan if we are both on mortgage? We are looking to sell our house in a year, is this a separate loan, or do we have to worry about covering it with the home sale?

Home Equity Loan After Divorce? My fiancé is in the process of obtaining a Home Equity loan however his ex-wife is still on the deed. At the time of divorce she waived her rights to the property and a Quit Claim Deed was completed. The lending company has told us that as long as she is still on the deed she will be required to sign the loan paperwork. We consulted an Attorney and her name is being removed from the deed and will be filed with our County Clerks office. We were told after the Deed is recorded a title search will be done and the amount vested into the property will be checked. Can anyone explain in more common terms what that means? And also, does anyone know if the Deed change will be sufficient to proceed with the loan or will my fiancé also have to assume the Mortgage, as she is still secondary on that. Any help is greatly appreciated! Thanks!

I have $281,000 in equity in my house. I need 50,000 to pay off bills, should refinance, HELOC, OR home loan Should I refinance? do a HELOC, or home equity loan, to pay off 50,000?

Will a home equity loan increase my property tax? I am considering applying for a home equity loan. In order to get the money I need, my house would need to be assessed at a higher value than it currently is because I have very little equity in the house. However, I have made many major capital improvements, so this won't be a problem. If the bank's assessor assesses the property at a higher value, will my house be subject to higher property taxes? I live in NY, so the property taxes are the highest in the country, and this would be a major problem. I have considered and researched other alternatives to a home equity loan, so I just need to find the answer to this question. I can't seem to find it on the Internet, and I have asked two mortgage people...and they don't even know. OK, if my property tax is based on the value of my property...let me pose this question/example: Say, I bought my house for $170,000 and put no money down. My house is currently assessed by the town/county at $200,000. That is what I pay property tax on. Between rising property value and tens of thousands of dollars in capital improvements, say my house can be assessed for $250,000. That would be $70,000 more than the remaining principal. Excluding any other data or costs, a 100% home equity loan would provide me with $70,000. Now, if someone came out and said my house was valued at $250,000...this wouldn't increase my taxes? So...the town/county would not find out about this loan or the re-assessment? My tax rate here is 3.5%. I have to be 100% sure.

Equity Loan on Land same as Home Equity Loan? Myself & 2 siblings own land. One wants to get out of the partnership, other 2 don't want to sell off anything because it will increase in value. We want to get a loan using the land as collatoral to buy out the 3rd person. Would this be the same as a home equity loan? We want to keep the land intact and not sell any off if we don't have to.

take out home equity loan to pay part of mortgage? I have a 15 year mortgage on my house which I've been paying on for about 7 months. Its fixed at 6.74% APR. Initial amount borrowed was $65,016.24 and now I owe $63,674.81 after 7 months of payments. (my payment is $574.42 per month) My bank now is advertising a home equity installment loan for up to $10,000 at 4.99% APR. The question I have is would it be smart to take out this loan and pay off $10,000 of my original mortgage with the money since it is at a lower rate (4.99 vs 6.74)? In other words I'm not looking to use the money for anything other than paying off a large chunk of my mortgage in the hopes of saving some money over time. ps. I'm pretty sure there are no 'closing costs' involved with the home equity loan.

Home equity loan/ Line of credit or Mortgage? I am in debt and need a large amount of money to pay off high interest revolving credit. My family members will allow me to "purchase" there home (which is paid off) and use the funds to pay off my debt. My question is: is better to "buy" the property with a mortgage or purchase the home for $1.00 and take out a home equity loan. I am also concerned about the tax consequences for each situation. Thanks alot.

Should I refinance Home Equity loan to consolidate credit card debt (I am buying a new house in 120 days)? Consider this: 1. I have $30k in credit card debt. 2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available. 3. I am buying another house at the end of April. Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is? I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true? Thoughts? Opinions? Alternatives?

Home equity loan for a rental property located in Morristown, New Jersey. Purpose: debt consolidation? I am a landed immigrant in Canada, living in Edmonton. I have tried to get a home equity loan on my property located in Morristown, New Jersey. I have approached several major US-based lenders. I have been refused the loan because I am not a US permanent resident. I need your help to locate a financial institution (American or foreign) willing to work with me. I have an acceptable US credit score and my job in Canada is steady and well paid (I work for the Government of the province of Alberta). I want to use the funds to consolidate my debt. Thank you for your assistance!

Home Equity Loan? When applying for a home equity loan to pay off debt is debt to income ratio a factor even though we are going to use the loan to pay off that debt?

Home Equity Loan with a land contract? I bought a house from my familys estate on a land contract. I owe less than 1/2 of what the house is worth currently. Is it possible to get any kind of loan on this .. being that I have paid off 1/2 of its value? Such as a home equity loan? I need to put on a roof. Thanks ;-) I don't want to remortgage the entire thing - since I don't have an interest rate currently. :-)

Home equity Loan? I was wondering if anyone could tell me a good place to go thru to get a equity loan. I live in a manufactured home on a fixe foundation. It is paid for. I'm wanting to get a loan to pay off my bills that I really need to pay off. I live in Indiana. Thanks for your help in advance.

Home equity loan online? Can you get a home equity loan online? And if so what information do you need to submite and how long does it take to get the loan and how much can you apply for?

Home equity loan vs line of credit loan? Does anyone know if a home equity loan is somewhat deductible on income tax?

Erraneously issued home equity loan lost in failed business venture.. consequenses? I got a $350k home equity loan 6 months ago, and the business I was hoping to start making profit turned out otherwise... To make things worse, as it turned out my house had no equity and the loan was issued to me erroneously. Now that I have no money and no equity, what are the consequences? What should I do to lose the least and come out of the situation as soon as possible and with least damages? Jerrold: As it turned out the house DIDN'T have equity to begin with, so really, the bank shouldn't have given me the loan to begin with. It's not that the house doesn't have it BECAUSE i took the loan, it's that it DIDN'T have it and now I also owe another 350 on top of my initial mortgage for SOMEBODY at the loan office THINKING IT DID and making me that offer. When I was taking the loan, it was clear to me and clear to the bank that the money is to be used for developing a business. However, whoever's fault it is some businesses fail - so now I'm not in the situation to find the person to blame (be it me or my partners) but in a situation where I have to deal with consequenses. I don't want you to wave a wand, I want to get some insight as to what are my options to NOT end up in debt after I give the bank back the house.

home equity loan? If i owe $50k more than my house is worth, can i still take out a home equity loan??

Is a home equity loan a good idea to pay off a student loan? I'am Looking to help my son with his student loan payoff. He has a Sallie Mae Loan but It is not fixed. I want a fixed loan. One of my options are to get a home equity loan. Is this a good Idea? If not, I could use some suggestions.

home equity loan? My partner and I are stuck in a house we cannot afford. We have a high mortgage payment, high credit card bills and two car payments. We would like to take out a home equity loan to consolidate/pay off some debt but we cant seem to get one! We don't have good credit. Does anyone know of a company that is good dealing with these situations? We would consider selling but the market is so low right now and we have so much equity in the house! Any ideas for us? I am paying off the debt little by little (making monthly payments). If I paid off all my extra debts I would be saving 1,000 a month. That is why we wanted the equity loan. The house is mortgaged for 80,000 less than it is worth.

Home equity loan? Do you have to have good credit to get a home equity loan? I've lived in my house almost two years and am interested in getting a loan. What are they looking at?

Home Equity Loan? Would you borrow from a smaller bank or CitiBank for a home equity loan? The smaller bank seems to be offering me a better deal. Any suggestions???

home equity loan? LOOKING INTO A HOME EQUITY LOAN FOR 30K WITH FAIR CREDIT 640 SCORE LOOKING INTO WELLS FARGO ANY THING BETTER OUT THERE

Home Equity Loan? We are going to be hopefully buying a house that needs some work like new Siding, Carpet, Heat Pump etc. How would getting a home equity loan work. We would want to fix the stuff before we moved in.

Is it possible to get a home equity loan on a home that we have listed for sale on the MLS? We built a home to sell or rent and own it outright. We'd like to tap into some of the equity on the home but Countrywide (where we have the mortgage on our main home) has said that the new regulations don't allow an equity loan on a home listed in the MLS. They said the home would have to be off the MLS for 6 months before we could qualify. If we had listed it ourselves there would have been no problem. I'm wondering if this is true with all lenders or if it's a Countrywide policy.

Home equity loan vs loan agains retirement stocks? We owe $18,000 in credit cards and the 0% interest is about to end. We could get a home equity line of credit with a pretty low monthly payment or my husband can borrow from his stocks and the interest charged is paid back into his retirement account. The only problem with this is the payment is going to be higher at 9.25%. I know with the other loan we would be paying the interest to the bank but the payment is more affordable and I could pay extra when possible. I just don't want to be strapped for money every month. Thanks for your help.

Home Equity Loan ?? Where can I get a home equity loan of $10,000.00 dollars. On a home thats worth $150,000.00 with no mortgage thats fully paid for.. Credit is not so good and on fixed income. Please dont tell me a bank.. Been there tried that. Thanks, David

Is a home equity loan a good idea for financing my new business? I am a web developer and am thinking about quitting my day job and starting my own company. I've got some clients lined up already but need some financing to pay for startup costs such as equipment, supplies, and my office lease. Dipping into personal savings is not an option since there isn't much there. :-) We've got a good amount of home equity. Would a home equity loan be my best option for getting the ball rolling on my business? Thanks for the suggestions so far - much appreciated. Forgot to mention a few things: 1 - I'm set up as an LLC 2 - Office "lease" is month-to-month and I will take over my current employer's payments of (a whopping) $150/month 3 - Two small kids at our small house so the cheap office is better than a home office at this point. :-)

Bad Credit Home Equity Loan score of 585? I recently have decided to pull some money from my house for a few different reasons. I have had one of those years where some bills have gone unpaid and have gone to collections, not my best year but I am sure we have all faced this in our lives. My credit score has hit as a mid score a 585 which is below the guidelines for some lenders to allow an Heloc. My home value is about 500 K, and the loan pay off is about 250 K so I do have the equity in the home for the loan but just not the credit score. I have looked at a Refi but would suffer a prepayment charge from the lender that is around 8 K as well as another 10 K in closing costs etc....etc... I would like to do a Heloc and I am not really concerned so much about the interest rate on the deal as I will plan to sell the house in the next year. I am looking for a company that does that kind of lending. Any suggests my yahoo answer friends.