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 heidimantz
Joined: 13 Sep 2008
Posts: 1
1.37 Dollars($)
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 Posted: Sat Sep 13, 2008 1:09 pm Post subject: Looking for a 90 or 95% HELOC in NJ to consolidate credit ca |
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| Looking for a 90 or 95% HELOC in NJ to consolidate credit ca..Looking for a 90 or 95% HELOC in NJ to consolidate credit cards - 416000 mortgage with new appraisal of 490000 |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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kpatrick
Joined: 29 Oct 2007
Posts: 156
Location: Atlanta, Georgia
40.89 Dollars($)
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| Posted: Sat Sep 13, 2008 8:23 pm Post subject: |
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Hi Heidi,
If you can document your income, then FHA may be an option for you. You would need to check the max loan limit for your area. But it woudln't be a HELOC, you would need to refi the total amt.
If your score is over 720, and you can document your income, then a HELOC is still an option for you. To know whether or not it would be ta better option for you, I would need to know the amt of your base loan, the rate, how quickly you plan to pay off the 2nd, how far you are into your current loan, and how long you plan to live in the home.
Kim
No direct solicitations. Please use standard forum signatures. |
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heidi Mantz
Guest
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| Posted: Sun Sep 14, 2008 6:32 am Post subject: |
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| yes... i can document my income and my credit score is in the 720s Base load amount 416000 at 6.875 and would plan to pay off the HELOC within 5 to 10 years. HELOC would just be to consolidate credit cards. Just refinanced a month ago after a home renovation. We plan to stay here fro a long time. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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| Posted: Mon Sep 15, 2008 11:29 am Post subject: |
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Hi heidimantz,
Welcome back to our forums.
It's good that you can document your income. And your credit score is too good. Your plan to pay off the Heloc within a short period of time is no doubt a good one. After all, it's a second mortgage on your home. By the way, don't you think it'll be a bit tough given the fact that you've just taken out a refinance loan and then again you'd like to take money from home equity. Have you ever thought of consolidating your credit cards using a debt settlement or consolidation program?
Good luck
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Heidi Mantz
Guest
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| Posted: Mon Sep 15, 2008 1:21 pm Post subject: |
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| no familiar with debt settlement or consolidation programs. What are benefits of this compared to HELOC? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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| Posted: Tue Sep 16, 2008 6:06 am Post subject: |
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Well, what I meant was if you go for debt consolidation or settlement program, you're actually paying off debts and not taking out a new loan such as Heloc. Going for a Heloc to pay off credit cards means you're taking out a second loan on your home. So, just in case you fail to pay it off, your home is at risk. Moreover, the Heloc would come along with higher rates compared to a first mortgage. Thus, I feel if you can go the other way, that may be a better option.
good luck
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