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Addison
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0.10 Dollars($)
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Post subject: Avoid interest-only second mortgage? |
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| I got approval for a 1st mortgage at fixed rate of interest (7.5%) amd a second loan which is interest-only at 10.5%. this one is for rental property. The second's a heloc. How much will my payments increase on second mtg should I look out for another loan? Should I avoid the interest-only second loan and look for some other option? |
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Jonny
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0.10 Dollars($)
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Post subject: |
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Hello Addison,
The interest seems a bit higher. Are you facing problem to pay the second mortgage? You can refinance with a FHA loan and combine the two loans into one. Thus you can get lower interest rate and reduce your interest rate. |
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Adrienne
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0.10 Dollars($)
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Post subject: |
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| My home is paid for. I would like to borrow against my equity at less than 80% loan to value ratio for renovations and investment purposes. I want to get tax deduction benefits from the loan proceeds. Will I eligible for a first mortgage or should I take second mortgages at higher rates of interest? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hello Adrienne,
The loan proceeds are neither taxable nor tax deductible. You will get tax deduction benefits on the interest that you pay.
If you don't have a first mortgage, then a home equity loan will not be a second mortgage as it will be the only loan against your property.
Usually the rate of interest for a home equity loan should have a low interest rate if there's no first mortgage in front of it and the closing costs are also lower than it. But the interest rates are a little higher than the conventional first mortgage and you have to face that even if you have a good credit. |
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God'schild
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0.10 Dollars($)
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Post subject: Adjustable rate mortages |
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| My husband and I have gotten stuck with an ARM that will adjust in 09. With our remaining balance on our loan almost equal to what the house appraised for in 06, how can we get into a fixed rate mortgage? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi,
I think you can refinance to change the mortgage from ARM to FRM. You can ask your lender and if he doesn't agree to do that you can shop a bit for lenders
Best of luck,
Larry |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Post subject: |
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Hi Adrienne,
Any mortgage on a free and clear home will be a first mortgage. This just represents the lien position they will have. I would not suggest going with a line of credit or home equity loan since those typically have higher rates. I would go with a fixed rate mortgage since they are at 5.5% on a 30 year and close to 4.875% on a 15 year fixed right now.
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Post subject: |
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Hi God'schild
There are many programs that will allow you to get into a low fixed rate and go up to 95% of the value of your home. I wouldn't wait on this since interest rates are very good right now. You can get into a 30 year fixed rate mortgage at about 5.50% up to 95% with good credit.
_________________
Lisa Scherzer
Allpointe Mortgage
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Post subject: |
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Hi Addison,
Definately look into refinancing those properties. Those rates do seem pretty high and it seems you can do much better than that. I think you just need to check out a few different lenders to see if this is the case.
_________________
Lisa Scherzer
Allpointe Mortgage
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Aries
Guest
0.10 Dollars($)
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Post subject: should equity line of credit be discharged through chapter 7 |
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| My father owes $50,000 to a bank. He also owes $10,000 to a bank that has given him home equity line of credit. I've heard from a friend of mine that even if one files bankruptcy, the credit doesn't go away. He also said we'll lose the home. This worries me a lot. If we file chapter 7, should the home equity line of credit be discharged as well the other debt? |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi Aries,
Welcome to the forum.
First of all your father will have to qualify to file bankruptcy 7. And if your father files the BK 7 then it will ruin his credit and will remain for almost 10 years.
You will be allowed to keep some exempt properties but other assets will be sold to repay the creditors.
Best of luck,
Larry |
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RonA
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0.10 Dollars($)
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Post subject: Who is the best person to get a loan from? |
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| My wife lost her job & will be taking alower paying job.i need to consloidate my bills. |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.12 Dollars($)
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Post subject: |
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Hi Ron,
There are several factors that I would need to take a look at to determine which options would work best for you. Such as home value, mortgage balances owed, credit, income, etc.
_________________
Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
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Mortgage Quotes
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Mortgage Information
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Real Estate Agents Here |
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jbarto65
Joined: 04 Nov 2007
Posts: 622
-0.15 Dollars($)
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Post subject: |
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| You need to sit down and figure out how to cut your household spending first off, is there a way to make the bills with out taking out a loan? Can you cut corners on unnecessary spending to cut the amount of the loan back. If you have to take out a loan, you will want it to be for as little as possible, since there is only one income, the lending institution will take this into consideration also when lending you money. Will she get a job soon? sit down, write everything out on paper to see where you really are then you can make a plan from there. goodluck |
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bermudez
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0.10 Dollars($)
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Post subject: loan |
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i have at contruction loan them sss,, to a residential loan just 6 months a go
i want to take at 2nd morgate on the house cant i do that |
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