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 Posted: Mon Oct 26, 2009 10:16 am Post subject: I owe 80,000 left on my home loan and it is valued at over 2 |
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| is now a good time to take out a home equity loan? |
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 sonjakracine
Joined: 24 Oct 2007
Posts: 73
Location: Lafayette,IN
14.50 Dollars($)
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| Posted: Mon Oct 26, 2009 11:35 am Post subject: |
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If you need it ,then the quick answer is yes. Depending on the amount and your current interest rate, you may want to cash out and refinance your first mortgage. Your current rate, terms, value of your home and how much you are looking to take out will determine if it's is a good time or not.
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Sonja Racine
Home Mortgage Consultant
www.wfhm.com/loans/sonja-racine |
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JKennedySLG
Community Experts
Joined: 01 Apr 2009
Posts: 335
Location: New Jersey/New York
9.13 Dollars($)
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| Posted: Mon Oct 26, 2009 12:19 pm Post subject: |
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The question you are asking is not really enough for anyone to give somewhat of an educated answer. Please leave us more details behind this transaction and I'm sure we'll be able to guide you in the right direction. i hope this helps...
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James Kennedy
RBI Home Loans
Bellmore, NY - Matawan, NJ
(888)724-0955 - (732)290-1888
Qualify NOW: www.YourLowerRates.com
580+ Credit ~ 3.5% Down Payment
540+ Credit ~ 5% Down Payment
500+ Credit ~ 10% Down Payment |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Mon Oct 26, 2009 1:06 pm Post subject: Home Equity Loan |
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Mortgage professionals usually regard a Home Equity Loan as a second mortgage, which can be fixed or variable--a Home Equity Line of Credit (HELOC).
Borrowers often use the term Home Equity Loan to mean taking cash out with a new FIRST mortgage.
To which are you referring?
Rates are low now, so, the answer to your question is probabaly--YES, it is a good time. How much and the purpose for the funds have a bearing on the answer also.
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John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Oct 27, 2009 9:31 am Post subject: |
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and i have to say, with such an open-ended question, that i agree with john in saying "yes" it's a good time to grab some home equity. rates are definitely low, and that's always a good time to borrow. if you can obtain a fixed rate, of course, so much the better.
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George M. Akerley
Loan Consultant
860-221-5044 |
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ahadderwave
Joined: 03 Nov 2009
Posts: 3
1.90 Dollars($)
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| Posted: Tue Nov 03, 2009 3:11 pm Post subject: Questions to answer for help... |
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1. What is the current rate / term on your 1st position mortgage (only mortgage)?
2. Is the $80,000 owed on your home in one mortgage only or a combination of a 1st and 2nd or a HELOC (home equity line of credit)?
2. How much cash out are you looking to get from your equity (estimated equity of $120,000)?
3. How old is the appraisal with the $200,000 value?
These 3 questions will help fill in a few gaps from your initial question... |
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