| Author |
Message |
|
|
 bthahir
Joined: 05 Sep 2007
Posts: 36
13.30 Dollars($)
|
 Posted: Mon Jan 28, 2008 7:38 am Post subject: heloc and a stand alone second mortgage |
|
|
| Can some body please explain me whats the difference between heloc and a stand alone second mortgage. Please suggest the best option between these two. |
|
|
jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
|
| Posted: Mon Jan 28, 2008 8:46 am Post subject: |
|
|
Heloc is a line of credit, which means you get a check book and its like a checking account you can write checks from, up to the amount of your line of credit. You pay it back, and take money back out as you wish.
A regular mortgage, you receive the loan proceeds in one lump sum. You then make regular monthly payments until it is paid off. |
|
|
livinginnky
Moderator
Joined: 08 Sep 2007
Posts: 637
29.96 Dollars($)
|
| Posted: Mon Jan 28, 2008 11:04 am Post subject: |
|
|
A heloc is like a credit card with the balance tied to your homes equity... hence... home equity line of credit or HELOC.
A stand alone second is usually just a second mortgage, like your first, but not tied to it. In comparison if you get a second mortgage when purchasing a home it is called a purchase money second.
_________________
Eric Matthews
Mortgage Refinance and Home Loan Guide |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
|
| Posted: Tue Jan 29, 2008 12:17 am Post subject: RE: heloc vs second mortgage |
|
|
Hi Bthahir,
A heloc is a type of second mortgage - a variable rate loan which is tied to the Prime Rate. Heloc works like a revolving credit card debt. To know more on How Heloc works, please refer to the section on this topic.
Take Care |
|
|
My Tai
Guest
|
| Posted: Tue Aug 19, 2008 12:10 pm Post subject: stand alone 2nds 65% Full Doc 750 fico in Washington .. |
|
|
| can anyone please let me know who can help? |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
|
| Posted: Wed Aug 20, 2008 10:18 am Post subject: RE: stand alone second mortgage |
|
|
Hi guest,
I think you are looking for a 65% LTV stand alone second mortgage. Is that so? If 750 is your FICO score, then that's fair enough to help you qualify for a loan at favorable terms and conditions. I suggest that you consult a few lenders and see what quotes they have for you. You may also request for no-obligation free mortgage quotes from the community lenders here and compare the offers prior to choosing any loan program.
Hope this helps...
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
|
|
