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If you wish to utilize your home equity and use it to your advantage, you may consider taking a home equity loan (HEL). Whether you'd like to consolidate debts, pay for home repairs, make a big purchase or finance your child's education, an equity loan may be the right choice for you.





What is a home equity loan?

Equity loan is a fixed rate second mortgage offered against your home equity which is the collateral here. Since payments are almost fixed, therefore, you can plan your budget accordingly. However, you may also find equity loans with variable rates and payments.


How do you qualify for a HEL?

There are 3 factors that lenders look for in a HEL application. The factors given below are:
  • Credit History:
  • You need to have a decent credit record along with a credit score of 680 and above in order to qualify for an equity loan. Getting an equity loan with bad credit is quite tough especially if the mortgage and housing markets are in a crisis.

  • Debt to Income Ratio:
  • Lenders prefer a debt-to-income ratio below 36 percent in order to approve your equity loan.


  • Loan to value ratio:
  • Lenders would like to keep your total loan-to-value ratio (including first mortgage balance and equity loan) equal to or less than 80% of the home value. So, the first mortgage balance is what they'll consider when they provide an equity loan.


What rates and terms are available?

The rates of equity loan are usually higher than that of first mortgages but lower than credit cards and unsecured personal loans. The terms usually range from 10 to 30 years depending upon the loan amount.

To know what the equity loan rates are, request for no-obligation free mortgage quote from lenders and then try to compare the costs and total interest you will have to pay for each type of loan offer. You may use the Mortgage Payment Comparison Calculator (given below) to compare how much you need to pay for each offer.


How much can you borrow?

You can borrow an amount such that the second mortgage and the first loan balance combined together don't exceed 80% of the equity in your home.
Let's take an example:

Say you've bought a home worth $220,000 and paid $20,000 as the down payment. You've taken a mortgage worth $200,000 on your property. The equity at the time of purchase is equal to the down payment, that is, $20,000.

Let's say after 5 years, your home value has accelerated to $300,000 and you've paid down $15,000 of the principal loan amount. So, you still owe = $200, 000 - $15,000 = $185, 000.

Your equity in the home is then = (Current appraised value – amount you owe) = $300,000 - $185, 000 = $115,000

Now say, if you wish to borrow $50,000 from your equity. Then the combined mortgage balance is = $185000 + 50000 = $235000, less than 80% of your current home value (that is, $240,000). So, the combined LTV is well within 80% of the current appraised value of your home.

However, there are lenders who may offer a loan equal to 125% of the home value. But for that you need to pay higher fees and rates of interest compared to what you'll pay for a traditional HEL.


What do you need to pay?

You need to pay the closing costs which are almost similar to the costs in a second mortgage. Some of the costs include that of property appraisal, loan application, title search etc. Of course the biggest cost that you'll have to pay is the interest on the loan. You may or may not have to pay the PMI.


What are the tax benefits?

The interest on a home equity loan is deductible but only if you itemize your deductions. Know more on how to deduct interest on your taxes.
Cashing out equity with a fixed rate equity loan makes sense when you stay in the property for a long time. However, for a short term, say, 3-5 years, a Heloc or line of credit may be a better option. If you have enough equity, you may as well as look into the possibility of a cash-out [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. You may use the cash-out refinance vs 2nd [url=http://www.mortgagefit.com/calculators/]mortgage calculator[/url] (given below) to find out which will be better for you. Another option used to leverage equity is the reverse mortgage but that'll be available only if you are aged 62 and above.


What are the other benefits?

These loans offer some distinct benefits to the borrowers. Some of these benefits are –
  • The rate on these loans is relatively low.
  • It is comparatively easy to qualify for this loan even with bad credit.
  • This offers you the chance to obtain relatively large loans.
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There is less than 20% equity in my home but I am still looking to borrow against it. As I need to consolidate some bills which have brought down my FICO score to 525. I have had two late payments on my first mortgage 2 months ago. I need a 100% home equity loan but no lender is willing to finance at this credit score. Anyone here interested or can tell me which company would offer bad credit home equity loan?

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ralph,

Welcome to the forums.

There are subprime lenders who can offer you a loan worth 125 % of the home value. At a low FICO score, you are likely to get a higher interest rate on your loan. Or else, if you can find a co-borrower or a cosigner with a high credit score, you can user the person's credit to qualify for such a loan.

Take Care

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ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ralph.......Let me clarify a few things. With your scores chances are there aren't going to be any options for a second mortgage the cutoff for most lender is 580 for a second especially with the way the market is today. Your best and really only bet would be to try and get a cash out refi to 90% of the appraised value of the home. It would be a subprime loan and chances are rates would be in the 11% range.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

But Ckalvesmaki, is it a favorable choice to deal with subprime lenders currently? I have heard that the entire subprime market has suffered through a crisis and several lenders had to stop their business as they could cope up with the rising delinquencies and foreclosures.

Our community has discussed on this issue at http://www.mortgagefit.com/predeal/brokers-subprimemarket.html . You too can share your views in that thread.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Just because the lender funded your loan goes out of business doean't mean the terms of your loan changes......right now guidelines are much tighter and the original OP should probably work on improving scores a little be fore attempting a refi......however there are still funding sources out there albeit with tighter guidelines and higher rates.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Is it Ckalvesmaki? Did you have any login problems as such? Just asking because you've posted as guest. :)

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

why someone will refinance the mortgage

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miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You can look to refinance your existing mortgage if current rates are lower than what you have on your present mortgage. This can result in reducing your monthly payments.

In my opinion you should go through the other points mentioned in this page to know if refinancing would be a wise financial move.

Miller

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have my home located at Alabama .It's appraised for $375,000 and paid in full. We would like to shift to North carolina and we've searched for a new home, but the sale is pending. I was just planning to use the equity in my Alabama home and pay for the new home. It's worth $240,000. Then I would sell off my Alabama home and therefore loan would be paid off. Is that the right way to do this or is there any other option? My payments on the equity loan would be around $2000 and I wouldn't like to make more than a payment or two as I could sell off that home quickly. If there's any problem, should I be able to delay the payments for 60 days or so on the equity loan? What's the maximum limit to delay the loan? I wouldn't like to make a lump sum payment and then sell off the Alabama home. I would do that asap..any advice?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Jonathan,

Have you got an estimate of how much your home at Alabama would sell for?

I think that is essential to know for whatever plans you have.

If there is any delay in making payments towards the home equity loan, that will show on your credit. If there's a 60 days delay you may get a demand or breach letter from your lender to show that the terms of the mortgage has been violated. You will get 30 days more to resolve the situation and make regular payments.

If there is any further delay, your house may go into foreclosure. That could be a risk for you.

So I think, it will be better if you can either sell off the house first and pay for the new home with the sale proceeds or else at least fix up the sale after a particular period of time so that you are aware when you may pay off the home equity loan.

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jonathan,

Welcome to the forum and Merry Christmas :)

I do not agree with Jenkin here. You can surely take that home equity loan to buy the house in North Carolina. And after selling the house at Alabama you can pay the loan off. The home equity loan is tailor cut maid for such reasons.

You just need to be a bit careful that you do not make any late payments.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jonathan,

Yes, the way you have this structured would work out fine. You may want to look at a bridge loan or line of credit to delay payments for up to 6 months. You can find out more about these options at "http://www.mortgagelenders.us.com/bridge_loan.htm"

[size=9:35562d5e4c][color=Red:35562d5e4c][Link deactivated as per forum rules. Thanks.][/color:35562d5e4c][/size:35562d5e4c]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have equity worth $35000 in my home. my son wants to take an equity loan but he's not on title. Is this possible in any way? His score is 570

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Tabitha Brown,

Your son's credit score is not too high. By the way you can use quitclaim deed to add him on the deed and then he can take the HELOC. Talk to your lender and check out if it is possible or not. By the way keep it in mind HELOC loans are generally higher in interest rate.

Let me know if you have any more queries.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

someone with a credit score of 570 has slim chance, frankly, of obtaining financing in these times; particularly if you are talking about a home equity loan. the home equity lending market is shrinking fast, and loan possibilities are drying up minute-by-minute.

that's not to say it's impossible. you ought to check locally with a few local lenders (bank, credit union, etc.) to see what their guidelines are. i would advise you to do this prior to making any changes to the title of your home.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes george, a score of 570 isn't that good enough to qualify for home equity financing. And, even though one may qualify, it won't be a good enough deal isn't it? better to wait for some time, raise the score and then try for loans. But what's the reason behind the declining popularity of equity loans? may be it's due to subprime crisis and the rising foreclosures, isn't it george?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what we've seen almost countrywide is a decline in property values. we've also seen foreclosures like a plague of locusts. some of this can certainly be laid on the "crisis" caused by subprime lending, but our lending attitudes in the past several years became far more liberal than previously had been the case.

the new-found liberalism in our lending standards created the 100% financing situation that is so abundant in the marketplace (still). suddenly, we were allowing virtually anyone to borrow up to 100% of value on home equity loans - many of them being lines of credit that allowed repayment of interest-only. this became such easy money that people flocked to their banks, credit unions, mortgage companies, etc. to avail themselves of this easy credit.

our situation has changed radically, and equity no longer exists in many locations. as those equity line rates increased a couple of years ago, lots of borrowers discovered they were only able to make their interest payments (and even then, with difficulty). by failing to reduce their principal balance, they were eating into their equity day-by-day.

with the declining values of homes, the mindset that allowed borrowers with poor credit, questionable income and negligible reserves to obtain 80-15 and 80-20 loans; we find ourselves in a predicament that seems to worsen daily.

the 80-20 loans have pretty much disappeared. 80-15 loans still exist, in small pockets. there are, of course, lenders out there who still lend up to 100% of value on a home equity loan (small, institutional lenders predominately, i believe). but, of course, the market to whom they will lend has shrunk. no longer will you be able to march your 600 credit score into the local branch and walk out with carte blanche up to 100% of your property value. for that matter, if your value today is $250000, for example; tomorrow's value might be $240000. where does that put the lender? where does that put the borrower? the answers to those two questions are readily apparent - "in trouble."

we've seen a return to the conservatism that predominated the marketplace in years past. for 2008, this is a very good sign. we need to retrench and fix our problems before we begin to go back to the liberal attitudes of the past.

it is a sign of the times to drive down the street and see foreclosure signs peppering the yards of some of our neighbors; but it is not a welcome sign. we need to eliminate our excessive ways in order to go back to some sort of normalcy.

the "equity crunch" is real, and it only makes sense to eliminate the riskiest product lines that we lenders have offered.

i trust that some sensibility will be restored to our mortgage marketplace in the very near future. in some cases, there has been an overreaction to what is perceived to be a crisis. sooner than later, i hope, we will be able to return to normalcy (whatever that may be) and continue to do the very good things we've been known for all these years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

home value==400000.00
INCOME LIMITED
AGE 92

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

REQUIEMENTS AND AMOUNT AVAILABLE

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sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi BZCHARLIE,

3 things are important when it comes to qualifying for a home equity loan. These are your credit history, debt-to-income ratio and the loan-to-value ratio. Know more about the qualifying criteria and how much to borrow from http://www.mortgagefit.com/home-equity.html .

Take care

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It is very difficult ot find a lender that will do no income verification for those with limited income however there are a few lenders left.

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Drmalisha8's picture
Drmalisha8 | Joined: September 22, 2008 06:49 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a first mortgage of 93,000 and a home equity loan of 13,000 and i am about to forclose on the first mortgage what will happen to the home equity loan

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Drmalisha8!

Welcome to MortgageFit forums!

Your question has been answered in the following link given below:

http://www.mortgagefit.com/foreclosure/first-homeloan.html

Hope this will help you.

Thanks

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

MORTGAGE LOAN AGINST HOME
DOCUMENTS REQUIRED

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE HOME AT AURANGABAD MAHARASHTRA INDIA
AMOUNT 7,00,000
BUT NOW I WANT 5,00000 LOAN AGINST THIS HOME
SO HOW I CAN GATE

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I think you should consult a bank loacted in your area. They will be able to tell you about the loan terms and other details. You may consult any financial institution as well.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I fear I may lose my job and I really want a "paid for" property in my portfolio. I can't figure out the best way to accumulate monies to purchase a bargain. I owe $77k on my current mortgage. I have no idea what the appraised value is now that the market has popped. I was estimated as high as $145k just before the burst but I could truly be $115k. My current interest on the mortgage is fixed at 5.5%. I have three debts...my house, student loans $20k, and $2000 left on my car. My credit score is pretty good. I'm hoping to find a second-home to serve as a rental and if I end up jobless to serve as a possible "run-to-since it's paid-for" residence. I am flying to North Carolina this Saturday to check out some jobs, properties and neighborhoods. I just haven't figured out how to pay cash for a new property or the taxing situation. Perhaps, I could purchase the home not as an individual but under a business. I recently started a side business (my losing-my-job backup plan) but it is too "new" to get a business credit line. I have a business checking account with enough money to purchase something really inexpensive. It would only be enough to purchase a distressed property or one in a not so safe neighborhood. I'm working on building business credit now. Help! I'm trying to make contingencies here that are legal, ethical and will benefit me investment wise.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Carolina dreaming

You have mentioned that you have 3 debts - mortgage on your house, student loans $20k, and $2000 left on my car. Before trying t purchase a new property, I would suggest you try and pay off some portions of your student loan and your car loan. This will give a positive boost to your credit report. Moreover getting a loan for a new property will also depend on your debt to income ratio. Keeping your present debts in mind, you can calculate your debt to income ratio by using the following link:
http://www.mortgagefit.com/calculators/diratio.html

In my opinion, if you purchase a distressed property or one in a not so safe neighborhood, it will be difficult for you to rent out the property. You should wait for few months and pay off some of your debts and then try to get a mortgage.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

for the quick response. I would have paid off the loans and car before I was laid his past summer. Luckily, I was called backed to work but I have no faith in job security anymore. I fear if I wait I may lose my job and credit nd then not be eligible for anything. Right now, I have a job, some money in the bank, and very good credit. (((sigh))

I'm afraid to let any money go...but I'm willing to take a risk if it means I won't be homeless if I lose my job and can't find another. Perhaps, I will just pay my car off...so at least the repo truck won't circle my block like a vulture! LOL.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi carolina dreaming!

Welcome back to the forums!

Yes, it will be a good option to pay off the car loan. Moreover it will also help you to improve your debt to income ratio. Once you pay off the car loan, I feel you will be in a better position to get another loan.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i bought a home a year ago for 200,000. Going into it I had 80,000 worth of equity with the mortgage crisis I have no equity in my home because property value went down. I've been late on a few credit card payments but recently bought a new Truck. Can someone tell me how I can still go about getting a equity line of credit to pay off some bills

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi travon

With no equity in the property, you will not be getting a equity line of credit on your property. If you want to consolidate your credit card bills, you can look out for a debt consolidation company. They will help you in getting a debt consolidation wherein the interest rates will be reduced. I know a debt consolidation company - "debtconsolidationcare.com". You can visit their website and speak to their financial coach and see if they can assist you.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my home has been for sale..I would rather pay debt and stay...is there any one who will give an equity loan if I take if off the market...the house is worth 1450.00 and I have a 750,000 mtg on it

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anyone,

You need to have equity in the property in order to get a home equity loan. If you don't have the equity, lenders would not give you a loan. I guess you are delinquent in your mortgage payments. You can speak to the lender about loan modification and check out if you can take advantage of it. This will also help you in saving the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

describe a situation using long-term financing

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your question is not clear to me. It would be better if you could specify your situation.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if the house is owned by several family members in a trust, and one sibling wants to take out a heloc (and will qualify) does everyone on deed need to sign?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The loan will be given on the property as a whole. The lender will want owner of the property to borrow the loan. The family members may transfer the property to the sibling who can buy them out by giving them a certain sum of money. Then he/she can take the loan on that property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am looking for a 90% cash to value home equity line of credit...i have very good credit and am wondering which lender will give me a 90% loan....

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Chris,

Lenders generally do not give such a high cash to value home equity line of credit. However, as you've a good credit score, you may apply for such a loan. It would be completely the lender's discretion whether or not you would get such a loan. You may even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will give you an idea whether or not you would get the loan.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is it possible to buy a home and recieve an debt consolidation home equity line of credit of 100% LTV after 1 month of living there if the house has available equity

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi heloctalker!

Welcome to forums!

I do not know about a debt consolidation home equity line of credit, but you may qualify for a HELOC if you have the required equity in the property.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own a house and buying another house i want to know if i should borrow money on a home equity loan or line of credit and is it worth it, better than paying pmi please help thanks

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dantheman,

As you already have a mortgage on one property, it would be difficult for you to buy another home taking a new mortgage. Lenders may not be ready to give you a mortgage. You may take out a home equity line of credit in your present property to pay the down payment. Thus, you won't be liable for making the PMI payments on a monthly basis.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 3582 square foot home in Houston neighborhood. I have a first mortgage of $2ll,060 at 7.25% and [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] of $50,667. at 11%. Would like to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] at lower rate. I have not have had home appraised. Home in the neighborhood that are like mine are being apprasied at $259,950. Are there any lenders that would refinace at lower interest rate? Good credit/750. Home six years old.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Elaine!

Welcome to forums!

A credit score of 750 is indeed a good one. However, apart from the credit score, the lender will check your income as well as the equity that you've in your property. If you have around 20% equity in your property, then you will be able to refinance your present mortgage.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello: I have been preapproved for a loan however, I really don't have a savings so I may not be able to afford the down payment and or closing costs. Are there programs out there or are there other ways to handle this?

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jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lynn,

There are certain down payment assistance programs given by the government of some states. You should speak to your lender and find out if such programs are available in your state. If yes, then you can take advantage of those programs.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own my mobile home out right but i got bad credit can i still get a home equity loan on my home

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i live in ga in a mobile home park

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