Equity Loan Information

Will taking out a home equity loan make it hard if I want to sell and buy a house? I need to take out a loan (and consolidate) to pay bills that have higher interest rates. But what if I want to move before i have finished paying the loan off? How will that affect mortgage applications, etc.?

if i have bad credit is it hard to gain an equity loan if i own my home?

is it hard to get a home equity loan? my husband and i are applying for one and i'm nervous about the whole thing... We have a property that is paid off worth about $190,000 that we are borrowing from and i think we have decent credit, my husbands is probably better than mine

Fastest way to obtain hard money loan secured by real estate and where? I need a very fast hard money bridge loan and have $500k equity spread over 3 properties. What would be the best way to structure a request to obtain a quick hard money loan, terms that would help obtain it, and what is a good source or place to advertise for this?

Is Using A Home Equity Loan A Good Way To Pay Off A Car? My mother is at retirement age, but still works part time b/c she wants to. Her condo is paid in full and she is a widow. I guess she had a wild urge one day, so she went out and bought a rather sporty car. I figure good for her, she worked hard and deserves it. The issue is that she has an auto loan to go along with the difference owed from her trade. About 16K @ 6% for 60 months. I suggested that she set up a home equity loan to pay off the car. My reasoning is the tax write off for the interest paid. Do all you financial experts consider this a good idea?

How hard is it to trade a vehicle with neg. equity for a cheaper car to reduce payments.? I have a 2006 Toyota Highlander and my payments are 637.00 a month. it was priced at 27,500.00 and I had to get a loan for 38,000.00. So thats 10,500.00 in neg. equity! I did purchase the Gap insurance. My credit is fair. Is it possible to trade it for a cheaper car to get lower payments?

My home is paid in full. I need money now though so how can I use the equity in my house to survive? The market value of my house is approximately $500,000 and I'm having a hard time selling it. I really need money to live on (pay some bills, health care and just general living expenses as I am retired now) but I don't know what kind of "loans" I can use to utilize my equity. Any suggestions?

Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans? I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.

Home Purchase and Home Equity Loan? Hello, I'm about to buy my first home and in the process of making an offer. If i'm doing a 100% financing on a purchase no greater then $100,000 will it be hard for me to also get a home equity loan no greater then $20,000 so i can do the repairs that are needed for this home. Thanks! Update Credit score is good at 700 and I've been pre-app. for 100% financing. Trying to get a home for fewer than 90,000 in a neighborhood where homes are worth around 140,000. Hope that info helps a bit. Also, can I roll some if not all of the closing cost into the loan amount because i'm limited to what I have to give out of pocket. Thanks for everyones advice!

Home equity loan? My husband and I would like to get a loan to fix up our house we plan to sell in 9 months. The house is in nice condition as we replaced everything and remodeled all the rooms except the kitchen that has very outdated cabinets/counter tops. We are going to replace all cabinets, counters, fix our hard wood floors in the living room and paint most rooms to freshen them up. We will need less than $10,000 to borrow. What is a equity loan and would it be better to get a personal loan or equity is ok? We've owned our home for 6 years and refinanced over 4 years ago for a lower int. rate. We are going to fix up the rest of the house and sell. I live in PA. We paid about $104k for the house. We fixed it up and owe about $79k on it yet. the market for houses in our area are really high right now. A house across from us 60's inside, bedroom went for $145k. Ours is 3 bed, 1.5 bath, one bay attached garage, central air, 2 fire places, hard wood floors in living room, new carpet in all three bedrooms, new bathroom with spa tub, laundry room, unfisnished basement on 1/2 acre located in a spaced out development. We're guessing the least we would get is $140-150k.

With tighter lending standards, how hard is it for a retired senior citizen to get a loan? My parents are thinking of selling thier home and relocating. What are the risks as retired seniors with the bad stock and realestate market? With the tight lending standards, what are thier chances of even getting a loan at their age? They have good credit and good equity in thier current home. But not too much income.

How hard it is to get Home Equity Lines of Credit in the USA? I would like to consolidate some debt. I know that the banks are having a tough time right now. I was wondering if anyone knew what the guidelines were for getting HELOCs (Home Equity Lines of Credit)? My husband and I both started new jobs recently, but we both have excellent credit? Any idea what the debt-to-income ratio is that they are looking for and if all banks are now doing full documentation loans? Sorry, I understand HOW a HELOC works. I used to work at a mortgage company. I just need to know what the current guidelines are and if I will qualify. I know the questions to ask the lenders. I just don't know how all the stuff happening with the economy has changed the guidelines since I worked there (1 1/2 ago). Specifically: Combined 1st and HELOCs will be 80% loan to value. How many years employment do you need to have? Can that be overlooked by the fact that we both have mid-700 FICOs? Do all lenders make you prove your income now instead of going stated income? What debt to income ratios do we need to qualify?

How can a Hard Money Collector get his money on 650k that is outstanding against properties? a Real Estate Broker that my friend works for lent people money against the equity of their homes at 5% per month, now many of those people are losing their homes, how can he collect after the foreclosure, ist even legal what he was doing given that he was a real estate broker? He's trying to sell the loans off, will he have any luck and what can he expect?

is it hard to get a buisness loan? I am looking to get a business loan for a start up business. I am preparing my business plan and have looked into the SBA but I am still scared about what I will need to actually get financed. I have great credit, just no equity in anything.... I would be looking to finance around $60000, for startup costs, a small inventory and tools....

House Appraisal for loan..Anything I can do now to help make the appraisal higher? I just bought a house a few months ago. Now I looked into getting a home equity loan (which I was just told that I was approved for. (Yeah for me!) The only thing is that the bank wants to get an appraisal for the house, since I bought it for cash. My husband and I have done quite a bit to it since we moved in: totally re-did the kitchen flooring and painting. Took out all the old carpet and reveled hard wood floors. Trimmed around the house to get rid of all the bushes that were overgrown. Would all these things add value to the house? Are there any other easy things that could be done to help with the value?

I need to have a $25,000 Surgery, Will owning two homes with high equity help me to approve for this LOAN? I need $25K for a surgery that will be performed on myself this year. I am a private real estate investor so my pay fluctuates, however, I seem to do just fine. I just purchased a newer but used Honda Accord 3 months ago, put $7K Down, and owe about $10K more, and I own 2 homes, appraised at $115K A piece, and on each I have two hard money loans in the amount of $50K per property. The rest is just equity. I have both homes for sale, however, the market is dead. My credit is about 625, however I could easily improve it This is my situation. Would my assets help me to get a loan? I dont necessarily want to BORROW more on them... I am just wondering... what kind of a part it would play in getting myself a loan. Thanks : ) PS: My Health Insurance wont cover a thing. Thanks : ]

Need a home equity or persoanl loan asap? bad credit (under 500) three mortgage lates. Life hit us hard but are trying to get back on our feet. Just need a chance. Anyone know a co that would provide a loan with these perameters?

Why do a lot of people think buying "stuff" will make them happy? My wife and I live a comfortable life, we don't have any money problems because we live in our means and splurge only on special occassions. We are in our mid 20's and will have our house and cars paid off in less than a year due to hard work and MANY extra payments. We would like a bigger house, a newer car, etc. but we know we we need to be happy with what we have instead. So we save our money for a future child and prepaid vacations that will give us memories. Its really hard to be happy with what you have, and it seems like many people think buying a bunch of stuff will make them happier. My friends had a nice house, but had to sell it to buy a bigger one that costs twice as much. They are still not happy with their house and now they are in major debt with all their equity loans. Why do so many people have so much stuff, like cars, expensive houses, gadgets, clothes, etc. when it doesn't make them feel better about their lives? Why are we like this?

how long after new home purchase can you refi or take out a loan on that property? I am looking into purchasing discounted property using a hard money lender to ease the initial purchasing process. i will have instant equity in the property. after purchase i will need to get a loan in my name from a traditional bank to pay back the hard money lender. technically because of the hard money lender i will not have a first mortgage on the property. at this time i would also like to take out the equity i have purchased. i have been told that i may only be able to get a loan for what is owed to the hard money lender until 6 months after purchase, and need to get a HELOC for the equity. then in 6 months refi. i don't want to pay a prepayment penalty and would like to pay off the hard money lender and get the equity and keep one payment.

what types of private loans are out there? (IE: Student/mortgage/business) ETC "?"? I want to borrow cash for a medical procedure that my insurance will NOT cover. There is no way around this. I need to get a loan. I know that there are: 1) Student Loans 2) Mortgage Loans 3) Small Business Loans What else is there? Is it hard to get a medical loan? I do have 'collateral' I own two houses that are both worth 115K and I only owe 50K on each of them. So there is plenty of equity there. The amount I need is $20K-25K What info can you help me with? Thanks.

why would a hard money lender not make this loan? 65% 1st Mortgage from lender seller second for 35%? If in fact the lender wants to make sure the house has enough equity in case they have to foreclose, they have more than enough equity to give them that comfort. When you consider that the buyer has good credit, why would the hard money lender not make that loan? The only argument I can somewhat give credence to is that the buyer has not put any of his own money into the deal, and is more likely to walk away if something goes wrong. But I would argue that the lender in this case is more protected than in a typical 5% down conventional house purchase loan where the borrower puts 5% down even when you factor in PMI.

Is it possible to refinance my home within 3-5days with a low credit score? I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?

Bad Credit Loans For FICO Scores - Below 500? Need A Loan - I'm between a "rock and a hard place". Currently in a credit rebuilding phase. However, I'm unable to secure a loan due to credit blemishes in the past. On the other hand - I've amassed equity in a Real Estate investment

What innovative ways have you found to pay for college? It's ridiculous how much these colleges are charging, I honestly think, but my kids want to go. If you got money from the school and your kid is not an athletic, music or academic scholar...how did you do it if you are middle class? It's like they want me to sell my house and use all the equity to pay for college...again ridiculous. I don't want to saddle my kids with $150,000 of student loans. I know a colleague who is 8 years out of college and still paying his..that's absurd. You need to be able to save for a home, for "rainy day illnesses or retirement" etc and you can't if your money is going towards old student loans. The private scholarships that aren't tied to sports, music or academics all seem relatively small, like $500. We'd need like 25 of them to get anywhere. And it's hard if your kid hasn't done anything to "stand out". I've got one who is still a sophomore..maybe I can do better by him if i start earlier??? Your experienced tips? thanks

What do you think of reverse mortgage for people 62 and older? I'm a loan officer doing reverse mortgages for the elderly in the state of CA. The largest one to date I have done was 2.6 million. I have found this program to help so many people that are 62 or older. True this will eat up equity in there home but its there home and there equity. This is the part that kills me. Why do “some” the children of the elderly feel like this is there money and think that there parents must suffer and live a hard life with less.

Piggyback 80/20 loans vs. 100% finance with PMI? I know i should save $ for a down and have been but something always come up with kids and it's VERY HARD so pleeeease, no lectures *smile*:-))) . Here's my question. I was told I am eligible for the piggyback 80/20 loan (I have bad credit I am fixing)but the 20% loan up can have 10% interest! I've done some calculating and if this is the case I'll be paying about $2300 for the 1st mortgage and $800 on the 2nd and basically would have negative equity by the time I finally move in. Am I right? Should I just wait to save at least 3% for the SONYMA loan which gives you 6.7% interest? PS-my dad has great credit and he said he would co-sign. What about a 100% loan with PMI instead of a piggyback loan? What would the monthly mortgage be guesstimating the home is $430K? Your advice is heartily appreciated. With the interest rate on the piggyback loan after 30 years I would have paid over a million dollars on a $400K home. Am I calculating this wrong?

consolidating loans credit cards/refinancing home? I found out a couple of weeks ago that we had two mortgages on my house, something called 80/20. We were having a hard time paying some credit cards so i'm thinking of consolidating them and refinancing my home through wells fargo, I understand about refinancing but their telling us the equity on the home will help pay those credit cards. Can anyone give me more information about this, is this a right way to go? or is their a catch to it?

How do I raise finance quickly? During the summer we completed the purchase of a new home. Our existing home which is in move in condition in a great area and being marketed at a competitive price has failed to sell because of the time of year and for no other reason. We are now committed to buy the other home however the sub prime mortgage market has collapsed in the meantime meaning that raising the bridging finance is proving next to impossible. We have 3 weeks to raise 150,000 pounds (I am in the UK). Our IFA is working hard to find a suitable mortgage product but the changing market conditions are making this very hard. We have no rich relatives. The issue is mostly that we were going to borrow on the 200K+ equity on our existing home self cert to do the bridge but the loan to value available has been dropped dramatically as lenders play safe, leaving us stuck with a problem in the meantime. Help! What is the quickest way to raise this money? Can I just emphasise that I am in the UK, so need a loan in sterling. Also anyone who replies offering finance but without a phone number and website and some means of verifying themselves will be ignored.

Is it possible to refinance within 3-5 days with a low credit score? I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?

Is there a trustworthy finance com. that will loan money for the equity in your home if your credit score low? I have a low credit score but have never been late on my mortgage and I would like to get an equity loan to pay off late bills and other bills. How can you get help if no one will assist you I have never been late on my mortgage and that is there way of getting there money if i should fold on jump out of my obligation. I will not lose my home so that means I will pay my loan, but finance companies are making life so hard for people, I just need a chance to prove myself. Late or not I make my mortgage pmt every month on time.

Home Equity, refinance? I bought my house 2 years ago when the housing market was still high in NY. I bought my house for $430,000 & put down a little over $20K. Over the last 2 years things unfortunately happened and we started to incur debt of about $30K. I know that's a lot. We are able to make payments, but it's getting hard with the price of gas & everything else. I was wondering would I be able to refinance to put all my debt into my mortgage payment? Or am I better taking a home equity? Does my house have equity after 2 years & now that the market is down? My interest rate on one loan is 6.50% & the other loan is 9%. I need suggestions please.

Do people in debt and unable to get PROPER help have just one solution, to kill themselves? My situation, two overdrafts, four credit cards, 3 maxed out,and the other about 70%. I was clearing them until my wife wanted to put our savings into a deposit for the home. Lovely house, but with her having quit her job to go abroad to live with her folks for a few months, and our second income dried up, I am completely broke. I know topping myself would make it worse for others, but whats the answer - Payplan said the creditors could still go to the courts, so more stress for me so not worth it. I could secure a loan against the house, but my wife would have to know and we would lose what equity we have. You may ask why I don't tell her, well she does'nt appreciate truth so I have to keep this hidden. I am not blaming her for quitting her job and having a holiday, but all the pressure is on me and I cannot cope. Samaritans are well meaning but cannot offer advice, and although I work hard at my job they have not given me a raise for six years yet the job is harder. What to do? The sad thing is that I know my wife cannot handle the truth, about anything. I am not blaming her, that is just the way she is. If she was working, things would be okay. I was paying off my cards just fine using a snowball technique. It was working. But I have supported her business project and we have seen tough times. I don't want bankruptcy or IVA or lose 'equity' in the home. Also while I feel my wife was a tad irresponsible quitting her job for a holiday back home without me having a say in this was bad, these debts are mine alone to sort. I feel bad to be in this situation but I have had illnesses too (cancer this year). So not very able to fight. But I thank you all for the good answers.

Looking for a 100% Investment Property loan in Pgh PA? I am looking for a 100% loan for a 3 unit townhome in pittsburgh. We just used our cash reserve for another building and this one came up. We dont have any money for another downpayment. Does anyone have any ideas or suggestions? I have other props that have some equity in them, but not enough to take out because they are rentals also. The building is only around 60k and my credit is so so 630ish. I hope to stay away from hard money, but am willing to pay a higher rate, I could refi in a yr and bring that down, I would like to keep points as low as possible. But this would have tobe a $0 down deal. I know I can try to get the seller to carry a second. Just trying to make it a little simpler... I agree... That was a very poor answear... 85 to 90% resisidential LTV is usually the max and anyone knows this is still classified a residetial... Im sorry that is my biggest grip with this site the amount of people who try to give advice but end up with wrong info... I already know I am in a tough perdicament... otherwise I wouldnt be asking for any suggestions... Im sorry that sounds harsh... Im just trying to get some ideas outside the box or if anyone has seen any programs that would allow me to use my other property as security with a second.

Financial Problems......What should I do? I am going through some very hard times right now. My credit rating last year was 720 and now it is 430.(think about that) My unemployed wife and I own a home and the equity on the house is about $90,000. All i need is $40,000 to stay afloat until we sell the house. My wife refused to sign the papers to get an equity loan. Please help......

Chapter 13 Bankruptcy Question? I am currently in a chapter 13 bankruptcy. I am paying the trustee $1050.00 a month. I have been in this for 2 1/2 years. I would like to pull the equity out and pay off my bankrupt. Is this possible? I really need to do this. Someone told me to try a hard money loan? I read about high interest rates.. I have about 200,000 in equity. I don't want to pull it all out. Just enough to do some home improvements and to get me out of bankrupt staus. I now owe $20,000.00. My husband ran off and decided he wanted to be a street person. So I am left with all the bills. No it was not a business.

Is it possible to refinance 3-5 day with a low credit score? I've been dealing with many lenders for the past 30days who gave me empty promises. I understand that my loan is consider somewhat complicated due to the fact that my mid score is appox. 542 & that I had 1X60day late on my mortgage. But why is it so hard trying to find a lender who can do a 85% LTV? I have plenty of equity but yet, I'm having a hard time being approve..is this an impossible loan?

I am Indian Senior Citizen, Want advise investing in equity, mutual funds, in present scenario.? Hard erned and saved money till now, age 58 self and 54 spouse, married children, staying with son joint family, loan borrowed by son. In India we practse Joint family living . dunds availability about Rs. 25,00,000/-.

Psychotic Mother-in-Laws, How to deal? My future Mother-in-Law is absolutely the most crazy person I have ever met. She verbally attacks my fiance and is extremely phony. She acts friendly to your face and stabs you in the back the minute you aren't looking. My boyfriend just finished culinary arts school and she wants to take out a home equity loan out and open a restaurant and be partners. First of all, that is just dumb. If the business fails, then she loses her house. My fiance is trying so hard to cut the apron strings and she just keeps trying to hold on. Not to mention she hates me, and I've done nothing to her or her family. She wants to be supported financially, yet she treats people like garbage and claims she is a church woman cuz she reads the bible and goes to church. My fiance is starting to resent his mother and that is just sad. So with that said, any suggestions?

how do I talk to for financial advise...someone I can trust? I've asked a similar Q before but didn't get what I wanted. We make 50k a year and have 30 K in debt. We financed our home remodel ourselves (our first house) in hopes we would get a home equity loan. It seems like any time we have extra money it goes to paying more on a credit card. I think we have about 6 credit cards and pay a little over the min. We're self employed so we get hit hard around april for taxes. It seems like we don't ever have enough money to put into savings. We don't have kids yet but would like to start soon. We would just like to get this debt down. How can we get 15 bills payed every month and still have money left over to save? Can we call creditors to get a lower interest rate? If so what do you ask? Thanks!

Which is better: buying a home first, or buying a business first? Or does it even matter? I wish to buy a local small business. I'd also like to buy a home. If I owned a business I could potentially earn more money than I currently earn. I was thinking it might be better to go into debt to buy the business first, because it is something that can increase my earning potential, and with increased income I could buy a decent home. On the other hand, I've heard it could be hard to obtain a business loan without having collateral (i.e., a home), but it's not like I'd have any equity built up by the time I tried to buy a business anyway, so I don't know if that is entirely accurate. Also I don't know if having a home mortgage would count against me when I try to get a business loan. What do you think?

DID U KNOw? Did you know that if your over 65 (i think) and have a home that is paid for, you can apply for what is called a reverse mortgage. That is income paid back to you monthly from equity in your house. This is not an equity loan. This is something the government has set up for people that own their home. Monthly income. I believe it doesn't hurt any supplimental income you are currently receiving such as ssi or retirement... you need to check though with the reverse mortgage person.. I discovered this a while back, however much to my dismay, because we lived in a manufactured home that was made before 1972, this didn't apply to us. Just thought you would like to know if you have a relative that is older and having a hard time with their finances. This is a payback to them. Remember, this is called a REVERSE MORTGAGE...

Help on getting rid of motorcycle? I have an '07 Goldwing with a little over 15k miles on it that I need some advice on. I bought it with Hondas "$199.00 for 36 months" financing. Divorce and interuption of work have put a wrench in my plans to refinance it for a traditional loan. I can afford to keep up the $200 payments for the next 2 years when the deal ends, but I'll be stuck with a 3 year old bike that I still owe $20.5k on. I'm thinking the payment will be 500 a month when that times comes, hopefully not more. I can deal with 500 a month, but what if it is more? I know I'll have a hard time refinancing it because it won't be worth what I owe, and a home equity loan is not an option. I've toyed with the idea of trading it in on a cheap car and letting the dealer eat SOME of the negative equity through price negotiations and some 0% financing (in a couple years when the payment goes beyond $200). Unfortunately I can't do much now as I can't afford to do anything more than the $200 I currently pay.

does anyone know of a good hard-money lender? realstate invester searching for a 60-90 day loan secure on properties with more than half equity left