Tag Archive: equity

Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?

Answer: Yes. Home Equity Loans are more like credit cards and affect your credit that way. They are also almost exclusively adjustable rates. HELOC’s are generally available “for free” from most major banks. Know why it’s free? Because they are going to make a TON of money from you as long as you have the …

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Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?

My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I …

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Is it better to borrow against home equity when you still have a first mortgage?

Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter? Answer: It all depends on the specific terms. Sounds like you have tons …

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If you buy a home on a mortgage, do you have to keep it until it’s paid off?

I am thinking of buying a house on a mortgage, but I am quite reluctant to do so. Do I have to keep the house through the full term of the mortgage, or can I still sell it midway through? Answer: you can sell it at anytime, but once you sell it the proceeds from …

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Should I take out from my home equity line of credit to pay off my mortgage?

Mortgage interest rate is 5.625%. My home equity line of credit is just 2.75%. I have enough credit to cover the balance of my mortgage, and will certainly pay it off either way within the 10 year requirement. What are the ramifications? Am I missing anything? Answer: 1. Is the equity line a fixed rate …

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How much equity does someone have to have in their home in order to qualify for a reverse mortgage?

My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an …

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What happens if mortgage company for investment home files Proof of claim in Bankruptcy case in Maryland.?

I am considering filing a chapter 13 bankruptcy in Maryland. I will have to do a chapter 13 because I have too much equity in my primary home to file a chapter 7. I have an investment property that I will agree to surrender in the Chapter 13. What will the trustee do if the …

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Can you still qualify for a home equity loan if you behind on mortgage payments?

I’m behind on mortgage payments because, i’m going through a loan modification, but i need money to pay for school, will i be able to still get a home equity loan. Because my credit is not amazing. Answer: No. That’s the FIRST thing a lender will check before granting a home equity loan. If the …

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Can I refinance my mortgage and home equity line of credit together?

For example, I take both loans and refinance them together as 1 loan with a 30 year loan? Answer: Sure….as long as your value in your home has not depreciated under the amount that you owe.

can you get a home equity loan if you never took a mortgage out on your home?

My husband and I paid for our home in full and never took out a mortgage, now we are wanting to possibly take out a loan for about 20k. Answer: Yes you can take out home equity loan. You will sign contracts which will state that your home will be in effect collateral for this …

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