Monthly Archives: November 2008

Home equity loan a good option to pay off bad debt?

bejewell asked: We have terrible credit and would like to pay off all of our debt and start fresh. We own our home and have probably about $40,000 in equity. We’d like to refi the house, take the equity out … Continue reading

Posted in Credit | Tagged , , , , , , , , , | Leave a comment

Did George Bush create a law regarding interest rates for home loans?

emartel01 asked: Last I heard, George Bush passed a law regarding interest rates for home loans. Can someone explain to me?Caffeinated Content

Posted in Personal Finance | Tagged , , , | Leave a comment

How long should i wait until i should get a home equity loan or home equity line of credit after buying a new?

79T40P asked: Im having a new house built as im typing this. Im interested in getting a new car and im wondering what would be best option for me. At the time that i will move in, i wont have … Continue reading

Posted in Renting & Real Estate | Tagged , , , , , , , , | Leave a comment

Denied an equity loan. Don’t understand. Help?

curios_liz asked: I applied for a home equity loan so I can consolidate my debt. I was asking for a lot less than the equity I have for my home available. I was denied because the bank said my DTI … Continue reading

Posted in Credit | Tagged , , , , , | Leave a comment

Refinance my mortgage and home equity loan?

shawnj985 asked: I have started the process of refinancing my home equity loan from 9% to a lower rate. It currently has a balance of $10K. I have also started the process of refinancing my home mortgage from 6.8 to … Continue reading

Posted in Personal Finance | Tagged , , , , , , , , , , , , , , | Leave a comment

Do you know anything about VA home loans?

operaphantom2003 asked: Seven years ago, a family member bought a condo with a VA home loan. The mortgage company sold the account to Fleet who stopped sending bills or coupons for payments. Essentially, they screwed my family member and after … Continue reading

Posted in Renting & Real Estate | Tagged , , , , , , , , , , , , , , | Leave a comment

Should I take out a Home Equity loan to pay off my private Student loans?

celisa asked: I heard that taking out a Home Equity loans to pay off my private student loans is an option. They are several loans through Sallie May resulting in $79,000 including interest, but are not consolidated. What are your … Continue reading

Posted in Financial Aid | Tagged , , , , | Leave a comment

Why aren’t the mortgage companies and Banks resetting home loans to current value?

tarl m asked: I was told that the mortgage companies and banks are going to reset (re-write) home loans starting on Oct 1st. Why are they waiting so long? If they re-set the loans now they will receive monthly payments … Continue reading

Posted in Other - Business & Finance | Tagged , , , , , , , , | Leave a comment

How is a used car trade-in financed when it has negative equity?

Sammy asked: Example, car being traded in is worth $26K with a loan payoff of $30K. If the car I want is $26K, is the full $30K financed again (the dealer gets my trade-in, pays off the $30K then finances … Continue reading

Posted in Other - Business & Finance | Tagged , , , , , , | Leave a comment