AMBER M asked:


We have around $30k equity in our home and we got ourselves in over our heads with credit cards, so we are making around $800 payments a month on credit cards, we inquired about a loan and found we can get one for 8 % 10 year term and $250 payments. Sounds absolutely great to me, I mean we will be saving $500 a month! Are there any downfalls to this that they arent warning me about?

SIMON

shauna asked:


Anyone have a good link for clear info about these?

MARGARITO

Justin M asked:


Should I buy a car with a standard loan or with a home equity loan?

LAVERNE

batman asked:


single family house, paid cash 45k worth 97k, trying to extract equity. Unclear on mortgages vs. home equity loan.

ETHAN

southern belle asked:


I want implants and I don’t want to wait for them any longer. I don’t want to get a credit card or anything because I have two I am trying to pay off. Would it be foolish to take a home equity line of credit?

LAMONT

naskat53 asked:


i have it under contract for $70,000 and the house needs $30,000 in work. the arv is for $140,000. but, my rehab loan is only for 65% with 10% down. so where can i get money for the 10% down,also, once i own the home can i get a home equity to cover the rest of the repairs not covered by the rehab loan?

TOM

Matthew C asked:


Is it possible to transfer my home equity loan balance ( $10,000 at 8.25%APR) thru my bank to a credit card with a lower APR ( say a Balance Transfer Card at 1.9 % APR for 18 months). My Bank says NO….not without a cash transfer. Why not? I have excellent credit and this would save me from paying interest for a year and a half. By then, almost all of the $10,000 would be paid too ( I put in about $700 a month). Any advice?

WM

babysign asked:


I currently have a 5 year home equity loan for 6.5% interest rate on $40,000.00. We have a good credit standing. We own our home and owe nothing on it. We have paid on this loan through direct withdrawal on my paycheck for over 2 years now. I was just wondering if I could refinance this for a lower rate w/ all of the low low interest rates out there right now. What is the going interest rate for a 5 year home equity loan? Is it worth refinancing? The only reason we are wanting to do this is if we can save a given amount of $ each month then we can actually use that towards the principal if we have a lower payment w/ the refinance. We are very comfortable w/ the loan we have now but if we could speed things up with getting this paid off then it would be wonderful. Any ideas on current rates and if this is a good idea? Please don’t answer this question w/ the answer of “I need more info…this is not enough info to answer this question” sorts of answers. Thanks!

COLIN

h asked:


i got 2 homes and each got 2 loans (1st and the home line of equity).

the townhome needs repair yet i can’t really afford replacing the carpet. the other home is 1bed condo (luxury style with a gate) yet who wants a place like that nowadays…

i’m to pass my grace period to ask 4 banks about ’short sale’. will home line of equity loan let me go with short sale?

will they put my mortg. on ‘hold’ so i don’t have to pay for how long?

what if i can’t have the property sold after how many months allowed?

will i still owe the months i was on ‘hold’ to not pay awhile? any risk i should be aware…?

real estate market is putting me in agony…..

ALBERTO

bpmj asked:


we do not have a mortgage….
we do owe last years taxes on the home…
our credit is so-so…..

is there a place that will give us a home equity loan if we do not have a mortgage but we do owe taxes on the property?

JODY