Monthly Archives: November 2009

If you make extra payments, is it better to pay toward mortgage or a home equity loan?

Posted on November 24, 2009 by admin

Laura M asked: I’m guessing this varies based on the loan details, but generally speaking, if you make extra payments, is it better to target the mortgage (30 yr. fixed, 80% of purchase amount) or a home equity loan (15yr … Continue reading →

Posted in Renting & Real Estate | Tagged , , , , , , | 3 Comments

Can I even get a home equity loan wiith a credit score of 630?

Posted on November 17, 2009 by admin

caffeinespike asked: I am looking to consolidate/ pay off my bills with a home equity loan but I only have a credit score of 630! I am afraid that the credit inquiries will LOWER my score more if I am … Continue reading →

Posted in Credit | Tagged , , , | 9 Comments

Home Equity Loan with Life Estate on the Deed?

Posted on November 16, 2009 by admin

Sunshine8803 asked: My parents recently signed the deed of their house over to me with a Life Estate clause added to it so that they will still have a place to live. The intentions were for me to get a … Continue reading →

Posted in Personal Finance | Tagged , , , , | 1 Comment

Are Home Equity loans good choice to use for Emergency Fund?

Posted on November 7, 2009 by admin

SOPOWE asked: US Bank has a Home Equity Loan ,5.0 % variable interest rate, 2.0 % prime. no cap on variable rate lowest 3.00 %., amt of line of credit $39,000.00..Flexible in which the variable rate can be changed to … Continue reading →

Posted in Renting & Real Estate | Tagged , , , , , , , , | 1 Comment

If I get a home equity loan do I have to claim the money as capital gains if I sell it and don’t buy another?

Posted on November 4, 2009 by admin

Kat asked: The equity is from the gain from past homes. I need the money to pay off debt and will not be buying another home. If the money is taken out as a second mortgage but repayed late this … Continue reading →

Posted in United States | Tagged , , , , , | 4 Comments