My Dog Rowdy asked:


I bought my home in March of 2003, my mother co-signed for me, but does not live with us or pay on the mortgage. I would like to look into either a refinance or home equity loan, with a goal of perhaps borrowing $12-15,000 to pay debts, etc. Is it possible to do this and still maintain the same interest rate and monthly payment? Where would be the best place to inquire about the process, my credit union where I handle the rest of my finances, the company that I have the mortgage with, or an outside company?
No, I did not commit fraud thank you very much. I simply mentioned it in my question in case it made a difference. I’m no expert but I’m sure if it were somehow not legal to have a co-signer that did not reside with you then I would never have gotten the loan in the first place!

Lee

Charley asked:


My fiance’s grandmother passed away a few months ago and her house was left to my fiance & his brother. We are going to move into this house and try to get a home equity loan to pay his brother his half of the inheritance (instead of him getting money from selling the house). However, my fiance had just started his own business and does not have a valid proof of income just yet. What are the chances that he will be approved for a home equity loan (50% of the home’s worth)? I should also mention that his credit is pretty much in the toilet.
He will have a valid proof of income in the next few months….a very nice income at that. We do not want to sell the house simply to keep it in the family. The house itself is worth $80K (assessed in 2006) and his brother will be expecting around $40K.

Nellie

stripes7575 asked:


We have a baby on the way and are trying to get out of credit card debt… and I will not be working for a while.. So we have to make it on one income.

Wendy

shannonwi14 asked:


We have about 1200 in cc debt, 10000 in personal debt, 10000 in car debt and we’d like to fix up our house needing about 10k. Should we wait on the house or should we consolidate the debt and improve the value of our home? We also want to have another baby which would add to our expenses…

Alma

Casey asked:


The adjustable rate has been as low as 5%, the plan we have can have the loan paid off in 3.5 years. Would it be beneficial to change to a fixed rate at 6% now, because of closing costs and fees?

Alma

elliott0730 asked:


Is it a good idea to take out either a home equity loan or a home equity line of credit to pay off high interrest credit cards/ and other debts?

Wanda

girld asked:


She wants to get a home equity loan in her name, to fix up the house. will she be able to do this or will we have to add her name to deed first as part owner, and what are the cons to her for doing this? She does not pay any rent, but is keeping it up and paying property taxes & insurance.
The home is deeded to me & my 2 brothers which we all have our own homes now, so she will probably continue to live there. we will probably let her buy it and count it as paid with the money from the equity loan. If one of us cosigns on the equity loan will it be possible for her to get it then?

Emily

cjt asked:


We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is ample equity in the home to support both. We do not want to refinance to a new mortgage because we are thinking of selling in the next few years and don’t want the expense of closing costs on a new mortgage.

CASEY

marcecore asked:


I am looking to pull $$ out from my house via a Home Equity loan or a Re-finance. Which bank should I go with?
I had a recent BK probably 2 yrs ago. With my BK I had a foreclosure as well included in my BK. My credit scores are between 620 and 640. I have about 100K equity in my Condo. I am looking to pull out anywhere from 30K - 50K. Any thoughts or ideas? Thank you.

Roberto

froalskiner asked:


I want to take out a $10,000 loan and I want to see if the credit card deal is better for overall savings. It’s a lower rate than the home equity loan, but will the higher APR of the Home Equity loan paired with the tax breaks be better than a lower credit card(i.e. non-deductible interest) loan?
The rate is for the life time of the balance until paid off. It is primarily for balance transfers but the money can be used in any way I’d like.

LONNIE