Home Equity Line of credit Or Second Mortgage Loan which is better ?
I am confuse in home equity loans with second mortgages. Second mortgages and home equity loans can be used for the purpose of cashing out equity in home;- This confusion, it seems to run deeper. The purpose of a home is to have a house in which to live. Without ownership, you are slave to the lender. Should your circumstances warrant, they could take the house and you would have no home. Who would want that?
- Hello I am Helen Dundun from US I saw your question on how you need a loan, please you have to becareful cos there are scam everywhere but let me direct you to Rev. Famous James who is the managing director of Famous Refinance Ins ute but you most be willing to pay him back as at when due and tell him I directed you here is the email famousrefinanceins ute@live.com
- A second mortgage is taken out once. If you have say $20, 000 of equity, you apply for a 2nd mortgage of $10, 000 and get it as a lump sum. This could also be called a Home Equity *loan*. It may have a fixed or variable rate of interest. A line of credit is more like a credit card. You can take out $400 today, $1100 next week, etc, subject to interest on the balance. The interest rate will always be variable, as far as I know. In either, your house is the security, so if you default, you can lose your house. I have never had either, being averse to debt. But if I had to choose, I'd pick the one - time 2nd mortgage. The line of credit could lead to irresponsible behavior, in the same way that people get into trouble with credit cards
Knowledge Base
Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?
if you own a home with a mortgage and you get a home equity loan the lender will place a 2nd mortgage on your home to secure the loan. when you refinance you replace the mortgage usually the first mortgage with a new loan. yes. home equity loans are more (low rate home equity loan)
How should I go about selling my current home that I have a mortgage and home equity loan on and go about
we want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? we have a mortgage on the house we live in now and (home equity loan rates)
Would it be worth it to get a home loan for $15k down at %5. 825 OR $0 Thousand down at %6. 125?
i am applying for a home loan for 300k there would be a. home equity. mortgage loan. to me, the two biggest questions would be the length of the loans and could you handle the monthly payments. $300, 000 is a lot of money any way you look at it. (home equity mortgage loan)
Knowledge Base: Home Equity Loans
What happens to my 2nd mortgage home equity loan in a short sale in California?
i am currently under short sale proceedings in ca. my first has agreed to the terms but my second, which is a non - purchase money loan, is requiring me to sign a promissory note at a reduced balance. the second has agreed to reduce my balance by 65% and (low rate home equity loan)
Can a mortgage on the house be payed off by home equity loan?
is it possible to pay off the mortgage with an home equity loan if the apr is less than what i am paying right now? i understand that if i refinance, there are closing costs and for home equity loan, there are none, am i correct? what are the advantages (home equity loan rates)
Should I open up a home equity loan or transfer to new credit card?
i have $5k on my current credit card that has high interest, i am asking should i look at opening a home equity loan or transferring to another credit card with lower interest rates. if you can get a lower rate, go with another card - the companies are being (home equity loans)
Is it wise to take out a Home Equity loan to purchase a new home if current home is not sold yet?
if you can afford to carry 2 mortgages, go for it. what you want is a bridge loan. ask your bank. i would definately not want to do that. just extend your closing when you do sell it so you have time to find a house. if your house did (low rate home equity loan)
Can I Transfer An Existing Home Equity Loan, Attached To My Current Residence To A New Residence?
i took a home equity loan out a while ago and in this market, my equity has dropped considerably. if i were to sell my home, i could pay off my 1st mortgage, but i'd still have a balance of about $30, 000 - $50, 000 on the 2nd mortgage. (home equity mortgage loan)
Knowledge Base: Home Equity Mortgage Loan
How should I go about selling my current home that I have a mortgage and home equity loan on and go about
we want to relocate to my home town to better off my children this would give them a better school district and we would be alot closer to my family, just how do we go about doing this? we have a mortgage on the house we live in now and (home equity mortgage loan)
How does one go about refinancing on their home mortgage?
careful to watch what the fees that the mortgage company is charging you to do the loan. also look into getting a fixed rate home equity line of credit and pay off that mortgage. your decision to refinance has to make sense. i will not process your loan request if (home equity mortgage loan)
Can a mortgage on the house be payed off by home equity loan?
is it possible to pay off the mortgage with an home equity loan if the apr is less than what i am paying right now? i understand that if i refinance, there are closing costs and for home equity loan, there are none, am i correct? what are the advantages (home equity mortgage loan)
Is it better to get a home loan thru home equity line loan?
i am thinking of refinancing and chase bank is ready to give a 10 yr 170k home equity loan. is this a better than my existing home mortgage loan. is there anyone who has suggestions for this. typically home equity loans have variable interest rates. the very same type of (home equity mortgage loan)
What happens to my 2nd mortgage home equity loan in a short sale in California?
i am currently under short sale proceedings in ca. my first has agreed to the terms but my second, which is a non - purchase money loan, is requiring me to sign a promissory note at a reduced balance. the second has agreed to reduce my balance by 65% and (home equity mortgage loan)
