I Have a variable rate Home Equity loan. The Interest rates are killing me now. What should I do ?
I want to know what bank has the best rates right now- Banks have lots of rates. If you have good credit you can probably refinance, but if you do not you are learning an expensive lesson
- A lot of people made the mistake of getting a variable rate loan when, to begin with, they would not otherwise be able to afford a home purchase. These people are going to have to find a way to come up with the money to make the monthly mortage payments or wind up getting foreclosed. You need to refinance - fast! You will have to call around to several different banks and ask them about rates for doing a refinance. You could also call a mortgage broker to shop a fixed - rate loan for you
- refinance to a fixed loan. interest is just a bit higher at first, but in the long run you save huge! if you locked in and a couple of years down the road the rates fall, then you can refinance again. best advice i can offer
- If your house is worth a good bit more than the balance on your mortgage, pluse the amount owed on the equity line, and you have got good credit, you could refinance the whole she - bang and get into a fixed - rate loan. If you're not in love with your house, you could sell it and find something else and, again, lock in on a fixed rate loan. As a realtor, I say do the second ! As for best rates. it depends on your credit, usually local small banks can do more for you, but in addition to that, check with a few mortgage BROKERS, who are able to shop around with numerous other companies, as opposed to mortgage LENDERS who work for one particular company. Also be aware that most mortage loan officers work on commission and may steer you to products that are most profitable to them. So if you have a friend or relative in the business, start there. they will be more likely to find you the best deal possible
- Contact a broker / loan officer who can research all the best rates to find the program and rate that best fits your needs, then refinance your house. Its very easy, plus you can pull equity out in cash to play with
- go on - line and determine which bank has the best home loan rates. NEVER, NEVER take out a variable rate mortgage. Get out of it as quickly as you can. Mortgage rates will surely go up even more than now. If your cradit rating is adequately good you should be able to still get a "reasonable" mortgage loan
- I just applied for a mortgage loan through Chevy Chase Bank in Md yesterday. The rates are really low, they offered my a 6. 75% for a 30 year fixed. So right now is the best time to refinance b / c you will be able to get a lower rate. In your local newspaper there should have a table that shows you daily interest rates, so before you make a commitment make sure that you check the rates and this time make sure it's fixed!
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 Loan Rates
Can I pay off a home equity loan with my credit card lower interest rates! how do I do it?
i have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. i would love to get rid of the horrible 8. 75% home loan interest on $12, 000. what to do?. how long is that credit card rate good (home equity loan rates)
Should I wait to get a home equity line of credit while my house is being re - financed?
home equity loan. rates as high as 30% and fees of 20 or more points. 1 often times a home improvement project is used to tie the homeowner into an unconscionable home equity loan. through home equity loan abuse and fraud, homes are stolen and lives are devastated. high cost (home equity loan rates)
Under what circumstances Home Equity Loan will be useful when compared to Home Mortgage?
i understand that the amount of home equity loan will be much lesser than the mortgage. money is down the drain but thats true whether its a mortgage or an equity loan. the rates. ask these guys fundingfordummies.com. they will walk you through it and they are nationwide. right now (home equity loan rates)
how do i find a source that lists the best rates for a home equity loan without having to apply for the loan
every web site is tied to a bank or lending service. i am looking to shop for the best rates before applying or giving out personal info. any suggestions?. sorry but your going to have to apply for the loan and furnish your credit score to get the interest rate. (home equity loan rates)
I Have a variable rate Home Equity loan. The Interest rates are killing me now. What should I do ?
i want to know what bank has the best rates right now. banks have lots of rates. if you have good credit you can probably refinance, but if you do not you are learning an expensive lesson. contact a broker / loan officer who can research all the best rates (home equity loan rates)
