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 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
- 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
- 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!
- 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
- 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
Knowledge Base
If I am current on my mortgage but am ready to default on my home equity loan, what will happen to my home?
i currently owe 60000. 00 on my original mortgage loan and 25000. 00 on my home equity loan the 2 are from different financial ins utions. my home was used of course as collateral for the equity loan, what happens to my house if im current on the mortgage but (home equity loan rates)
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. (refinance home equity loan)
Would home equity loan rates possibly go down some more in the next few weeks?
no one can say. depends on how they figure the rates. my current goes up or down ever time the fed changes things. it has recently gone down. i would think most rates will go down. i am checking into refinancing fixed rate my home and in one day the (refinance home equity loan)
Knowledge Base: 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 (home equity loans)
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. (refinance 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 loans new)
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 (home equity loans new)
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 loan rates)
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)
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)
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)
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)
