What would be better, a home equity loan or refinance at lower rate to add on to my home?
I'm wanting to add on to my home but I've never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?- Just make sure whichever you choose to make sure it is a fixed rate. With the home equity, you can pay off or consolidate other bills and put it under your home interest to take off at the end of the year with deductions. Refinancing at a lower rate would be ideal
- I think a home equity interest rate would be higher. But it would depend on how long you borrow the $ for
- Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email
- re - fi at lower rate, with cash out for add - on, if you can qualify. I heard equity lines were all frozen, without alot of media coverage, untill the banks review write - downs
- why not do both! Seriously. you can refinance at a lower rate. lock it in, and maybe leverage some of your equity at the same time
- home equailty lone
- Read how your interst is charged and any hidden lines about credit rating and interest rates as well. Fixed rate mortages are usually the best as ARM are adjustable and can go to high in interest to ever pay
- This depends on the conditions of the home loan. If one can make extra repayments without penalty then the lower interest rate is better. The only positive of equity loan one can borrow up to the equity of the property ie if in the future one needs more money its easier to access the cash without having to refinance. The decision is depends what one future plans are! The big downside of an equity loan is the temptation of being to be able to get more cash on a whim
Knowledge Base
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 loan rates)
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 loans new)
Public Records Reading - Mortgages, Do home equity loans show or just reverse and second mortgages?
i read public records when doing re research so i am wondering. i guess that only second and reverse mortgages show. and why would someone choose a second mortgage vs home equity loan? are we saying that a home equity loan automatically shows as a lien?. all mortgages and liens (home equity mortgage 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 (low rate home equity 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 loans new)
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)
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 (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 loan rates)
Knowledge Base: Refinance Home Equity Loan
I have a rural housing service loan, is that a good long term loan or should I refinance?
generally, the longer you have been paying on a loan, the less sense it makes to refinance. plans, and could conservatively investing a portion of your home's equity. generally, the longer you have been paying on a loan, the less sense it makes to refinance. this is because as you (refinance home equity loan)
What would be better, a home equity loan or refinance at lower rate to add on to my home?
i am wanting to add on to my home but i have never used a home equity loan. i have used the refinance method where you borrow a little extra to add on. what would be the best now, with the way the economy is and the interest rates unstable?. (refinance home equity loan)
Is it a refinance or home equity loan?
i bought a house 6 months ago before i sold my condo. i borrowed the money from my brother for the new home until the condo sold. i have a written contract and have been paying interest. he is starting to get nervous, so i would like to take out (refinance home equity loan)
Smartest way to pay debt refinance, home equity loan or a payment plan?
i have debt totaling 30, 000. i own a home in which i have over 150k equity in. i want to pay this debt once and for all. what would be the smartest way to do this? should i refinance, take a home equity loan or set up a payment (refinance home equity loan)
I need to get money out of my home - refinance or home equity loan?
i need 20k by next month for medical expenses. my house is worth about 235k and my loan on it is 125k. my interest rate is 5. 875%. should i refinance at 5% and get 20k out, get a home equity loan or home equity line of credit? i plan (refinance home equity loan)
