Home Equity Line of Credit

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Know Your Options for Home Equity Line of Credit

A home fairness line of credit is one of the finest solutions for redesigning, consolidating debts, as well as other financial needs. A house equity line of credit is one of the most popular among the accessible line of credits. With all the home as guarantee, you will have a credit line that solves your monetary needs.

A home collateral line of credit is available in different interest rates and transaction plans. There are people who offer large straight up payments but the finish payments are reduced. Some offer lower upfront but the finish payments are huge. Other offers do not have high upfront and end payments however take on the high the actual monthly rates. The borrower must measure the offers first before attempting to engage in a particular offer.

Compare the particular offers in order to select the scheme that matches best your paying ability. And since your home is the collateral, be smart and study the entire offer you before signing up. It will be helpful to ask about some aspects such as bare minimum and maximum drawback requirements, length of loan and how funds must be used. Some funds are accessed through checks although some are through credit cards.

Interest rates are also important to look into. Home collateral line of credit interest rates differ depending on who is providing it. There are lenders that offer discounts upon initial interest rates. Any borrower can also work out the closing cost. There are lenders that need annual membership and participation fees with regard to both active as well as inactive accounts. You can find those that collect purchase or processing fees. This is the reason why it is a must to compare the available delivers. The lesser the fees the lenders collect, the better for the customer. The more options that you could see for a residence equity line of credit, the higher is the chance of getting into a good provide.

Comments: 152

  1. Gwyneth April 2, 2013 at 7:23 pm Reply

    I recently became a homeowner. I was also recently told that my job would be relocating in about 1.75 years to North Carolina. I do not plan on moving. I have savings and investments, and I hope I will not need to tap into them after the current job relocates. A friend of mine mentioned that I should look into a home equity line of credit. He said I would be more likely eligible while gainfully employed.

    I did a refinance with cash out with Pen Fed Credit Union. I did that because I am buying out my siblings interests in the family home. It’s kind of like a mortgage for me. So I looked on Pen Fed’s website to find out about HELOCS. They seem to have a traditional HELOC and a 5/5. I am not sure of the difference and which would be better for me. I think it may have something to do with interest rate movement. I am not sure if either or both have annual fees.

    I want the HELOC for insurance, I don’t intend on using the money, but I think it would be good to have access to it. Which product would be better for me? Thanks for your advice.

  2. Marcellus May 1, 2013 at 3:14 pm Reply

    I have a 1st mortgage and home equity line of credit. Can I include the line of credit in the bankruptcy filing and still keep the 1st mortgage and keep the house?

  3. Ngoc May 3, 2013 at 2:47 am Reply

    I live in Californing where I have a 1st mortgage, and a home equity line of credit that was taken out years after my 1st mortgage. Can I file chapter 7 and get out from under the debt of my HELOC? Or can they forclose and I have no way of stopping them? I used the HELOC to purchase a businesses that is failing and I can only afford to pay the 1st mortgage.

  4. Yevette May 3, 2013 at 6:32 am Reply

    My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we’d then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?

  5. Tisa May 3, 2013 at 10:35 pm Reply

    I know a HELOC is a “Home equity line of credit” but what is the difference between that and a “Home Equity Loan”?

  6. Delisa May 4, 2013 at 2:10 am Reply

    We can’t pay our home equity line of credit, and they are threatning to forclose, balance is about $47,000. We have a regular mortgage with a much higher balance of $147,000. They are different companies. Can the company with the small home equity foreclose on the house?
    We are in Iowa

  7. Terrance May 4, 2013 at 3:20 am Reply

    My friend has a home equity line of credit and plans to foreclose on his home. Will he be responsible to pay for his line of credit afterwards or will that be considered a part of the foreclosure?

  8. Candelaria May 4, 2013 at 7:21 am Reply

    If I can not pay a home equity line of credit with one bank but I continue to pay the 1st mortgage what action does the home equity line of credit holder take? Both loans are up to date, but I will be unable to pay the HELOC much longer. I do not live in the property in question. It is vacant and with a realtor but it is in Florida and the value is dropping almost daily due to the crisis in the real estate market in florida. Should I let the banks forclose?

  9. Willard May 5, 2013 at 4:30 pm Reply

    I’ve slipped and let me credit score get a little low. Today I applied for a home equity line of credit through CITI where I have my first mortgage and was declined. I would like to obtain this loan to payoff credit card debt and get my finances under control. Where or what financial institution is my best chance to be approved for a home equity loan or line of credit?

  10. Jordon May 5, 2013 at 4:36 pm Reply

    We have been contributing to our 401k at the max. We have $30,000 in home equity line of credit debt. Should I stop funding the 401K and pay down the debt? Or maybe go half and half?

  11. Cristopher May 5, 2013 at 10:52 pm Reply

    Who is currently giving home equity line of credit in the Columbus, OH area? If you have recently received a home equity line of credit in the Columbus area, I would appreciate knowing who the lending institution is and the terms of your line of credit (interest rate, application fee, annual fee, draw and repayment periods).

  12. Alessandra May 5, 2013 at 10:52 pm Reply

    I need to have work done to the foundation of my house. Should i use my savings to pay to have this done, or should i use my home equity line of credit to do it? If i use the line of credit i will have to pay up to 10% interest on the loan, whereas if i use my savings i wont have to pay any interest and i can just make the payments back to myself. Plus it gives me the freedom to “skip” a payment to myself should i need the money for something else, whereas i can’t skip a payment back to the bank.
    If i were to use my savings, it would wipe it out.

  13. Walton May 6, 2013 at 11:43 am Reply

    I have a home equity line of credit at 9%; I see them advertised at 7.5%. Any ideas on how I might find a better rate without closing costs besides just calling around?

  14. Greta May 6, 2013 at 12:24 pm Reply

    i want to open a home equity line of credit. i have 100% equity in my house and an excellent credit rating. i am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one i would buy).
    if i use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? kind of a bridge loan without the fees.

  15. Coy May 6, 2013 at 4:56 pm Reply

    I have a house paid for free and clear. How much will a lender allow me to take out on a Home Equity Line of Credit? My friend told me only 40% of the value of the home. Is that true?

  16. Wilber May 6, 2013 at 6:35 pm Reply

    Does anyone know the typical point for a home equity line of credit ? By point, I mean the up-front fee that is proportional to the credit limit. So if the term asks for 5 points (5%) and the line of credit is $100,000, there is a $5,000 fee. Do you think that the numbers I’ve just mentioned are a pretty good deal, assuming that the interest rate is good? Thank you.

  17. Leonida May 6, 2013 at 6:35 pm Reply

    I’m thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?

  18. Kerry May 7, 2013 at 8:10 am Reply

    What happens to Wachington Mutual home equity credit lines? Do they stay open? Can I still draw on it.

  19. Miyoko May 7, 2013 at 2:42 pm Reply

    What is the maximum percentage that most banks will allow you to draw a home equity LINE OF CREDIT (not home loan) from your property? If it is a a new purchase, can you get a line of credit on the house immediately or do you have to wait a period of time?

  20. Chi May 7, 2013 at 6:01 pm Reply

    I want to open a home equity line of credit. I have 100% equity in my house and an excellent credit rating. I am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one I would buy).

    If I use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? Kind of a bridge loan without the fees.

  21. Miss May 7, 2013 at 9:13 pm Reply

    I am considering the Deed in lieu of foreclosure option but I have a Home equity line of credit on my house. Is this something that can still be done? BTW I live in Florida if that has any bearing on the answer.
    Thanks in advance for any advice 🙂

  22. Pricilla May 7, 2013 at 11:00 pm Reply

    If I buy a house in Detroit on a land contract can i turn around and refinance it with a home equity line of credit or loan?
    Just to clarify this is a Michigan Land Contract so the favorable laws that michigan has for this type of transaction apply…please know them when providing an answer. Also The loan would be refinancing the lc amount. Thank you.

  23. Maria May 7, 2013 at 11:00 pm Reply

    My house was auctioned off on August 2, 2010. But I have a home equity line of credit that I still owe on, but now it is unsecured because the house has been foreclosed on. Can I file bankruptcy on that dept?

  24. Faustina May 8, 2013 at 1:21 am Reply

    My husband passed away last year and I have medical bills and credit card bills that I can’t pay, would like to know if I were to file bankruptcy can I include my home equity line of credit?
    I am not looking for a loan, I was just wanting to know about my home equity loan and bankruptcy.My husband passed away and I am not working due to medical reasons and a have limited income. My father has been helping me but I can’t expect his help forever.

  25. Arlyne May 8, 2013 at 7:12 pm Reply

    I have a home equity line of credit paying intrest only at 8.25% on the amount borrowed against it.

  26. Roger May 8, 2013 at 9:05 pm Reply

    I mean both are similar, and can be used for the same reasons. What’s the difference, which ones are better to apply, which ones are you more likely to get approved of, and WHY are many banks not offering lines of credit/loans…but yet, DO offer “home equity lines & loans?”

  27. Sean May 9, 2013 at 1:42 am Reply

    I’m looking to refinance my house and while the loan amount on my first mortgage is 800K, my house is appraised at $1M. However I also have a home equity line of credit for $100K. I’m only looking to refinance the first mortgage, however. Will the bank count the HELOC, in addition to the new first mortgage, when evaluating the refinancing of the first mortgage? Thanks.

  28. Luisa May 9, 2013 at 9:55 am Reply

    I just finished building my house and I have no mortgage or anything as I had enough cash to buy the land and build outright. But, I have no money left to landscape and have some medical bills I would like to pay off. Can I get a home equity loan or line of credit on my house? Which is better?

  29. Cleveland May 9, 2013 at 11:32 am Reply

    I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime – 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?

  30. Belia May 9, 2013 at 12:34 pm Reply

    We need to get access to $30,000, but not sure of the exact amount.
    Would it be enough to have the home equity line of credit?

  31. Jerry May 9, 2013 at 3:03 pm Reply

    I read an article in the paper stating that defaults are up on home equity lines of credit. The paper did not provide any detail but my questions are these. If you default on the home equity line of credit, can’t the bank take your house? Can you continue paying on your mortgage (1st Trust Deed) and default on your home equity line of credit and keep your home? When you default on your home equity line of credit do you lose your home? (Sorry for these questions, but the paper did not mention any of the items I brought up and I am really curious.) Thanks

  32. Daniel May 9, 2013 at 7:33 pm Reply

    We are refinancing our first mortgage. We have a second which is a home equity line of credit at 7.78% We can probably pay it off in 10 years. Should we roll it into our first and refinance both at 5.20% for 30 years? Would the difference in interest rates offset the extra 20 years of payments?

  33. Charlyn May 9, 2013 at 8:21 pm Reply

    If party A were to take out $150,000 from their home equity line of credit and provide that money to Party B and Party B actually serviced the debt (i.e., made the monthly payments through Party A) are there any negative tax consequences for Party A or Party B?

  34. Ignacio May 10, 2013 at 5:06 am Reply

    Should I get home equity line of credit or refinance with cash out?
    I want to refinance my home to take advantage of lower interests rates. I also want to renovate my house and fix some things around.

    Should I refinance and get cash out to use for home improvement or should I refinance without cash out and get a separate home equity line of credit?

    Note: I already refinanced last year and got cash out.

  35. Shaun May 10, 2013 at 5:17 am Reply

    Mortgage interest rate is 5.625%. My home equity line of credit is just 2.75%. I have enough credit to cover the balance of my mortgage, and will certainly pay it off either way within the 10 year requirement.

    What are the ramifications? Am I missing anything?

  36. Oswaldo May 10, 2013 at 7:14 am Reply

    The mortgage is paid – all that is existing is a home equity loan or line of credit.

    Can the owner of the home still add a family member to the deed?

    Thanks!

  37. Emerita May 10, 2013 at 9:58 am Reply

    I have used and now owe half of my Home Equity Line of Credit which is locked in at 7.25% for five years. I don’t want to borrow more money though. I want to start paying off what I owe.

    How do I go about doing this in an advantageous manner? Do I need to refinance into a conventional loan or should I just start making payments over and above the interest only payment I am paying now.

  38. Morgan May 10, 2013 at 8:01 pm Reply

    I recently remortgaged and I took out a “home equity line of credit” along with the refinance. I don’t especially need it and don’t have plans to use it, but as the loan agent put it;
    “Its free for refinancing with us…. and isn’t it nice to know its there for an emergency?”

    ‘Well, yea!’ I thought to myself.

    I was stunned to find I have to pay mortgage tax on this home equity line of credit, before and, whether or not I ever take the money. Does anyone know, if I never do use this money… can I get a refund of this tax?

  39. Isiah May 11, 2013 at 4:39 am Reply

    Li Bae has a home equity line of credit that is interest only for the first 10 years. If his balance is $15500.00, and the interest rate is 8.375%, what will the payment be each month?

  40. Berneice May 11, 2013 at 6:18 am Reply

    My partner and I are splitting up. We own a home together. Can she take out a home equity line of credit without my signature?

  41. Angelo May 11, 2013 at 9:25 pm Reply

    My broker opened up a home equity line for me where I was borrowing 100% of the available line. It seems like it reduced my credit score quite drastically.

  42. Cristobal May 11, 2013 at 11:35 pm Reply

    We have plenty of equity in our home and my sons college tuition will be approx. $30000/year. Should I take out a home equity for the estimated 4 year costs, or take out a home equity line of credit and hope interest rates stay low?

  43. Jesse May 12, 2013 at 1:18 am Reply

    I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn’t a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can’t pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I’m not able to pay off yet. I’ve always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

  44. Antwan May 12, 2013 at 1:39 am Reply

    Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.

  45. Caron May 12, 2013 at 2:25 am Reply

    You borrow three thousand dollars on a home equity line of credit that has an eight and a half percent interest rate, compounding monthly. You plan to pay it all back in one lump sum, three years from now. How much will you have to pay? Round your answer to the nearest penny.

  46. Erma May 12, 2013 at 4:13 am Reply

    My sister is asking me for money to pay up her home equity line. When I asked about her mortgage payment, she said she paid it off with her home equity line. Is that possible to borrow money on your home to pay off your home?

  47. Carmine May 12, 2013 at 9:32 am Reply

    Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?

  48. Shelton May 12, 2013 at 1:32 pm Reply

    Should I get home equity line of credit or refinance with cash out?
    I want to refinance my home to take advantage of lower interests rates. I also want to renovate my house and fix some things around.

    Should I refinance and get cash out to use for home improvement or should I refinance without cash out and get a separate home equity line of credit?

    Note: I already refinanced last year and got cash out.

  49. Lucile May 12, 2013 at 1:38 pm Reply

    Hello everyone, I need to move to another location. Can I take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that I used for the line of credit? Are there any restrictions to do that? Can I avoid the fee that I will get if I sell the first house early? Thanks.

  50. Cody May 12, 2013 at 11:33 pm Reply

    I am looking on getting a home equity line of credit to pay off some things at a lower interest rate. I currently share a mortgage with my brother and we bough the house about 2 years ago.

    Do you think I can get much or even qualify?

  51. Valerie May 13, 2013 at 8:18 am Reply

    Is it good to take out a loan from our home equity line of credit? I plan to use it to consolidate my bills and have money on the side for emergencies.

  52. Irving May 13, 2013 at 8:43 am Reply

    What is a debt to income ratio to qualify for Home Equity Loan / Home Equity line of credit.

    What if I go to mortgage brokers who have access to “B” type lenders at higher rates?

    Thanks guys!

  53. Edison May 13, 2013 at 8:43 am Reply

    We have a family member that recently died that had a home equity line of credit. We have found the monthly bills for it, but they don’t say what it was spent on. There are no receipts and we have been through the whole house searching.

    Is there any way for us to find out what the line of credit was spent on? Would the bank know?

  54. Rene May 13, 2013 at 12:47 pm Reply

    I bought and paid for my house. I’d like to know if I could get a equity line of credit.

  55. Chana May 13, 2013 at 2:35 pm Reply

    I still make a mortgage payments but can not pay my equity line of credit anymore. Can I keep my house?

  56. Ines May 13, 2013 at 7:43 pm Reply

    I bought a house, then took out a line of equity to buy more real estate which did not happen due to a lot of stuff that happened. I am now renting my house out, but I dont receive enough cash flow
    to cover the equity line of credit.
    I would like to sell my house and then file for bk if I can. Is that possible ?
    Or any other ideas ??
    Thank-you very much for your help.

  57. Chung May 13, 2013 at 9:13 pm Reply

    Would the same hold true for tenants in common, do all tenants in common have to authorize/sign off on an equity line of credit on a owned property? Joint tenancy I’ve learned require all to sign off, but wanted to confirm if “in common” is same as well. Thanks.

  58. Traci May 13, 2013 at 11:40 pm Reply

    My house has a 80k loan and a 50k equity line of credit (diff bank)
    Built 1849 I do not have the money to fix. Now a 3rd child is coming and my house has serious mold problem. Family is sick. I want to walk away. Help… deed in lieu of foreclosure?
    What kind of options are available. I want to get a mold check for proof. Get quote to clean. Which I cannot afford. Then hand over to bank. House is unsafe to live in.

  59. Dexter May 14, 2013 at 1:10 am Reply

    Should I pay extra on my equity line of credit or my house payment? They are both 50K and both at around 4%. Also do I get tax deduction on interest paid for equity line of credit?

  60. Damion May 14, 2013 at 3:47 am Reply

    l bought a house for $60,000 cash in palmdale california last year in october 2009 and i would like to know what to do to get money out of it (equity line credit) to buy another house? my credit score is exelent how much would i get? how much would my interest rate would be??

    thank you!

  61. Tressa May 14, 2013 at 12:40 pm Reply

    I am not employed and have trouble paying my equity line of credit ($25,000). My collateral is the apartment I live in and there is no debt on it. What happens with the debt if I file for bankruptcy?

  62. Graham May 14, 2013 at 1:31 pm Reply

    I am a first time homeowner and my friend always encourage me to apply for an equity line of credit. Can somebody help me?

  63. Aron May 14, 2013 at 9:43 pm Reply

    OK My mother in law wants to file Chapter 7. She has an Equity Line of Credit that has charged off as a bad debt and a regular mortgage. They want to foreclose on the Equity Line and take the regular mortgage with it. Can she bankrupt the Equity Line and reaffirn the regular mortgage without them taking the house?

  64. Lillie May 15, 2013 at 1:09 am Reply

    I have a rockin’ 5.5% mortgage interest rate and I also have a small but maxed out equity line of credit. I’m looking to clear out some debt so that I can become a stay at home mom. I can either refinancing our mortgage to pull out $$ in order to clear out the debt but lose the nice 5.5% interest rate to something like 6.5% OR I can open a new line of credit for just the amount that we need to clear the debt, of course that interest rate would be a bit higher. I’m siding with the line of credit only because if I ever came across some money, I can pay it off. But my husband would rather add it all to the mortgage, for some inexplicable reason. I would like to hear pros and cons and if anyone has ever done this before.
    Thanks!!!

  65. Rosaria May 15, 2013 at 2:48 am Reply

    I am a first time homeowner…. and just got a $50,000 equity line of credit. They told me I could “lock” only a portion of it now (i.e. $40,000) and then call back at any time and lock another chunk. I asked her what she meant, but her answer went right over my head… Please explain in dummy terms what it means to “lock” $40K and why I want to do that? And do I want to call back and lock the rest? I am sooo confused. Thanks so much for any information anyone can provide!!

  66. Tristan May 15, 2013 at 5:31 am Reply

    A friend and I are looking to buy a piece of property. Where can I find some info and / or examples of a joint agreement we should draft?

  67. Marcellus May 15, 2013 at 6:35 am Reply

    I don’t need the credit line really just want to know if keeping it open is bad or good for my credit.

  68. Neida May 15, 2013 at 7:59 am Reply

    My dad has bad credit and I have tried for months now to find a cosigner for a traditional student loan. He own the house and its worth around 450k. The only options I have found so far are home equity lines of credit but they want you to start paying it back right away. Are there any loans that would allow you to pay 6 months after you graduate? using the equity of your home
    I have already maxed out my unsub and sub stafford loans the school cost 62k a year

  69. Dave May 15, 2013 at 10:08 am Reply

    would a credit score stay the same or go up in the event that the credit cards are paid off but an equity line of credit is in place?

  70. Leonardo May 15, 2013 at 11:06 am Reply

    I have a home loan with CCO Mortgage and live in Chicago. It is a home equity line of credit loan and I may come to the point where I cant pay my loan anymore. How do I find out if the loan I have at this bank is a recourse or non recourse loan, and if I am held liable if I were to foreclose?

  71. Edmundo May 15, 2013 at 8:59 pm Reply

    Is it better to pay extra on my equity line of credit or my house payment?
    They are both the same amount right now 50K and percent is about the same. 3-1/2-4%.

  72. Parker May 15, 2013 at 9:46 pm Reply

    The interest rate on an equity line of credit was 7 5/8 % last month. This month the interest rate is 9 3/8 %. How many percentage points has the interest rate increased?

  73. Nathanael May 15, 2013 at 10:40 pm Reply

    I am new to home ownership…. and just got a $50,000 equity line of credit. They told me I could “lock” only a portion of it now (i.e. $40,000) and then call back at any time and lock another chunk. I asked her what she meant, but her answer went right over my head… Please explain in dummy terms what it means to “lock” $40K and why I want to do that? And do I want to call back and lock the rest? I am sooo confused. Thanks so much for any information anyone can provide!!

  74. Willie May 16, 2013 at 5:03 am Reply

    I am trying to do some debt reconciliation and a friend of mine suggested I checked into a equity line of credit (borrow against the equity built up on my house), is that a good idea??? what are the pros and cons of it, as opposed to just keeping my debt on my credit cards?

  75. Jene May 16, 2013 at 5:03 am Reply

    I live in CA. I bought a rental property using my residential equity line of credit. Can I deduct the interest of this equity line of credit as my rental business expense or can I count the interest as the mortgage payment?

    Thank you.

  76. Marianela May 16, 2013 at 5:31 am Reply

    I own a property free of mortgage with a partner. The partner wants to apply for an equity line of credit on their half interest in the property. Can this be done without me having to sign, or approve?

  77. Shenna May 16, 2013 at 1:59 pm Reply

    Can someone explain what a Home Equity Loan or Line of Credit is?

    If i want to borrow $35,000 from the equity in my home, how does that get paid back? Like a regular loan? Interest w/ monthly payments of Principle and Interest? Or is it just the interest on the loan that i would pay, and then once the home is sold i repay the principle balance of $35,000 back to the lender from the profits on the home?

  78. Deedee May 17, 2013 at 6:40 pm Reply

    Whats the difference between a loan and a line of credit?
    Do you think its ok to search for the lender on the internet or should I go to my bank who refused it 2 yrs ago even though my FICO score was over 700? Its 760 now.
    Do most people get quotes for the work they need or do they just borrow over and beyond what they think they need?
    What are they going to ask me for when I apply for the equity line of credit?

  79. Herman May 18, 2013 at 4:38 pm Reply

    I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?

  80. Trang June 5, 2013 at 2:54 am Reply

    My wife and I just bought a house and we dont have much equity and we dont need to borrow any money, but with rates as low as they are currently would it make sense for us to get a home equity line of credit in case we need it in the future when we have more equity built up?

  81. Frankie June 8, 2013 at 3:23 pm Reply

    My wife and I had to file chapter 7 bankruptcy May of 2011 do to poor choices in the past. We had a mortgage on our home for 165k and a home equity line of credit for 90k both being discharged in the bankruptcy. We would really like to keep our home. We have never been late on any of our payments on our mortgage and at present they are helping us refinance so we have a lower monthly payment. Now with the home equity line of credit. It is in a “charged off” status. We were told by the lenders right after the bankruptcy to just pay what we can and they won’t charge us any interest. We are in the process of trying to settle with them. With our first offer being denied.

    1. Would a settlement be the best for us in our situation wanting to improve our credit ASAP

    2. If they except my second offer would I have to pay taxes on the 90k being that it was discharged in chapter 7 bankruptcy ?

    3.What are the chances of them coming after my home?

    4.What happens if they never settle with us? how long will they keep accepting minimal payments of $50-$150 a month and not get the original $750. a month.

    Thank you from the “B” family learning a hard life lesson.

  82. Tierra June 20, 2013 at 2:52 pm Reply

    recently he got a letter from home equity line of credit bank’s attorney saying that they are trying to collect debt and all that, he doesn’t have the money any more so what happens, now, what are his option filing a bankruptcy or?

  83. Elana August 4, 2013 at 3:50 am Reply

    I recently purchased my house and paid cash for it, now i’m trying to get a home equity loan, line of credit or home improvement loan but my credit is 600. So far nobody has approved me, I figured with me owning my home someone would give me a loan

  84. Jolanda August 8, 2013 at 7:37 pm Reply

    My dad currently owns his house paid, its all paid for, however, he still owes on a home equity line of credit he took out a while ago. He was hoping to help me and my husband out by putting his name on a house for us (he would be the owner of this property and we are the renters) but is that possible when he owes on a home equity line? He isnt going to sell his house, again it is just to purchase a new 2nd property that he wont live in, just us renting it and he owns it. Thanks

  85. Tommy August 8, 2013 at 9:19 pm Reply

    WHAT ARE THE STEPS I NEED TO TAKE TO OPEN A EQUITY LINE OF CREDIT ACCOUNT
    I DON’T HAVE A MORTGAGE ACCOUNT .NEITHER DO I OWNS A HOUSE.BUT I NEED MORE ENLIGHTENMENT ON HOW TO GO THROUGH IT ALL.

  86. Ahmad September 21, 2013 at 1:56 pm Reply

    I have bad credit, I own my home, its paid for, where can I get a home equity line of credit from?

  87. Hal October 28, 2013 at 5:41 pm Reply

    I purchased a rental property a few months ago. I would like to open a home equity line of credit, but I’m having a hard time finding a bank that will allow me to do so. There are two main problems I keep running into. The first is that many banks won’t open lines of credit on rental properties. The second is that the ones I’ve found that will, will not allow you to do so until you’ve owned the property for at least 6 months. I have no intention of waiting 4 more months. So if anyone knows of any banks that can help I’d love to know. I live in Northeast Ohio if that matters. Thanks

  88. Quiana December 19, 2013 at 5:11 pm Reply

    If someone is on permanent disability income, home 100% owned free and clear, no debt whatsoever, and has between a 780 – 810 credit score, would a lender okay a Home Equity Line of Credit application?
    The HELOC would be for home upgrades.
    Monthly disability us the total household income.
    Very low expenses. Enough left over to add to savings.
    Excellent credit. Around 800.

  89. Rod December 23, 2013 at 6:56 am Reply

    I want to buy a home, and the seller wants to sell it to me. However, they have a home equity line of credit on it of over 20K. Would I automatically be stuck with that, or is that their problem? The home is a fixer-upper, and is worth less than that.
    There are back taxes and we are getting an inspection and using a realtor.

  90. Bennie February 2, 2014 at 12:53 pm Reply

    My husband and I are refinancing because we have an ARM and it’s about to go up.

    Our house now appraises at $20k lower than it did in 2004 because of a foreclosure in our neighborhood. So, after we refinance, the home’s equity is not going to be enough to cash out.

    But, if we do a equity line of credit for $9k for upgrades on the home, will that bring down our credit scores? My FICO is high right now, the only thing I’m in debt to is the mortgage and I want to keep my credit score high.

    Thank you in advance!

  91. Eugenio February 2, 2014 at 1:09 pm Reply

    how long does it take to pay off home equity line of credit, how to calculate the length of paying it off.

  92. Terrell February 2, 2014 at 1:47 pm Reply

    Which is the smarter move

  93. Lance February 2, 2014 at 1:47 pm Reply

    I’m in the process of buying a forclosure for aprox 1/3 of the tax value.
    It is a cash only deal, the bank will not accecpt an offer based on a loan. The bad part is it will take almost all my money to buy it. And I have to build a garage for my work.
    I want to take a loan out on the house, but I’m scared I won’t be able to.
    The house is a two story home built in 88, the tax value is $117000
    I need to borrow $30,000 to build my garage. I need to keep the payments low, so I want a 15 yr loan.
    I’m not married yet, but could be if it will help the loan.
    My credit is bad , my future wife has poor to fair credit.
    I have put in for a loan for me and for me and my future wife as unmarried, on lending tree. With no luck at all! Does this mean we will not be able to get a loan?
    It seems to me that any bank would love this offer, $30,000 on a home with $117k.
    What would be the best way for me to get a loan, I have to get a loan or I can not buy the house. I have to have a large garage or I don’t make any money. Thanks
    Ok my bad , I thought they would rather go off tax value since it is the lowest. I had it app last week for $134,000

  94. Shelley February 11, 2014 at 4:06 am Reply

    I found some answers here,but…….

    http://www.referralsworld.com

  95. Weldon February 17, 2014 at 2:36 pm Reply

    I OWN A 3 FLOOR BUILDING AND I WOULD LIKE TO TAKE OUT A HOME EQUITY LOAN OUT ON IT AND I HAVE NO MORTAGE

  96. Jolanda February 21, 2014 at 8:52 pm Reply

    Only people who work in lending please answer.

    My background:
    200K/yr income. Employed for 9 years at the same very large company. I have 25 years experience in this same occupation. I own my home now for 10 years – have a 170K balance on an original $255K loan – I’ve been making extra $500/month principle payments religiously since I bought it, so I have something like 70% equity in my home even AFTER the recent drops in house value we’ve seen recently. My current mortgage payment is 1700/mo. My house has a value of $600K from 2009 recent comp sales. I have no cc debt, no car loan debt, no debt of any kind. I have no late payments on any bills ever. I pay for just about everything by credit card but I then pay the bill off every month ($4-5K mo usually). My credit rating is between 790 and 820 depending on the agency you use. I also have verifiable liquid cash and stock accounts in excess of $200K (this is not retirement money, this is after-tax hard cold cash)… so to me, Id say Im a good bet, no?

    I recently applied to open a HELOC for 200K and was turned down by Bank of America. They gave me this cryptic explanation “This is no reflection of your credit worthiness, you actually have excellent credit, but you don’t have enough trades to meet our internal approval criteria”… I asked for that in english but they wouldn’t elaborate or explain what a trade was or how many was enough..only that I didn’t have enough. I haven’t a clue what that means.

    Im shocked that Im not considered a good risk considering I actually don’t need the money, so Im turning to this answer board for help… what’s wrong with the picture?

  97. Devora February 21, 2014 at 8:52 pm Reply

    This is my first home that I’ve owned and I’ve had it abt 18 months. I’ve already replaced the AC unit which killed my investment account but I had a sick cat ruin the already old flooring. I have 8k in equity in the house but the minimums I’ve seen are for 10k in equity. Do $5k home equity line of credits exist?

  98. Hipolito February 21, 2014 at 10:25 pm Reply

    I own a house outright and am looking into paying off debts with a HELOC. My questions are: How many months are the loans for and how does it work it I borrow at different times, lets say 10k to start and another 20k later on.

  99. Tressa February 21, 2014 at 10:25 pm Reply

    Bank says I’m eligible but I’m not sure it’s prudent.

  100. Jillian February 21, 2014 at 10:26 pm Reply

    What is home equity line of credit?
    What are advantages and disadvantage of it?????

    What are Installment Loans?
    Advantage and disadvantage of it????

    If I want to pay my credit cards and I own a home should i take a home equit line of credit or Installment loan

  101. Danna February 21, 2014 at 10:40 pm Reply

    I am buying a home. The mortgage broker tells me I can get a HELOC with zero closing costs in addition to the mortgage. I don’t need it currently, but is it useful to get it for the future in case I need money? I am financially stable and have very good credit.

  102. Caren February 21, 2014 at 10:50 pm Reply

    Can you do a tax write off if you put money on a home equity, if its for education purposes, like a tuition.

  103. Soraya February 21, 2014 at 11:10 pm Reply

    Here’s some background: I owe 59,500 on my house that is worth approx. 75,000. I want to put in a new heating system this spring/summer that will cost $8,000, give or take. Thinking about going the route of home equity loan or HELOC. My credit score is 730 (as of a year ago) and my husbands is at least 750. The questions I have are: Will I be able to get a HELOC or loan with the amount of equity I have? Which is better? What is an average interest rate with the credit scores listed above (doesn’t have to be exact-I will shop around). Basically, just give me as much info about these loans as possible. Thanks! One more thing, would I be better off to refinance my mortgage? I’ve only been paying on it for 3 years.
    Of course I’ll meet with people about this when I am ready to. YA is for fun and to find out what others out there think about these things. Please, give me your opinions and help me to learn a little about this BEFORE I meet with mortgage people.

  104. Willard February 22, 2014 at 12:27 am Reply

    Has anyone out there been able to roll their Home Equity Line of Credit in with their new mortgage under President Obama’s “making homes affordable” refinance plan? I’ve been trying to find out if we can do this, and no one seems to know. We owe more than 80% of the value of our house, so we can’t refinance outside of the President’s plan.

  105. Toby February 22, 2014 at 12:28 am Reply

    My husband and I bought our house 2 years ago. It is our starter house and we anticipate moving out in the next 3-4 years. We are having a sewage system put into our neighborhood and must pay a $3900 tap in fee in addition to the amount it will cost to pay a plumber to dig a line from our house to the sewage system. We are looking at about $6000 that we do not have readily available.

    Along those same “home improvement” lines, I would like to renovate our kitchen. I thought that it might be a good time to look into a home equity line of credit to a.) help pay for our sewage and b.) help us pay to renovate our kitchen. I have only done a little reading on the home equity loans, and we can get a good rate from our credit union at 4.99%. I am wondering if we would get approved for $8,000, and is it a smart move to get the home equity loan?

  106. Ryan February 22, 2014 at 1:11 am Reply

    I just had a home built, I took out a loan for 245,00 and the house is appraised at 500,000. I think on paper it looks like it cost me 400,000, I was given a gift of equity. I am not even sure if I qualify for a line of credit with my situation. I just closed april of this year.I would like to finish things like backyard fencing, deck, pool..etcThank you for any answers.
    I am not sure if this is a wise thing to do or if there is a wait period before I can apply for a line of credit.

  107. Lance February 22, 2014 at 1:57 am Reply

    Why pay closing costs on a home equity loan if a home equity line can be obtained at a comparable fixed rate and tax deductable?
    Am I missing something here?

  108. Ty February 22, 2014 at 2:16 am Reply

    Is Home Equity Line Of Credit an unsecured loan ?

  109. Alessandra February 22, 2014 at 3:02 am Reply

    I need money for home improvements, and I also want to get my mortgage payment lower.

    I bought this home in march 07, and I have made minor improvements, but the house needs improvements.

    If there are any real estate pros out there with some good practical advice please expound on this topic.

    Also, I have paid off some credit card debt since I bought the house, so I think my credit rating is better.

  110. Angelo February 22, 2014 at 3:02 am Reply

    Difference?

  111. Neida February 22, 2014 at 3:02 am Reply

    I’ve owned my home for only two years.My interest is 8%. I would like to pay off credit cards and do some home improvment. is it a good idea to look into an equity line of credit(if I have any) Should I refinance? Or should I find other way’s to pay off CC and do home improvments. I would really like to get my self out of this CC hole I’m in. I’m not sure if using my home would be a good idea..Maybe I should refinance? I’m really lost!! I want to make the right financial decision. Please help with any advice. BTW- were having another child in Febuary and I need to get rid of some mold in the basement bathroom, That’s why I need some money fast for home improvments.
    Thank You

  112. Bertram February 22, 2014 at 3:24 am Reply

    I have filed bankruptcy 1/ half years ago and I own the house with my 80 year old mother and we need work done on the house.
    She was told this is the best way. Or I should say the only way. This is for 30 years at 7.99%. Low payments of $156 a month but we were wondering if she got sick or I did if the payments were behind would they forclose. What does it mean when they say they would probably take a lein on the house. Isn’t a lein and a line of credit the same?

  113. Ed February 22, 2014 at 3:40 am Reply

    Hello,
    I plan to open an HOME EQUITY LINE OF CREDIT. One bank said ” I can’t have it like home mortgage: Fixed rate in 10 years, and monthly payment spread out over 120 months.” The other bank said their bank can do that.
    Does it depend on bank policy? Or one bank was not telling the truth to lure me doing business with them?
    Thank you very much for your help.
    Thank you very much, Cris.
    Have a nice day.

  114. Cheree February 22, 2014 at 4:21 am Reply

    the bank reduced our equity line of credit from 110k to what we owe 35k. they told us the reasoning is the falling home prices. we had at that point, credit scores of 760 and higher. no outstanding dept. just the mortage and the equity line on the house. will this hurt our credit scores? being that we went from using only 30% of the line of credit to 100% of the credit. and if this does have an effect on credit scores can it be fixed. we are hoping to keep the house we have and buy a second home and need the good scores.

  115. Shalon February 22, 2014 at 4:23 am Reply

    Can that line of credit term change if the property depreciates?

  116. Leta February 22, 2014 at 4:23 am Reply

    Can anyone give me the details on obtaining a HELOC? Is there some comparison shopping to do when entertaining the thought of this? I put 1/2 down on a $300K 3 years ago and my credit is good enough to obtain a regular credit card if I apply. How much money could I get and how is the loan repaid? Basicly how does the process work? Any info I can get is helpful!

  117. Chadwick February 22, 2014 at 4:31 am Reply

    I know what a home equity loan is but not sure about a line of credit-which one would you recommend?

  118. Arvilla February 22, 2014 at 4:46 am Reply

    We have at least $10,000 in equity in our home, and would like to get a small ($2,000) line of credit. I don’t have any income since I stay at home with the kids, and my husbands credit score sucks from a bankruptcy 7 years ago. How much does a banks decision for a home equity line of credit depend on actual credit scores? Does this make sense? LOL!!

  119. Wei February 22, 2014 at 4:46 am Reply

    I have about $75,000 of equity in my home. The real estate market in my area is stable, unlike the rest of the country. I want to get a home equity loan for $25,000 to pay off a credit card. (This represents only a portion of my family’s credit card debt.) We have good plan to get our debt paid off, but can’t do it without this kind of help. We are current on everything – we’ve never even missed a month and do not have creditors calling us. The problem is that we can’t pay off the debt without the loan and can’t qualify for the loan with the debt. I feel that this is really unfair since we have never been late, etc. and people all over the country are declaring bankruptcy/foreclosing left and right. How can we qualify? Is there any place that can help us? (We will not declare bankruptcy.)

  120. Stewart February 22, 2014 at 5:33 am Reply

    Should I pay off my credit cards with the money I have at my equity line, in order to avoid high interest rates from my credit cards?

  121. Kortney February 22, 2014 at 5:51 am Reply

    how many times you can take one?

  122. Lesley February 22, 2014 at 7:32 am Reply

    what’s the difference between the two, and which ones are easier/harder to be approved of etc?
    My partner is getting one or the other, which I’m strongly urging because he owes me alot of money , due to health problems and house problems I had to help him with, and I personally want him to go with whatever’s more flexible, and has a longer time frame, so it will make it easier on him on payments.

    He got accepted left and right when he applied for personal loans last year but turned them all down because he didn’t need them yet, and this year he’s starting again but is going for the home equity, but already got one rejection, because he already has some debt.

    I personally don’t know what to tell him, so someone educate me!

    thanks.

  123. Granville February 22, 2014 at 8:42 am Reply

    I am in debt and need a large amount of money to pay off high interest revolving credit. My family members will allow me to “purchase” there home (which is paid off) and use the funds to pay off my debt. My question is: is better to “buy” the property with a mortgage or purchase the home for $1.00 and take out a home equity loan. I am also concerned about the tax consequences for each situation. Thanks alot.

  124. Rene February 22, 2014 at 9:03 am Reply

    I just bought a condo for a quarter of the estimated market value. Can I get a Home Equity Line of Credit for home renovations? Is there a period of time I must wait before I can apply for a line of credit?
    I will not be borrowing against the mortgage, but the amount of Equity that is in the appraisal minus my mortgage. (my mortgage is 25% of the condo’s value)

  125. Dell February 25, 2014 at 3:40 am Reply

    Just wondering if its better to refinance or take out a home equity line of credit as far as credit damage. Thanks!

  126. Parker February 25, 2014 at 11:58 am Reply

    A few years ago we signed some papers for a Home Equity Line of Credit (HELOC) I cannot remember exactly what happened but there was one very important paper they (or we) messed up on. They took that paper to reprint it. Something happened and we did not get to re-do that paper that day. All I know is the person who was there having us sign (I think she was a third party) made a brief statement telling us under her breath that if they didn’t get that taken care of we would basically not be legally obligated to pay back that loan. No one ever got back to us to sign any more papers. Does anyone know what this paper is that we should have signed? I still fully intend to pay this bill regardless, but what I am hoping is if this is possibly the case that I truly am not legally obligated then I am hoping to be able to sell my home, but that lien not be on the house. That way I could sell the house for less than is owed because I don’t think I can get what is owed now because of value decreases in homes over the past few years. I am hoping to be able to just still keep that loan and pay on it after the home sale. I don’t want to do short sales or anything that messes up my credit. I’m just hoping to find a way to sell a house that is becoming a nightmare. I Hope this makes sense. So to recap what one important document should have been signed that wasn’t that proves I legally owe on my HELOC?

  127. Gary February 25, 2014 at 12:02 pm Reply

    I need to do some repairs on my home and I’m not sure what the advantages are to either a home equity line of credit or a home equity loan. Any advice?

  128. Everett February 25, 2014 at 12:03 pm Reply

    Is it like a mortgage, if you don’t pay can they take your house?

  129. Wilfred February 25, 2014 at 12:29 pm Reply

    i will like to know if this is the same as home equity loan

  130. Dorie February 25, 2014 at 12:29 pm Reply

    My mom wanted to know! =]
    Thanks!

  131. Charolette February 25, 2014 at 1:00 pm Reply

    What is Home Equity Credit Line of Credit (HELOC), whst is the advantage and disadvantage of that?

  132. Rogelio March 10, 2014 at 3:26 pm Reply

    We are wanting to purchase a new home, with todays economy our home is not worth what it was, so the expected 30,000 profit we once would have cleared is now down to about 20,000 and we have an equity line of about 9,000. my question is would be look better on paper with a bigger down payment from the sell of our home or should we eliminate our 6,000 credit card debt?
    We are sitting on the money right now that could pay off our credit card debt, I understand that the equity line will be paid from the sell of the home, but from what I read it’s getting harder to qualify for loans with minimal down payments. Just wanted some opinions on what would look better to the bank.

  133. Granville March 15, 2014 at 12:09 am Reply

    Home was gifted to me via Will.
    An open home equity line of credit for $32,000 is open on this home and payments are made monthly through estate.

    Money in Estate will run dry long before H.E.L.O.C. is paid, but I can replenish estate with my own monies (approx $100 month) and am not very concerned with the loan.

    I just want to know if I can put the home in my name prior to loan being paid off? Am guessing I would have to put the loan in my name first?

    Thanks for any help, this is all new to me. I know I could go to an estate lawyer but am trying to handle all affairs I can without ringing up a large bill.

    Is a “quit claim deed” all I need?
    Must I change the loan to my name? Loan has very favorable terms (interest rate).
    Canada Sux, Thanks for the answer! Can you explai a little bit about Warranty Deeds? Thx either way!

  134. Ai March 15, 2014 at 12:09 am Reply

    I want to do some work on my house. Would it be better for me to get a line of credit or a home equity loan? Whatis the difference?

  135. Eugena March 15, 2014 at 12:10 am Reply

    We are preparing to apply for a home equity line of credit (not a home equity loan) this week. Our home has about $300,000 (maybe a shade under) in equity and we live in a “hot” community. We pay our bills on time, but have a whole lot of credit card debt. We are applying to the same people who gave us a mortgage 3 years ago. What are our chances? Should we apply? Do we have a chance of being approved? We only want about 15% of the equity in the home. Thanks in advance. We don’t want to look stupid or “uninformed” by doing this.

  136. Graham March 15, 2014 at 12:11 am Reply

    If you have a home equity line of credit and you decide to sell your home one day, doesn’t the line of credit go with you or stay with the home?

  137. Yuko March 15, 2014 at 12:12 am Reply

    I am trying to apply Equity Line or Equity Loan. Which is better ? What I am trying to do is
    to put my credit card debit in one account. In general, it looks like Equity line has lower rate, but I was told you never known when the rate change. I am just wondering who control the rate.
    Bank or Federal. If this is federal, I do not worry about the rate much, but if the bank control rate,
    I would not apply this product. I have experience that bank keep changing the rate of the credit card.
    Who control te rate? If I get the rate like 7.75% at beginning, do I still get a change my rate go up to like 10.00% in next 3 months?

  138. Richard March 15, 2014 at 12:13 am Reply

    Back in 2005, my husband obtained a equity line of credit. However he lied about his income on the loan and I was unaware at the time of signing the loan. Who is at fault? The lending company that approved the loan and not checking income to obtain the loan or the borrower for lieing about his income?

  139. Robert March 15, 2014 at 12:14 am Reply

    We used 98 thousand out of 120 thousand line of credit to do major home improvements. We are very happy with the improvemnts but now have about 700 dollars per month in interest only payments. My husband wants us to also have a savings account filled up with funds in case of emergency. I think we should dump any extra money into the home equity debt which will SLOWLY lower our debt and payment amount. Then, if we ever have an emergency we could draw from the home equity loan. What do you think we should do?

  140. Zackary March 15, 2014 at 12:14 am Reply

    I am a full-time graduate student with 3-years left to go. I have amassed about 7K of credit card debt. While I have gotten my finances under control to not get anymore in debt, I am having a hard time making a dent in my balance and I won’t be able to anytime soon. I also have a home equity line of credit and the minimum payments are much lower. Should I transfer my credit card balance to my home equity?

  141. Lynnette March 15, 2014 at 12:15 am Reply

    We have outstanding credit and took out a Home Equity line of credit a few years but never used it. Citibank just lowered it from a few hundred thousand to 10,000 because they say all homes have gone down in value. We still have 200,000 in positive equity in our house so I am sure that Citibank is just trying to do a blanket lowering of all lending like alot of banks these days, either do to their TARP obligations or making more profit elsewhere. Any knowledgable folks out there that can recommend a new bank that is fair is their Home Eq lines of credit. I would like to do business with a different bank on my 1st mortgage as I can save 1% over my rate now and get the line of credit at the same bank. Recommendations, please.

  142. Dell March 15, 2014 at 12:16 am Reply

    My grandfather is getting a equity line of credit for $50,000. Is the 30 year fixed good? Also, should he look into getting an increase and start flipping properties? He owns his house and is done paying payments. He is going to make minor repairs on his house.

  143. Franklin March 15, 2014 at 12:17 am Reply

    Home equity line of credit???

    What is home equity line of credit?
    What are advantages and disadvantage of it?????

    What are Installment Loans?
    Advantage and disadvantage of it????

    If I want to pay my credit cards and I own a home should i take a home equit line of credit or Installment loan

  144. Constance April 16, 2014 at 1:29 pm Reply

    I was transferred the family home shortly before my mom passed away. The house has no debt owed on it (but very high prop taxes). It’s in major need of repair (eg crazy plumbing leaks, outdated electrical), but I’m a recent college grad with a fair amount of loan debt & next to no cash to work with.

    I’m try to decide between a mortgage b/c the interest rate would be fixed (or at least more stable) or a HELOC because I don’t want to borrow more than the cost of the repairs, but those are difficult to estimate up front.

    My plan is to rent the home after the renovations to pay off the loan and other costs of the home, keeping the home as equity, while I live elsewhere.

  145. Odell April 16, 2014 at 9:17 pm Reply

    I have a good credit and i am current with my payment of home equity line of credit. My home equity line of credit $ 150000 is with citibank and at the prime rate (now 3% interest only) adjustable,for the term of 10 years after that it converts to next 20 years of fixed rate around 6.5 % i will finish 10 years in march 2013 , now i am paying under $400 after that in april 2013 i will be paying about $1170. I lost my job recently and i can not provide proof of income , is there way to refinance at lower rate, or continue with adjustable rate of interest, I have never missed a payment and my credit is excellent can anybody please help me. By the way my home is worth $ 500000.

  146. Ula April 19, 2014 at 6:08 am Reply

    Is is possible for me to get a home equity line of credit if I have only been in my home and paying my mortgage for 3 months? My home appraises for 12K more than the mortgage balance.

  147. Cheyenne April 19, 2014 at 7:11 am Reply

    I am one of 4 siblings that is in joint tenancy with other siblings, the house is paid off. I, individually, would like to pay off some high interest credit card bills and also have cash for for some updates to the house. Do all joint tenants have to be in the know to agree and sign off on the equity line of credit? I would be taking on the payments of course. I have a job. Credit score is at 685, only issue I think would be when they review for approval is the amount of debt I have, but not sure if that is even an issue when the primary reason for taking the HELOC is to pay off the high interest credit cards. Thanks.

  148. Kori April 19, 2014 at 2:30 pm Reply

    What’s a better option over the long term, a mortgage or home equity line of credit?

  149. Joellen April 19, 2014 at 6:42 pm Reply

    We are shopping around and did get approved for a $250,000 HELOC with a 8.25% interest rate. Is this a good rate? I mean compared to a credit card it is (owe $3,000 at 16% interest) but how about as a Line of credit?

  150. Avery April 27, 2014 at 4:41 am Reply

    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;

  151. Evette May 17, 2014 at 4:51 pm Reply

    A baby boy recently entered our lives and prior to his birth, we had a bit of credit card debt that should have been taken care of but wasn’t. My wife is now working part-time instead of full-time, which has been really rough. Our debt is not getting any better.

    We borrowed money from immediate family to purchase our home so the loan is a low APR and is not technically on our credit. We still need to consolidate our debt (credit cards, vehicle loans, etc…) but not sure what route to take. It sounds like a Home Equity Loan is the best choice since the APR is usually fixed and is like a typcial loan.

    Do you have any suggestions for us? We do not want to damage our credit so we need to make the best choice.

    Thanks!

  152. Guillermo June 12, 2014 at 3:47 pm Reply

    we were asked if we wanted a line of crdit when we refinanced. What is it?

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