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Consider this:
1. I have $30k in credit card debt.
2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.
3. I am buying another house at the end of April.
Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?
My mom wanted to know! =]
Thanks!
A reverse mortgage wholesale product is not directly available to you as an applicant for a reverse mortgage. It is sold to a lender at a discounted (wholesale) interest rate, and the lender then offers it to you after adding points to the rate.
Sources Of Reverse Mortgage Wholesale Loans
Second mortgage debt consolidation is a popular method of dealing with increasing liabilities. It is also called as a home equity loan that can help pay off your debts. You are taking a loan against the equity of your home. Equity refers to the amount you get after deducting the total mortgage payments made from the current value of the home. Such loans are ideal for homeowners who own homes of considerable worth with lot of equity. You can also opt for a home equity line of credit. With this option you borrow only as much as you need at any given time and pay interest only for that amount.
Dealing With Debt With A Home Equity Loan
Don’t bash me for my methods, but just give your thoughts in the current situation. Ex and I had a super easy divorce where I said, “I’ll move out, you keep paying the mortgage on the house and we’ll decide later if you refinance or sell it.” Well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. I have been paying half this 2nd mortgage cuz it was debt we both gathered. But if I gave her the whole house and it’s 1st mortgage payment, shouldn’t she also be paying the 2nd mortgage? The 2nd mortgage came from equity which I earned half of. Now I’m giving up that equity so isn’t that her resposibility now?
For example on a refi. 1st mortgage we owe 200k. House worth 280k. 2nd mortgage balance 80k. She refi’s the 1st mortgage, I get 40k in equity. She refi’s 2nd mortgage and even if we split the 80k, I just give her back the 40k I earned from equity so I’m even. Is my logic correct here? I should be 100% free of any of the mortgages?
That’s exactly what I was asking about. If she refinances, logic is that it’ll be for the whole amount (1st and 2nd mortgages) and I’d not fit in anywhere. Some think I’m still responsible for 1/2 the HELOC because I helped create that debt it was put towards. But it’s from equity in the home so if I give up my equity portion, I also give up my 1/2 of the HELOC resposibility, right?
I am looking into buying my first home. The med. price for a home in my areae is $600000. When I use the mortgage calculators available on line, I can only qualify for a $195,000. home loan.( can you buy anything for that price?) I make $90,000.00 a year. I don’t understand how anyone can qualify for mortgage with the standards they use. I
Even with the economy being what it is these days most people are finding it easy to get a home loan with bad credit, whether it is a 1st mortgage or a refinancing. You can get a bad credit home loan from a variety of mortgage lenders including banks, credit unions, mortgage companies and you can even get them online.
Whether you’re a first time lender or a homeowner with bad credit looking to refinance or get an equity loan you should take the time to shop around to different home loan lenders. Get a quote from each one that you find as they will differ, sometimes dramatically. Compare the rates to find the best one and don’t stop there. Once you’ve done your own research you can even contact a mortgage broker who might be able to get you an even better bad credit home loan. Mortgage brokers have extensive contacts and they specialize in getting mortgages for all types of borrowers.
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