I own my home free and clear. It’s appraised at $950,000. I want to buy a new truck and was thinking of tapping some equity-$30,000 – to pay off the car and pay the loan on the home equity loan instead. The car payment- with financing- would be around $530 a month. The home equity loan would require me to pay about $300 a month. On the surface it looks as if the home equity loan is the way to go. Just wondering if anyone else has done this and what risks/ regrets you had if any?
Forgot to mention income:$80,000 combined income with my wife. Excellent credit/ FICO SCORE 840. No outstanding debts other than 1 credit card with a $200 balance. Never had credit problems and would not have trouble making the monthly on the loan. I just would much rather pay less monthly using my equity vs. Financing through a dealership- some thing about car dealers that makes me weary. With a fixed payment on the equity loan, I would feel more at ease. I’m not one of those people that uses their house as an ATM. My old truck died and I really need another one to get around and go to work. This purchase is because of need rather than want. Just wanted to clarify. Thanks
Posts Tagged ‘Free’
I want to buy a new car by taking cash out of my home that is mortgage free. Is this the way to go or not?
House given to us free & clear, how do we go about getting a home equity loan?
My grandparents are giving us their 2nd residence home. No money owed on it, title will be ours next week. Here’s my question: we want to pay off some debt & do home improvements, but I am concerned about the seasoning clause. What banks/lenders offer home equity loans without a seasoning clause? Since there is no purchase amount, will they go by the appraised value in this case? Thanks in advance.
Go away to school with loans or stay home debt free.?
HELP-
I am currently at a community college right now and have spent my first year of college there. I was planning on going away to school after this year but I’m not so sure anymore. I have always wanted to go away to school but my parents only set so much money aside for me somewhere between like 25/30 thousand. If I went away to school I would prob owe (with interest) somewhere between 40-50 thousand. If I stayed at community college and then went to a local state university I would graduate debt free. With the economy the way it is I’m not sure I would be able to pay off my loans. I am doing accounting with the hope of getting my CPA after so its not like it would be really really hard to find a job. People always tell me just to go away to school and take out loans because its the best time of your life but I still can’t decide if the next 3 years of my life is worth paying for the next 20 years but I know if I don’t do it I will regret it forever.
Please give me advice!
I own my own land free and clear, I was told to cash out the equity to help buy a mfd home, how does it work?
I do not have a mortgage, the loan officer told us to cash out to reduce the amount of the loan for the mfd home. How does cashing out equity on land or even homes that are owned free and clear work, I need help!
Is there a good free classified ad site for adverstising financial services?
My husbad and I have just started in online home loan services, and want to us free online classified ads as part of our adverstising plan.
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