Home Equity Loans Arizona

I have about $5k in credit card debt which accumulated from furnishing a new house 4 years ago and having two children. I have $40k in equity in my home (married a builder,lol). I’m tired of paying $150/month when $77 of it is finance charges. Monthly finances (child care, etc.) prohibit me from paying $500 month towards credit cards. Help.

I would use part of the interest earned to pay the loan. I have $500,000 equity. My mortgage balance is $350,000.

We are looking to buy our first home this year and we are trying to learn about the different types of financing options available out there.

Do you think the home interest rates will drop?
I currently have a 30 year home loan at 6.375%.
Should i refinance my home loan to a lower rate if possible?

need to refinance home loan with not so good credit

I am a soon to be college grad that is currently interviewing with Wells Fargo to become a Credit Manager in the Chicago land area. Is the mortgage refinancing market a strong place to start a career right now? Fill me in on your thoughts. If you could, please tell me if you are in mortgage refinancing business or not. Thanks , The more responses the better.

I have a good credit score and I have about 30,000 equity in my home…I’m looking for a good line of credit without any fees to start up. Which lender should I borrow from for the absolute best interest rate? RIght now TD says they’ll offer me prime plus 1 which is 3.5%, i’m looking for something like 3% without the 500 dollar fee to start the line of credit. Any ideas?

I make good money and have very stable employment, but in California it is still very difficult to obtain a down payment on a home. I hear that Ameridream is a possibility? Does anyone know? thanks.

(Firstly I apologise for the length of this, but I wanted to explain the whole situation just so there’s no ambiguity).

Here in Brisbane, Australia we get 7-8 sun hours per day on average (source: http://www.livingin-australia.com/sunshine-hours-australia/ ); our household uses ~20kWh per day based on the average of all the power bills for 2009. Using this calculator ( http://www.bdbatteries.com/panelcalculator.php … too lazy to crunch the numbers myself) it tells me the ideal system is 3.2 kW. Our house has a large north-facing roof so that is good enough for solar panels. For practicality (and to keep the numbers conservative) I sourced the figures for a 3.5kW system which is within the price range of $30-40k, but after selling RECs (Renewable Energy Certificates) and taking advantage of federal and state subsidies and offsets it is priced at ~$15-20k; I’ll assume a worst case (say, $25k) to keep it conservative.

With a Home Equity Line of Credit Loan we currently have $220,000 in debt overall. At ~6.5% interest the monthly repayments are ~$1,190. If we were to throw the $25,000 for the entire solar setup onto the loan, the loan would increase to $245,000 and interest would be ~$1,330 per month, a $140 increase. Since we are currently paying $126 per month ($4.20 per day) in power bills, it seems it is not worth it. However, 3.5kW x 7.5 avg sun hours gives 26.25kWh daily, or ~6.25kWh more than is needed. When taking into account the 44c/kWh feed-in tariff that is a lowest possible return of ~$82.50 per month (I say “lowest” because it is real-time net metering, so if we have nothing running during the day it will send a lot of power priced at 44c/kWh to the grid; when we buy it back when we are back from work at night it will cost only 16c/kWh, so overall we will gain more than $82.50 per month).

So then if we had to pay $140 extra per month on the loan but that eliminates $126 per month in power costs and includes $82.50 at the minimum in feed-in credits, is that is effectively a saving of $68.50? I know it isn’t really a saving per se since simply paying loan interest doesn’t reduce the loan’s size, but to me it seems to be a saving since the power cost of $126 per month will always be there so it may as well be moved from one account (elec) to another (HELOC loan) without making much difference financially; also the HELOC loan can be paid off and thus interest repayments become lower, while the cost of electricity is only set to rise (on top of inflation-adjustment each year, we are expecting sharp rise when the carbon trading scheme gets passed, and the generators were granted a 16% increase for January 2010 anyway!!!). Additionally when the 3 kids have moved out of home the power use will drop, leaving more electricity for the grid (so more money returns) in addition to less expenses overall (so the HELOC loan will be easier to pay off) – seems like a double win!

There are two major downsides that I can immediately see: variable interest rate rises and home valuation. However for the latter, I am not sure whether it is really a problem. For all I know, solar panels would most likely increase the value of one’s home (seems to be logical anyway), which in turn means more flexibility regarding the floor of the HELOC loan if it is needed.

I am somewhat naive regarding how HELOC works so that is my main concern in this plan. So is this too good to be true, or have I missed something (I generally don’t believe in “too good to be true” hence why I am asking).
Naive re HELOC; I am one of the 3 kids mentioned in the question (19yo) so this is just for me to propose to my parents as an idea.

I was pre approved for a home loan sent in all info W2 stubs etc loan officer says it looks pretty good but need to be sent to underwriting. I am so afraid I can’t stop think of it.

We are ooking for a home and they said they could help does anybody know how wellthey are and if they really can help?

My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit?

A good credit score is considered to be any score given by the three reporting agencies that is above 640 on a scale of 800. Get good credit by paying bills on time and not maxing all lines of cred…