I own a house outright in another state (TX) and would like to take out a HELOC against it to help with a down payment for a house to live in here in my home state (CA). It seems to make sense because the interest rate is lower than taking out a 2nd. I would also like to do this a few months before I actually purchase to increase my credit score and help my credit history. Any thoughts?
Posts Tagged ‘heloc’
Does a HELOC (Home Equity Line of Credit) need to be in the applied for by both owners?
02
Jun
My wife and I are both own our house are are listed on the title, but she has bad credit. Can I apply for a HELOC myself so that we get approved and/or get a better rate?
What is the best rate you’ve gotten lately on a HELOC (home equity line of credit)?
01
Jun
Answer in relation to “prime” interest rate please, i.e. prime minus 1. Also list the lender.
APR on my HELOC does not calculate as I think it should. Why?
31
May
basic formula- borrow $40k at 8.75% APR during draw period interest only payment should be= (40,000 x .0875 )/12 months = $291.67/month but I am paying $330.17/month at this APR. What am I missing?
Also, look at the BofA website- they claim a $40k for 283/month but also claim 7.25% rates.
Isn’t it = (40,000 *.075)/12 months = 250/month? wouldn’t 283/month on a 40k loan equal out to 8.5% interest rate?
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_home_equity_loc
I’m missing something in the calculation or something in hidden fees I don’t quite get. Any help is appreciated.
If my equation is incorrect, what is the proper equation to use to find the payment on an interest only payment on a line of credit?
Where can I find a HELOC (Home Equity Line of Credit) ?
30
May
It seems like all the big lenders are freezing HELOCS. Where can I find one that will not close my equity line?
What are the possibilities to obtain a HELOC after bankruptcy?
26
May
I’m interested in a Home Equity Line of Credit. I did a bankruptcy in 2005, however my fico is 710. The payoff on my apartment is only $11,900.00 and the estimated value is $111.000. I make $46,000 a year and been in my work since 2005. What are the possibilities to obtain a HELOC???
BK is discharged
home equity line of credit HELOC – est payment?
26
May
HELOC at maximum amount of $70,000, max interest rate is 24%.
what would the maximum monthly payment be, p+i only?
What is the difference between a home equity loan and heloc?
21
May
What is the best for home repairs? How are they repaid? What has the lowest interest rate? Thanks. Is a bank or credit union the best place to start inquiring?
I need a company for a home equity loan, HELOC, or refiance?
18
May
We just bought our home in July for 98,000, appraised at 120,000. My husband and I both have decent credit, mid 600’s, and about $15,000 in credit card debt we need to consolidate! The problem we keep running into is that we need to be in our home for 6-12 months for the lenders I’ve talked to. Does anyone know of a lender that can help? Thanks!
What is the difference between a HELOC and a Home Equity Loan?
14
May
I know a HELOC is a “Home equity line of credit” but what is the difference between that and a “Home Equity Loan”?
Cash-Out Refinance or Second Mortgage? If Second Mortgage…home equity loan or HELOC?
14
May
My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks
What’s the difference between a HELOC and a Home Equity Loan?
10
May
I’ve seen a lot of lenders offer both. Which do I need for a renovation?
Should I overpay on the HELOC portion of my 80/20 mortgate loan?
05
May
Have an 80/20 loan, overpay on the traditional 80% portion, and making some progress. However, on the 20% home equity line of credit portion, I overpay and don’t seem to make much progress. Should I continue overpaying?
When can I get a Home Equity Loan or HELOC?
28
Apr
Just bought a house for $214k 30yr 6.125%, it was appraised at $244k. I’d like to make several home improvments and consolidate some debt. How soon can I get a Equity Loan or Line of Credit , seeing how i just bought the home I wasn’t sure if theres a waiting period i.e 6mo-1yr . Also which might be better for my situation the Loan or LOC?
what is a decent interest rate on a HELOC (home equity line of credit). ? we have very good credit and our?
21
Apr
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I’m wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?