Home Equity Loans Arizona

what minimum credit score do I need to be approved for a loan????

okay so I need some advice as far as our 350k, FHA loan with 3 % down goes. The first deal I received was thru some loan officer located out of Arizona who gave me a 6.5% rate with 2 points. I heard this was a horrible deal so I decided to shop around especially after hearing that you have 14 days from the first mortgage inquiry to shop around and have other lenders pull your report without it harming your credit because it will be considered one.

I then received a quote yesterday thru quickenloans.com but after reading some of the questions and answers that were posted about others experiences I was very skeptical even though they gave me what seemed like a good or better rate than the first guy. For example they gave me a 5.6…% (there were two more numbers after the 6 can’t remember) with 2 points or a 6.25% w no points. I am also interested in seller concession so closing cost and points wont be paid out of pocket.

Not only am I skeptical about the stuff I read here about quickenloans but they are also asking for $350 committment fee that will be refunded at closing if we decide to close with them. So if we dont close with them then basically that money is non refundable, which has me feeling trapped and I dont really like feeling that way. What I dont want to happen is I agree to pay that committment fee and then at closing theres a whole bunch of other fees that I did not agree or know about and I back down and they keep my $350 fee. Which $350 is not going to kill me but who wants to give away money?

So I decided to not pay that fee but I still have them in mind just in case. I called JP Morgan Chase bank and they approved me with different rates. They offered me 5.875% with 2.3..( theres two more numbers after the 3, forgot…again!) points and a 6.125% with 1.5 points. I know Chase is a reputable bank that has been around for a long time and I kind of trust them better then quicken loans but quicken loans does have the better rates so basically im stuck???? I would like some type of advice on what I should do if worst case senerio where it’s either one or the other I have to choose from. I am still going to shop around because I know I can probably do better.

Here are the basics:

-annual combined income: a little over 100k yearly.
-401k combined: 17,364
-been at our jobs over 2 years both.
-combined monthly bills: a little under 1000.00 monthly.
-all three credit scores for him: experian: 643, transunion: 634, equifax: 610
-mine: experian: 684, equifax: 672, transunion: 649

Thanks so much!

Hi everyone,

My mother is going to meet with a financial advisor next week but wanted to get a little bit of info before going into it, since the last financial advisor she went with caused her to lose some of the money in her annuity funds.

She is a single divorced full time school teacher and is planning to retire in 5 years at the age of 64. She does not want to touch any of her annuities or retirement money AT ALL before that age. However, she is looking for a way to get some cash because she has a couple of big purchases that she needs to make this coming year. (new car, surgery, and tuition for my younger brother)

She has a condo that is currently worth about $145k that she bought in 2003, of which she has paid off $100,000 as of date. She has a home equity loan from her bank that she got in 2004 that she still owes $16,000 on. She has excellent credit and has never missed a loan payment, credit payment or a mortgage payment…or any other kind of payment.

I am 23 and in grad school…unable to really help her financially at this point in my life.

She is considering the possibility of a second home equity loan or second mortgage, or another type of loan. Any thoughts or advise I could pass along to her would be greatly appreciated.

Thank you!!

I have an Interest Only mortgage and since mortgage interest is tax deductible, doesn’t that imply that my entire mortgage payment is deductible?
The Form 1098 I just received shows the “mortgage interest received” is only a fraction of the interest I paid this year. What percentage of mortgage interest IS deductible on these interest-only loans?
Thanks!

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I am in need of 25k ASAP, not getting into the story. I do not own my home so that rules out any equity options. I do have a car that is completely pd off it is valued at 12k. Now would it be possible to get a loan for 25k? I have a credit rating of 670, pay all of my bills on time and make 47k at my current job. I would like to longer term loan if possibe and payments no more than 450. Any good suggestion, is this possible

I am a solvent, stable, well-employed, credit-worthy individual. I bought a house 7 years ago which has more than doubled in value due to the market I’m in and of course, location-location-location. I have about $10k of debt (credit cards, automobile). To further increase the value of my home, I want to renovate my kitchen and bathrooms to the tune of about $16,000. Here’s my big question: I’ve applied and been approved for a $30k home equity loan to finance the renovations and pay off the auto and credit card debt. Am I turning down the wrong road? Am I asking for trouble? I really, really hate debt. My home mortgage is [was] low and now I’m adding back another $30k.
I opted for the home equity loan vs. line of credit so that I got a fixed interested rate, which was important to me. I will pay off the home equity loan long before the term is up.
The return on the improvements will definitely more than double my investment in upgrading. Is this the right thing to do?

I plan to get a home equity line to consolidate some monthly bills, and my mortgage company has offered this type of loan as the one wiith the lowest montlhy payment:
Home Equity Line of Credit 90
Rate: 84.500%
APR¹: 84.500%
Term: 120
Does ANYONE understand the terms and and interest on this type of loan?