Kinsey asked:


Okay I know that without specific numbers no one can really answer this question. But I just want to know how much more a monthly mortgage payment will be if a home equity loan is taken out for home repairs. Here is what I know so far: The house is appraised for 208,000. I dont know what the original down payment was or how much the original mortgage was for but I’m just going to guess 188,000. There have been 60 monthly payments of 1400 per month on I am assuming a 30 year loan. I don’t know what the interest rate was, but they want to take out a home equity loan of 18,000 to 28,000 for home improvements. If anyone can help me figure out approximately how much more the monthly mortgage payments would be that would be great. You can email me if you need any more info that can help.

CARLTON

sparkinharley asked:


this property is all long term renters 6 unit Grossing an income of 35,580.00 …per yr . total Operating exp. $13,500 so there is a profit of 22,260.00 which can pay off my home equity loan in a short time. the property is listed at 139,900 I would offer $105,000 i can get a home equity loan up to 45,000 to cover the 25% down payment which will lower the mortgage payment.
the owner is older women , her hubby has passed away and cant do much anymore. I was assuming this would be a good investment cause I can do 99.9 % of any repairs if needed. I was thinking keeping this investment cause, after the home equity loan is paid off, i ‘ll have additional income to pay off this property sooner all apartment are up to date also
would this be a good investment ??

JIM

OP-lo asked:


I currently have a stash of cash in a money market earning 3.61% APY. I also have a home improvement project set to start later this month. I have enough cash to cover about 40% of the project. I also have a line of credit locked to prime, currently 5.25%. Should I take some of the cash to max out my Roth IRA and thus borrow that much more against the house assuming investments will earn 8% over time - or - should I minimize my home equity debt in the short term. My job situation is good but not great. I am also putting away 5% of my paycheck monthly into a Roth 401K. I have also considered the fact that I could refinance the equity loan into a new 30 yr mortgage after the project. The downside there is that I am currently at 5.25% 5 years in to a 30 yr mortgage. Thanks for your input.
FYI - even if I used 100% of my equity line, I would still have over 100K in equity on my home. I live just west of Chicago. Our housing market here has slowed but notthing like the devaluations of Florida or the west coast.

JARVIS

sparkinharley asked:


this property is all long term renters 6 unit Grossing an income of 35,580.00 …per yr . total Operating exp. $13,500 so there is a profit of 22,260.00 which can pay off my home equity loan in a short time. the property is listed at 139,900 I would offer $105,000 i can get a home equity loan up to 45,000 to cover the 25% down payment which will lower the mortgage payment.
the owner is older women , her hubby has passed away and cant do much anymore. I was assuming this would be a good investment cause I can do 99.9 % of any repairs if needed. I was thinking keeping this investment cause, after the home equity loan is paid off, i ‘ll have additional income to pay off this property sooner all apartment are up to date also so what do you think

CRUZ