You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “Home equity loan help?! Anyone financial?”.
-
Archives
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
-
Resources
-
Meta
OSCAR
Home Equity Loans are secondary loans
If you are paying x amount of money for you home mortgage right no you will pay x amount of money after you get an Equity Loan. The Equity Loan is usually a 5 year Loan and the payments are based on the interest rate, loan amount and length of the loan. Your equity loan would be a seperate payment and if you want it all in one payment you should refinance and get cash out. You need about 680 credit score and about 40% equity in order to get 20% cash because most banks are only doing 80% LTV loans right now which means 80% of your homes value is the most you can get without cash down.
You really have to know your mortgage balance, and your estimated value. Although right now the value likely is less than it was 5 years ago.
Try:
I also recommend using compareinterestrates.com to find lower estimated rates…call up a few people and get and idea of what you can do without committing to any of them unless you find something you are willing to do. I also think you need to find your current rate…not apr but just the rate and see if you can get a lower rate for a refinance as that can lower your payment by itself. the drawback is you will be paying for another 30 years if you refinance to a 30 year fixed but you can always pay extra on it if you get a no penalty for early payoff loan and have extra money to put down later.