Tag Archives: Current Mortgage

How would you finance a vacant land purchase with this scenario?

Michael G asked: I have a current mortgage of $135,000 on my primary residence. This single family home is valued at $300,000. I want to buy a piece of vacant land for $145,000. I have $40,000 to put down on … Continue reading

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Types Of Collateral For Secured Loans – Getting a Home Equity Loan With Low Credit Scores

Carrie Reeder asked: You don’t have to have perfect credit to get a loan. If you’re a homeowner–or the owner of a valuable asset–you can get a Secured Loan. Your asset will be used as collateral, and if you default … Continue reading

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Do You Qualify for a Home Equity Loan?

Carrie Reeder asked: When you apply for a home equity loan, lenders consider your creditworthiness when deciding whether or not to extend a loan. Your creditworthiness is assessed based on three things: credit history, income, and loan-to-value ratio.Credit HistoryAs with … Continue reading

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Online Home Equity Loans – Tips On Refinancing A Mortgage Online

Tim Gorman asked: Online home equity loans have opened the flood gates both for the lender and the borrower by eliminating all the intermediaries between them. As a result, the online lender is able to offer much cheaper rates than … Continue reading

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How does a home equity loan work?

CS asked: I have about 30K in equity. Like to do some home improvements. Current mortgage each month is 1200.00. How does the loan work in conjunction with the monthly payment? Is it seperate, bundled into the payment, etc? Is … Continue reading

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Would it be better to refinance at a lower interest rate or take out a home equity loan?

mobgirl asked: Here is my situation: We would like to put around $20,000 into our house. Should I refinance at a much lower interest rate for an extra 20 grand? Or should I keep our current mortgage as is and … Continue reading

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Can I get a home equity loan 2 years after bankruptcy?

Chris G asked: I had a business failure that caused a personal chapter 7 bankruptcy which was discharged in April of 2007. I currently have a tax lien on the home due to some IRS penalties, interest and taxes owed … Continue reading

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Refinance or Home Equity Loan?

metspsu1980 asked: My brother and I are in our mid to late 20’s and own a 2 unit home valued at approximately $75,000 free and clear. We have a 30 year mortgage (out on another home valued at approximately $40,000) … Continue reading

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Home Equity Loans – Tips to Get Out of Debt

Terry Edwards asked: Home equity loans can be an excellent source of funds when used wisely. One of the ways in using the cash from a home equity loan is to consolidate your debts.Why is it wise to consolidate your … Continue reading

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Fixed Rate Home Equity Loan

Brigitta Schwulst asked: As the owner of your own home, you have a very important resource available to help you weather many financial storms including the current global credit crunch. With the credit crunch in the news on a daily … Continue reading

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