Kae B asked:


I am interested in doing some updates to my home totaling about $50K (windows, bath, kitchen and small interior remodel). I haven’t really priced things out so this might be an inflated estimate, but I’m sure it’s in the range.

Given that I don’t have anything near that in the bank, I wondered about a home equity loan. I’ve owned my home for nearly five years and in that time the value has increased quite a bit. i love my neighborhood and the value is only on the rise.

Anyone know when the time is ripe to take a home equity loan ? How much equity should you have in your house? And will the new loan wrap up into your mortgage or be a completely separate payment?

HARLAN

Amanda B asked:


My husband I are looking to borrow about $35 thousand dollars out of the equity of our home to help finance our son’s college and to do some small renovations. We bought our house ten years ago for $170 thousand. It was recently appraised at $320 thousand and we have payed our mortgage down to $130 thousand. We are wondering if it makes more sense to refinance and pull $35 thousand out or if it makes more sense to take out a home equity loan. We are looking for the option that raise our monthly mortgage payment (or loan payment) the least.

ELIAS

Kennyb asked:


I have less than 15% equity in my home and need to consolidate some bills. My FICO is right at 530 and I have one late mortgage payment about 3 months ago. The amount I need is about 10% equity in my home, but can’t find a lender willing to let me have the money with such a low score. At this point in time, the interest rate is not as important as getting some things paid before they begin to affect my credit even more. Anyone know of any companies out there that will go with a 100% equity loan with my bad credit score?

HAROLD

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

jeff asked:


I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $900. I currently owe $12,000 on my mortgage and my house is worth anywhere between $600,000 and $800,000.
I want an equity loan of $100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.

HECTOR

Guinness asked:


I am told it will reduce the life of my mortgage loan by 7 years, and will add to my home equity significantly within 10 years. Is anyone out there actually doing this and have you seen positive results?

COLBY

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