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newmoon asked:


I need to know all the details and if it is a good choice. I have payed off my vehicle and credit cards and have none, but I have alot of student loan debt. Our dilema are the student loans. And paying them. I have heard about home equity loans and heard about being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow ? Does it add to the years to pay off your house? We only have eleven years left to pay as it is right now. Just wondering what is a good option. I even thought that after I graduate and am working that my pay checks can go all to my student loans. I am just looking for some good ideas without having to stress out about debt and bills and such. We are trying to pay our bills off and so far have done good. But those student loans are looming in the background.

Cameron

cheerful2 asked:


What are some benefits of a home equity loan? How does it work? Whats a good interest rate for someone with OK credit? My is good, but my husbands is fair. We are planning on consolidating high interest cards and possibly using sometowards a newer vehicle.

Lauren

Kelly asked:


I am wanting to buy my first home and the home i found needs work. I want to take a home equity loan out to make the repairs but i dont know what kind of time frame i will be looking at to get one. Any advice would be much appreciated.

Jennifer

don c asked:


The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan for that 10k? I need to make repairs as it is a foreclosure in poor condition. Can I do a refinance loan and get more than I even paid for it if it appraises higher than 10k, which it will? Thanks for any help

James

Patricia P asked:


My husband and I are thinking of purchasing an investment property by way of using a home equity loan on our first home. Is this a smart thing to do? what are the down sides of it? We don’t have money of our own in the bank to do it, but it seems like a good time to take advantage of the changing real estate market.

Jada

Melissa O asked:


My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I know that we’d then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?

Alexandra

BamaboynTN asked:


I’m wanting to add on to my home but I’ve never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?

Allison

Jessica B asked:


My brother-in-law took out a home equity loan and he went to refinance his house and for whatever reason the house did not appraise for what it needed to partly because of the home equity loan that he already had. He was told to pay off his home equity loan and come back to refinance his house. Is there anyway that he can change his home equity loan to a personal loan? Or would that even help? please help. thanks.

Leslie

Trixie asked:


I got these medical bills from a recent surgery and its causing a huge financial strain on me. I make enough to live comfortably, but not enough to live comfortably and pay this incredible amount of money every month. I am just wondering, since interest rates are so low right now, is it the right time to take out a home equity loan?

Cameron