Dec
22
Can I use a home equity line of credit to purchase another home?
Filed Under homeequityloansprosandcons | 3 Comments
lamontnow asked:
I want to open a home equity line of credit. I have 100% equity in my house and an excellent credit rating. I am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one I would buy).
I want to open a home equity line of credit. I have 100% equity in my house and an excellent credit rating. I am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one I would buy).
If I use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? Kind of a bridge loan without the fees.
Tristan
Dec
21
Can I claim my home equity line of credit when filing for bankruptcy?
Filed Under homeequityloansprosandcons | 3 Comments
Dec
15
Is it better to borrow against home equity when you still have a first mortgage?
Filed Under homeequityloansprosandcons | 5 Comments
GoGators asked:
Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?
Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?
Dec
9
What’s a safe way to use my home equity to make money?
Filed Under homeequityloansprosandcons | 3 Comments
lieinourpig asked:
I own my home and don’t have a mortgage payment. Can I get a home equity loan, and then invest that money into a safe investment (such as a bond mutual fund) and pocket the difference each month, assuming that the fund’s monthly distribution is higher than the mortgage payment? Or, is there some other “scheme” I can set up that would be similar? I don’t want to use the home equity loan money to start a business or buy real estate or anything like that - too risky. I’d prefer to stick with things like mutual funds. I just got to thinking that my home is just sitting here, not really going up in value (in my area, anyway), and that money isn’t doing anything for me. Surely there has to be a safe way to let it make me a little money, right?
Kayla
I own my home and don’t have a mortgage payment. Can I get a home equity loan, and then invest that money into a safe investment (such as a bond mutual fund) and pocket the difference each month, assuming that the fund’s monthly distribution is higher than the mortgage payment? Or, is there some other “scheme” I can set up that would be similar? I don’t want to use the home equity loan money to start a business or buy real estate or anything like that - too risky. I’d prefer to stick with things like mutual funds. I just got to thinking that my home is just sitting here, not really going up in value (in my area, anyway), and that money isn’t doing anything for me. Surely there has to be a safe way to let it make me a little money, right?
Kayla