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lu lu asked:


cant decide if I want private loan home equity or 2 moragage dont know which way is best

Gracie

NONAME asked:


One that comes to mind is quicken loans. Any information would be appriciated, thanks.
The thing is, my home is included in my land that I use for cattle grazing.

William

Kristy asked:


My employer pays for my tuition, but I am still eligible to take out student loans. I am debating if I should continue to use student loan money to “fix-up” my house, or just take out a home equity line. I know if I take out a loans, and if I stay in school I can keep the loans deferred and just pay when I can, but a home equity loan would require immediate payments. Also, if I hit a rough patch I can request a forbearance request. Any thoughts??

Joseph

Joe asked:


We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for “construction costs” to ensure the interest remains tax-deductible.

Question 1: We’re paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the “construction costs” of a building so we can use the loan to pay these without worrying about the IRS coming after us?

Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I’d get a lower interest rate today, but it might be higher next year.

Thanks!

Joe

Madison

eagle asked:


I own a home and want some extra money.I have about 200,000 equity on my home and my loan is for a 100,000.My credit is not the best in the world.I have 2 credit cards total of 1,700 dollars and owe a few doctor bills totaling 730 dollars.My house payments are current and I have no car loan.My salary just barely pays my bills.Maybe I can leave some money in a high interest account to acquire some money from the equity loan too and use some of the money to do a few things to house but not major remodeling just new carpet,paint landscaping etc etc.What is the best way to get some extra cash,I am a single mom and only have my one income coing in and can’t take another job because I have to take care of my other responsiblities as a mom.Please no loan companies respond. Just want to make my quaility of life a little better.Thanks anyone.

Hailey

Wife4Life asked:


I own a house that will be paid off next year.

I want to do some remodeling in my house like a new kitchen, all new travertine floors, new doors and some other things.

The total of my remodeling will be about $45,000 including all the labor and materials.

My question is: Do I get a home equity loan for 7% to8% or do I save my extra cash and pay for the remodeling in full in about 2-3 years after I pay off my house?

If I get a home equity loan for about 5 years, I will pay nearly $10,000 in interest alone. That’s a lot of money!

Any ideas?

P.S. I have no debt except my house loan. No credit cards, no cars, no school loans, no nothing!I have a credit score of 780 and I don’t like to pay interest if I don’t have to!

Evelyn

Lojo asked:


How does a home equity loan work?

Emily

Suzi S asked:


I have a home equity loan for $100,000 locked at 7.25%. I decided to unlock it for $200 and relock it a a lower rate, only to discover the new rate was 7.35%. If I leave it unlocked the current rate is 5.49% (prime minus 0.51%). I had short term money in the 1980’s at 18-21% and cannot afford that now. Could this happen again? Is it safe to unlock this money and leave it unlocked? Or should I stay with the current locked rate?

Nicholas

felixjai asked:


I want to know if I can get more than one home equity loans at a time for a single house from different banks. Because I’ve applied for a home equity loan from a bank, but it seems to be not enough for me to do what I want to do with the money. So I thought I can apply for another equity loan from a different bank to double the amount. Is it possible?

Alexa

Ladybug NH asked:


We have a $200,000 mortgage on a house that is worth $300,000.
I was thinking about refinancing, but noticed that a home equity line has a lower interest rates APR.
If I take the equity line and pull out the full amount they will give me (the bank told me it is up to 80% of the value of the house) and turn around and pay off the mortgage, wouldn’t that be cheaper for me ?
Where is the caviot in this theory?

Bethany