I am a first time home buyer and I want to be informed as possible. To buy a home in the first place, you would have to take out a mortgage, pay thousands in closing costs, get a deed and you own the property, subject to making your mortgage payments. If you have equity in [...]

I am planning to buy a new house. What would be better, to take two loans (primary and secondary) on the new home, or to take one loan and home equity from my first home (which was paid in full) to put into the new house? It’s usually pretty irrelevant which option you use, Lenders [...]

Mortgage interest rate is 5.625%. My home equity line of credit is just 2.75%. I have enough credit to cover the balance of my mortgage, and will certainly pay it off either way within the 10 year requirement. What are the ramifications? Am I missing anything? 1. Is the equity line a fixed rate or [...]

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 [...]

We just paid off our mortgage, but have an outstanding home equity loan, which we took out to benefit from the tax deduction. Now that the mortgage is paid off, we’re wondering if the loan is still deductible. Till your loan is fully paid off, you can claim the interest amount as paid by you [...]

We’re in our 50′s, with a house that’s worth twice of what’s left to pay off on our mortgage. We were hoping to use the equity for our son’s college in a couple of years, or as a retirement cushion, but want to pay off some MAJOR credit card burdens. Any advice? Bad idea… If [...]

I recently remortgaged and I took out a "home equity line of credit" along with the refinance. I don’t especially need it and don’t have plans to use it, but as the loan agent put it; "Its free for refinancing with us…. and isn’t it nice to know its there for an emergency?" ‘Well, yea!’ [...]

a; purpose? if you gain enough equity, you wont’ need a loan. b; a mortgage cash to the seller accompanied by a lien to a lender. c; if you have enough cash in the bank, you can go to an ESCROW company and open escrow and not need a mortgage. [if you know of good [...]

We currently have a home equity loan and a mortgage, but want to pay off credit card debt. Can we take out a new home equity loan, paying off the current home equity loan and credit card debt which would result in the home equity loan balance being larger than the mortgage balance? There is [...]