purchasing a very affordable fix’r up. Can afford to use home equity (prime) but is there a benefit to mortgaging some of the cost? That would depend on your financial situation. Taking out a mortgage on a second home would cost a bit more interest wise, even with a good credit score. You should sit [...]

I am thinking of refinancing and the home equity mortgage is very appealing but I do not know enough about it. I can get a great rate and under 1K closing costs total on a 30yr fixed rate. I am looking for pros and cons. You all misunderstand what I asked. I currently have a [...]

Would a cash purchase followed by Hel or Heloc have any advantage over a traditional mortgage when it comes to fee’s, points,rates and any other associated costs. Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of [...]

I am ready for foreclosure. I cannot afford any more payments. I have two cars that are fully paid and I am just wondering if a bank can repossess or put a lien on them? Nope. They only have the right to your home. Bankruptcy – would give them the right but not foreclosure. addthis_url [...]

What’s a better option over the long term, a mortgage or home equity line of credit? an equity line of credit you only pay for what you use. if you don’t want that much only open it for what you think you will need. it revolving so as you pay it off it is available [...]

what’s the terms of your mortgage? If you are tied to a short term index it will help when it resets. Then you may have to wait until the reset date, which may only occur once a year. addthis_url = ‘http%3A%2F%2Fwww.selviceevler.com%2Fhome-equity-mortgage%2Ffed-cuts-key-interest-rate-why-does-this-not-affect-my-variable-rate-home-equity-mortgage’; addthis_title = ‘%26quot%3BFed+Cuts+Key+Interest+Rate%26quot%3B+Why+does+this+not+affect+my+variable+rate+home+equity+mortgage%3F’; addthis_pub = ”;

I am 46 years old. My husband is 50 years old. The rate is 9.25%. You owe $90K on a 9.25% loan and are asking if you should refinance? YES, YES, YES. Your currently paying around $693 a month in interest. Current mortgage rates are around 6.25%. A 3% savings. At 6.25% your monthly interest [...]

I have a friend who is very desperate because of all the debts, shortsale/foreclosure of his house, mounting credit card bills, etc, want to just leave the country for good to start anew. What would be the possible consequences of this? Will it clear all his debts, if he comes back to the US after [...]

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? It all depends on the specific terms. Sounds like you have tons of [...]

I’m guessing this varies based on the loan details, but generally speaking, if you make extra payments, is it better to target the mortgage (30 yr. fixed, 80% of purchase amount) or a home equity loan (15yr interest only, roughly 20% of purchase amount) Just to make sure the question is clear…which is better to [...]