Links to fixed rate mortgages and other home equity loans…
kay asked: I was transferred the family home shortly before my mom passed away. The house has no debt owed on it (but very high prop taxes). It’s in major need of repair (eg crazy plumbing leaks, outdated electrical), but I’m a recent college grad with a fair amount of loan debt & next to [...]
Continue Reading Home Equity Line of Credit or Mortgage?
Tags: Equity Line Of Credit, Home Equity Line, Mom
asked: I have a adjustable rate witch is changing to 3.87% with a 2 point cap yearly and was at 5.37%, is it worth the coast to refinance at a 30 year fixed rate of 4.875% with no points. I have a 30,000 home equity line witch can not be rolled in to the loan [...]
Continue Reading Should I go to a fixed rate?
James H asked: Hi I have a mortgate of around 2 years old and is a 30 year fixed rate at 6.5%. With interest rates being slashed right now and house prices dwindling it would make a lot of sense to be able to refinance the mortgage at a much reduced rate, lower the monthly [...]
Continue Reading Refinance current mortgage?
Jose S asked: The situation We bought a condo in 2005 at the height of the housing boom for $308,000. Our loan was financed by Wells Fargo, and the type of loan that we qualified for consisted of an 80%/20%, hence it was 100% financed. Both loans were called Smartfit Home Equity accounts and were [...]
Continue Reading SmartFit Loan from Wells Fargo Bad Loans?
Tags: Housing Boom, Mortgage Loan, Proactive
Michael G asked: I have a current mortgage of $135,000 on my primary residence. This single family home is valued at $300,000. I want to buy a piece of vacant land for $145,000. I have $40,000 to put down on it, so would need a loan for $105,000. I’ve been told to go with a [...]
Continue Reading How would you finance a vacant land purchase with this scenario?
Tags: Home Equity Loan, Interest Rate, Rate Loan
june asked: we bought our first home in PA, instead of having a traditional home loan of fixed rate for 15%, we took out a loan called HOME EQUITY, 15 years fixed at 5.74%. the monthly payment is $1365 (principle & interest only). We pay property tax & home owner insurance separately; it is $306 [...]
Continue Reading Are we qualify for loan modification?
Tags: Loan Modification, Loan Rate, Principle
madshop asked: We have a 5/1 ARM with interest only mortgage currently. Got it at 5.25% 3 yrs ago. We have been making interst only payments so far with no payments towards the principal. But our home price has gone up by above 50k over the same period which I guess would count as equity. [...]
Continue Reading Should I refinance my interest only mortgage loan?
Tags: Interest Only Mortgage, Refinance Loan, Sky
Timothy H asked: Hello, here’s the situation: I currently have a mortgage of left of $159,000 at 6%. This is a 30 year mortgage, but I have been paying extra each month; and I am at around year 23. I also have a home equity loan of $25,000 at 7.25%. I am planning on paying [...]
Continue Reading Fed rate and Mortgage interest rate, help please?
Tags: 6 Years, Closing Costs, Fed Rate
tp1260 asked: Here is the deal, i own a home in st.petersburg florida valued at around 200,000. I have owned the home for a little over 2 years now. The purchase price was 120,000. I pay the mortgage to the previous owner on a monthly basis of 689.00. It is a 30 year loan, at [...]
Continue Reading If you owned my home, what would you do?
Tags: Bank Of America, Home Equity Line, Mortgage
barry m asked: The property was bought for 79 thousand 2 years past september. What is the best course of action to take now? My flat will no doubt be in negative equity now. I have no plans to move home. I also have a loan secured against my home, not sure if this information [...]
Continue Reading My 2 year fixed rate mortgage ends in september then moves onto a variable rate?
Tags: Fixed Mortgage, Fixed Rate Mortgage, Year Fixed Rate Mortgage
