I have a 25K home equity line and owe 22k. We need about an additional 10K to complete our home improvements. My bank indicates that if I request a home equity line of 150K the interest rate will be lower and I do not need to use more than I need. Is this a good thing to do, will it hurt my credit rating to have such a large equity line. I do not plan to use more than 10k.
How can you calculate the tax benefits of a home equity loan vs a conventional loan with a much lower interest rate where with the conventional loan you cannot deduct the interest charged?
Are all reverse mortgages calculated using the adjustable rate on interest? If so, why?
My wife and I bought our house 4 years ago for $115,000. We would like to add on to the bedroom and bathroom and pay off her student loan (which is about $10,000). Our current interest rate is 6.25 and our payment is about $1,000 per month. I'd guess the value of the house now to be around $120,000 (as houses near us are selling over that price). I believe her current student loan paymen...
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Our mother died, we inherited the house and 1 yr later, the $180,000 reverse mortgage is due, her house has not sold. Should we siblings refinance the house or take out a line of credit on our own homes to avoid foreclosure. Should everyone get an equal share if only person takes out the loan because, the other siblings have poor credit, no home or money.
My bankruptcy was just confirmed this month. I have an ARM where the rate will reset for the first time in February 2008. What are my chances of finding someone to refinance me? Right now my rate is 7.6%.
I am interested in consolidating (refinancing) my mortgage and my home equity line of credit. What are the primary things I need to keep in mind and watch out for when I do it? Thank you.