Home Equity Loan

Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI? 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 know that we'd then have two loans to pay, but the PMI would be eliminate and all of our payments (minus the interest) would be going toward the loan rather that insurance. Is it possible to get a home-equity line of credit for 6%?

Is this home equity line of credit offer too good to be true? The bank is offering a line of credit sale. I pay no fees, the bank is covering all closing costs, state taxes, appraisal fees and the first year annual fee. I can take out a line of credit on the equity of my house. The rate is prime minus 1/2. What is in it for them? Could there be a hidden downside for me? What do you think?

How to best get a combination of mortage and line of equity to buy a second property? Hypothetical situation: * I have paid off the mortage of my primary residence, appraised at about $600K * I'm now interested in using the equity of the above house to buy a second/rental/investment property, sold price of $200K. How should I do it? Option 1: apply for a home equity line from my primary residence, e.g. about $40K equity line to down payment for the second property and get a $160K mortgage. Option 2: is there a way that I can apply for a $200K mortgage off the primary residence to pay off the second house? If possible, wouldn't this be better than option 1? Thanks in advance!

What is the typical point for a home equity line of credit? Does anyone know the typical point for a home equity line of credit ? By point, I mean the up-front fee that is proportional to the credit limit. So if the term asks for 5 points (5%) and the line of credit is $100,000, there is a $5,000 fee. Do you think that the numbers I've just mentioned are a pretty good deal, assuming that the interest rate is good? Thank you.

Can you have a home equity loan and a home equity line of credit? My husband and I have two mortgages (an 80% and a 10%). Our banker uses the term for the "second mortgage" interchangeably with a "home equity loan". Is it possible for us to take out a home equity line of credit at the same time we are paying the second mortgage?

What is equity line of credit? How does it work? Is it beneficial? I am a first time homeowner and my friend always encourage me to apply for an equity line of credit. Can somebody help me?

How find new home equity line of credit? I have a home equity line of credit at 9%; I see them advertised at 7.5%. Any ideas on how I might find a better rate without closing costs besides just calling around?

Your home will foreclose What will happen to the balance you have on your equity line of credit obtained from? My friend has a home equity line of credit and plans to foreclose on his home. Will he be responsible to pay for his line of credit afterwards or will that be considered a part of the foreclosure?

Home equity line of credit: Can I use it for the down payment to buy another house, then sell the first house? Hello everyone, I need to move to another location. Can I take a home equity line of credit on my existing house to pay for the down payment of a new home, and then sell the first house that I used for the line of credit? Are there any restrictions to do that? Can I avoid the fee that I will get if I sell the first house early? Thanks.

Can I refinance an interest only equity line and a first mortgage? I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?

How long for a check to clear from Charter One equity line? We recently accepted a check for a sold car and the lady told us it was a check on her home equity line. We attempted to verfiy that the check was good prior to depositing it at our credit union, but since they gave us a 900 number to verify, we could not get through (AT&T and Cingular both say they have no way to bill for these). My credit union put a 10 day hold on the check. My question is , since all banking transactions are electronic these days, why should it take 10 days? It has been a week and so far the check has not returned as bad, can we assume now that it is good? I know we can't spend it until the hold is off, but just want some reassurance!

should I refinance my home to pay off an equity line of credit? I have a home equity line of credit paying intrest only at 8.25% on the amount borrowed against it.

How can I verify the validity of a check written on Charter One equity line? HELP! My crazy husband sold a car over the weekend and accepted an $1800 check from a family. The lady assured him the check was good and said it was her "home equity" line. The check just says Charter One, but no address or contact number for the bank. I will be taking it for deposit to my credit union today, but is there a way for me to verify that it is good prior to waiting to see if it bounces??? We live in Georgia and find no brances in this state. Any advice?

What are the pros and cons of a equity line of credit? I am trying to do some debt reconciliation and a friend of mine suggested I checked into a equity line of credit (borrow against the equity built up on my house), is that a good idea??? what are the pros and cons of it, as opposed to just keeping my debt on my credit cards?

Can I refinance my current mortgage and equity line into a 30 year fixed? I took at 80%/20% loan to get into my first house. 5 year fixed ARM (4.5%) and equity line for the 20% @ 10% (adjustable). I have never missed a payment on either of these loans over the 3+ years. I would like to turn this loan into a loan to eliminate the equity line. Initial loan was 200k, I currently owe 190k on the loan. Can I do this without putting cash down (20%)? I do not have 20-40k to put on this refinance loan as my wife and I each are full time employees and full-time graduate students. What options are there out there?

Does it make financial sense at 50+ to borrow from an equity line to help fully fund your 401K? The interest on the equity line is tax-deductible. At 50+, you can fund $20,500 for this year.

Use my savings or a home equity line to fix my house? I need to have work done to the foundation of my house. Should i use my savings to pay to have this done, or should i use my home equity line of credit to do it? If i use the line of credit i will have to pay up to 10% interest on the loan, whereas if i use my savings i wont have to pay any interest and i can just make the payments back to myself. Plus it gives me the freedom to "skip" a payment to myself should i need the money for something else, whereas i can't skip a payment back to the bank. If i were to use my savings, it would wipe it out.

Does a co-signer need to be on the title to apply for a home equity loan or a home equity line of credit? I'm thinking about applying for a home equity loan or line of credit for my home but am discouraged by my below average credit score. To refinance, any and all applicants must also be on the title document, so would the same rules apply on a home equity loan or line of credit?

Is a Home Equity Line of Credit or Home Equity Loan used to buy a second home tax deductible beyond $100,000? Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?

How much Can I take Out for Home Equity line of Credit? I have a house paid for free and clear. How much will a lender allow me to take out on a Home Equity Line of Credit? My friend told me only 40% of the value of the home. Is that true?

Would it be better to continue to pay on our Equity Line of Credit & our Mortgage or to refinance for 1 loan? Our interest rate on Mortgage is 5.87%, but we have a variable rate currently at 7.5% on the Equity Line. Now that we have exhausted the Equity Line we are having trouble carrying both payments. Will the payment be lower if we combine the loans and refinance?

What exactly is a Home equity line? I have an equity of about 240K on my condo.I am pre-approved for a $162K Home Equity line.I bought it for 200K 4 1/2 years ago and it increased in value by almost double.So,what exactly does this mean for me?

Is my home equity line of credit from Citi Bank a recourse loan or non-recourse loan? I am going through a foreclosure and need to know if I am liable to pay back this second lien position, home equity line of credit. Also what are tax consequences for this foreclosure with the home equity line of credit?

Can my home equity line lender force me to sell (or into foreclosure) if I own almost 70% of my home? We are not in foreclosure but this bank has had trouble. I'm trying to understand our position should they demand full payment of the equity line.

I need to get out of my house loan and equity line of credit? My house has a 80k loan and a 50k equity line of credit (diff bank) Built 1849 I do not have the money to fix. Now a 3rd child is coming and my house has serious mold problem. Family is sick. I want to walk away. Help... deed in lieu of foreclosure? What kind of options are available. I want to get a mold check for proof. Get quote to clean. Which I cannot afford. Then hand over to bank. House is unsafe to live in.

Is it wrong for your bank to hold a check (for 15 days) to pay off part of your home equity line of credit? I just deposited a $25K check from a well-known brokerage firm into my checking account at a well-known bank. I want to use that money to pay off part of my home equity line of credit balance at the same bank. I did this three months ago and it wasn't a problem. Nothing has changed on my end but now they want to hold the check for 15 days so I can't pay off part of my balance. This means I have to pay an unneeded $150 to them for the interest on that amount I'm not able to pay off yet. I've always seen checks cashed in 24 hours these days. Is this 15 day hold on money they already have unreasonable and should it be reported to the Better Business Bureau? Thanks.

I need a home equity line of credit or a loan? Whats the difference between a loan and a line of credit? Do you think its ok to search for the lender on the internet or should I go to my bank who refused it 2 yrs ago even though my FICO score was over 700? Its 760 now. Do most people get quotes for the work they need or do they just borrow over and beyond what they think they need? What are they going to ask me for when I apply for the equity line of credit?

Keep my stock or sell and pay off some of my equity line? I have quite a bit of stock, and a large equity line payment. Should I sell most of the stock to put on the equity line, to get my payment lower? I can afford my payment, however I am paying interest on debt that I could lower. I am just not sure if I should sell stock to do so. I know I have to pay taxes on my earnings. Does anyone know the earning limit to avoid capital gains when you sell stock?

Pay home equity line of credit or Fund 401K? We have been contributing to our 401k at the max. We have $30,000 in home equity line of credit debt. Should I stop funding the 401K and pay down the debt? Or maybe go half and half?

What does it mean to "lock" just a portion of a home equity line of credit? I am new to home ownership.... and just got a $50,000 equity line of credit. They told me I could "lock" only a portion of it now (i.e. $40,000) and then call back at any time and lock another chunk. I asked her what she meant, but her answer went right over my head... Please explain in dummy terms what it means to "lock" $40K and why I want to do that? And do I want to call back and lock the rest? I am sooo confused. Thanks so much for any information anyone can provide!!

I want to Open a Equity Line Of Credit Account,How Do i Open It? WHAT ARE THE STEPS I NEED TO TAKE TO OPEN A EQUITY LINE OF CREDIT ACCOUNT I DON'T HAVE A MORTGAGE ACCOUNT .NEITHER DO I OWNS A HOUSE.BUT I NEED MORE ENLIGHTENMENT ON HOW TO GO THROUGH IT ALL.

Question about equity line and foreclosure in MN? My wife still owns a townhome from before we were married and she had later taken out an equity line of credit from a different bank. If the house goes into forclosure what would happen with the line of credit from the other bank that is attached to the home? This is in the state of MN. Thank you in advanced for the assistance.

Home equity or line of credit to fund college education? We have plenty of equity in our home and my sons college tuition will be approx. $30000/year. Should I take out a home equity for the estimated 4 year costs, or take out a home equity line of credit and hope interest rates stay low?

Should I refinance my home or go for an equity line of credit? I've owned my home for only two years.My interest is 8%. I would like to pay off credit cards and do some home improvment. is it a good idea to look into an equity line of credit(if I have any) Should I refinance? Or should I find other way's to pay off CC and do home improvments. I would really like to get my self out of this CC hole I'm in. I'm not sure if using my home would be a good idea..Maybe I should refinance? I'm really lost!! I want to make the right financial decision. Please help with any advice. BTW- were having another child in Febuary and I need to get rid of some mold in the basement bathroom, That's why I need some money fast for home improvments. Thank You

Anyone pay off a car with your home equity line? I'm thinking about paying off our car with our home equity line of credit. It has a lower rate than the car loan ( i know, i don't have the best credit). We're not looking at moving soon, if ever. And what's really making me think about it is the fact that when i send in an extra payment on the car, they take interest out of the dang thing. So i can't seem to pay it down quicker! But when i sent in extra payments on our equity line it went straight to principal. And we actually payed off about half the amount of the car in a year. Anyone out there done this? Anyone work in the field and have feedback? Any other feedback? :) I'm thinking about still making my regular car payment amount...... plus extra. So even though it's over 20 years, I'll pay it as if it's on a 5 year schedule.

Mortgage tax on a home equity line of credit? 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!' I thought to myself. I was stunned to find I have to pay mortgage tax on this home equity line of credit, before and, whether or not I ever take the money. Does anyone know, if I never do use this money... can I get a refund of this tax?

Can a person has two equity line of credit on the same house? the house still has equity left for a second equity line with another bank.

my friend had a home equity line of credit? recently he got a letter from home equity line of credit bank's attorney saying that they are trying to collect debt and all that, he doesn't have the money any more so what happens, now, what are his option filing a bankruptcy or?

Should I transfer Home Equity Line balance to credit card? I have a home equity line with a balance of $87,000 at 7.99% and an offer for a credit card with 0% interest for a full year. I figured if I transfer $20,000 to the credit card I would save about $100 per month in interest. Is this a good idea? Will it hurt my credit to have that on a credit card? Is it better to leave it alone and take an interest deduction on my taxes?

Is it wise to take money out of a 401k to pay off a home equity line of credit. I am 5 years within retirement I have been paying on this line of credit for 3 years and becasue it has a flexible interest rate although I pay extra because the interest rates continue to rise most of the payment is almost all interest. I need help getting out of this mess but I also need to put as much money in the 401k as I can because that is not where it should be either. If I do take a inservice withdrawal I will not be able to contribute for 6 months. This means i will lose the interest on the money I take out and on the money I cannot contribute for six months. I will lose my employers 5 percent matching and the tax advantages. What do I do? I plan to retire within the next 3 to 5 years. This is such a mess. I cannot take a loan out because I did so to payoff credit cards and I can only have one outstanding loan at a time. I feel so trapped! The home equity line of credit balance is 13000 dollars.

Is it better to take $20,000 cash and pay down a home equity line or take out a CD? Is it better to take $20,000 cash and pay down a tax-deductible home equity line of credit or put that cash in a 1-year CD yielding 5.5% interest? The monthly payments on the home equity $20K would be more than the interest earned but since they are tax deductible, does this make more sense?

is it better to make payments on a 6% car loan, or use an home equity line at 8.25%? I just am trying to find out if its better to make payments on a 6% car loan at 210/month.. or use a home equity line at 8.25% which would be a little higher interest, but the interest would be a tax advantage to me. But im trying to see if anyone can tell me if the benefit of the tax write off would be larger then the 2.25% more i would be paying in interest...

Credit Card or Home Equity Line of Credit? I am a full-time graduate student with 3-years left to go. I have amassed about 7K of credit card debt. While I have gotten my finances under control to not get anymore in debt, I am having a hard time making a dent in my balance and I won't be able to anytime soon. I also have a home equity line of credit and the minimum payments are much lower. Should I transfer my credit card balance to my home equity?

How soon can you get a home equity line of credit after purchase? Also, If there any companies that based their loan decisions only on the amount of equity, without checking credit and debt to income ratio? Thanks

Can interest on a home equity line of credit be claimed on my taxes? If the line of credit was used (and is solely being used) toward the purchase of my house, can the interest I pay on it be claimed on my taxes like mortgage interest? Is this considered Investment Interest Expense?

Should I use my home equity line of credit to pay off my car loan and part of my student loan? By using the HELOC, it's going to free up several hundred dollars per month, and I can claim it as a tax deduction at the end of the year. On the other side, I'm eating up a sizable amount of home equity by doing so. I'm planning to pay them off either way--I can do it now with the HELOC, or after I sell my house, with the cashed in equity. Which route should I go? Does it make a difference?

Can I claim my home equity line of credit when filing for bankruptcy? I am filing for bankruptcy and have negative equity in my home.

What is todays interest rate on a fixed rate home equity line of credit? I am asking because I am really nervous about applying for home equity for a roof starting very soon-probably next week. My roof is leaking.

how exactly do I use a home equity line of credit to invest in real estate? I have heard that taking the equity out of my houses to invest in real estate is a great option. what exactly are the inner working of this? Won't i be having two mortgages that have to be paid from rental income? any advice and resources or links would be appreciated.

Should we wipe out savings or go with home equity line of credit to finance home improvements? My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn't want debt. Any opinions?

is there a way to obtain an equity line of credit without both parties signing the deed of the home? I want to qualify for a line of credit on my home, but I don't want my husband to have to sign his portion of the deed. is there any way possible to get this line of credit with only my signature on the deed?

Home Equity Line of Credit - do 5k lines of credit exist? This is my first home that I've owned and I've had it abt 18 months. I've already replaced the AC unit which killed my investment account but I had a sick cat ruin the already old flooring. I have 8k in equity in the house but the minimums I've seen are for 10k in equity. Do $5k home equity line of credits exist?

What are the payment terms on a home equity line of credit? if I borrow 20,000 how much will I be obligated to pay back each month? I have a 50,000 line of credit.

what is the trick behind paying of your mortgage early with a home equity line of credit? I have heard of a software program that shows you how to pay off your mortgage a line of credit.