0
How do you know how much equity you have left if you refinance and take a home equity line of credit at the same time?
Wiki User
∙ 17y ago
You add the two loans together and subtract them from the appraised value of the house. This will give the dollar amount of equity left. Adding the 2 loans together and divide by the appraised value will give you the percentage that is left. You should have received a copy of your appraisal at your closing.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
What is one tip I should know before applying for a home equity line of credit?
Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.
Refinance or equity line of credit?
Refinance with a set rate is best. A home equity line of credit is very similar to a credit card. I don't know the specifics as to how interest is charged or at what rate, but when you get approved for a certain amount of credit (let's say $10,000) It's very easy to use that money on things you may not need. For example, if you plan to spend $7,000 on improvements and get the refinance loan, then that is all you will spend. If you get the line of credit you might decide after the improvements are done that you want to buy a $2,000 pool table, and you know you have that credit available so you use it. Now you will be paying for that pool table for 15-30 years, depending on the length of your loan. Things like that are much better handled with a short term loan.
What is a home equity loan what does it do?
== A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are based on the amount of equity you have built up in your home. (Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases) You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit (HELOC), which functions in a similar manner as a credit card. These loans are sometimes useful to help finance major home repairs, medical bills or college education. Which type of loan you choose is up to you and your specific financial needs. Both loan types are primarily low interest loans and, for most home equity loans, the interest you pay is tax deductible. However, it is important to know that when you take out a home equity loan, it means the lender can reposes your home if you default on your payments. So it's crucial that you maintain your loan payments. A home equity loan is a great financial resource, but if you don't pay it back, it could end up costing you your home.
Is it possible to buy a home after filing chapter 13 then chapter 7 bankruptcy?
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
Is checking your home equity status worth it?
Knowing your home equity status is very important. It lets you know how much of a net value you have accumulated in your home. This can be usefull if you need to borrow against that equity or to let you know how your home value is compared to others in your general area.
I would like to refinance my home and maybe pay off some bills. My home has depreciated in value and I wanted to know if I still have shot at these great rates out there?
You cannot refinance and take a cash-out refinance unless you still have 80% equity in the home at its current value.
Refinance or equity line of credit?
Refinance with a set rate is best. A home equity line of credit is very similar to a credit card. I don't know the specifics as to how interest is charged or at what rate, but when you get approved for a certain amount of credit (let's say $10,000) It's very easy to use that money on things you may not need. For example, if you plan to spend $7,000 on improvements and get the refinance loan, then that is all you will spend. If you get the line of credit you might decide after the improvements are done that you want to buy a $2,000 pool table, and you know you have that credit available so you use it. Now you will be paying for that pool table for 15-30 years, depending on the length of your loan. Things like that are much better handled with a short term loan.
What is one tip I should know before applying for a home equity line of credit?
Before applying for a home equity line of credit the one tip you should know is to know your credit score. By kowing your credit score you are able to approach your bank with the information you need to apply for the right program and recieve the right line of credit.
Which websites carry details on home equity lines?
A good website to find resources on home equity lines would be consumerfinance,gov , there you can find information regarding what you need to know about home equity lines of credit.
Where can I get the best advice of having an Equity Line of Credit ?
You could apply for an Equity Line of Credit, so long as you know what you're doing. I know of a few friends whom applied for an Equity Line of Credit, and I can give you their numbers for information from them.
I am planning to remodel my home and would like to know what the current rate is for a loan of $150,000?
Totally depends on you location, credit rating and income. Will also depend on the equity in your home.
Is it possible to buy a home after filing chapter 13 then chapter 7 bankruptcy?
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
What is a home equity loan what does it do?
== A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are based on the amount of equity you have built up in your home. (Home equity is the difference between the current value of a home and the amount still owed on the mortgage. As the principal of the mortgage amount decreases as a result of monthly mortgage payments, the home equity increases) You can borrow your loan as a traditional home equity loan (second mortgage) or a home equity line of credit (HELOC), which functions in a similar manner as a credit card. These loans are sometimes useful to help finance major home repairs, medical bills or college education. Which type of loan you choose is up to you and your specific financial needs. Both loan types are primarily low interest loans and, for most home equity loans, the interest you pay is tax deductible. However, it is important to know that when you take out a home equity loan, it means the lender can reposes your home if you default on your payments. So it's crucial that you maintain your loan payments. A home equity loan is a great financial resource, but if you don't pay it back, it could end up costing you your home.
Is checking your home equity status worth it?
Knowing your home equity status is very important. It lets you know how much of a net value you have accumulated in your home. This can be usefull if you need to borrow against that equity or to let you know how your home value is compared to others in your general area.
Can you refinance a car if you don't know the original cosigner's location?
In order to refinance your car loan you need to have good enough credit to refinance in your own name and pay off the prior loan. If you pay off the prior loan you don't need to know the co-signer's whereabouts.
Where to get a home equity line of credit?
Most banks offer home equity loans. It's a good idea to peruse the websites of well known banks, such as Wells Fargo, Bank of America, or Fifth Third Bank to know the various types of equity lines offered in the industry. Go to your local bank and talk to a professional to see what type of equity you might qualify for. Look for the bank that would best meet your needs in terms of how much credit you need and what they will offer in terms of amount and payback options.
What should I know before having my mortgage refinanced?
You should know the value of your house. You will have to pay for a assesment of it's worth and if you do not have equity then the refinance will rarely go through but you still need to pay.
