Mortgage And Equity Funding
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Jamie Said:
Is it better to use a home equity line of credit or money from a mutual fund? We have no mortgage now.?We Answered:
Depending on the amount, I would just go for a 30 fixed rate mortgage open end which means you can pay it down anytime.Also request an amortization so you know exactly how much you pay each month.Marvin Said:
Investing in Multifamily... Take Home Equity Line or Refinance Mortgage?We Answered:
If you are going to move in a year or two, it might not be such a good option to refinance. Because, you will have all the settlement costs associated with refinancing--the lender can make you purchase another title policy ( under 5 years youcanusually qualify for re-issue, which is a bit cheaper), and can charge a point or more for closing costs. However, the plus is that, with the dip in interest rates, you should be able to get a good fixed rate 30 year mortgage, assuming your fico score is 700 or better. ( used to be 680 was the magic number, but not anymore). You want to do two things:Consult a mortgage broker to see which alternative makes sense; and consult an accountant. If you take an equity line on top of your current mortgage, it may not all be tax deductible. It depends on what your original mortgage was. Really, If I were you, I would consider waiting until you know if you want to sell your current home. Right now, in most markets, housing is still declining. You may be able to pick up your rental property cheaper, without possibly putting yourself in the position of over-mortgaging your current home, in a declining market. Of course, you may be in one of the few markets still doing well--only you know that, so consult professionals that can deal specifically with your individual set of circumstances. This is a very complex topic for this kind of forum. One more thing, think about carrying two places at one time in the event your rental property is vacant, or you need repairs on both properties at one time. These things can be a budget buster, so be sure you are comfortable with the numbers, you should have a cushion of six months worth of expenses--for each property. Good luck!
Stephen Said:
"Can I have my mom, add my name to her deed, so I can get an equity loan to move her to Florida?We Answered:
SELL THE HOME THEN.Melissa Said:
Can I sue my bank because they will not refinance my mortgage because I no longer have equity in my house?We Answered:
Probably not. The banks didn’t cause this problem. The government and its social engineering politicians did.Most of the sub-prime loans were made under pressure from the government and its CRA guidelines. In many cases, the banks forgave part of their principal and lowered interest rates to avoid foreclosures. If you lost your equity because of the housing bubble burst, you would have been far worse off if we had even more foreclosures.
You should write your congressman and your senators to protest the social engineering engaged in by Washington. Banks don’t deliberately make bad loans, but they were given very little leeway by the government. So you and I paid a heavy price to keep unqualified buyers in their homes. Those of us who bought homes we could afford lost most or all of the equity in our homes, and as taxpayers and shareholders in the banks that held the bad loans, we absorbed much of what the banks lost. So we got a double whammy.
When the government interferes in the credit markets in the interest of social engineering, we all take a hit. Many of the “homeowners†who got relief are still having trouble making their payments and will eventually lose their homes. And, with foreclosures on their records, most of them will never be able to qualify for a mortgage loan in the future.
Most of our politicians are lawyers who have never taken a course in accounting, economics or finance. They don’t know what they are doing – other than buying votes for themselves. They steal our money to buy our votes.
We should vote them all out in future elections.
Lisa Said:
Has anyone taken equity release on their home? How safe is it?We Answered:
never a good idea, these company's are just in it for themselves, you could find yourself homeless!!Chris Said:
2 questions on how to finance a 2nd property w/equity from existing home using a blanket mortgage?We Answered:
From a financing standpoint, a home equity line of credit would seem to be the best option. You will only pay interest on any amount which you actually spend. If you obtain the certified check and are outbid, you can simply deposit the check back into your account and pay off the line of credit.With regard to the type of sale you are attending, there are several issues which you should consider when purchasing at a Sheriff's sale. You will need to know the priority of the lien which is the basis for the sale. In other words, the sale may not produce clear title to the property. There may be other liens which you will need to pay off or otherwise settle. Also, the properties are usually sold, as is, where is. The sherriff makes no representations or warranties regarding the condition of the property or title. You will need to obtain a title report prior to attending the sale to ascertain the facts. If you are not sure how to interpret the information on the title report, you may want to retain an attorney. If you need further information, you can contact me at jdavis@ameristarmortgage.net.