Home equity line of credit, good or bad ?
953047
Good if you dont blow it on something stupid.  Good if you want to use it to get out of debt.  Bad if you buy material things that dont offer a return on investment.  \n\nI took one out on my home to pay off my credit cards, and I made sure to pay it off as soon as I was able.  I just sold my condo and as a result, took away a nice profit because I didn't owe anythign on my HELOC.
412923
A HELOC can be a good tool for reducing your interest rate burden --- IF, you have the self-discipline to avoid running up debt elsewhere. The downside is that if you are unable to make your payments, you've put your shelter at risk and it's not fun to sleep on a bench. Further, there is no absolute rule/law that real estate values have to appreciate (the have and can go down).  If your HELOC comes due after a decline in RE values, you may be forced to pay-off at its maturity - and if you don't have the funds to do so, sell in a down market in order to pay-off. My advice would be to not use a HELOC for debt consolidation; but, to systematically pay-off those other debts.
1124825
You should keep your current home.  The continued payment history will help show potential lenders that you have re-established good payment habits.  Plus, if you sell and don't roll the proceeds into a new house within a reasonable time, you could be liable for capital gains tax on the sale.
1150504
there are HELOC programs... depends on how much equity you have.....
466779
If you are a home owner, you can get a "Home Equity" line of credit through your financial insitute against the equity you have in your home. Maybe they can incorporate your mtg payment and the other into one! Or You can also apply for a credit card that will let you transfer debt and get cash money. Pay off everything and have your one payment!!
103399
I wouldn't do it.  You are risking the equity that you have built in your house.  Also, you would need to generate a high rate of return just to pay for the interest on that loan.  High Return = High Risk!
877276
Land contracts are a really good way to build some equity on a house before you actually buy it. You pay your down payment along with your rent so you don't have to come up with any cash at closing or pay a high interest rate if your credit is not that good. Make you you invest the time and money in repairing your credit or just raising your credit score before you initial contract period is up. You can save yourself a lot of headaches if you do this. \n\nLook at it like this, you enter into the contract for the house and it's current value is, say, $150,000. The national average for property value increase is around 6%. In 2 years (the average length of a land contract) you have $18,450 in equity plus the amount you have built by paying towards that contract on a monthly basis.\n\nMake sure you review all the terms of the land contract or have a real estate attorney draw one up to make sure that your rights are protected.
891816
Hello, in the past two years you don't think the value of your current property has risen $15K?  If not then you should certainly wait.  Purchasing a new home right now also has its downside as their value may still be increasing but not as it was a few years back.  So I would sit tight for a bit and build more equity before you make any rash decisions.  You should never owe money out of pocket on your home when you sell it!!!
489200
The good of what your trying to do is consolidate debt which typically reduces your monthly cash outlay but may also include additional tax savings for you at the end of the year since you normally can write off mortgage interest but not interest on vehicle loans and credit cards.\n\nThe bad is you will be adding to the debt burden on your home and possibly extending the amount of time required to pay off that debt. \n\nYour 3 options really are refinance all of your debt into one new loan assuming that your equity in the property is high enough to allow this without adding mortgage insurance, take out a home equity loan (2nd mortgage) and pay off your debt with these funds or three open a home equity line of credit (2nd mortgage) and pay off the debts. \n\nDepending on what type of loan you currently have refinancing everything into one loan usually makes the most sense since you will have a much lower interest rate on a loan in first lien position than any type of second mortgage. However if your current loan has a really low fixed interest rate then it may be in your best interest to do either a home equity loan or a HELOC... Basically at the end of the day you need to look at all three options and figure which has the lowest monthly cash outlay and go with that... Your loan officer or mortgage professional should walk you through the numbers, present the products (good/bad of each), give you their opinion and then let you make your choice based on what is right for you.\n\nI am a loan officer so I slant towards using a broker versus a single specific lender or bank. I beleive in the broker transaction for a few simple reasons; we run your credit one time and then shop your loan to multiple lenders. If you do this every bank will want to run your credit which will most likely lower your FICO score. Secondly shopping your scenario takes time. We know who to call and what the lender is looking for to give us a good solid quote; not that you can not but I bet you have your own carreer to work on M-F... This is what we do for a living. Lastly we know which lenders programs are geared more towards your specific scenario. \n\nI would stay away from companies like lending tree etc unless you really read the fine print and are fine with them selling your 'lead' to every mortgage person under the sun who will then run your credit report prior to speaking to you thus lowering your scores. I have called on these leads before and have been told I was the 20th person to call that day! In reality find someone you are comfortible with and trust. Ask a family member or friend who they have used in the past and if they would either use that person/company again... \n\nIf you have any questions please feel free to contact me anytime at Kruorock@firstratelending.com or 866-562-6838 x 106.\n\nGood Luck!\n\nKevin
301123
That is a good rate, but be sure to read the fine print...they can often increase the interest rate if you are late, don't pay a certain amount each month, or after a certain period of time.  It is better to pay it off each month if you can...then you are paying 0% interest...can;t get better than that!
1025127
A home equity loan or home equity line of credit is really your best bet.  Interest payments can usually be used as a tax write-off.  Check with RegionalMortgages.com
1030774
I would say that is a resounding 'YES'.  Even if you sale your home soon you can still make a profit considered your home is worth $550K, current outstanding loans total $199K and closing cost of the new loan is $7K which leaves about $344K in equity.\n\nPersonally if I were you, I would refinance a new loan for at least $221K to get at least $15K of equity to deposit in the bank.
977405
It seems like you have equity in your own home. If that is the case, then use hard money lenders to finance 65% of your deals and use a HELOC on your home to finance the other 35%.\n\nRegards
315501
Unquestionable, save the money for a down payment.\n\nHaving money down (at 95% or less) will usually represent in a lower mortgage interest rate.\n\nThere are other considerations, too.  Student loans I believe are at a 4-6% rate once past deferrment, and they are tax deductible.  You should be able to have an after market return on investments higher than this payment rate.\n\nMortgages are good, too.  At 6-7%, you'll be building equity in a house, that you should be able to sell off at a profit sometime in the future.  Not to mention, home equity loans are frequently the method that most people use to pay for little jr's college, someday.\n\nDon't pay any higher than the debt service on either of these obligations.  You'll typically do better financially being liquid and investing the money at a higher return elsewhere.
277626
It may be a good idea if you are having a hard time making payments on high-interest debt.  However if you are making the payments OK, you may actually be hurting yourself.\n\nIf one or two of your debts will be paid in 6 months to a year, you will have that extra payment available to do what you want very soon.  If you refinance, for 5 years, you might have a lower combined payment but you will be stuck with it for 5 years where you might have had a lower total payment if you had left things alone for just a few months and paid off a couple of your debts.\n\nIf you have a home and can get a home equity loan, you can take the interest off on your taxes but it also costs money to get that loan so it may be a wash.\n\nJust some things to consider.\n\nOne more thing, if you have a bank you do business with regularly, I would use that one to refinance.  You can also check www.bankrate.com.  That website can give you information about what banks are reputable and operate in your area.
1145391
I totally agree with Renita M's advice.\n\nMy concern is your eagerness to aquire more credit when you are apparently starting to get in trouble with your current debts.  I don't believe balance transfers will help you this way.\n\nMany times I've adviced one person to get a card with a co-signer with good credit.  But that won't help you if you are already in debt.  Having more available credit may hurt your own score.\n\n\nHow much equity do you have built up in your home?  Would a home equity loan help your situation?
638203
Yes in one sense but in reality no!\nIt will increase the pride and knowledge of knowing you owe less, can keep more if your sell, should understand your investment more, regarding what areas if you refinance the home in terms of how to invest the diff, invest wise and spend wise, you have more to gain with equity than without any!