heloc
Our Mortgage!
November 6, 2009 by frugalhomeowner · Leave a Comment
Yes, we did not have enough cash to buy our place without borrowing from the bank. It would have been nice but in todays world it is not a realistic possibility for most people. We bought our condo for 239,500, we then took out a home equity line for $191,600. This is the maximum amount that you are allowed to borrow for a HELOC. The difference of $47,900 was our down payment. After all of the legal fees, moving costs, and other various expenses we had $17,000 to spare to put directly on the HELOC.
Our current HELOC balance is $174,550. Now because I work in the banking industry I get some pretty good rates. Up until JAN 5 2010 my HELOC rate is just 1.75%! After that it goes up to 2.75%. The jump in rates is that same jump that the banks put through to consumers a couple of months ago. That means that up until Christmas my interest only payment will be just $255/month. After that it will be just $400/month. We will of course be paying more than this, but if times get rough we can easily cut back on expenses if need be.
I currently only work 15-25 hours a week because I am in school, and my wife is on maternity leave until April. This means that will we will not pay down our HELOC as fast as we want to, but as soon as we have increased income or any extra cash we will be depositing it directly onto the loan.
heloc
Factors of HELOC Borrowing
September 3, 2009 by Mortgage Align · Leave a Comment
For some analysts especially in the mortgage market, the Home Equity Line of Credit or the HELOC is a growth sector because of several perceived factors. Such factors may differ in states like Rhode Island, but generally the standards are the same. Mortgage loan borrowers and those seeking refinancing may encounter the following factors:
First among the factors that propel the growth rate of HELOC is the rise in retail sales channels that connects mortgage, a refinance home loan and other loan products to the public. Second, the trend in home values is also following an upward surge. This is significant because the equity’s worth also rises. Thirdly, the prevailing trend features a combination of low rates and modern inflation. Also, because of tax-deduction for mortgage loan it also became more attractive to loan borrowers in California, Massachusetts and elsewhere.
heloc
Factors Of Home Equity Lines Of Credit
September 2, 2009 by Mortgage Align · Leave a Comment
For some analysts, especially in the mortgage market, the Home Equity Line of Credit or the HELOC is a growth sector because of several perceived factors. Such factors may differ in states like Rhode Island, but generally the standards are the same. Refinance home loan borrowers and those seeking refinancing may encounter the following factors:
First among the factors that propel the growth rate of HELOC is the rise in retail sales channels that connects mortgage, refinance home loans and other loan products to the public. Second, the trend in home values is also following an upward surge. This is significant because the equity’s worth also rises. Thirdly, the prevailing trend features a combination of low rates and modern inflation. Also, because of tax-deduction for home loan it also became more attractive to loan borrowers in California, Massachusetts and elsewhere.
heloc
Underwriters Are Mysterious
June 23, 2009 by homeafford · Leave a Comment
So I’m into the waiting game of wondering what the underwriters will counter-offer now… This process makes me think the loan officers are completely useless in the refinancing process. The loan officer can tell you almost anything, but in the end its the Underwriter who will dictate the terms…. (Perhaps it’s just more complicated for me because I have a HELOC in addition to my mortgage.) Still, it seems like there should be a more streamlined way to go about obtaining a refinance.
heloc
Why Me?
June 3, 2009 by whatcollegewillnotteachyou · Leave a Comment
Because we had $70,000 in Credit Card Debt, $90,000 Second (HELOC) on our house that we owed $366,000 on but only had a value of $298,000.
So what did we do? We were lucky…we settled with the credit card companies for 30%, got a home modification and moved on. Others aren’t that lucky…that’s where this blog will come in.
This blog is to give you information at your finger tips that it took me MONTHS of research to find on my own. I hope this helps you…it would have helped us.
