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I have been asking some questions lately for a few reasons:
1. Cost overruns on renovations to the tune of 12K.
2. Interest rates going lower then mine.
In seeking out offers I have found out my credit score is 775. I thought that was cool!!!
Bought it for 100K 3/07
My total owed is close to 80K.
It is assessed at 140K.
Supposed market value is 180K.
I would like to take 10K out of equity to pay off my overrun debt which my folks have absorbed right now.
Only way to get no closing costs is to pull out all the equity for a loan of 180K then pay it back over the next few months.
Am I missing something in wanting to do this?
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1996 F-250 extended cab long box five speed. Home made Tymar, 203 Stat, 60 gal in bed fuel cell, 315/75's, no muffler, ebpv welded open 3" to 3" DP, Babies. 290K, still chugging, and still smoking when cold.
UPDATED 1/1/09 Replace so far. 1 LUK flywheel+clutch, 2 thermostats, 2 set of brakes, 1 set of calipers, 5 CPS, 3 sets of tires, 2 Transfer pumps, 1 Injector modual, 1 Computer, 2 Alt, 2 sets of batteries, 1 Water pump, 6 Belts, 1 PS hose, 2 Sets ball joints, 2 set u-joints, 2 carrier bearing, 2 Speed sensors, 1 oil pres sender, 1 temp sender, 4 sets of e-break cables, 1 front fuel tank, 2 rear fuel tanks, 2 set of glow plugs, 7 Glow plug relays, Oil galley o-rings, Turbo pedistal o-rings, EBPV o-rings, 3 sets of Injector O-rings, 1 Vac-pump, 1 new carpet, 1 total paint job.Total $$$ in repairs v/s miles driven = 4.6 cents per mile. Add fuel to that it jumps to 16.5 cents per mile over the life of the truck.
Last edited by MarkEkberg : 02-19-2008 at 02:58 PM.
Mark, Is that a home equity loan, a home equity line or a mortgage refinance? I just went through this process I am not a broker or mortgage associate. You have great credit scores which will open many oppitunities.
A home equity loan is essentially what I use to call a second mortgage it is for a set amount and is funded in total at closing
A Home equity line of credit is also a second mortgage however the amount or line of credit is your homes equity, your case appraised value 180,000 less the first mortgage 100,000 will yield 80,000. This is a simple method there are usually restrictions and they will not lend up to the full appraisal amount. This would be true for any loan.
The third method is a simple refinance of your first mortgage with cash out to payoff your bills vacation what have you. This would yield the most competitive interest rate.
In the end it all depends on what you want to do. Personally I went with a Home equity line of credit. This allows me to decide how much I want to take out and pay back.
Good Luck Mark I used a great mortgage co. for my first refi. No closing costs, really! Pm. me if you want his name and #
Mark, Milo55, in Texas, because we are a homestead state, they limit the amount of a home equity loan at 80 % of home value minus the outstanding balance of the first mortgage (as Milo55 stated). Additionally, if you take a loan out as a home equity loan, that loan type remains a home equity loan, even if you refi the two loans together (combining the first mortgage with a home equity loan) for a lower interest rate or better terms. It stays as a home equity refi until the loan is paid off (either in a house sale, or by actually paying the mortgage off). Happened to me twice on different refi's I did (first was to combine the pool loan with the first mortgage, the second was when I refinanced to get better terms and a 15 year note). In the loan world, I don't know if there is a stigma attached to your primary loan being tagged as a refi for home equity or not. Just thought I'd pass on how things are done down here.
short_stuff
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Y2K F250 CC PSD Auto, Short-bed Lariat, Woodland Green/Gold, ordered 07/10/99, born 09/12/99, delivered 10/08/99, Access bed cover, Bed Rug, Zoodad mod, Viper Remote Start Alarm, Fumoto valve, 103K somewhat error-free miles (so far) [never back to dealer for anything]
Repairs: CPS, Water Separator Valve assembly, rear axle bearings, VSS, batteries, brakes, alternator, serpentine belt (x2), driver door pwrlock actuator, water pump
2009 VW Tiguan 2.0 l turbo 200 hp gas engine (TDI engine not available for it yet)
I have been asking some questions lately for a few reasons:
1. Cost overruns on renovations to the tune of 12K.
2. Interest rates going lower then mine.
In seeking out offers I have found out my credit score is 775. I thought that was cool!!!
Bought it for 100K 3/07
My total owed is close to 80K.
It is assessed at 140K.
Supposed market value is 180K.
I would like to take 10K out of equity to pay off my overrun debt which my folks have absorbed right now.
Only way to get no closing costs is to pull out all the equity for a loan of 180K then pay it back over the next few months.
Am I missing something in wanting to do this?
If you plan on staying in this home for five or more years, you should be able to do a refi for the payoff on your loan plus the $10K. It is well within 80% of appraised value. Then you could take your closing costs, origination fees, etc. and roll them into the new mortgage and pay them over the life of the loan at a fixed interest rate. I would think that some mortgage broker could help you do so. Tax-wise, you can't write off the whole $ amount (of the fees) this year, but you should be able to deduct the yearly portions of those costs from your taxes. A word to the wise, you'll probably do better going with a new lender. If you try to refi with your current mortgage holder, they know they've got you, so they'll not be in any hurry, and maybe not go to as low a percentage as you could qualify for.
A HELOC (Home Equity Line Of Credit) or second mortgage could also get you the additional money you need, but the interest rates are not fixed--you might start out at 5% and be over 10% in a couple of years. However, if you don't plan on staying in the house for many years, then it's probably not worth it to refinance the whole enchilada. Credit Unions are good places to get a HELOC. They're usually offering specials that pay your appraisal fees and such to get you to take out your loan with them.
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December, '02 build F-250 CC 4X4 Lariat 6.0/Torqshift,Toreador Red over Arizona Beige 4X4 FX4 w/ moon roof. Stull grill insert, chromed tow hooks/bed tie downs, painted door handles, King Ranch flares, '08 aluminum differential cover, Inyati bed liner, Edge 3" lift Bonspeed eight spoke wheels w/BFG AT KO 305/65R18s Pics http://community.webshots.com/user/going_going_gone
Since you have a great credit score, equity and rates are low why not just sell and pay off the debt and get into another fixer-upper? You could build more equity or do the refi, rent the place out to cover the monthly payment, with a little bit of positive cash flow and still move into another place?
Just an idea.
Thats why I need some cash. Plus I have a wedding coming up as well.
__________________
1996 F-250 extended cab long box five speed. Home made Tymar, 203 Stat, 60 gal in bed fuel cell, 315/75's, no muffler, ebpv welded open 3" to 3" DP, Babies. 290K, still chugging, and still smoking when cold.
UPDATED 1/1/09 Replace so far. 1 LUK flywheel+clutch, 2 thermostats, 2 set of brakes, 1 set of calipers, 5 CPS, 3 sets of tires, 2 Transfer pumps, 1 Injector modual, 1 Computer, 2 Alt, 2 sets of batteries, 1 Water pump, 6 Belts, 1 PS hose, 2 Sets ball joints, 2 set u-joints, 2 carrier bearing, 2 Speed sensors, 1 oil pres sender, 1 temp sender, 4 sets of e-break cables, 1 front fuel tank, 2 rear fuel tanks, 2 set of glow plugs, 7 Glow plug relays, Oil galley o-rings, Turbo pedistal o-rings, EBPV o-rings, 3 sets of Injector O-rings, 1 Vac-pump, 1 new carpet, 1 total paint job.Total $$$ in repairs v/s miles driven = 4.6 cents per mile. Add fuel to that it jumps to 16.5 cents per mile over the life of the truck.
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