I am in a little over $45,000 credit card debt. I am trying to figure out if it would be better for me to use a consolidation company or to get a home equity loan.
A home equity loan is the way to go. Get low interest, make sure it is FIXED interests then borrow against your home and pray you can pay the $45,000 wackeroo off .
Is it better to us a Consoladation company or to use a home equity loan to pay off debt?
Is there a difference between a Home equity loan & Home equity line of credit?
The loan is when you actually borrow a specific amount of money. The line of credit is when they set you up to draw out money up to a certain limit. In the second case, you may not actually draw on the line of credit. The end result is the same if you spend the same amount of money.
2nd Mortgage help! I need a lender with balls…?
I need to refinance my second mortgage but most brokers that I've worked with shoot us down. We reworked out 1st mortgage about a year ago due to my wife being out of work. We were able to avoid a foreclosure but it's made lenders fearful of commitment. I need a lender that's going to have the $&%^ to work with us…I have years under my belt with my employer but the reworked 1st mortgage hurt my credit score but my wife’s is good.
Any advice that's realistic?
I've got some fortitude. Shoot me an email to msmith@premierloangroup.com, and let's chat!
Marty
What happens in a second mortgage foreclosure.?
A house is being foreclosed and posted in the news paper. I did a title search and the current foreclosure is for the second mortgage. Does anyone now what happens to the first loan. If I bid and won would I get the house.
I was under the impression only the first lender had the right to sell the house to secure their money and the second lender was left to fend for themselves / take it up personally with the borrower. I am confused as to why the foreclosure of the second mortgage is in the paper.
Thanks for any help.
To foreclose, the second lien holder has to pay the first off in full. Slim chance there will be anything left for the second to get after that occurs.
What rates should I be getting for my mortgage?
The purchase price of the house is $490,000.00. I am getting a piggyback mortgage wherein I am putting 5% down, and financing 80% on the 1st mortgage, and 15% on the second.
I am buying in NJ and my credit rating is good.
This would not fall under jumbo loan parameters. It is a piggyback loan - that is totally different.
The 1st loan would be for 80% -392,000.00
The 2nd loan would be for 15% - 73,500.00
Right now between 5 and 7%. We had 4.625% just the other day here at Ascentra. I would recommend going to a CREDIT UNION. ^_^