It all depends on the interest rate you get. Under no circumstances can you get an ARM loan but if you can get an interest rate the same or lower than your current mortgage rate that's fixed then go ahead & re-fi but STAY AWAY from ARM loans. Also stay away from the line of credit becuase it's too tempting to keep using that money after you pay it down.& most times it's also an adjustable rate. The home equity loan would be your best bet if you don't re-fi because you should be able to get a fixed rate. If you have to get an adjustable rate on the equity loan make sure you have the option to lock the rate at some time in the very near future. Also check into pre-payment penalties. WaMu does give you the option to lock your rate on your equity loan, it's called a FRLO (fixed rate loan option). Good luck with the new car & home improvements.
Be warned though, WaMu customer service sucks, I should know.
My husband and I want to pay off some credit card debt; which is the better option?
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If you wait, you will be shut out.
Citibank just announced that they are FREEZING all home equity lines of credits.
Their lending standards just went WAY UP you have to have 65% equity and the bank will send their own appraiser to determine NOT what your house is worth, but how much the appraiser thinks it will sell for.
You snooze, you lose.
With 150k income, and a 400k mortgage with no equity we want to consolidate 75k in consumer debt. We have a good credit rating, just too much debt. What are our best options and who can we go to for help?
Generally, the only way any financial institution will do this is with a Home Equity Loan.
Finding a $75k unsecured personal loan would be next to impossible and, if you did, the interest rate may be higher than the credit cards.
my credit score is very low but i own a $75,000 house with no mortgage. i am looking for some kind of loan so i can do major repairs on my house but i keep getting turned down due to my credit. i have been at my job for almost ten years and make around $300.00 a week.
Wow, with a house that is cash you really should not have that much trouble. Amazing how banks are changing so rapidly.
Keep trying, but maybe ask banks for a 5 year mortgage for the amount you need. They don’t advertise this, but banks DO offer short term mortgages, with fixed rates no games.
If you have time go to annualcreditreport.com
and fix anything that is incorrect or outdated if you haven’t already done so. Things become outdated after 7 to 8 years.
Also get one credit card, and pay it in full each and ever month for top notch credit. Carrying a balance reduces credit.
Keep trying, there is no reason you should be getting turned down if your house has no mortgage. If you are asking for 20% value they should be throwing it at you.
Try a credit union.
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