Mike asked:


Why do you pay a subordination fee when refinancing, when your refinance does not include your home equity loan?

nikunjd05 asked:


Is it possible to pay off the mortgage with an home equity loan if the APR is less than what I am paying right now? I understand that if I refinance, there are closing costs and for home equity loan, there are none, am I correct? What are the advantages and disadvantages of doing that? Please advice.

Tom asked:


Need cash..I’m not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?

Love asked:


I took a home equity loan out a while ago and in this market, my equity has dropped considerably.

If I were to sell my home, I could pay off my 1st mortgage, but I’d still have a balance of about $30,000-$50,000 on the 2nd mortgage.

Do lenders transfer 2nd mortgages to a new home?

M.G. asked:


My sister has a house with her name only on the title and a home equity loan with a line of credit. Now, she wants to add myself and my brother to the title only and it will be a Joint Tenancy Title. My brother feels that if I am listed on the title that it will cause the loan to be called due because I am unemployed? Is that right? M.G.

wonderer asked:


I recently inherited a New England farmhouse assessed at $400,000. The roof needs to be replaced along with plumbing, electric etc. My credit is in the low 600 range and I am not working, as I am a full time student. I am a disabled vet so I do have a set income and my wife does as well. Would it be hard for us to get a equity loan for around 160, 000 with less then good credit.

Thanks

sdavid79 asked:


I’m interested in buying an invesment property but the home needs a little work. I’d like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
I’m interested in buying an investment property but the home needs a little work. I’d like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I’m interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
The asking price of the home I’m interested in is 30% under market value.

Melissa asked:


We were put on the deed of a home while we were “renting to own” (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for the First-Time Buyer Tax Credit?

manofachallenge asked:


How long do I have to own my home to get a home equity loan?

Wanna get one, but not sure if they can give it to me, because I’ve been in the house for 5 years. Are there some limits?

Would appreciate your help.
Ivan.

batman asked:


single family house, paid cash 45k worth 97k, trying to extract equity. Unclear on mortgages vs. home equity loan.