victorytea
New Poster
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| Home Equity Loan |
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We have a home equity loan we're paying 2.99% on. We owe about 9000 dollars on the loan but have been very unhappy with the bank we're dealing with. 1st an 18 dollar fee for checking acct maintenance and, most recently, a 12 dollar fee for savings acct maintenance. This is a flexible rate loan- would it be a good time to switch the loan to fixed- and with another lender. We just don't like the sneaky tactics taken by our current bank. Paul
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Mon Apr 06, 2009 3:29 am |
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coaster
Senior Advisor
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You aren't going to find a fixed home equity loan at anywhere near that rate. Is it just a loan or is it a line of credit? If it's just a loan, you don't really need your deposit accounts there, do you?
~Tim~
Eye Candy : Why Whimsy
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Mon Apr 06, 2009 5:35 am |
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thez
First Time Poster
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Location: USA
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Regarding housing debt, if there is a problem, there is solution. For instance, if some one is having problem in giving loan payments, he/she can take assistance from a loan modification company. [deleted]
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Mon Apr 06, 2009 8:02 am |
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littleroc02us
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Pay off the equity loan asap. It's only $9,000. Do whatever it takes. To me this is just putting you further in the hole towards whatever the principle you purchase your house for. Take an extra job, work longer hours, sell stuff. I am completely against home equity loans.
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Mon Apr 06, 2009 6:41 pm |
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kdesai
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Location: Illinois
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| Re: Home Equity Loan |
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quote:
Originally posted by victorytea
We have a home equity loan we're paying 2.99% on. We owe about 9000 dollars on the loan but have been very unhappy with the bank we're dealing with. 1st an 18 dollar fee for checking acct maintenance and, most recently, a 12 dollar fee for savings acct maintenance. This is a flexible rate loan- would it be a good time to switch the loan to fixed- and with another lender. We just don't like the sneaky tactics taken by our current bank. Paul
Banks usually offer a free checking with a new home equity loan or a new equity credit line if you use that checking account for automatic monthly payment of the loan. You should look around and find a bank that would work with you. It is advisable to get a revolving home equity credit line instead of a loan. You should consider paying this loan off and replace it with a credit line. Also note that @2.99% interest rate, after considering tax savings, it's a pretty cheap loan.
Please visit "midwestaudit.com" for more information and/or to ask Kishor Desai a question.
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Mon Apr 06, 2009 8:39 pm |
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victorytea
New Poster
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kdesai, sorry, it is a line of credit loan and we're happy with the loan itself- just the sneakiness of the bank we're doing business with that frustrates us.
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Tue Apr 07, 2009 2:43 pm |
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Greg Orlando
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Regarding housing debt, if there is a problem, there is solution. For instance, if some one is having problem in giving loan payments, he/she can take assistance from a loan modification company. More over websites like http://www.editmyloan.com/ come real handy in such situation.
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Mon May 25, 2009 7:14 pm |
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oswaloman
Member
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You know your financial strength then any other. To avoid debt i would suggest study or saving, income expenditure and go for it when you thing that we can clear the loan with much problem
Small Business loans | Credit Card | corporate banking
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Mon Jun 01, 2009 7:58 am |
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jenna343
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A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral.
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Cash loans and canadian payday loan? Get in payday loans Canada.
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Fri Jun 05, 2009 8:12 am |
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Greg Orlando
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Facing problems with home loan has become common now a days. If you think the options you have told is good for you than you should proceed otherwise for further analysis you may go to editmyloan.com
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Wed Jun 10, 2009 6:46 am |
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tanmaysnv
Contributing Member
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Location: Indore
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Hi
I Think A home equity loan allows you as a homeowner to get a loan by using the equity in your home as collateral. The equity consists of whatever funds you have invested in your property in order to own it or improve it.
Thanks
Investment pool
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Tue Oct 06, 2009 6:58 pm |
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namratasnv
Preferred Member
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quote:
Originally posted by victorytea
kdesai, sorry, it is a line of credit loan and we're happy with the loan itself- just the sneakiness of the bank we're doing business with that frustrates us.
Hi,
This is what I am confused about as, but I come to know about this, as if it is a line of credit then, there might be a problem one can face.
Thanks!
http://www.connecticutwebuyhouses.com/
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Fri Nov 06, 2009 11:51 am |
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tanmaysnv
Contributing Member
Cash: $ 9.15
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Joined: 06 Oct 2009
Location: Indore
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Before using a home equity loan for any purpose, you should be aware of the pitfalls of these loans. The main thing is that you can lose your home if you fail to meet the payment schedule required by the loan.
Investment pool
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Mon Jan 25, 2010 7:21 pm |
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