Narc72
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| Home Equity Loan |
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Hi, I'm hoping someone can give me some useful advice!
My mom passed away, 3 years ago & left the house to me & my siblings (3 total) So we own 1/3 of the house. The deed is in all 3 of our names. I(we) want to take out a home equity loan & fix it up to either sell it or rent it. Oh and the mortgage is payed off already. How do I go about shopping around for a good home equity loan? If further information is needed to better answer this question please let me know?
Thanks in advance!
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Tue Jul 07, 2009 4:33 am |
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coaster
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I'd suggest a local credit union. The shared ownership might be sticky.
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Tue Jul 07, 2009 5:01 am |
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oldguy
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A rule of thumb is that you get only about 50% of your fix-up money back. So if you get a $10,000 loan and do your fix-up, it will probably add only $5000 to the value of the house. But a few cosmetic things - paint and lawn work - will help it sell. Have your tried selling it "as is"?
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Tue Jul 07, 2009 8:29 pm |
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Narc72
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I'll look into that Coaster.
Oldguy, I thought about selling it as-is, but the market is already bad & already will have to sell under market value, wouldn't selling as-is considerably reduce the amount we could get for the house? I mean don't get me wrong, anything is better than nothing...If we could borrow i.e $30k & update all the appliances (stoves,refrig) paint, update windows & get closer to market value of the house, I wouldn't mind getting less than 1/2 of loan back in sales.
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Tue Jul 07, 2009 9:30 pm |
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Elmira Nancy
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why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.
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Tue Dec 01, 2009 10:18 am |
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oldguy
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quote:
If we could borrow i.e $30k & update all the appliances (stoves,refrig) paint, update windows & get closer to market value of the house, I wouldn't mind getting less than 1/2 of loan back in sales.
The sounds completely illogical to me - why would you want to borrow $30,000, do a lot of hard work, and then sell the house for $15,000 more than the 'as is' price?
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Tue Dec 01, 2009 3:24 pm |
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littleroc02us
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My only concern is that you may be entering the world of large risk. You have 3 owners on the deed, there is the possibility of problems arising. I would sell it as is, not go into debt with something that you have already inherited and are ahead of the game.
“If you want to stay in debt forever, keep borrowing money.”
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Wed Dec 02, 2009 3:47 pm |
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Robertspeicher
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| Re: Home Equity Loan |
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Getting a home equity loan is not really simple. There are a lot of factors that affect the cost of the loan. These include the taxes, insurance fees, processing charges, brokerage fees, closing charges, interest rates, et cetera. Determining your home equity loan's interest rates does not just depend on the whims of the lender.
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Tue Dec 08, 2009 7:43 am |
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Keilysmith
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Home loans help the client in its current bank mortgage property to borrow money for other purposes. Banks to assess the market value of the property to lend to customers. Customers can use the funds thus acquired in marriage, education, medical purposes. residential non-residential buildings should be considered as approval of the loan. They must be made only to property owners, the land is free from any kind of dispute.
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Wed Aug 11, 2010 12:14 pm |
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SaraCEO
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Home loan are best when you are going to do heavy investment and you are getting good percentage on your investment. Home loan normally saves us when we are in tough time.
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Sat Aug 14, 2010 11:20 am |
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harjos
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Finding the best home equity loan can save you thousands of dollars – at least. In order to get the best loan, I recommend that you:
* Shop around. Try a variety of sources (banks, brokers, and credit unions)
* Manage your credit score and make sure your credit reports are accurate
* Ask your network of friends and family who they recommend
* Compare your offers to those found on websites and advertisements.
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Wed Aug 25, 2010 9:56 am |
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buzinesspro
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| Home Equity Loan |
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A home equity loan is a type of loan that you can get using your home's equity as collateral. Lenders prefer home equity loans to unsecured lines of credit, as they allow the lender a way to get their money back should the borrower default on the loan
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Fri Sep 03, 2010 10:07 am |
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