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| *Loan,banking and credit>>>mortgage loan |
Loan to pay mortgage? |
we owe 80,000 on our house we want to get a loan for 100,000 and pay off the house and some bills. what kind of loan should we get? when you have a problem with a mortgage you should try to consolidate that loan, this is called debt consolidation. this is rather easy with a debt consolidation plan however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is: http://umgarticles.atspace.com/debt-cons... I think a better idea would be to get a home equity loan to pay off your bills. If you got a loan to pay off the house, you'd still be making payments, but you'd lose that lovely tax deduction of the interest on the loan that you currently have with the house. You will want a refinance loan, with money from equity in the home. Find out what your home is worth first, then talk to a good lender. Based on your credit score, you will get a loan in the 6% range or higher if your credit is not so good. To find out what your home is worth, try www.zillow.com its a great website to check the values of homes anywhere, including your own. Good luck, and I hope you find the right lender, or credit union if you belong to one. They are always better to work with. It depends on three things: 1. How long do you plan on staying in your home? Less than 5 years---get an ARM. More that 5 years, get a 15 or 30 year fixed. 2. How is your credit rating? This will determine your rate as well. Keep in mind, it is a bad idea to refinance if you believe you may rack up your debt again. The loan will cost you as well. 3. How much is your house worth? You don't won't to be upside down(owe more than the house is worth) in the next few years. It's often referred to as many things, a cash-out loan, a debt consolidation loan, etc... You could just take a second mortgage loan out instead, it all depends on what your specific financial needs are. But what TYPE of loan should you get? That depends, and you should consult with a professional mortgage planner about your situation to find a program with options that can meet all of your goals. Reginald Whitcomb - Mortgage Planner 978-998-7157 - reggie.whitcomb@redwoodfp.com http://www.redwoodfp.com Lenders call this a Cash Out Refinance. You have alot of answers also - but have a few ?'s for you. How long have you lived there? What is your interest rate now? If you borrow 100,000 pay off the 80,000 plus closing cost(s) of approx 3,000 that will leave you with 17,000 WHat will your home get appraised at. Will it come in at 100,000 + or at 100,000 ? If over 100,000 than you will not be needing the full 100 percent of the appriased value and the rate is better. If you borrow 100 percent, than the rate is higher....Depends on your credit. Take a pad of paper - figure out lines of credit - vs a new mortgage. 100,000 at 7.50 percent (estimate only ok) over a 30 yr = 699.21 Principle & Interest 20 year = 805.58 Principle and Interest what are you paying now? 20,000 line of credit at 8 percent (10 yr)=242.60 15 yr @ 8 percent = 191.10 These are just a few estimates ok - Hope it helps you figure it out. Any loan mortgage calculator can give you the information, or use the one on my web site. Good Luck to you. |
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