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| Question |
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i just want some rough estimates on home equity loans without being hassled no phone calls from lenders yet?
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| By
huey69 |
Posted on
01/03/08 Total Answers
3 |
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| Answers- |
| in know quite a few but dont know what country you are in,,, |
| Answer by :
indian307 On Date
2008-01-03 19:06:35 |
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| This is not a best case just a general. For a $50K home equity line of credit (HELOC), expect to pay from between $750 and $1K and need up to 2 weeks to close.
You can get them with initial fixed rate period of several years after which they begin adjusting at a pre-determined interval or, you can get them as straight adjustables.
Because interest on a HELOC is calculated daily versus the monthly calculation on your home, it is possible to use a HELOC to pay off your home mortgage years ahead.
In Britain and Australia, 1st mortgage HELOC's are a very popular way of financing a home. By depositing your paycheck into your HELOC and paying your monthly expenses out of your HELOC, as long as your monthly income generally exceeds your expenses, you can payoff your home mortgage years ahead.
The process of using a 2nd position HELOC to make a significantly early payoff of a 1st position conventional mortgage is in principal the same as done by the standard mortgages in the UK and Australia although in practice, it's more cumbersome. There are companies out there who sell software to help you use a 2nd position HELOC to payoff your conventional mortgage really early.
Yeah, I know it sounds confusing but it's true. Just do a websearch for "loan accelerators" "Mortgage accelerators" "loan acceleration" "mortgage acceleration".
If you are in Florida, give me a call.
Charlie Camp
Atlantic Mortgage
(800) 373-3130
http://www.atlanticeloan.com/pages/home-equity-loan.aspx |
| Answer by :
Charlie-Camp On Date
2008-01-03 19:21:17 |
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| Just call around to lenders and ask. I work at a credit union in the mortgage department and members call in on a daily basis with this same question. In order to quote you the most accurate information have the following information ready:
How much you owe currently on your home
How much your property is valued at
How much of a HELOC credit line you want
With that information any lender can quote you a rate and payment. At my credit union, the payment is 1% of the outstanding balance, or $100 - whichever is more. Example, a $40,000.00 HELOC would carry a payment of $400.00. Ask the lenders if there are any upfront fees, prepayment penalties or annual fees. You want them to answer "no" to all three by the way.
Closing is pretty quick, 10-14 days - quicker if you get your stuff together fast (pay stubs, W2, etc). |
| Answer by :
KELSEY On Date
2008-01-03 19:31:05 |
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