Question : home loan??
my house is worth about $550k.. My credit score is 559 right now, due to my excessive credit card and student loan debt.. nothing has ever been late, it's just that i have excessive amounts of these debts.. i make about $2,600 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off.. (my house is 100% paid off).. will i have a problem getting this home equity loan?? should i even both applying or should i just wait until i pay down my credit cards more?? advice anyone??
- asked by are we there yet
All Answers:
Answer #1
Hi,I used "Credit Solutions" to settle my debt andimprove my credit score.They managed to reduce mydebt up to 58%.It's legitimate.I came accross thiscompany on NBC News Special Edition.Check it outhere:
http://www.anrdoezrs.net/click-1813149-10467845
- answered by Ben
Answer #2
Yes!!!! Pay all the creditcards off. Close allbut 1 of them for emergencies only. The studentloan can be a good thing because the interest is acomplete tax deduction. You should look into afixed rate second mortgage not a home equity line. The home equity line payment can go up each monthaccording to the prime rate. It is just a creditcard attached to your home! . You should applyASAP for a loan because our economy is veryfragile and rates will likely go up as they havefor the last 5 years. You can get a loan withyour score but it will not be the best rate. Youwill be able to write off your interest on thisloan. You pay of $2600 will be more like $3,000with the tax benefits of a real estate loan. Iguarantee that you will save more with the$100,000 loan than paying credit cards each month. I can help you very easily. If you wait you maybe subjected to higher interest rates on yourcreditcards and mortgage.
- answered by RyGy
Answer #3
Yes you will get a home loan and it will be betterif you apply to different banks and get one foryou. Though it will be tough for you to get onebut i think you will get a loan.To know morevisit
http://geteasyloans.blogspot.comand
http://creditcardbiz.blogspot.com
- answered by John L
Answer #4
you can apply for home equity loan:The selectionof home equity loan should be done based on yourspecific condition. To help you make the decision,answer certain questions like the amount of moneyyou will require, the duration of requirement ofthe loan, the time needed to repay the loan andthe maximum monthly payment you can make.
- answered by june e
Answer #5
Hello,I a Mr Terry Ballack.I am a consutant tocole investment company.The leading company ingiving out of loans at a very low interest rate of3%.We give out loans from the range of $3,000 to10 million dollars.Do you need a loan?Are youfinancially down?Do you want to pay your billswhich is giving you burden?We offfer all kind ofloans.If you are interested in our services andyou know really inside you that you fall into thecategory of people who need loa.Contact me todayfor more information via email atterryballacklender01@yahoo.com or better stillterryballack@myway.com
- answered by terry b
Answer #6
Based on what you said, you shouldn't have aproblem getting a home equity loan or refinancingfor 100k, but you might not even need that much ofloan.I recommend getting a loan to pay off yourcredit card debt. I would leave your student loansalone and just pay them off. Here's why:Theinterest rate on credit card debt is usually muchhigher than the rate you could qualify for with ahome equity loan, and the interest on a homeequity loan is usually tax-deductible. So you canpay off your debt with a lower interest rate(which means you pay less in the long run) and youmight be able to deduct the interest from yourtaxes. Which means you benefit in two ways. Talk to a trusted mortgage professional to go overthe numbers with you, but my guess is you'll besurprised how much money you'll save. Yourmortgage person can also explain your optionsbetween getting a home equity loan or refinancingand you'll be able to see what makes bestfinancial sense for you.The student loans, on theother hand, most likely have a pretty low interestrate and the interest on those should be taxdeductible, so I would just leave that debt whereit is and pay it off. It doesn't make much senseto pay off a student loan with anotherloan.Getting back to credit card debt,consolidating it into a home equity loan also willsimplify your bill paying. You'll have onepayment each month, as opposed to several paymentsfor your various credit cards.You are luck to haveso much home equity (550k). I would definitelyrecommend using it to pay off high interest debtthat isn't tax deductible. Once you pay off yourcredit card debt and then make regular payments ona home equity loan, your credit score will go uppretty quickly. Good luck!
- answered by Home Loan Guru
Answer #7
There are various ways to obtain debtconsolidation loan. You could apply for personalloan or any unsecured loan with reasonable andlower interest rate as compare to your currentdebt's interest rate and consolidate your debtsinto this loan. But, to obtain an unsecured loan,you need to have a good credit score else you loanapplication most probably will be rejected.Thebest way to consolidate your credit card debts orany other high interest debts is using a homeequity loan. Of cause, you need to own a home inorder to apply for a home equity loan. Home equityis ideal for you to consolidate your credit carddebts because the interest is much lower interestrate than credit card and other unsecured loan.And the best part is it normaly have differentterms or repayment periods for you to choose from.The longer the repayment terms, the lower themonthly payment is. If your current financial istight, you could choose the longer repayment termand pay more when you are at better financialsituation. Read more about it at:
http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan
- answered by farran abat
|
