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The rules of home equity loans include not extracting all of the equity on a house, getting the home to appraise well and being able to repay the debt with a healthy income. Work with a financial institution to understand the rules of home equity loans using information from a registered financial consultant in this free video on home equity.

Expert: Patrick Munro
Contact: www.northstarnavigator.com
Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace.
Filmmaker: Reel Media LLC

Duration : 0:1:22

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An FHA loan is a government backed loan the allows a client to get into a property with as little as 3 percent money down. Find out what factors affect FHA loan qualification, including income and credit history, with help from a financial specialist in this free video on home loans and money management.

Expert: Matthew McKillen
Contact: www.innovativefg.com
Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients.
Filmmaker: Christopher Rokosz

Duration : 0:1:25

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Duration : 0:1:7

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I am planning on purchasing an investment property with 100% cash. I can purchase the property at 60% of market value. I then plan on pulling a loan out for 60% of the market value. Would it be considered a mortgage or a home equity loan? A mortgage currently is about 300 basis points lower than the home equity loan. I am hoping it would be considered a first mortgage because it would not be a second lien position. Thanks

If you purchased the house with all cash and shortly thereafter refinanced the property it would be a first mortgage.

The mortgage are determined as to which mortgage is recorded first no matter what they are called.

Why would you purchase an investment property with all cash, and shortly refinance it. Qualify for and get the mortgage, keep the cash for other things. The only way this make sense to an investor is that time prevents you from getting a loan.

There are tax benefits to obtaining a mortgage loan. You should check with your tax consultant prior to making this transaction.

Most investors would not purchase a property and pay all cash with their own money for an investment property, it goes against the grain of being an investor. Being an investor you should try and get into a property with as little as possible and still make a profit so as the tenants rent can cover the mortgage monthly payment, taxes and insurance as well as a little left for maintenance. Investors would not tie their money up this way.

The next thing is that if you get mortgage loan as a non owner occupied home the interest rate is higher.

I hope this has been of some use to you, good luck.

"FIGHT ON"

I have already tried at my bank and was denied. Does anyone know a good tried and true place to get a home equity loan?

If you can be a member of a credit union, that would be a good place. You can go to finance companies as well, but the rates will be very high.

Remember, if you are seeking a home equity loan to consolidate other debt, like credit cards, you are betting your house you’ll pay. It’s not always to use home equity for consumer expenses ("buying a blouse on the house"). Good luck to you.

I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, how much typically will a Home Equity Loan cost me in fees?

Interest on home loans is generally tax deductible. This includes equity lines.
The fees range from nothing to about $1-1500 tops. This is going to depend on the rate. Obviously the ones that have no closing costs typically have a higher rate. Typically for a smaller loan amount you want to go with a no closing cost option and for the bigger ones you’d pay the fees and get a lower rate.

We are thinking about getting a home equity loan. We need a new roof and our AC unit is making our electric bill sky-high.

We’ve never had a home equity loan before, and I’m just wondering if we should go with the company that holds our mortgage, a different company, or does it matter?

Any tips would be helpful as we’ve never done this before.

Shop around but many lenders are getting out of the home equity line of credit business what is your equity to loan ratio on the first? Is it even possible to get one?

Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt.

Hi dear, saw your post andi have applied for Loans in different loan companies online and end up loosing my money. I was going through hard time with my sick father after the divorce of my mother and my 2 other brothers and one sister. My Immediate younger brother and i work in the factory trying to earn day living. My sister Tricia work with Bujestar company, lost her job after a brief illness and i have to work harder with my brother all day and night to make our salary enough to take care of my sick Father. I lost my job few months after i was employed due to my Father’s sickness, since then we have lived from hand to mouth, begging for arms. An old friend of mine Danniel Robbert, a close friend in the factory were i formerly worked, saw me few weeks ago and advice me to get a loan and start up a trade business to earn nonet and get back on track again. I was refereed to (TOWER LOAN COMPANY) by Danniel Robbert were i applied for a loan of $30,000 which i was Approved of after 4 days to repay back within the duration of 5 years. I was so happy to see my family smile again. I promise the company that i will tell the world about their services and to patronize them any were i go as an appreciation for their great work of kindness and understanding. If you are passing through hard time, i URGE you to apply online with Tower Loan Company via email: (towerloans@msn.com)

Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, but since the rates are fixed and lower than my heloc, should I work on paying the heloc off first (I owe twice as much on my heloc as I do on my credit cards). Thanks.

Let’s take a look at the rates after taxes as interest on the HELOC is tax deductible:

This assumes you are in the 25% bracket.

HELOC = 7.02%
Tax Benefit = 1.76%
After Tax Effective Rate = 5.26%

Credit Cards = 4.02% and 4.99%
Tax Benefit = %0
After Tax Effective Rate = 4.02% and 4.99%

These are the rates you should be comparing. Even with tax benefit factored in, you are still paying more for the HELOC but the rates are very close. Bottom line, pay off what you are most comforable paying off. Personally, I would pay off the credit card with the lowest balance first ……but that is just me…….

I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!

A $229,000 mortgage on a $277,000 property is an 82% loan-to-value (LTV) ratio. So, you have some wiggle room in obtaining a second (these usually max out at 90% LTV).

My first question would be where is the other $48,000 coming from for the purchase? If it’s cash, then you will have no problem getting a home equity loan for about $20,000 with your remaining equity (up to the 90% LTV). If you came up with the $48,000 with a second mortgage, you’re already at 100% LTV and, particularly with blemished credit, I doubt you’ll be able to get the additional funds.

The fact that you were approved for $40K over the purchase price means nothing. A bank is only going to lend up to the value of the house and, in today’s mortgage industry situation, I would be surprised if anyone were willing to go over 90% LTV.