Can I get a home equity loan or do I have to re-do my mortgage? solution

Can I get a home equity loan or do I have to re-do my mortgage?

Tags:collaterol, home equity loan, local bank, mortgage company, stipulation,

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I paid for my home 4 years ago, as well as it appraised during 1,000. we paid for it by a debt company, upon a thirty year loan. Now that we can means to compensate a small some-more I’d similar to to redo my loan, as well as supplement my automobile remuneration upon with it upon a fifteen year loan. The complaint is that a debt association had a chapter that they got to do my 2nd as well as 3rd mortgage, that they wish to assign thousands of dollars in fees to do. Can we go by my internal bank as well as do a home equity loan regulating my residence as collaterol, as well as compensate of a debt company?

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Comments (8)

ed m said on 09-01-2010
	cut to the chase — go to your local bank and tell them want you want to do and see what they say!!!

NYkool said on 09-01-2010
	ask at any bank I don’t think that what is mortgage company is saying is legally possible. You make that choice and not them. even if you signed something, it is not legal to say you can only borrow from them. Bank can advise on rolling together into one basic mortgage or getting an equity loan and paying off car in that loan. The bank loan officers are there just for this purpose.

tonalc1 said on 09-01-2010
	It depends on your credit rating, your income, and how much equity you have in your home. Talk to your bank.

Ms Jazzylyn said on 09-01-2010

First pull out the copies of the loan documents you should have been given when you bought the house. Read the NOTE, it will give you the terms of your loan. I am sure it will not say anything about the current mortgage having to handle a second loan.

If your homes current appraisal comes in higher then your current loan balance, you should be able to obtain a home equity loan or refinance the first with some cash out.

Watch the terms of the loan if you choose to refinance. And please go to a big bank and not some mortgage company you find on the internet.

Good Luck!
(By the way I have been an Escrow Officer for 20 years)

luckyone_27105 said on 09-01-2010
	I find it hard to believe that you would have much equity after four years in a mortgage. Home equity loans are bad. If you miss a few car payments, they can take your car. If you miss a few house payments… Bite the bullet and drive a little bit less of a car with lower payments and put the extra in savings, investment, or on your mortgage principle.

Alec W said on 09-01-2010
	Go to this website http://www.tanainternationalgroup.com and request some information on their products, they have some financial planning services to help you manage to get out of debt completely including mortgages.

STEVEN F said on 09-01-2010

I seriously doubt there is a clause in your mortgage requiring you to use the same company for a second mortgage. The primary mortgage holder gets paid first if ANYONE forecloses, so they are no better of with such a provision than without one. If you can afford to pay more, all you have to do is send more each month and direct the extra be applied to the principle. This does not require any change to your contract and you can go back to the regular payment at any time. Any financial person can compute the payments required to pay off your loan in 15 years. As long as that is at least as much as your current P&I, just pay that amount.

gracy s said on 09-01-2010
	check this link its good http://workathomeandearnmoney.blogspot.com/ .