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

By: ed m

ed m — Sat, 09 Jan 2010 05:13:50 +0000

cut to the chase — go to your local bank and tell them want you want to do and see what they say!!!

By: NYkool

NYkool — Sat, 09 Jan 2010 05:13:50 +0000

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.

By: tonalc1

tonalc1 — Sat, 09 Jan 2010 05:13:50 +0000

It depends on your credit rating, your income, and how much equity you have in your home. Talk to your bank.

By: Ms Jazzylyn

Ms Jazzylyn — Sat, 09 Jan 2010 05:13:50 +0000

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)

By: luckyone_27105

luckyone_27105 — Sat, 09 Jan 2010 05:13:50 +0000

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.