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17 views

Out of state HELOC Lender [closed]

Is there a good search engine / can anyone recommend a lender for me? I have a rental property in Philadelphia, and reside in Washington state. I want to take out a home equity line of credit ...
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2answers
66 views

How does one compare repayment of a loan based on a fixed payment of some dollar per $1000 borrowed?

I'm having some difficulty understanding the payment fees of a possible home equity line of credit (HELOC). The HELOC is for $270k, with a stated repayment period of 15 years at 2.75% APR. The credit ...
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1answer
81 views

Taking out money on current home for down payment of new home

My real estate broker is advising me to borrow money against my current house for the down payment on a second house . I need to borrow about 50k. My current house has a principal balance of 80k and ...
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1answer
219 views

How does cosigning for a home equity line of credit affect your chances of getting your own loan?

My father has a home equity line of credit (HELOC) but it is coming to an end and in order to renew it he would need me to cosign with him for it. I trust my father to make the payments and to not ...
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1answer
82 views

Take out a loan vs. sell bond investments

I am going to put solar panels on my roof. I can pay for those panels using some combination of the following Take out a HELOC at 3.75% variable interest rate with closing costs covered by the bank. ...
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1answer
38 views

Home Equity Line of credit features and overview

I have a very recent mortgage. I only have about 7% of equity on the home. I've made about 5 payments so far and everything is going smoothly. Now I have a family emergency requiring me to borrow ...
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0answers
93 views

Buying a home-Make as large a downpayment as possible, or keep cash to invest

I'm trying to decide whether to put a full 20% down on a new home (primary residence), which would eat up most of my cash from sale of current home, or do something like 10% down, 80% conventional ...
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1answer
110 views

Should I pay extra towards my mortgage or HELOC?

My first mortgage has a balance of $147k with 4.75% fixed interest rate. My home equity line of credit (HELOC) has a balance of $87k with prime minus 1.1%. I've been making about $50 extra payment ...
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1answer
114 views

How close to prime rate for a loan?

I just received an ad from my bank offering me a home equity line of credit at prime + 0.5%, a variable-rate loan. Now, I don't need the loan. But I'm curious. Is prime + 0.5% the best I can do? My ...
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3answers
153 views

HELOC with no first mortgage (for liquidity--no plans to spend it)

For a home-owner with no debts, a good salary, credit score, etc.: What terms would be optimal for future liquidity when obtaining a home equity line of credit (HELOC)? The point is to obtain ...
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4answers
2k views

Using a HELOC as downpayment

My wife and I bought a fourplex in Los Angeles a year ago. It has been a good experience, and we would like to buy a second investment property, but we don't have enough cash for a decent downpayment. ...
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1answer
218 views

Pros and cons of cashing out my RRSP in order to repay HELOC used to start a business, now failed?

I'm in my mid 40s and a few years ago I used my HELOC to start a new business. I was paying interest only on the loan in hopes of paying off the HELOC in lump sum amounts once the business was ...
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1answer
2k views

Does it make sense to refinance and convert the HELOC back to a fixed 20 year low rate mortgage?

I have $5k left on a primary mortgage at 5.375% interest. I have $155K debt on a HELOC at a variable 3% rate. The total line of credit approved is 200K. 3.0% APR. No penalty for pre-pay. Can lock ...
4
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2answers
3k views

Should I pay off investment property mortgage

Just a little financial puzzle. Inputs: An investment mortgage with 5.5% interest rate, 100K balance and 20 years left. Saving account with 100K in the saving account at 0.5% HELOC without any ...
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1answer
251 views

What is the difference between a home equity line of credit and a mortgage?

In the article About.com - Six Ways To Prepare Now For Rising Interest Rates it states: The average US household debt, according to the Fed, is $20,000, not including mortgages. Most of that ...
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4answers
3k views

Should I pay off HELOC or save?

I've heard the principle of "Pay yourself first", implying that saving some money each month should be a priority. However, I've also heard that being debt free is important, and it would be good not ...
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1answer
317 views

Home office deduction with a line of credit mortgage (e.g. Manulife One)? [Canada]

I've been looking at mortgage products such as Manulife One - which work like a line of credit based on the equity in your home. The monthly payment is the interest on the amount left owing every ...
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2answers
111 views

Can a Line of Credit be re-financed? Is it like a mortgage, with a term?

I have a home equity line of credit, for which I have had trouble making large payments against since my career change. I'm wondering if I should be concerned over the interest charges, and if there ...
4
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3answers
1k views

Use retirement to pay off debt: Should I cash in RRSP to repay Line of Credit?

The amount I have in RRSP savings is exactly equal to the amount I have in Home Equity Line of Credit debt (significant, but aside from home mortgage, my family has no other debt). I know if I ...
5
votes
4answers
216 views