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December 9, 2008 - 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??
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you can apply for home equity loan: The selection of home equity loan should be done based on your specific condition. To help you make the decision, answer certain questions like the amount of money you will require, the duration of requirement of the loan, the time needed to repay the loan and the maximum monthly payment you can make.
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- Yes you will get a home loan and it will be better if you apply to different banks and get one for you. Though it will be tough for you to get one but i think you will get a loan. To know more visit http://geteasyloans.blogspot.com and http://creditcardbiz.blogspot.com
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There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected. The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. 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
- Yes!!!! Pay all the creditcards off. Close all but 1 of them for emergencies only. The student loan can be a good thing because the interest is a complete tax deduction. You should look into a fixed rate second mortgage not a home equity line. The home equity line payment can go up each month according to the prime rate. It is just a credit card attached to your home! . You should apply ASAP for a loan because our economy is very fragile and rates will likely go up as they have for the last 5 years. You can get a loan with your score but it will not be the best rate. You will be able to write off your interest on this loan. You pay of $2600 will be more like $3,000 with the tax benefits of a real estate loan. I guarantee 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 may be subjected to higher interest rates on your creditcards and mortgage.
- Based on what you said, you shouldn't have a problem getting a home equity loan or refinancing for 100k, but you might not even need that much of loan. I recommend getting a loan to pay off your credit card debt. I would leave your student loans alone and just pay them off. Here's why: The interest rate on credit card debt is usually much higher than the rate you could qualify for with a home equity loan, and the interest on a home equity loan is usually tax-deductible. So you can pay off your debt with a lower interest rate (which means you pay less in the long run) and you might be able to deduct the interest from your taxes. Which means you benefit in two ways. Talk to a trusted mortgage professional to go over the numbers with you, but my guess is you'll be surprised how much money you'll save. Your mortgage person can also explain your options between getting a home equity loan or refinancing and you'll be able to see what makes best financial sense for you. The student loans, on the other hand, most likely have a pretty low interest rate and the interest on those should be tax deductible, so I would just leave that debt where it is and pay it off. It doesn't make much sense to pay off a student loan with another loan. Getting back to credit card debt, consolidating it into a home equity loan also will simplify your bill paying. You'll have one payment each month, as opposed to several payments for your various credit cards. You are luck to have so much home equity (550k). I would definitely recommend using it to pay off high interest debt that isn't tax deductible. Once you pay off your credit card debt and then make regular payments on a home equity loan, your credit score will go up pretty quickly. Good luck!
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