Home Equity Loan or Refinance that is the question!!!

[SmartMoney]

The problems with the stand alone seconds is the cash out LTV. Many have dropped to 70% to 75%. And, as of yesterday, a "good rate" was 8.5% amortized over thirty w/ a 15 year balloon. Recommend you look into credit unions.....they are rumored to have more competitive 2nd trust money (but then you may have the LTV issues).

[Huckleberry3911948]

i am rapidly developing a very negative attitude towards student loans.
i am for staying out of debt in the next 24 months.

[kinghaas]

i dad a similar problem. i owe 244k on my house. i made 102K last year and my wife made 31K. my credit score is over 700 (last time was 762). i wanted to do some home remodeling so applied for a home equity and was rejected. funny thing is the last question they asked me before my pre-approval was denied was if i had any minority in me? does that really make a differance?

[michael11747]

Originally Posted by kinghaas

i dad a similar problem. i owe 244k on my house. i made 102K last year and my wife made 31K. my credit score is over 700 (last time was 762). i wanted to do some home remodeling so applied for a home equity and was rejected. funny thing is the last question they asked me before my pre-approval was denied was if i had any minority in me? does that really make a differance?

wow a question like that would have completely thrown me off guard. maybe there is a program dealing with minorities. that is interesting to hear.

[Johnsteve]

If anyone wants to build the home without money then dont worry you will get home loans very easily with low interest rates.Thanks.
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john

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