U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-14-2008, 09:24 PM
 
Location: New York, Westchester
506 posts, read 2,128,270 times
Reputation: 235

Advertisements

I owe 100k on home equity i am taking out another 50k to fix up a rental ,property i just bought.......with interest rates so low on home equity,s shouldi just lock in a rate if i can...plus has anyone gotten an home equity lately and and at what rate and with who.i am with chase now.....thanks
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-14-2008, 09:30 PM
 
Location: Houston, Texas
10,420 posts, read 46,627,380 times
Reputation: 10470
Nearly all lenders have ceased all HELIQs. The few remaining who still do lend on equity require gobs and gobs of equity in addition to high 700 scores. Something less and less people have anymore.

The fact that you need $50K for a rehab suggests the home is in pretty bad shape. Appraisers no longer do drive by appraisals. They are bored with nothing to do all day so they will go inside the home and look thoroughly at the condition. If the condition is poor chances are almost zero of getting a home equity loan.

I am also hearing stories of Appraisers not assigning an estimate of value based on a couple of your neighbors selling prices. They are basing it on comps from bank auctions which means 50 cents on a dollar or so.

You have your work cut out for you.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-14-2008, 09:37 PM
 
Location: New York, Westchester
506 posts, read 2,128,270 times
Reputation: 235
Default the 50k is for a rental property

and yes i have plenty of room left in my equity of my home i wont even be at 1/2 with my mortgage aftyer i borrow another 50k....i was just wondering if anyone heard of any good banks...with good rate locks.........thats if i should even lock in??????.......thanks
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2008, 09:23 AM
 
5,008 posts, read 12,750,956 times
Reputation: 3832
Quote:
Originally Posted by desertsun41 View Post
Nearly all lenders have ceased all HELIQs. The few remaining who still do lend on equity require gobs and gobs of equity in addition to high 700 scores. Something less and less people have anymore. Banks are still pushing plenty of HELOCs and home equity loans. You can basically find them at any bank. Gobs & gobs of equity??? How about 20% after the new 2nd...is that GOBS

The fact that you need $50K for a rehab suggests the home is in pretty bad shape. Appraisers no longer do drive by appraisals. They are bored with nothing to do all day so they will go inside the home and look thoroughly at the condition. If the condition is poor chances are almost zero of getting a home equity loan. do you think the appraiser decides what type of appraisal he is going to do?? please.

I am also hearing stories of Appraisers not assigning an estimate of value based on a couple of your neighbors selling prices. They are basing it on comps from bank auctions which means 50 cents on a dollar or so. You "hear" huh? You clearly have no idea on how the process works.

You have your work cut out for you.
For all you know the OP can get a 2nd mortgage on the spot with little to no credit qualifying or appraisal needed at all. How do I know this...because I work at a bank. We have lots of customers who could walk in here right now and I could do just that-write up a 2nd mortgage without pulling credit and no appraisal needed and close the loan. The only wait for the cash would be the 3 day rescission period
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2008, 09:25 AM
 
5,008 posts, read 12,750,956 times
Reputation: 3832
Quote:
Originally Posted by westchester View Post
and yes i have plenty of room left in my equity of my home i wont even be at 1/2 with my mortgage aftyer i borrow another 50k....i was just wondering if anyone heard of any good banks...with good rate locks.........thats if i should even lock in??????.......thanks
I would say if you can lock the rate anywhere in the 6's or less you should do so. What state are you in?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2008, 10:31 AM
 
Location: Oxygen Ln. AZ
9,320 posts, read 17,358,895 times
Reputation: 5740
I would personally would never take out a second on any property I own. If you can paint and patch, do that yourself. If it needs more extensive work, not sure what to tell you
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-15-2008, 12:31 PM
 
5,008 posts, read 12,750,956 times
Reputation: 3832
Quote:
Originally Posted by MotleyCrew View Post
I would personally would never take out a second on any property I own. If you can paint and patch, do that yourself. If it needs more extensive work, not sure what to tell you
not sure what to tell you...that says it all.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2008, 11:46 AM
 
Location: New York, Westchester
506 posts, read 2,128,270 times
Reputation: 235
Default i am in new york...........

i really do not want a second mortgage.......................i hope, key word being hope that i can pay off the home equity in about 3-5 years so............should i lock part all all of my balance.............when i first got my home eq the rate was around 8 1/2 i just got my statement today and it just went to 5%??????????????????????????
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-19-2008, 07:48 AM
 
5,008 posts, read 12,750,956 times
Reputation: 3832
What can you lock at? It is probably not going to go any lower (lockable rates)! I would guess you can't lock at the 5% you are currently at, but if you could lock anywhere in the 5's or 6's I certainly would.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top