NLIC.org

Seth Said:

Can my wife take a home equity loan for personal use on a jointly owned home without my consent?

We Answered:

If your home deed is in both your names, then no, she cannot take out a loan in only her name without your consent. She can only take it out in only her name WITH your consent legally. If your mortgage company has done this.. then they did something incredibly illegal. You need to call the mortgage company on this.. Best Wishes!

Dustin Said:

Can I pay off a home equity loan with my credit card ( lower interest rates!)+ how do I do it?

We Answered:

How long is that credit card rate good for? Bet it is less than a year. What are you going to do at the end of that time? Trouble ahead!!!!!!!!!!

Why don't you look for a better home equity loan rate? In fact, you may be able to get the current lender to lower the rate with no cost. Contact them, tell them you are going to refinance the loan but want to give them the opportunity to keep your business at a lower rate.

I've done this twice before so it can happen.

Laurie Said:

Can I get a home equity loan at the same time or immediately after I get a home loan?

We Answered:

In some cases, yes. Here is Schwab's combo loan package: http://www.schwab.com/public/schwab/bank…

Claude Said:

What is a home equity loan and what is the process to applying/being accepted for one?

We Answered:

Let's say you owe around $70K for your house & it now appraises for $275K, you can "cash out" some of your equity.

Equity is the difference between what you owe & what the home is worth or appraised at now.

There are many programs for "cashing out" equity. You could get up to 100% of your equity out. I do not suggest this &your interest rate on your equity loan will be a lot higher.

You could cash out say 80%, based on my #'s above that would total about $164,000.

& you could use this money towards a down payment & for construction costs with the home you're interested in building.

You want to make sure you're using your money with the best programs. Talk to a lender who will show you the pros & cons. Don't use all of your liquid cash to sink into building a home, leverage, leverage, leverage & talk to the lender about a "Construction to Perm" loan. (Construction to finished product)

Javier Said:

Is it better to get a home loan thru home equity line loan?

We Answered:

Typically home equity loans have variable interest rates ... the very same type of rate programs that a causing the havoc in the current banking and real estate market. If your rate is fixed for the term, you will have predictable payment streams that you can budget for. If the rates are variable, and the underlying market rate goes up again, you may be asking for trouble. Try to get low fixed rates that you can pay off as quickly as possible. Having your largest asset at risk in case you experience job loss or other financial loss really sucks ... believe me, I speak from experience.

Tracey Said:

Home equity loan or refinance existing home loan?

We Answered:

If you have a great rate on the first then leave it. It also depends on the size of your HEloan. Ask your broker or bank to compare the two and see what's in your best interest. A HELOC is very easy depending on your credit. If the credit is good then you should expect a no closing cost loan at about 5%
You can email with any other questions
brandonbroker@yahoo.com

Rafael Said:

How does home equity loan qualification works if you’re self employed?

We Answered:

You will most likely be required to show two years of IRS filings to prove income. Everything else is basically the same as applying for a first mortgage - house appraisal, savings/checking account statements, credit reports and scores, etc.