2006-10-16 07:43:30 · 10 answers · asked by steve_delprete 1 in Business & Finance ➔ Renting & Real Estate
you should refinance or get a home equity loan not get a mortgage- go to lending tree.com and check out rates and apply to get multiple rates and offers then pick the best one for you
2006-10-16 07:46:05 · answer #1 · answered by geom1974 4 · 0⤊ 1⤋
There are 2 types of secured credit you can get. 1) A revolving line of credit which operates like a credit card. That means that you can draw on it so long as you do not exceed the credit limit.
2) A closed-end line of credit e.g. a home equity line of credit which means that you cannot redraw on the balance as you pay it down.
Both of these types of credit can be offered by any bank or other financing instituion secured by a first deed of trust on your condo....there are some financing costs associated with these kinds of credit so ask about that....
You may also be a good candidate for an unsecured personal loan since you do not have a first trust mortgage...citifinancial provides excellent unsecured personal loans....there is a small fee for this kind of loan but at least you do not have to offer up title to your condo as security......
Check out all 3 options and decide which is financially best for you.....
2006-10-16 14:56:47 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
I hate to be so blunt and bold but everyone in this thread is incorrect.
If you need money available to you at all times (similar to a checking account) then a HELOC may not be a bad idea. But if you are looking for a one time cash out to pay off debts, or buy another condo as an investment you should do a cash out refinance. The reason everyone in this thread is wrong is because a HELOC has a floating rate. That means that as the economy and real estate markets improve the rates will likely go up. If this is a one time expense you are better off getting a FIXED rate on a cash out refi. Not only will the rate be lower at the start but that low rate will be locked in and not floating at the whims of the market.
Admittedly the commissions for a cash out refi aren't nearly what they are for a HELOC but you said you wanted to receive good advice not be sold an inferior product depending on your needs.
If you have further questions or have a specific scenario in mind feel free to email me. I look forward to recieving may "thumbs down" responses for my answer.
2006-10-16 19:24:24 · answer #3 · answered by J O 3 · 0⤊ 0⤋
You didnt say how old you are. If over 62 you could do a reverse mortgage and not have to make any payments on the cash received until the home is sold.
2006-10-16 17:10:05 · answer #4 · answered by Jennifer G 2 · 0⤊ 0⤋
I would recommend doing a Home Equity Line of Credit, known as a HELOC.
I am a real estate investor, and I use the equity in my home to buy other real estate. I can write off the intrerest all year long, and leverage the equity to the limit, for even more tax savings and capital appreciation.
Check with your CPA. If you don't have one, get one. They're golden.
2006-10-16 14:47:28 · answer #5 · answered by Lion J 3 · 0⤊ 0⤋
You should get a Line of Credit that you are able to lock. Most of them do not offer this feature. In a rising rate market you dont want to be stuck with an adjustable line. They also have $0 closing cost lines, but you will pay a higher rate. If you have any questions you can email me at seano@mortgage4life.com
2006-10-16 14:48:52 · answer #6 · answered by Sean O 1 · 0⤊ 0⤋
none go to you bank with mortgage title ask them to hold it as a security, against a revolving line of credit, that you can use as you need, pay off and re use as you need it. do not take out the full value of your house but only the min required to get you through the situation.
2006-10-16 14:46:58 · answer #7 · answered by redsyoungstud 3 · 1⤊ 0⤋
Equity line of credit, i suggest gettign it from your bank, verses a morgage company
2006-10-16 14:45:21 · answer #8 · answered by Gee 2 · 0⤊ 0⤋
A HELOC would be your best bet. You can draw out only what you need and pay it back as quickly as you want.
2006-10-16 18:53:11 · answer #9 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Home equity line of credit.
2006-10-16 14:44:46 · answer #10 · answered by Anonymous · 1⤊ 0⤋