home equity loan questions?

Question

I own a home in Oregon appraised at $378,000. It's paid in full. We want to relocate to Raleigh, NC. On a recent trip we made a offer on a home and it was accepted, the sale is pending. To purchase this home I am planing to use the equity in my paid-off home, pay cash for the new home of $230,000, then sale my home in Oregon and therefore the loan would be cleared.

Any better options for doing this? My payments will be about $1900 on the equity loan and I would sure like to avoid having to pay more then one payment. Can i request my payments to be delayed for 90 days? What is the maximum? I wish to sell my old home before having to make those huge payments.

Any tips or advice is appreciated on how to save as much as possible. Thanks!

Answer 1

You can do an interest only loan on the $230,000 and your payments would be considerable less than 1900.00. I've seen ads for interest only loans for 200K for like 400 or a bit more a month. However, you have to be sure there is no prepayment penalty when you pay the loan off when your house sells. If you cannot get an interest only loan for a short time, look into a low intro rate adjustable loan, again with no prepayment penalty. These are the only ways I know. I would check with your bank or a loan officer to see if there any other options. Also, you usually do not have to make a payment until the month following the closing of the loan. But the key is not having a prepayment penalty and of course low or no closing costs. Good luck.

Answer 2

please write to me at the provided email address so you can clue me in on why you believe you could have two mortgage payments. i don't get it.

if you have paid off your oregon house, then you do not pay a mortgage on it, correct?

if you will use the equity in your oregon house, which is worth more than the NC house, to pay cash for the NC house, why will there be a payment? do you mean that there will be ONE payment on your oregon equity loan UNTIL you sell it, then pay off the equity loan?

i just don't see where you come up with a double payment...

no, you cannot request payments to lag for 90 days. and why? if you wanted for the equity payments to lag, then you should have purchased the NC house after you had a contract on the OR house.

what do you intend to do with the balance that you get out of the proceed of sale of the OR house after you pay off the NC house? i hope you know how much uncle sam doesn't tax you for, anymore, in capital gains. i work for professional investors, trading like-kind property. maybe you can do the same with the balance left after you pay off the NC house so that your old age will be safer. write me if you want any advice on that part. as well as on my question.

i do not mean to sound rude, i just don't get what you mean.

you save as much as you can by putting your OR house up for sale now, at a reasonable cost that will attract a qualified buyer, with a good Realtor (r), hopefully, if you liked her, the one that sold you the house to begin with. just know it is a buyer's market, so if you don't price to sell, you make the worst mistake any seller makes, no matter what market it is: you scare off your qualified buyers and your listing gets old and stale within 4 weeks. after that, nobody is interested in it, even if you reduce the price. price it to sell at first.

Answer 3

particular it fairly is attainable reckoning on the fairness place on your place. in case you circulate over 80% of the loan to value, then you definately would be required to have PMI. PMI now would desire to be tax deductible reckoning on how lots you're making. you will could see no count if it fairly is clever to circulate over 80%. good success! CA Lender

Answer 4

There are several options available.Home equity, debt consolidation, refinance. But you need to calculate and see which option saves u money and has got many other advantages. You could use calculators located at http://mortgage.yeyeyup.com/calculators.html