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The best type of loan to help pay for tuition depends on your short and long term financial and investment plans. A Home Equity Line of Credit may be a loan to help you pay for college or it can be refinancing your mortgage into another 30 years. The fact of the matter is, that you will have your own mortgage plan that will help you fund your college
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The easiest way to find out what you qualify for is by meeting with a mortgage professional who will take the time to give you a free financial and credit analysis. Your mortgage professional should tell how much you qualify for based on your income in your first meeting. Your mortgage professional should be able to tell you if your debt to income ratios
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Since your home doesn't have enough equity you are in a tough situation. Like you said, you will not be able to refinance since you don't have enough equity in the home. Likewise, you will not be able to sell either since their isn't enough equity. I am assuming you are upside down ; meaning you owe more then what your home is worth. If you sold you
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This is a very good question. Before applying for a mortgage you should have worked on eliminating a good majority of consumer debt to lower your debt-to-income ratio, improve your credit scores, and increase cash flow. If you save enough to put down a large down payment, let's say 20%, you should first check how much you can afford in payments monthly
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In order for me to help you answer this question, I would need more information. For example, were you involved in the purchase but couldn't go on the loan due to credit issues. There are other possibilities that could be tied to this question. By making the mortgage payments you have interest in the property unless you signed a lease agreement with
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An " 80/20 zero down mortgage " is 100% financing in the form of two loans. One loan is at 80% loan-to-value (LTV) and the other is called a piggy back second at 20% LTV . The 2nd mortgage is really to avoid mortgage insurance and impound accounts with the payment. In order for one to qualify for this type of loan you must meet minium credit scores
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Congratulations on your new home purchase! It must be a very exciting time for you. However, it is unfortunate you were not able to sell your home, receiving capital gains and getting rid of an extra mortgage payment. Before you start trying to decide what mortgage is best for your payment and equity objectives for your new property, you must answer
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The discount rate , aka the Fed Funds Rate, is a short term rate that banks charge each other to lend each other money. The discount rate affects the prime rate which affect home equity lines of credit, credit cards, auto loans and the like. Home equity lines of credit and credit cards are based on the prime rate. The prime rate can be calculated in
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If you have a 5 Yr. Adjustable Rate Mortgage (ARM) which will reset in March 2008, you need to start going over your loan documents and look for a document called the " Rate Rider Note ." I believe that is what it is called. Anyway, look through that document, which will tell you what index rate and margin your loan is tied to. Since you have a 5 year
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I am assuming you mean February 2008, right? Since the Fed did cut the discount rate by a total of 75 basis points, it will help homeowners who have home equity lines of credit. The discount rate affects the prime rate , which in return affects HELOC's . Why does it affect the prime rate? The prime rate is the discount rate + 3%= prime rate. However