Can an LLC take a home equity loan based on some rental property it owns?
Kind of.. It would not be considered a home equity loan because you would have a commercial loan. While terms may be the similar the type of loan is different if you have everything as an LLC and the loan was taken by the LLC. Depending on the equity in the property you could be able to do so, however often the Member-Manager would need to sign a guaranty.
Can I get a home equity loan when i owe 70,000 at a house worth 130,000dlls?
You may be able to get a home equity line and I understand wanting to consolidate your debt, but let me warn against this, let me explain one detail many don't realize. If you get a home equity line, you are using your home as collateral. Now what that means is if you default on the home equity line they will take your home. Something to know about this...if you were to file for bankrupcy now, without this line of equity you would not lose your home, it is protected by the homestead act. However once you use the home as collateral if anything heads south and you can't keep making payments and decide to file for bankrupcy you WILL lose your home! Getting an equity line is like gambling with your home...be careful.
Can I get a home equity loan or do I have to re-do my mortgage?
If you are a first time borrower of a home equity loan it is imperative that you have a checklist of essential questions that you need to ask each and every lender. The answers to these questions will provide a valuable reference to base your comparisons on. What’s the interest rate? Knowing this is crucial. The interest rate will determinepercentage by which the adjustable rate will change. What is the Annual Percentage Rate or APR? The APR on the home equity loan will determine the yearly payment you will need to make towards this.The higher the payment in terms of points, the lower is the interest rate.
Do I have enough equity to get a home equity loan?
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Can I get a home equity LOAN without having a job??
Don't do as charmed suggested! Verification of employment is not just a phone call-its tax statements, W-2's, etc. You do have to show ability to pay, if your not working, are you drawing a pension? Social Security? You would qualify as long as your income ratio and payment are fine. Otherwise, you do have to have steady, monthly income. Basically if you are on a pension of $1000.00 a month, with utilities, food, phone, insurance, etc are around $600.00 a month, and the home equity payment would be $ 300.00, it would be iffy, as they look at disposable income for auto expenses, clothing etc. Don't know enough of your situation to advise if you would or would not qualify. There is also appraisal fees that you must pay up front to get an exact value on your home, they do not go by the PVA assessment, they go by the condition of your home and others in your area, their selling prices, and how long they have been on the market.
How can I get a home equity loan with bad credit?
I give out loan to Business Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US the maximum I give is 5,000,000 both in pounds and $US and the minimum 5,000 pounds and US$ so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. Name In full____________ ____________ Occupation___ _______________ ______ Counry_____ _______________ _______ State____ _______________ _________ City___ _______________ ___________ Zip code:__ _______________________ Phone Number ____________________ Sex _______________ ______________ send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now. email chris_per_lenders@yahoo.com Thanks.
Can I take out a home equity loan to purchase a property under my existing LLC's name?
A HELOC (Home Equity Line of Credit) is based on your credit and the equity in your residence. If you qualify, you can use the funds for any purpose.A HELOC by definition must be applied for by the owner of the home and the owner of the home must be an individual and not a legal entity.Make sure you understand the terms of the HELOC. Some HELOCs must be paid back in a certain period of time. Also, most HELOCs are adjustable rate mortgages, not a fixed rate. With interest rates going up this year, make sure you have enough personal income to pay for the first mortgage and this second mortgage.Is it advisable to borrow the money to purchase property? Make sure you have thoroughly looked at all the risk before pulling this trigger. If you lose the property, you still owe the bank for the HELOC.Investors and business people obtain HELOCs all the time. The question is, should you.
Is there any way to get the equity out of your home that you own, without selling it or getting a reverse mortgage?
There are a number of reasons for wanting to tap into your home equity. You may want to use some of the money invested in your home to eliminate other debts, like credit card balances or to contribute to your children’s college tuition bills. Perhaps you’re looking to self-finance home improvement expenses or pay medical bills. You may even prefer to use it to fund vacation homes, a rental property, or start a business.In most cases, accessing home equity offers an option for accomplishing more of your financial goals. Determining whether it makes sense for you involves looking at the alternatives and finding the most cost-effective approach for your situation. For many homeowners, cash-out refinancing ends up being that choice.Like home equity loans and home equity lines of credit (HELOCs), cash-out refinancing is another way of tapping into the equity you have built up in your home through your monthly payments and as it has increased in value. It involves retiring your current mortgage by taking out a new one, possibly with different terms, and for an amount that is larger than what you currently owe. The excess over your old loan’s outstanding balance and the new one is then paid out to you in cash at closing.Many homeowners see this type of refinancing as an effective way to secure more favorable terms on their debt while obtaining extra money for large purchases, college expenses, home improvements, or other pressing needs.A Cash-Out Refinance Could Help You:Access a large lump sum of cashPay off high interest credit card debtPay off a car loanPay student loansPay off medical billsFinance a weddingTake a vacationMake home improvementsPay for elderly careBuy an investment propertyPay for collegePay down debt and improve your debt-to-income ratioBoost your credit scoreGet a lower interest ratemore about refinancing here: Cash in on Home Equity with Cash-Out Refinancing
Home Equity Loan on Paid Off House but Bad Credit?
I inherited a house when my father passed away, the house is worth about $530,000. I wanted to get a Home Equity Loan with the house as collateral for $100,000. Mainly want to use the money to pay off debt, fix up the house, and my daughter starts college in 4 months which I need to pay for as well. I was denied for having a 668 credit score from a local bank (TD). My income is about $5,000 a month from retirement + social security. The loan was only about $600 a month for 30 years at a fixed rate. I am $18,000 in debt (maxed credit cards paying minimum payments). Regardless, I can easily afford this loan with my income and budgeting. This makes no sense. Why would I be denied when my home is out right paid off. I plan to sell the house after my daughter has graduated from college but I have no intention of moving until then. Whats the point in paying off the house if you can't get money out of it. I am need of this loan and I am not sure how to go about getting one. I need serious help. I have no one to co-sign with good credit. What are my options to secure a loan given my situation? Thanks so much
Why doesnt my equity matter when asking for a home equity loan?
It absolutely matters. The lender will order an appraisal and approve a line of credit (or home equity loan) based on a “Combined Loan To Value” ratio (CLTV). This is a percentage of the home’s appraised value (typically no higher than 80%) less the existing loan balance. If your home appraises for $500,000 and you owe $300,000 on it now, a $100,000 equity loan would be an 80% CLTV ($500,000 x .80 = $400,000 - 300,000 = $100,000).