My credit is poor but I have probably $80k in equity in my home. Will a bank refuse to approve a home equity loan because of bad credit? If you have bad credit, you are less likely to be approved for a loan, or if you are approved, you may have to pay a higher [...]

How long do you have to live in a home that appraised higher than what you paid to get a home equity loan? Our credit is now damaged, is it still possible? You don’t have to wait, but if it’s less than 12 months, the lender is going to use the purchase price and not [...]

Is it better to get a home equity loan, or a home equity line of credit? I want to pay off my credit card debt. Hi dear, saw your post andi have applied for Loans in different loan companies online and end up loosing my money. I was going through hard time with my sick [...]

Im not quite sure if I should be going to a mortgage broker to apply for one, or just go to each bank individually? Also, are there any out there that do not have a repayment penalty? I am also assuming that once the property sells the loan needs to be automatically repaid. I would [...]

Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please. No… You have to hold the title free and clear to get an auto equity loan. [...]

Hi. My home equity loan is an interest only adjustable and I am currently paying something like 7.02 (I have a rate of 1.25 below prime). I also have credit card debt on two cards, but they are fixed at 4.02 and 4.99. I know its usually better to not have the credit card debt, [...]

How does a home equity loan work? The lender looks at the amount of ownership you have in the home and projects the cost of loaning you an amount of money up to that point. Say for instance your home is worth $100,000. If you owe $20,000, then you own 80% of the value ($80,000). [...]

My husband and I are thinking of purchasing an investment property by way of using a home equity loan on our first home. Is this a smart thing to do? what are the down sides of it? We don’t have money of our own in the bank to do it, but it seems like a [...]

I have already tried at my bank and was denied. Does anyone know a good tried and true place to get a home equity loan? If you can be a member of a credit union, that would be a good place. You can go to finance companies as well, but the rates will be very [...]

We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around $60,000) and then do a 2nd (Equity loan) for the rest…does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in the 1040 [...]