Home Equity Loans – second mortgage

flowergirl asked:


Would it be better to use 401K loan, home equity, etc.

Grace

Bloomberg asked:

April 12 (Bloomberg) — Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. may have to set aside an additional $30 billion to cover possible losses on home-equity loans, an amount almost equal to analysts estimates of profit at the three banks this year. Bloomberg’s Monica Bertran reports. (Source: Bloomberg)

Ramon

puppiesnmarshmellows asked:


This is going to be embarrasing, but i don’t know if we are doing ok or not. I don’t know what the norm is for money leftover after bills but according to a debt/income ratio i did today we are at 34% which is good, i guess.

My husband makes 1333 twice a month (that is what we see after taxes) there is a addtional 125 going straight to our savings account each month on top of the 1333 twice a month.

Our bills are as follows

first check
car-291
insurance-62
elecric,gas,water 200
credit card 170
cable-93
which leaves 517 left for gas and groceries

second check
mortgage 600
home equity 103
home phone and internet 100
cell phone150
which is a little tighter at 380 for gas and groceries

total for the month we have 917 left in our checking, including the 125 that is in our savings its 1042 a month.
I just am curious how we are doing financially? I’m scared to death about this kind of thing and fear we are doing something wrong. We are military so no health ins.
well we’re military so no job loss..and no unexpected medical bills. we really don’t have to worry about that because its a secure job.
no credit card is what we decide to pay on it..that isn’t the minimum payment. We have a home phone and a cell phone because up until a month ago we only had a home phone. Effective the 26th we will no longer have that home phone. The second mortgage was to redo our home, its almost paid off now, it was only 10,000.
oh and why don’t i work? I have two small children and noone to care for them. We don’t live near our families. There is NOTHING wrong with being a SAHM parent.

ARNOLD

A.C.Girl asked:


I don’t know anything about a second mortgage and want to know if it’s the right thiing for my husband and I to do. We have a house in a skyrocketing market and would like to put down hardwood flooring and remodel the kitchen. Is this a good way for us to finance the project? What are the pros and cons I should be aware of?

MERLE

dave s asked:


I am planning to buy a new house. What would be better, to take two loans (primary and secondary) on the new home, or to take one loan and home equity from my first home (which was paid in full) to put into the new house?

MARION

Greg asked:


WASHINGTON (AP) — In a troubling report, the Federal Reserve said Americans’ equity in their homes has fallen below 50% for the first time since 1945.

Home equity is the percentage of a home’s market value minus mortgage-related debt.

The Fed’s flow of funds report shows home equity slipped to a revised 49.6% in the second quarter 2007 and fell further, to 47.9%, in the fourth quarter. It marks the first time homeowners’ debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

Does Bush still want to take credit for the “housing boom”?

Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm

Bush took credit for the “housing boom”. Now that boom is bust, do we let him have it both ways?
Hey, I didn’t say the housing boom or bust was his doing. I am just pointing out that he took credit for it while campaigning in 2004, and he made it worse by extending the problem to FHA.

JONATHON

jvd466 asked:


I have a second Mortgage of 33K at 7.5%. Open credit limit. Car loan 20K at 7.1% 6 years left .Visa 13K-13%. This will last forever.School loan 6,500 6.9%. Should I borrow 100K at 5.99% for 15 years and pay off all creditiors and put the balance on my morgage that I owe 50K with 7 years left?

ANTON

KimberlyJ asked:


I don’t buy the idea that we are in a financial crisis because people used their home equity to fund inappropriate spending. I think that people took out second mortgages to pay for their kids’ overpriced college education, to pay off credit card debt accumulated as a result of job losses or health problems, etc. Many of these people simply would have gone bankrupt if the run up in housing prices had not given them lots of paper equity.

In short, I think the middle class is being scapegoated. People I know aren’t trying to keep up with the Joneses, they’re just trying to survive in a poor jobs market brought on by globalization.

Please share your thoughts, not parroting what you hear in the media, but actually sharing stories from your own life or people you know. Thanks.

HARRY

Harley Dave asked:


I would like to know what to do about refinancing my home or if equity loans are best suited for my needs. I bought my house 3 years ago with a no down first time home owner mortage. I got a 5/1 ARM at 6.125% which will be over in 2008. I want to get a fixed rate now locked in but also would like to boworrow money to pay off debt and do some remodeling and consolidate into one payment. The property is appraised at $ 150,000 and the principal is $ 113,000 will I be able to accomplish my goal? I figure I would need $ 20,000 to pay off the debt and get some things fixed , Any advice would be appreciated.

ROYCE

malibuphile asked:


bad credit (under 500) three mortgage lates. Life hit us hard but are trying to get back on our feet. Just need a chance. Anyone know a co that would provide a loan with these perameters?

JEFFRY