Unique situation... Refinance and cash out to down for a new home? related questions

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Unique situation... Refinance and cash out to down for a new home?0urgh!!! :(2012-10-12 05:32:05
I own a 2 family house is worth 370K . We still need to 88K with 12 years remaining on a 15-year loan . I owe a family member 200K loan. I have to pay the family member back . Can I ( should) to refinance the home value and pay the family member with him ? Basically , I move to an interest free loan to the family of a mortgage . I know that , economically , it's a disastrous move , but the situation is what it is . Besides, if I wanted to buy a new house and put it for rent ... Is it appropriate to refinance , for example , 320K ( 200K goes to the family member , the remaining mortgage 88K and 32K cash down for a new home ) ? So in the end I would like to have one of two families to rent a house and live in. I hope the house rent two homes will cover the new 320K mortgage 30 years and my 126K/year income (gross ) cover primary home mortgage . Which brings me to another question , in that income level , how much I can afford? Thanks to advice anyone can give!
FHA cash out refinance situation? help needed?!?0Samamantha2012-09-10 20:53:02
I'm thinking of doing FHA refinance cash out of my home. My current loan is an ARM and want to switch to 30 - fixed . Can someone who is a loan specialist or subscriber or any person who has knowledge about lending me if my situation is a possibility that can be approved ? Or if not what other options do I have? MedlinePlus MedlinePlus Here is my husband and my overall situation : MedlinePlus MedlinePlus - Credit score
Home Equity Loan or Cash Out Refinance?0umka2012-10-16 00:02:40
Anyone know the difference and the pros and cons about Home Equity Loan and Refinancing with cash ? Which is better ?
Which would be better...to refinance w/cash out or a home equity loan?0Lolerskater2012-10-19 18:45:22
Here is the information . We want to put an addition to our house . We bought new in 2002 for $ 119,000 and a loan of $ 26,000 in our original loan is a 5/1 ARM . In our current market area , our house would sell for between $ 150,000 and $ 160K . We will need $ 50,000 to make the addition . What is the best way for us to refinance and get the $ 50K or get a home equity loan or home equity line of credit ? Everything is confusing and I know there are pros and cons of each product . HELP ! ! Thanks in advance !
Should I get home improvement loan or refinance with cash out?0Carl2012-09-28 03:42:02
I want to refinance my house to take advantage of lower interest rates . I also renew my house , because it has serious structural problems . MedlinePlus MedlinePlus Should I refinance and get cash to use for home improvements or should refinance without cash and get a loan for home improvements separately? MedlinePlus MedlinePlus What is the difference between the two scenarios ?
Home Equity Loan or Cash Out Refinance?0quizzical2012-08-18 10:45:02
Equity loan or cash out refinance ? Anyone know the difference and the pros and cons of home equity loan and refinancing of retirement? Which is better ?
Refinance w/ taking cash out OR home equity loan?1please help...thank you2012-09-20 06:51:03
Therefore, I am in a situation where you had a good job for years w / o degree, bought a condo, got fired and now working again, but I think the real solution is to go back and finish my degree. In order to do this, I would quit my job in the fall or sometime next year to finish my time juniors and seniors instead of going full-time. One thing for sure is that I start my first year of college this fall, I do not know if it will be full time or part time. The university's night school that makes it a good choice for the meantime. The problem of not working and going to school full time is to make my mortgage payment. My apartment is a 240K value of the bad economy and has a 190K loan against. (We had a good payment for the sale of a previous home). My current APR in the condo is 5.875%. I have a basic GFE a refinancing (5.125% w / o points or fees) and pay back $ 1,210 per month w / taxes instead of $ 1,315 per month I'm paying now. I am also considering refinancing not because it is only a savings of $ 105 per month and I have the intention to sell in three years after getting my degree. If I do not refinance, I'm thinking of going with a line of credit (home equity loan) with the bank that has the house loan and then quit my job when school starts. Then use the money from the credit line to pay my mortgage while I'm in school. I think the rate was around 6.5%. I would not have to use the equity loan until my last year of college, though. Currently I have $ 24,000 in compensation for lay on I will use during my first year to pay my mortgage. Then, when that money is gone, I will be using the facility during my senior year. I like the line of credit, as you only pay interest on what has been out. The second option instead of the credit line: Instead of home equity loan for my last year of college, could refinance the house and "have cash". I have not looked into this option. If I make $ 30,000, I could put it on a CD for one year and then be used for my last year of college to pay my mortgage. I know it's not a good situation for me, but I'm trying to make the best of it. Does sound equity loan or to refinance well?
If I purchase a home for cash or through a private loan, how soon am I able to refinance with a bank?1dmm2012-10-24 15:09:02
If I buy a house for cash or by a private loan , how soon I am able to refinance with a bank?
Would you refinance your home for an interest only loan? We are strapped for cash and we have over 65K equity3Robert2012-10-15 14:37:02
Instead of moving to a cheaper house , I thought about refinancing interest only. We lived in the house for two years , but with more than 65 thousand worth and equity .
Home equity loan, heloc, or refinance with cash out with bad credit .....?0Idislikepimples2012-11-03 11:43:02
We are currently working on improving our credit, but our results remain poor . The mean score with all our three major credit bureaus is around 580 with our highest score and the lowest 603,560 . Our home is paid in full and is valued at around $ 135,000 . Is it possible to get a loan with our credit score ? We have no significant debt . We have a credit card that is used to help improve our credit score to pay each month . The only other debt we are some of the medical bills . My wife and I work and we gross around $ 7,000 a month. We are hoping to find a loan that can help with medical expenses due to our child who has a disability and for him to obtain additional educational support needs . MedlinePlus I know if we could find a lender that we were going to approve the payment of a high interest rate to be high risk . But we have paid our house would still be able to find a lender ? MedlinePlus Thank you all in advance for your help!
Can you refinance 100% loan-to-value in Texas, and cash out on the equity for home improvements?0mukesh2012-09-13 06:28:03
You can refinance the 100% loan - to- value in Texas , and charge on equity for home improvements ?
How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure?1stef2012-10-01 02:15:03
The house is only 10k . So if 10k cash , how fast I can make a home equity loan for 10k ? I have to make repairs , since it is a foreclosure in poor condition. I can do a refinance loan and get more than you paid for it , even if assessed over 10k , who will? Thanks for the help

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