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dixiefaucett | Mortgage or Home Equity Loan? |
My maternal granparents just moved out of a house that belongs to my dad. He is now going to give us the house. We have about $60,000 we want to spend on paying off some bills and remodeling the house. What is the best way to go about this a Mortgage when we get the house or a Home equity Loan?
Additional Details
The $60,000 is not set aside in savings this is what we would need to borrow. The bills are for high intrest credit cards and then most of it would be for renavations. |
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Paul M
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Both are loans secured against the property. A mortgage is for a fixed sum over a fixed term with regular repayments; a home equity loan is a line of credit, so you can borrow the specific amount you need as you need it (within the limits of the HEL) and are charged interest only on the money you have actually borrowed. Repayments, too, are more flexible (just as you can pay off some or all of a credit card balance each month). This can all make a HEL more convenient than a regular mortgage, especially if you are going to have episodic contractors bills to pay, but you will pay a premium for this flexibility. A lot will depend on your tax situation and the period over which you wish to pay off the borrowing. This is a case where there is no generic answer; you need to make a side by side comparison of the costs given your particular circumstances. You may need to consult a professional adviser. |
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goz1111
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if you are asking about a second note on the property , depending on the equity it may be hard, a current article in the financial paper outlines how it is becoming harder and harder to get a second note in this credit crunch |
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sideline2084
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Check out http://www.mortgagefigure.com lots of information about mortgages, refiniancing, consolidation, bad credit mortgages and more. |
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khottmann
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I would go with a home equity loan |
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lary h
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QT777
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A couple of questions first: How much equity is in the home? Will you be spending more than the $60k you have in savings on the remodel? Both Heloc and Mortgage rates depend on how much their loan to value is. In other words how much money you are in debt versus the market value of the home. If there is a lot of equity you can just increase the loan amount and take out some cash. Beware that lenders have really tightened up on this practice and you will need better scores. I prefer this option because you don't have to really think about repaying the amount because it's already included in your mortgage payment. Also you can get a fixed mortgage where your rate won't go up.
On a Heloc, it works more like a credit card, you charge and pay as you go. Be careful because some of these have introductory rates which later increase. Most Helocs are variable. Generally closing costs on Helocs are considerable less than on a mortgage. If you take out a mortgage you can always get a piggy back loan meaning you get a Heloc as well through the same lender. This is the best of both worlds if you have the equity for it.
You can only go FHA if you qualify and your mortgage is under their limit. You mentioned you will be doing some remodeling. FHA is very picky about the condition of the property and you will need to pass an FHA appraisal/inspection.
Just ask yourself if you were to put it on a credit card would you pay it off soon? Most people that I've seen get a Heloc with a large balances usually don't pay it off. Since Heloc generally have higher rates than mortgages for this reason alone you might be better off with a mortgage. If you are the type of person that will pay it off soon, then do the Heloc. |
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Value m
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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 determine<!--the monthly payment you will need to make. You also need to know if the interest rate is of a fixed or adjustable nature. Fixed rate implies that the monthly payments will remain constant, while an adjustable rate implies that rates will fluctuate depending on market conditions.
http://badcredits.awardspace.com/homeloans.htm
In adjustable rate, when will rates change? If your interest rate on the home equity loan is of the adjustable variety, you need to know three things: when the rate is going to change (that is under what conditions), how frequently will the rate change and what’s the average-->percentage 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. |
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I_Love_McRedneck
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Equity lines have higer interest but are easier to get.
Just a comment though - do you REALLY want to take your short term bills and add them to a 30 year payment schedule? If you're talking about high interest credit cards and were only making the minimum monthly payment, chances are you'd be paying on them in 30 years anyway BUT if you're talking about vehicles or other short term payments, DON'T DO IT! |
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Gem
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Home equity loans are usually higher interest payments, but easier to qualify for.
I would try to mortgage it first. If you are a first time homebuyer and the house/loan qualifies you may be eligible for a FHA protected loan, which makes you a better option to the bank.
Congrats on the gift and good luck. |
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