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 Landlord kept more of deposit than agreed upon.? |
We did the walk through in our apartment when we moved and the ditzy manager said it looked great...just $90 to clean the carpet and $10 to patch a couple of holes from hanging pictures.
We had ... |
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I'm so excited I can hardly speak! We're about ready to start the process on buying a home.
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| Im an investor and I want to buy a house asap is it possible to waive inspections and appraisels in michigan.... |
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| I want to take advantage of the the buyers market but i still have credit card debt ...I just want to buy something inexpensive would it benefit me?... |
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I bought a home in 2005, i put 20% down to acquire Loan, i did not qualify for the loan amount since it was 55% of my monthly income.
the bank still funded the loan and we moved into our home. <... |
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| We had to renew our lease and the business manager informed me and our neighbors that the original deposit would increase and we must pay it by the end of the month. I am curious if this is actually ... |
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| bought a house and just waiting for solicitors to do the search etc but it's taking forever. How can we get them to hurry up so we can get a moving in date?????... |
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 When a developer sells a model home at the end of the sales, is it at a discount? |
| Once a new development is sold out and the developer is ready to sell the model homes, do they price them cheaper than homes with identical features/options? (I'm not talking about whatever ... |
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yoohoo | What is home equity, how do you get more equity, what does it mean? |
What is a home equity loan? How do you know how much equity you have in your home? is that the loan you get for home improvements? Anything about equity would be great. |
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vocky
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Basically your bank will loan you money based on the value of your property. There are loan ratios so lets say they have a 10% ratio (I think thats normal although others demand more or less depending on the area). That would mean you can borrow up to 90% of the value of the house. If the house is 100K you could borrow 90K. Now if you only owe 50K because you bought it a a few years back and it has gone up in value then your bank will lend you up to the 90K (or an extra 40K) for you to do whatever you want with. Its a cheap way to finance debt for purchasing things like cars, holidays, extensions...than using a credit card or personal loan BUT it means you are putting those things under your home loan and if you dont or cant pay then they reposses your home. You would start by going to your bank and having the home valued by a professional they recognise to see how much you could borrow. A good bank will pay for this service for you as long as you take out a loan with them. You generally set up a new loan (which means a new fee) and then your back to normal. Your home loan repayments will go up but they should be able to calculate these for you so you know what to expect. Remember interest rates are on the rise so factor that in. Happy spending. |
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freshair
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Since the first question has already been answered several times correctly, I'll answer the other two for you. Yes, this is a loan you would get for home improvements. A good mortgage professional will ask you several questions about where your current mortgage stands now and what your goals are for your home. It's very important to know both so that the professional can let you know what your options are as far as using your home loan instead of letting your home loan using you.
A good mortgage professional will take all the current information and make sure your current first mortgage is as competitive now as it was when you purchased the home.
Most the appraisers I work with will give me an estimated value without looking at the home. So, maybe, you can contact a mortgage broker who can help you through this process.
Don't ever use a loan officer that ignores your goals for this home--it's a big red flag. |
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*****
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Equity is the value remaining after deducting the liability. When you talk about home equity, you are talking about the value of the house minus the debts you owe on it.A home equity loan is one what a lender will allow you after taking into consideration your liability (debt) on your house. |
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gina
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equity is the value of your house minus any loans you have secured on it. Negative equity is when you owe more than the value of your house positive is the opposite |
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Smokey
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Equity is the amount you have accrued on your home less all of the government deductions and lender fees. You can add just a small bit extra to your house payments each month and your equity will rise accordingly. You can pay as little as 20 dollars extra on your note and it will make a big difference in the long run. |
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askmike
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equity is how much your house is worth opposed to how much you owe on it. |
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joeblog
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What would be the cashed up value of your home. You can take a loan on the paid up value of your home after some form of assessment. The loan can be used to improve your home, or for holidays, etc. |
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©rojoe® Semi Retired
 |
Equity is the amount of principle you have payed on your home..This does NOT include monies paid toward the interest of the loan |
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TraderPat
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Basically, as everyone mentioned, Home Equity is the value of your house minus the mortgage and other debts (liens) you have against the house. So a $500,000 house with a $200,000 mortgage would have $300,000 in equity. Now to give you more details, you can always get a home equity loan or line of credit from the bank. I would recommend a line of credit. Most banks offer at least 90% of the equity you have, and some go up to 100%. Make sure you never pay any fees for this line, especially upfront costs or points. Now the bank will pull your credit, check your expenses (debt to income ratio), appraise the house according to comparables in the area, and then tell you how much room they can give you. The benefit of this is that some banks, Wells Fargo being one, allow for you to have a line of credit and fix a portion of it so you can have a fixed rate on what you initially use. The remaining untouched amount will always be available with a variable rate. The home equity rates are not as low as first mortgage rates because the lender is taking second position on the property but it is still lower then any other loan or line you can get. Most home equity loans or lines are closely tied to the prime rate in the wall street journal. Now to answer your other question, you can use your home equity for anything you please. The most common use is to do home improvements but many people use it to pay off their credit cards, pay off auto loans, use as a down payment to purchase another property, use for investments, energencys, and so on. The main benefit is that in most cases, the interest is tax deductible compared to a credit card where the interest does no good for you. Also, I don't advise you to do this with a broker because they charge for it, where as most banks don't charge any fees and even pay for the appraisal and recording fees and everything. The only fee banks have is usually a pre-payment penalty if you close within 3 years, and that's usually standard. |
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nelson_devon
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Equity is value. You can have more of it by paying more on your loan--ie you owe less. Or you can make improvements to your home ie--your home is worth more. It is easy to get home equity loans, but you shouldn't get them to buy a new stereo or something like that because then you risk your home if you can't pay it. |
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Mustang Sally
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Equity is how much value is left on your home after you deduct any mortgages or liens. The only ways to gain equity are to pay down on the balance you owe on the home and to enlarge your home. Some home improvements help, but ultimately size really does matter. If you increase the square footage of your home, your appraiser can then compare the value of your home to larger homes sold in your area, thereby increasing your appraisal/equity.To come up with a value of your home an appraiser must inspect your home, and find at least 3 (At least in my area) homes that have sold in the area (5-10 miles) within the last year..he can then obtain a value. |
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mikejlush
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Equity is the value of your home after all debts are considered.
So an example:
Your house is worth $200,000
You have a first mortgage with a balance of $100,000
You have $100,000 of equity in your home.
The current value is based on a 3rd party appraisal
Hope this helps! |
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scatalanjim
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Equity is usually the term given to the value of the money when the price of a house increases. For example:
If you purchase a house for £100,000 and then in six months it is worth £150,000 there is £50,000 worth of Equity in it.
However you can also get "Negative Equity" where the value of the house drops. This can be very bad if the value of you house drops below the amount of your mortgage. |
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