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Comment on Understanding the Concept of Home Equity by try2help

try2help — Wed, 17 Mar 2010 22:04:59 +0000

If the home equity loan is to pay off credit cards it is a bad idea, utilizing settlements would be better, contacting creditors, getting it in writing first, then remitting, then submitting letters to trans union, equifax, and experian, that the debts are paid.

If you want to get home equity loan to pay off credit card debt it is a bad idea: consider, credit card debt is unsecured, no collateral. If you pay them off w/a home equity loan, you have now turned unsecured debt, in to secured debt w/collateral, your house. And risk foreclosure, whereas credit card debt, can cause a lien on your home, but can’t force sale. Most people who choose home equity loans to pay off credit card debt, now their credit restored, go get new credit cards. Surveys show they are right back in debt, within four years. Now what?
You did not state the reason for home equity loan, so this answer may only be a education for others, if home equity loan is for an operation to cure a life threatening disease, that is a different story.
Again the reason for the home equity loan is the key, and of course Wells Fargo is a reputable lender. I do not know if this is any help, it is an American organization, you must have something similar in Canada, this is website for Natl foundation of Cr. counseling, American. http://www.nfcc.org/
Reason for home equity loan the key. If it is to pay off unsecured debt, not a good idea, you are turning unsecured debt to secured debt and risk foreclosure proceedings, if still have the same amt. of debt.
Also see below.
References :
Experience- http://www.answersfordebt.com

Comment on Understanding the Concept of Home Equity by Jeff

Jeff — Wed, 17 Mar 2010 22:02:59 +0000

The whole point of a home equity loan is:

"We can loan you money at 15%, but if you promise that if you miss a payment we can take away your house, then we’ll loan you the money at 5%."

Does that sound like a good deal to you?
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Comment on Understanding the Concept of Home Equity by Sticky

Sticky — Wed, 17 Mar 2010 22:00:59 +0000

A home equity loan can be a life saver because of it usually low interest withdrawal on your equity but is still considered a second mortgage on your house and will have to be paid off on top of your original loan to get your title.
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Comment on Understanding the Concept of Home Equity by Skulls & Bones

Skulls & Bones — Wed, 17 Mar 2010 16:58:32 +0000

Is a home equity loan a good idea? Or are they bad?
I understand the concept of equity but can the lender take your home if you fall behind on payments? Is there any real negatives to getting a home equity loan?
Is Wells Fargo Canada a good option?
Thanks.

Comment on Fha Purchase Real Estate Financing by piekingamerica

piekingamerica — Thu, 11 Mar 2010 22:04:59 +0000

well i really can't awswer this question but i think real estste financling is something really hard
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Comment on Fha Purchase Real Estate Financing by President B

President B — Thu, 11 Mar 2010 17:02:52 +0000

Would you like answers to your real estate financing questions?
This is for commercial and residentail real estate. Renters can buy real estate. People with bad credit can buy real estate with little or no money down with me. People in chapter 13 bankruptcy can refinance out of it. People one day out of Chapter 7 bankruptcy can refinance or purchase real estate. I offer 100% financing on construction loans! I have loan programs for bad credit where the credit scores are ignored.

Commercial mortgages to 90% and working capital and closings added to that for a 93% commercial loan. These loans are based on the value of the collateral, credit, cash flow and resume of the borrower.

I look forward to your emails and working with you on your real estate financing requests.

Thank you.

Comment on Top 7 New Home Regrets by Joseph a

Joseph a — Wed, 10 Mar 2010 00:33:59 +0000

If you calculate it out, you do save at least 20 percent less than buying the older home on the land.
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Comment on Top 7 New Home Regrets by jib4746

jib4746 — Wed, 10 Mar 2010 00:31:59 +0000

Check out the website: http://www.primeamericanproperties.com (through Internet Explorer).

On it you can find a list of differences between regularly built homes, modular homes and manufactured homes.

Do NOT confuse modular homes with manufactured (mobile) homes. There is a world of difference in quality.

On the site you can also see what the homes look like, inside and out.
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Comment on Top 7 New Home Regrets by darlene_b_bain

darlene_b_bain — Wed, 10 Mar 2010 00:29:59 +0000

We had a big home built three years ago. Four bedrooms, three bathrooms, full garage, bonus room, full basement, 3400 square feet. for $210.000. To have it built the regulat way was estimated at $225.000. Not a lot of savings there, but saved at least SIX months in time!!
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Comment on Top 7 New Home Regrets by oosmurfette53oo

oosmurfette53oo — Wed, 10 Mar 2010 00:27:59 +0000

a friend of mine has a 4 part manufactured home. it is nice and all, but the floors seem a little weak. it really didn't save much money. he payed like 115,000. i looked into it for me and i found one that includes land for 155,000. that was the cheapest. the reason people get them is because they are sealed tight and the materials used to build the house last longer because no weather interfered when the house was built. also, the roof lasts 15 years, just like most other roofs.
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