Dear All,
I need to take some equity out of my house....is this mean I am asking for line of credit?
Please advise?
Thanks
It is called HELOC - Home Equity Line of Credit.
Hope this clarifies.
Hiren
Excellent!
Thanks Hiren...
Location: Somewhere on Earth
Posted on: 21-08-12 10:50:48
Hi aditya2007,
Just some more info. If you are looking for smaller amount then you can go directly for unsecured Line of Credit as if you don`t have HELOC then you have to pay the bank the processing fees i.e. lawyer fees or some thing like that not sure what exactly they call. Also you have to pay discharge fees when you paying and closing that off, which one day you will.
Decide how long you want for the line of credit, how much amount and so on. Do your research in details before you jump on any conclusions. Hope this helps!
Quote:
Originally posted by high vision
Hi aditya2007,
Just some more info. If you are looking for smaller amount then you can go directly for unsecured Line of Credit as if you don`t have HELOC then you have to pay the bank the processing fees i.e. lawyer fees or some thing like that not sure what exactly they call. Also you have to pay discharge fees when you paying and closing that off, which one day you will.
Decide how long you want for the line of credit, how much amount and so on. Do your research in details before you jump on any conclusions. Hope this helps!
Lawyer fees, discharge fees?? Not sure what you are talking about..
The major difference is that USLOC is usually at higher interest rates than HELOC.
For HELOC, as a general rule is that you should paid at least 20 % (of your home value) of principle amount. Or you proove that your house value has gone up by valuation report.
USLOC depends on your personal credit file, that is, your employment income, household expanses, pending credit card and loan payments etc. etc.
Location: Somewhere on Earth
Posted on: 21-08-12 21:48:52
Please call your bank and they will explain these terminology and in depth process.
Again you can't just prove saying or something that your house amount went up. Bank send their lawyers for revaluation and usually they charge in most cases. Not sure how your bank gonna dealt with you as it goes case to case. If there is more than 20% then it make sense but question is how much more is currently paid off your mortgage. Lot of factors plays around, seems you just know basic rules of HELOC but not all details.
Aditya2007, if you can tell little more about your background requirements and tell some more details based on all these conversations then we can provide you more in depth as per your situation.
Quote:
Originally posted by jigz787
Quote:
Originally posted by high vision
Hi aditya2007,
Just some more info. If you are looking for smaller amount then you can go directly for unsecured Line of Credit as if you don`t have HELOC then you have to pay the bank the processing fees i.e. lawyer fees or some thing like that not sure what exactly they call. Also you have to pay discharge fees when you paying and closing that off, which one day you will.
Decide how long you want for the line of credit, how much amount and so on. Do your research in details before you jump on any conclusions. Hope this helps!
Lawyer fees, discharge fees?? Not sure what you are talking about..
The major difference is that USLOC is usually at higher interest rates than HELOC.
For HELOC, as a general rule is that you should paid at least 20 % (of your home value) of principle amount. Or you proove that your house value has gone up by valuation report.
USLOC depends on your personal credit file, that is, your employment income, household expanses, pending credit card and loan payments etc. etc.
Quote:
Originally posted by high vision
Please call your bank and they will explain these terminology and in depth process.
Again you can't just prove saying or something that your house amount went up. Bank send their lawyers for revaluation and usually they charge in most cases. Not sure how your bank gonna dealt with you as it goes case to case. If there is more than 20% then it make sense but question is how much more is currently paid off your mortgage. Lot of factors plays around, seems you just know basic rules of HELOC but not all details.
Aditya2007, if you can tell little more about your background requirements and tell some more details based on all these conversations then we can provide you more in depth as per your situation.
Excuse me my lord for my mere knowledge of basic rules of HELOC.
By the way, lawyers do not re-evaluate our houses. Lawyers work in law firms and courts. The people who re-evaluate our house are called appraisers.
Quote:
Originally posted by high vision
If you are looking for smaller amount then you can go directly for unsecured Line of Credit as if you don`t have HELOC then you have to pay the bank the processing fees i.e. lawyer fees or some thing like that not sure what exactly they call.
Ummh, I thought you knew the details, and thats why you were helping Aditya.
Quote:
Originally posted by high vision
Also you have to pay discharge fees when you paying and closing that off, which one day you will..
Could you please post some online reference to support your statement? I would like to know which bank charges these fees on HELOC.
