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	<title>Comments for Real Estate Mortgage Loan Refinacing</title>
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	<pubDate>Thu, 29 Jul 2010 12:09:06 +0000</pubDate>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by osunumbe</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-430</link>
		<dc:creator>osunumbe</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-430</guid>
		<description>nope because you might lose your house</description>
		<content:encoded><![CDATA[<p>nope because you might lose your house</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by lucy_390</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-429</link>
		<dc:creator>lucy_390</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-429</guid>
		<description>do you know that your are going to be paying for that car for the next 30 years at a percentage rate of appox. 6 percent you can get a car loan cheaper than that.  As for the bills you have take a good look at the percentage you are paying (credit cards) can be very high. you might want to get a line of credit on your home to pay only these bills off.  With the line of credit you only pay interest on the amount you actually use.</description>
		<content:encoded><![CDATA[<p>do you know that your are going to be paying for that car for the next 30 years at a percentage rate of appox. 6 percent you can get a car loan cheaper than that.  As for the bills you have take a good look at the percentage you are paying (credit cards) can be very high. you might want to get a line of credit on your home to pay only these bills off.  With the line of credit you only pay interest on the amount you actually use.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by mortgage help</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-428</link>
		<dc:creator>mortgage help</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-428</guid>
		<description>http://www.choicefinance.net/home-equity...</description>
		<content:encoded><![CDATA[<p><a target="_blank" rel="nofollow" href="http://www.doverealtyhotelbrokers.com/goto/http://www.choicefinance.net/home-equity.."  rel="nofollow">http://www.choicefinance.net/home-equity..</a>.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by Altruist</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-427</link>
		<dc:creator>Altruist</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-427</guid>
		<description>It's all about net present value of your cash vs. the toys.
Are you going to make enough cash to cover the loan in the immediate future;  or is it worth it to you to get the new toys and pay the finance fee over time?
It's clear that that banks want the later; so if you're comfortable paying the finance fees, then enjoy the toys.
Net present value = Is what I want worth more to me now than what I would pay if I saved up for it over time.</description>
		<content:encoded><![CDATA[<p>It&#8217;s all about net present value of your cash vs. the toys.<br />
Are you going to make enough cash to cover the loan in the immediate future;  or is it worth it to you to get the new toys and pay the finance fee over time?<br />
It&#8217;s clear that that banks want the later; so if you&#8217;re comfortable paying the finance fees, then enjoy the toys.<br />
Net present value = Is what I want worth more to me now than what I would pay if I saved up for it over time.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by frugerni</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-426</link>
		<dc:creator>frugerni</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-426</guid>
		<description>Check out the interest rates on new car loans first.  Some manufacturers are offering rates under 3%.  You won't beat that with a home equity line of credit, even if you take the deductibility into account.  Plus the line of credit probably has a variable and Bush and company unable to say "no" to any spending interest rates are only going to go higher.</description>
		<content:encoded><![CDATA[<p>Check out the interest rates on new car loans first.  Some manufacturers are offering rates under 3%.  You won&#8217;t beat that with a home equity line of credit, even if you take the deductibility into account.  Plus the line of credit probably has a variable and Bush and company unable to say &#8220;no&#8221; to any spending interest rates are only going to go higher.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-425</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-425</guid>
		<description>If your house is paid for, it's not a bad idea, just remember that will be another monthly bill to add to your budget. The rates are good right now so I'd check it out. Just make sure you explore all your options and work out what the monthly bills will be before you sign on the dotted line. I made the mistake of getting a home equity loan and buying a new car at the same time. I paid off some credit card debts but within a year started using them again. Once you pay them off, cut them up and don't use them again then the loan will be worth it.</description>
		<content:encoded><![CDATA[<p>If your house is paid for, it&#8217;s not a bad idea, just remember that will be another monthly bill to add to your budget. The rates are good right now so I&#8217;d check it out. Just make sure you explore all your options and work out what the monthly bills will be before you sign on the dotted line. I made the mistake of getting a home equity loan and buying a new car at the same time. I paid off some credit card debts but within a year started using them again. Once you pay them off, cut them up and don&#8217;t use them again then the loan will be worth it.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by Jennifer J</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-424</link>
		<dc:creator>Jennifer J</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-424</guid>
		<description>If you have unpaid bills, then I would not be going out to by a new car.  First, get the bills under control.  Do you need a new car?  I would take care of my bills first, weigh the pro's and cons of purchasing a new car.  THEN - go to your banker or financial advisor and get their opinion.  It really depends on your situation and interest rates.</description>
		<content:encoded><![CDATA[<p>If you have unpaid bills, then I would not be going out to by a new car.  First, get the bills under control.  Do you need a new car?  I would take care of my bills first, weigh the pro&#8217;s and cons of purchasing a new car.  THEN - go to your banker or financial advisor and get their opinion.  It really depends on your situation and interest rates.</p>
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		<title>Comment on Is Taking A Home Equity Loan To Buy New Vehicle And Pay Bills The Smart Way To Go? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/comment-page-1/#comment-423</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 21:34:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-taking-a-home-equity-loan-to-buy-new-vehicle-and-pay-bills-the-smart-way-to-go/#comment-423</guid>
		<description>If you have good credit you can probably get a new car loan for about 6-8%, according to the area you live.  All mortgages are equity loans, because you are borrowing against the equity on your home.  Typically, a home equity loan is considered a loan on your home when you already have a mortgage.  I your home is paid in full then you would really just be getting a mortgage.  I haven't checked mortgage rates for a while, but you should be able to get a mortgage, with good credit, in the 6+ range.  By getting a mortgage to pay for your new car, you can write the interest off on your taxes.  You have to be careful, of course, because you are risking your home.  I hope this helps a little.</description>
		<content:encoded><![CDATA[<p>If you have good credit you can probably get a new car loan for about 6-8%, according to the area you live.  All mortgages are equity loans, because you are borrowing against the equity on your home.  Typically, a home equity loan is considered a loan on your home when you already have a mortgage.  I your home is paid in full then you would really just be getting a mortgage.  I haven&#8217;t checked mortgage rates for a while, but you should be able to get a mortgage, with good credit, in the 6+ range.  By getting a mortgage to pay for your new car, you can write the interest off on your taxes.  You have to be careful, of course, because you are risking your home.  I hope this helps a little.</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by Openthat</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-422</link>
		<dc:creator>Openthat</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-422</guid>
		<description>6 months ago definatly good canditate for refinance but make sure you dont have a pre-payment penalty.  If you do than a heloc or closed end second is your best avenue.  If you refinance the entire home and cashout make sure you state is to consilidate bill or purchase a car.  Dont tell them its for your brother in law because no one is likes to give money to the private.   Also stayaway from online companies like lowerbills and lending tree just lead companies that sell your information for about 3 months and than you get calls for the next 5 years</description>
		<content:encoded><![CDATA[<p>6 months ago definatly good canditate for refinance but make sure you dont have a pre-payment penalty.  If you do than a heloc or closed end second is your best avenue.  If you refinance the entire home and cashout make sure you state is to consilidate bill or purchase a car.  Dont tell them its for your brother in law because no one is likes to give money to the private.   Also stayaway from online companies like lowerbills and lending tree just lead companies that sell your information for about 3 months and than you get calls for the next 5 years</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by amkornel</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-421</link>
		<dc:creator>amkornel</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-421</guid>
		<description>If you now own the title for the new home, then you have the option of refinancing or taking out a home equity line. 
If I may suggest a home equity line of credit (HELOC) Again if you own the title, then it should be easier and quicker for you to obtain a HELOC. It will also cost you less in fees intitially. You can make a lump sum payment with our worrying about pre-payment penalties. And, if you ever need to tap into the equity of your home, you won't have to go thru the process of getting a new loan.</description>
		<content:encoded><![CDATA[<p>If you now own the title for the new home, then you have the option of refinancing or taking out a home equity line.<br />
If I may suggest a home equity line of credit (HELOC) Again if you own the title, then it should be easier and quicker for you to obtain a HELOC. It will also cost you less in fees intitially. You can make a lump sum payment with our worrying about pre-payment penalties. And, if you ever need to tap into the equity of your home, you won&#8217;t have to go thru the process of getting a new loan.</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by Georgieg</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-420</link>
		<dc:creator>Georgieg</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-420</guid>
		<description>Since the money was originally borrowed from a family member this would be a first mortgage unless your brother has it registered at the courthouse that he is the lender. When you pay on the mortgage with the money you get from the sale of the condo your principal amount will go down. Your payment will remain the same.</description>
		<content:encoded><![CDATA[<p>Since the money was originally borrowed from a family member this would be a first mortgage unless your brother has it registered at the courthouse that he is the lender. When you pay on the mortgage with the money you get from the sale of the condo your principal amount will go down. Your payment will remain the same.</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by e fitz</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-419</link>
		<dc:creator>e fitz</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-419</guid>
		<description>these are all very good questions, adn you should seek an expert on this to go over the entire situation.
go to lowermybills.com and put in your info and someone will call you to talk about it.  i used them last year for a refinance adn it worked really well.</description>
		<content:encoded><![CDATA[<p>these are all very good questions, adn you should seek an expert on this to go over the entire situation.<br />
go to lowermybills.com and put in your info and someone will call you to talk about it.  i used them last year for a refinance adn it worked really well.</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by Frustrated employee</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-418</link>
		<dc:creator>Frustrated employee</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-418</guid>
		<description>it would be considered a new mortgage or refinance. With a home equity loan, you usually keep the original loan and have another loan based on the equity in the home. In your case you are paying off the original loan (your brother) and starting over.  As for the payments and lump sum thing... I'd assume your payments would be the same no matter what, just get paid off faster. It will depend on the terms of the mortgage company. Some have early pay off fees, etc. If you want lower payments after you pay the lump sum, you may need to refinance again. You need to discuss your options with a mortgage broker or such. They should be able to help you find the best options for your situation.</description>
		<content:encoded><![CDATA[<p>it would be considered a new mortgage or refinance. With a home equity loan, you usually keep the original loan and have another loan based on the equity in the home. In your case you are paying off the original loan (your brother) and starting over.  As for the payments and lump sum thing&#8230; I&#8217;d assume your payments would be the same no matter what, just get paid off faster. It will depend on the terms of the mortgage company. Some have early pay off fees, etc. If you want lower payments after you pay the lump sum, you may need to refinance again. You need to discuss your options with a mortgage broker or such. They should be able to help you find the best options for your situation.</p>
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		<title>Comment on Is It A Refinance Or Home Equity Loan? by Mortgage</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/comment-page-1/#comment-417</link>
		<dc:creator>Mortgage</dc:creator>
		<pubDate>Mon, 25 May 2009 14:49:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/is-it-a-refinance-or-home-equity-loan/#comment-417</guid>
		<description>Hi there..
I agree that these are very good wquestions...as a broker these have to be some of my most common questions asked...
Here's to answer the main question...
A home equity line of credit, and a full refinance are 2 completely different things..
A HELOC (Line of credit) is simply a loan that shows up as a lien on your property..(similar to a mortgage) Unfortunately it is not a mortgage... A HELOC is a giant CREDIT CARD secured by your house... On your credit report a mortgage shows as a real estate debt.. A HELOC shows as a REVOLVING DEBT (same as a credit card)....Also a home equity is a 2nd lien position to your first mortgage...(which makes it much more of a risk) 
A refinance is borrowing a new loan to pay off your existing home loan, personal debts, car loans, credit cards, do improvements, etc... Many things!! The thing is in a new refinance, you are simply re establishing a new first mortgage (which will be a REAL ESTATE DEBT) 
A 1st mortgage has much less risk to a lender, and also is MUCH MUCH BETTER for your credit!!!
Now a days almost every LARGE bank in america tries to SELL (keyword sell)... HELOC'S to their cliendts because they can make alot more money form them...
You will see commercials saying low or no cost HELOC'S... Lets face it, its 2006, and nothing in life is free anymore... You pay for what you get....  If you are going to do a loan from a lending organization for NO COST.. there's a catch...
here it is... in the last 3 years the prime rate on a home equity line of credit (heloc) has went from 4%..to a staggering 8.25%!!!!!  Th unfortunate thing is it is still rising!!!!
People that got a HELOC 3 years ago saw their payments more then triple in the recent year!!!
THIS IS WHY I SUGGEST TO STAY FAR FAR AWAY FROM HELOC'S!!!!!
Here's what i would suggest..
You do what is called a CASH OUT REFINANCE... you can take out cash to pay off your brother... You will now have a new mortgage with a new monthly payment...
Now as you were saying you will get the lump sum from the sale of your condo... WHen that time comes (which you have no idea when) you take the lump sum, and pay off most of the mortgage...
Now if you leave it at that, then you are right..YOUR MORTGAGE PAYMENT STAYS THE SAME..YOU JUST WILL BE ALMOST PAID OFF IN FULL~~~
What you can do then if you want a lower payment is refinance again, and extend your term..(although i wouldn't advise that unless you NEED  a lower payment)
The reason i wouldn't advise htat is because as im sure you realize, the longer you finance something the more interest you pay... Sometimes though, it is inevitable that you HAVE TO PAY THE INTEREST IN ORDER TO HAVE AN AFFORDABLE PAYMENT...
It would pretty much be up to what you can comfortably afford at the time, and you would have to decide whether to do a new mortgage for 10, 15, 20, or 30 years..(the less years the lower the payment)
My name is Jason Fry, I am a licensed mortgage loan officet for Providential Bancorp.. I hope this information is helpful, and i would also be hapy to assist you further if need be..
Being you are asking the question here, i assume you dont have a broker you normally deal with..(or trust for that matter)
I would be happy to step in and assist you with your financing... I have been in the business for 8 years, and i have the knowledge and experience to find you the best options...
Feel free to give me a call if you have more questions, concerns, or would like to do a refinance.. My direct line is 312-264-6448, and you can email me at jasonf@providential.com...
My company is nationwide, so i am licensed to originate in all states!
Thanks for reading, and good luck to you!
Jason Fry
Senior Mortgage Specialist
Providential Bancorp
312-264-6448</description>
		<content:encoded><![CDATA[<p>Hi there..<br />
I agree that these are very good wquestions&#8230;as a broker these have to be some of my most common questions asked&#8230;<br />
Here&#8217;s to answer the main question&#8230;<br />
A home equity line of credit, and a full refinance are 2 completely different things..<br />
A HELOC (Line of credit) is simply a loan that shows up as a lien on your property..(similar to a mortgage) Unfortunately it is not a mortgage&#8230; A HELOC is a giant CREDIT CARD secured by your house&#8230; On your credit report a mortgage shows as a real estate debt.. A HELOC shows as a REVOLVING DEBT (same as a credit card)&#8230;.Also a home equity is a 2nd lien position to your first mortgage&#8230;(which makes it much more of a risk)<br />
A refinance is borrowing a new loan to pay off your existing home loan, personal debts, car loans, credit cards, do improvements, etc&#8230; Many things!! The thing is in a new refinance, you are simply re establishing a new first mortgage (which will be a REAL ESTATE DEBT)<br />
A 1st mortgage has much less risk to a lender, and also is MUCH MUCH BETTER for your credit!!!<br />
Now a days almost every LARGE bank in america tries to SELL (keyword sell)&#8230; HELOC&#8217;S to their cliendts because they can make alot more money form them&#8230;<br />
You will see commercials saying low or no cost HELOC&#8217;S&#8230; Lets face it, its 2006, and nothing in life is free anymore&#8230; You pay for what you get&#8230;.  If you are going to do a loan from a lending organization for NO COST.. there&#8217;s a catch&#8230;<br />
here it is&#8230; in the last 3 years the prime rate on a home equity line of credit (heloc) has went from 4%..to a staggering 8.25%!!!!!  Th unfortunate thing is it is still rising!!!!<br />
People that got a HELOC 3 years ago saw their payments more then triple in the recent year!!!<br />
THIS IS WHY I SUGGEST TO STAY FAR FAR AWAY FROM HELOC&#8217;S!!!!!<br />
Here&#8217;s what i would suggest..<br />
You do what is called a CASH OUT REFINANCE&#8230; you can take out cash to pay off your brother&#8230; You will now have a new mortgage with a new monthly payment&#8230;<br />
Now as you were saying you will get the lump sum from the sale of your condo&#8230; WHen that time comes (which you have no idea when) you take the lump sum, and pay off most of the mortgage&#8230;<br />
Now if you leave it at that, then you are right..YOUR MORTGAGE PAYMENT STAYS THE SAME..YOU JUST WILL BE ALMOST PAID OFF IN FULL~~~<br />
What you can do then if you want a lower payment is refinance again, and extend your term..(although i wouldn&#8217;t advise that unless you NEED  a lower payment)<br />
The reason i wouldn&#8217;t advise htat is because as im sure you realize, the longer you finance something the more interest you pay&#8230; Sometimes though, it is inevitable that you HAVE TO PAY THE INTEREST IN ORDER TO HAVE AN AFFORDABLE PAYMENT&#8230;<br />
It would pretty much be up to what you can comfortably afford at the time, and you would have to decide whether to do a new mortgage for 10, 15, 20, or 30 years..(the less years the lower the payment)<br />
My name is Jason Fry, I am a licensed mortgage loan officet for Providential Bancorp.. I hope this information is helpful, and i would also be hapy to assist you further if need be..<br />
Being you are asking the question here, i assume you dont have a broker you normally deal with..(or trust for that matter)<br />
I would be happy to step in and assist you with your financing&#8230; I have been in the business for 8 years, and i have the knowledge and experience to find you the best options&#8230;<br />
Feel free to give me a call if you have more questions, concerns, or would like to do a refinance.. My direct line is 312-264-6448, and you can email me at <a href="mailto:jasonf@providential.com">jasonf@providential.com</a>&#8230;<br />
My company is nationwide, so i am licensed to originate in all states!<br />
Thanks for reading, and good luck to you!<br />
Jason Fry<br />
Senior Mortgage Specialist<br />
Providential Bancorp<br />
312-264-6448</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Deric</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-416</link>
		<dc:creator>Deric</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-416</guid>
		<description>Actually Banks usually request 2 apprasials for a home loan so there is no bias. Alot of appraisers have certian homes they lik more then others. But that's in MN. Just do what the bank asks otherwise it will slow down everything.</description>
		<content:encoded><![CDATA[<p>Actually Banks usually request 2 apprasials for a home loan so there is no bias. Alot of appraisers have certian homes they lik more then others. But that&#8217;s in MN. Just do what the bank asks otherwise it will slow down everything.</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by cuddles</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-415</link>
		<dc:creator>cuddles</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-415</guid>
		<description>yes</description>
		<content:encoded><![CDATA[<p>yes</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-414</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-414</guid>
		<description>Remember the golden rule-"He who has the gold sets the rules". Since you are asking the bank for money they can set the parameters and criteria for getting the money. 
It is entirely within their rights to do so-after all this is the security for their loan to you. And it is not uncommon at all.
If you are in the market for a mortgage, home equity loan, or refinance get up to  4 FREE No Obligation Mortgage Rate Quotes at http://www.m-o-r-t-g-a-g-e-r-a-t-e.com</description>
		<content:encoded><![CDATA[<p>Remember the golden rule-&#8221;He who has the gold sets the rules&#8221;. Since you are asking the bank for money they can set the parameters and criteria for getting the money.<br />
It is entirely within their rights to do so-after all this is the security for their loan to you. And it is not uncommon at all.<br />
If you are in the market for a mortgage, home equity loan, or refinance get up to  4 FREE No Obligation Mortgage Rate Quotes at <a target="_blank" rel="nofollow" href="http://www.doverealtyhotelbrokers.com/goto/http://www.m-o-r-t-g-a-g-e-r-a-t-e.com"  rel="nofollow">http://www.m-o-r-t-g-a-g-e-r-a-t-e.com</a></p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by SPIFIMAN</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-413</link>
		<dc:creator>SPIFIMAN</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-413</guid>
		<description>Actually it's quite common for a bank to require two appraisals before approving a equity loan. If the first one had been done properly (a walk through) instead of a drive by they would not be asking for the second.
I went through this myself a couple of years ago and they only required one because it was a walk through.</description>
		<content:encoded><![CDATA[<p>Actually it&#8217;s quite common for a bank to require two appraisals before approving a equity loan. If the first one had been done properly (a walk through) instead of a drive by they would not be asking for the second.<br />
I went through this myself a couple of years ago and they only required one because it was a walk through.</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-412</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-412</guid>
		<description>This is legit, you do have to submit to it, and it's fairly common.
The bank wants to be sure that they are lending money on an asset that has the value you claim it does, so that they can recover their money if you default on the loan.
Also, as a side note, YOU asked THEM for money... not the other way around.</description>
		<content:encoded><![CDATA[<p>This is legit, you do have to submit to it, and it&#8217;s fairly common.<br />
The bank wants to be sure that they are lending money on an asset that has the value you claim it does, so that they can recover their money if you default on the loan.<br />
Also, as a side note, YOU asked THEM for money&#8230; not the other way around.</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-411</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:39 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-411</guid>
		<description>A bank can ask for anything they want, since you're the one asking them to give you the loan. If you don't like it, take your business to another lender.</description>
		<content:encoded><![CDATA[<p>A bank can ask for anything they want, since you&#8217;re the one asking them to give you the loan. If you don&#8217;t like it, take your business to another lender.</p>
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		<title>Comment on Can A Bank Require You To Have Two Appraisals When Applying For A Home Equity Loan? by pancakes & hyrup</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/comment-page-1/#comment-410</link>
		<dc:creator>pancakes & hyrup</dc:creator>
		<pubDate>Mon, 25 May 2009 08:48:38 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/can-a-bank-require-you-to-have-two-appraisals-when-applying-for-a-home-equity-loan/#comment-410</guid>
		<description>A bank can do what a bank wants because they're the bank.  They're the ones giving you however-many thousand dollars of their money.  Some banks have different policies, and that's not unheard of.  
I guess you'll have to let them.  But 2 appraisals is pretty common.</description>
		<content:encoded><![CDATA[<p>A bank can do what a bank wants because they&#8217;re the bank.  They&#8217;re the ones giving you however-many thousand dollars of their money.  Some banks have different policies, and that&#8217;s not unheard of.<br />
I guess you&#8217;ll have to let them.  But 2 appraisals is pretty common.</p>
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		<title>Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by barbra w</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/comment-page-1/#comment-408</link>
		<dc:creator>barbra w</dc:creator>
		<pubDate>Mon, 25 May 2009 02:56:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/#comment-408</guid>
		<description>From what i do know, "no" there will be no taxes for the loan itself.  Any taxes and interest are deductible to you when filing taxes for the year.</description>
		<content:encoded><![CDATA[<p>From what i do know, &#8220;no&#8221; there will be no taxes for the loan itself.  Any taxes and interest are deductible to you when filing taxes for the year.</p>
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		<title>Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Me-as-a-</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/comment-page-1/#comment-407</link>
		<dc:creator>Me-as-a-</dc:creator>
		<pubDate>Mon, 25 May 2009 02:56:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/#comment-407</guid>
		<description>A loan is not income, because it's a liability, and therefore not a "taxable event".  But you can deduct the interest.</description>
		<content:encoded><![CDATA[<p>A loan is not income, because it&#8217;s a liability, and therefore not a &#8220;taxable event&#8221;.  But you can deduct the interest.</p>
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		<title>Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/comment-page-1/#comment-406</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 02:56:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/#comment-406</guid>
		<description>Interest on a home equity loan is usually tax deductible if you itemize.  Depending on how much the interest is and how many other deductions you have, this could work to your advantage.</description>
		<content:encoded><![CDATA[<p>Interest on a home equity loan is usually tax deductible if you itemize.  Depending on how much the interest is and how many other deductions you have, this could work to your advantage.</p>
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		<title>Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/comment-page-1/#comment-405</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Mon, 25 May 2009 02:56:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/#comment-405</guid>
		<description>Even if there is any Tax,you can always write it off at the end of the year.</description>
		<content:encoded><![CDATA[<p>Even if there is any Tax,you can always write it off at the end of the year.</p>
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		<title>Comment on Do You Have To Pay Any Sort Of Tax On A Home Equity Loan? by rhsaunde</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/comment-page-1/#comment-404</link>
		<dc:creator>rhsaunde</dc:creator>
		<pubDate>Mon, 25 May 2009 02:56:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-pay-any-sort-of-tax-on-a-home-equity-loan/#comment-404</guid>
		<description>No.  Actually, you are well off, because you can get a new first mortgage if you wish, and the interest rate on that will be better than on an equity loan.  But the equity loan may have the advantage that you can repay, re-borrow, and re-repay when you wish, which first mortgage loans generally do not allow.  Talk to your local banker and see what he says; mine has been very helpful.
The only tax issue that could ever arise is if you sell the house and owe more on it than you originally paid for it.  This is called "mortgage over basis" and you need to talk to a tax expert if this becomes an issue.</description>
		<content:encoded><![CDATA[<p>No.  Actually, you are well off, because you can get a new first mortgage if you wish, and the interest rate on that will be better than on an equity loan.  But the equity loan may have the advantage that you can repay, re-borrow, and re-repay when you wish, which first mortgage loans generally do not allow.  Talk to your local banker and see what he says; mine has been very helpful.<br />
The only tax issue that could ever arise is if you sell the house and owe more on it than you originally paid for it.  This is called &#8220;mortgage over basis&#8221; and you need to talk to a tax expert if this becomes an issue.</p>
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		<title>Comment on What Is The Term For A Home Equity Loan? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/comment-page-1/#comment-403</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Sun, 24 May 2009 21:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/#comment-403</guid>
		<description>I got one a few years ago. Mine is 10 years. There were a number of choices available when I got my loan. I believe from 5 years on.</description>
		<content:encoded><![CDATA[<p>I got one a few years ago. Mine is 10 years. There were a number of choices available when I got my loan. I believe from 5 years on.</p>
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		<title>Comment on What Is The Term For A Home Equity Loan? by greenshi</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/comment-page-1/#comment-402</link>
		<dc:creator>greenshi</dc:creator>
		<pubDate>Sun, 24 May 2009 21:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/#comment-402</guid>
		<description>5,10,15,20,25,30 years are all typical terms for a home equity loan.</description>
		<content:encoded><![CDATA[<p>5,10,15,20,25,30 years are all typical terms for a home equity loan.</p>
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		<title>Comment on What Is The Term For A Home Equity Loan? by Price is what you pay for value.</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/comment-page-1/#comment-401</link>
		<dc:creator>Price is what you pay for value.</dc:creator>
		<pubDate>Sun, 24 May 2009 21:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/#comment-401</guid>
		<description>As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit.  Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now.  There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether.  Mortgage payment consists of two parts: interests and principal.  Interests are like rent, which doesn't add to the equity to your house.  It simply disappear as your pay it.  If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant.  Do not consult finance with realtors or agents.  They get commissions when you sign the check!
Good luck!
This article gives you tips on negotiation:http://biz.yahoo.com/brn/060909/19463.ht...
Articles about current market:http://money.cnn.com/2006/09/25/news/eco...</description>
		<content:encoded><![CDATA[<p>As housing market continues to slump, if you don&#8217;t plan to delay your plan, please interview several and pick a good realtor or agent.<br />
Bad ones will talk you into buying the largest property at your credit limit.  Good ones will find you a good deal (Sellers are offering discount and incentives now).<br />
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now.  There is no reason to use Adjustable loans except fatter commission for loan agents.<br />
Interests only loans are not good iether.  Mortgage payment consists of two parts: interests and principal.  Interests are like rent, which doesn&#8217;t add to the equity to your house.  It simply disappear as your pay it.  If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won&#8217;t appreciate.<br />
Finally, for tax benefits, talk to your CPA or tax accountant.  Do not consult finance with realtors or agents.  They get commissions when you sign the check!<br />
Good luck!<br />
This article gives you tips on negotiation:http://biz.yahoo.com/brn/060909/19463.ht&#8230;<br />
Articles about current market:http://money.cnn.com/2006/09/25/news/eco&#8230;</p>
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		<title>Comment on What Is The Term For A Home Equity Loan? by bianca</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/comment-page-1/#comment-400</link>
		<dc:creator>bianca</dc:creator>
		<pubDate>Sun, 24 May 2009 21:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/#comment-400</guid>
		<description>the most popular are 30 years, but you have 10 years withdrawal period and you have to pay it off for remaining term.</description>
		<content:encoded><![CDATA[<p>the most popular are 30 years, but you have 10 years withdrawal period and you have to pay it off for remaining term.</p>
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		<title>Comment on What Is The Term For A Home Equity Loan? by Jeff G</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/comment-page-1/#comment-399</link>
		<dc:creator>Jeff G</dc:creator>
		<pubDate>Sun, 24 May 2009 21:25:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/what-is-the-term-for-a-home-equity-loan/#comment-399</guid>
		<description>It varies, but the most common are 30. To answer your question yes there are shorter terms. Which obviously would mean a higher payment and probably an adjustable rate. from jeff the loan agent</description>
		<content:encoded><![CDATA[<p>It varies, but the most common are 30. To answer your question yes there are shorter terms. Which obviously would mean a higher payment and probably an adjustable rate. from jeff the loan agent</p>
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		<title>Comment on Should I Take Out A Home Equity Loan To Pay Off My Private Student Loans? by Erikka 40D</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/should-i-take-out-a-home-equity-loan-to-pay-off-my-private-student-loans/comment-page-1/#comment-398</link>
		<dc:creator>Erikka 40D</dc:creator>
		<pubDate>Sun, 24 May 2009 15:37:36 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/should-i-take-out-a-home-equity-loan-to-pay-off-my-private-student-loans/#comment-398</guid>
		<description>it is worth in to use the home equity or a refin as the interest is deductible; assuming you can deduct interest against your taxes.Some say not to do that as you then have a potential danger of loosing your home over your student loan, if paying the mortgage is a problem. Student loan interest can be very low compared to home equity or refin interest. You have to balance the two and also think of your housing situation, if you are planning to sell or move in the near future.</description>
		<content:encoded><![CDATA[<p>it is worth in to use the home equity or a refin as the interest is deductible; assuming you can deduct interest against your taxes.Some say not to do that as you then have a potential danger of loosing your home over your student loan, if paying the mortgage is a problem. Student loan interest can be very low compared to home equity or refin interest. You have to balance the two and also think of your housing situation, if you are planning to sell or move in the near future.</p>
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		<title>Comment on Should I Take Out A Home Equity Loan To Pay Off My Private Student Loans? by John M</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/should-i-take-out-a-home-equity-loan-to-pay-off-my-private-student-loans/comment-page-1/#comment-397</link>
		<dc:creator>John M</dc:creator>
		<pubDate>Sun, 24 May 2009 15:37:36 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/should-i-take-out-a-home-equity-loan-to-pay-off-my-private-student-loans/#comment-397</guid>
		<description>evaluate the term of the loans, the interest rate you would be paying and if they are tax deductable now, and if you can make use of the deduction should you shift them to a home equity loan.  Then, decide if there is any chance you could be unemployed or otherwise without the means to pay on the loans.  If so, you may not wish to offer your home as collateral to these loans.
It's going to be a matter of balancing the interest costs against the risk to your home most likely.
Don't forget to match the terms of the loans when evaluating on a payment basis.</description>
		<content:encoded><![CDATA[<p>evaluate the term of the loans, the interest rate you would be paying and if they are tax deductable now, and if you can make use of the deduction should you shift them to a home equity loan.  Then, decide if there is any chance you could be unemployed or otherwise without the means to pay on the loans.  If so, you may not wish to offer your home as collateral to these loans.<br />
It&#8217;s going to be a matter of balancing the interest costs against the risk to your home most likely.<br />
Don&#8217;t forget to match the terms of the loans when evaluating on a payment basis.</p>
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		<title>Comment on What&#8217;s The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? by gil.ray@</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/comment-page-1/#comment-396</link>
		<dc:creator>gil.ray@</dc:creator>
		<pubDate>Sun, 24 May 2009 08:51:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/#comment-396</guid>
		<description>Unless you plan on taking out any money to renovate or pay down any high interest  credit cards (consolidate).  The goal would be to keep your current interest rate on your first, and get rid of your 2nd as soon as you can without having to re-fi.  To re-fi now would put you in the same interest rate on any HELOC or fixed loan. The difference between the to 2 is that one is fixed and one is a credit line (limit). 
By paying every two weeks will help you decrease on the years of the loan, and save you much more in interest. Then if you are able add any additional to the principle, will only continue to give you a plan of action. Set a goal to pay your second within 5-10 years.
If you have any question feel free to contact me.</description>
		<content:encoded><![CDATA[<p>Unless you plan on taking out any money to renovate or pay down any high interest  credit cards (consolidate).  The goal would be to keep your current interest rate on your first, and get rid of your 2nd as soon as you can without having to re-fi.  To re-fi now would put you in the same interest rate on any HELOC or fixed loan. The difference between the to 2 is that one is fixed and one is a credit line (limit).<br />
By paying every two weeks will help you decrease on the years of the loan, and save you much more in interest. Then if you are able add any additional to the principle, will only continue to give you a plan of action. Set a goal to pay your second within 5-10 years.<br />
If you have any question feel free to contact me.</p>
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		<title>Comment on What&#8217;s The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? by Anonymous</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/comment-page-1/#comment-395</link>
		<dc:creator>Anonymous</dc:creator>
		<pubDate>Sun, 24 May 2009 08:51:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/#comment-395</guid>
		<description>You should consolidate your 1st and 2nd mortgage so you get a better rate for one single loan. Home equity loan or line of credit is the same. If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans.
For more details on how to choose a loan program, check it our here - http://www.arizona4pinoys.com/choose-a-l...</description>
		<content:encoded><![CDATA[<p>You should consolidate your 1st and 2nd mortgage so you get a better rate for one single loan. Home equity loan or line of credit is the same. If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans.<br />
For more details on how to choose a loan program, check it our here - <a target="_blank" rel="nofollow" href="http://www.doverealtyhotelbrokers.com/goto/http://www.arizona4pinoys.com/choose-a-l.."  rel="nofollow">http://www.arizona4pinoys.com/choose-a-l..</a>.</p>
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		<title>Comment on What&#8217;s The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? by rlloydev</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/comment-page-1/#comment-394</link>
		<dc:creator>rlloydev</dc:creator>
		<pubDate>Sun, 24 May 2009 08:51:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/#comment-394</guid>
		<description>A Home Equity Loan is simply a mortgage, often called a Second Mortgage (or third, if you already have two loans on your property.)  When the bank issues you the home Equity Loan you get a lump of cash for you to spend, and you have a set time, payment and interest to repay it.
In a Home Equity Line of Credit- You don't actually get a loan at that time.  it is like a credit card, but instead of drawing off of your bank account, it draws off your home equity.  You can leave it there, and don't use it, not paying anything to the bank.  But if something comes up, like you need to make home repairs, say, you simply write a check off the credit line and the loan begins then, for however much you actually use.  
So you could have a HELOC for $50,000, not use it for 6 months (and pay nothing) then use $20,000 and start making payments on the $20,000 you used.
Hope this helps</description>
		<content:encoded><![CDATA[<p>A Home Equity Loan is simply a mortgage, often called a Second Mortgage (or third, if you already have two loans on your property.)  When the bank issues you the home Equity Loan you get a lump of cash for you to spend, and you have a set time, payment and interest to repay it.<br />
In a Home Equity Line of Credit- You don&#8217;t actually get a loan at that time.  it is like a credit card, but instead of drawing off of your bank account, it draws off your home equity.  You can leave it there, and don&#8217;t use it, not paying anything to the bank.  But if something comes up, like you need to make home repairs, say, you simply write a check off the credit line and the loan begins then, for however much you actually use.<br />
So you could have a HELOC for $50,000, not use it for 6 months (and pay nothing) then use $20,000 and start making payments on the $20,000 you used.<br />
Hope this helps</p>
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		<title>Comment on What&#8217;s The Difference Between A Home Equity Loan And A Home Equity Line Of Credit? by aj485</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/comment-page-1/#comment-393</link>
		<dc:creator>aj485</dc:creator>
		<pubDate>Sun, 24 May 2009 08:51:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/whats-the-difference-between-a-home-equity-loan-and-a-home-equity-line-of-credit/#comment-393</guid>
		<description>With $160k @ 5.785% and $40k @ 9.00% fixed, your blended rate is 6.428%.  So if you were to refinance both mortgages, you should look for a rate that is lower than that.  If you were to refinance just your 2nd mortgage, you should look for a rate that is lower than 9%.
If you were to refinance both mortgages, you wouldn't get either a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC).  You would get a new first mortgage, that would replace both of your current mortgages.
If you just want to refinance your 2nd mortgage, you could go with either an HEL or a HELOC.  
HELs are generally fixed rate mortgages, like your current 2nd mortgage.  They are for a single amount, and cannot be borrowed from again.  
HELOCs are lines of credit that usually have variable rates, often based on the prime rate (i.e. prime + 1).  For the first 5 - 10 years, you can borrow money agains the HELOC, often just by writing a check or using a debit card.  During the time that you can take additional money out of the HELOC, you usually only have to pay the interest on the money that you have borrowed.  Once you can no longer borrow money, the loan payment schedule will reset and you will have to start paying back principal, as well as interest.  This can cause your payment to go up significantly.
Which type of loan you should get, or if you should stick with your current loan structure really depends on what you are trying to do.  Would you rather have one loan or two?  Would you rather be able to draw money out if you need to, or not?</description>
		<content:encoded><![CDATA[<p>With $160k @ 5.785% and $40k @ 9.00% fixed, your blended rate is 6.428%.  So if you were to refinance both mortgages, you should look for a rate that is lower than that.  If you were to refinance just your 2nd mortgage, you should look for a rate that is lower than 9%.<br />
If you were to refinance both mortgages, you wouldn&#8217;t get either a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC).  You would get a new first mortgage, that would replace both of your current mortgages.<br />
If you just want to refinance your 2nd mortgage, you could go with either an HEL or a HELOC.<br />
HELs are generally fixed rate mortgages, like your current 2nd mortgage.  They are for a single amount, and cannot be borrowed from again.<br />
HELOCs are lines of credit that usually have variable rates, often based on the prime rate (i.e. prime + 1).  For the first 5 - 10 years, you can borrow money agains the HELOC, often just by writing a check or using a debit card.  During the time that you can take additional money out of the HELOC, you usually only have to pay the interest on the money that you have borrowed.  Once you can no longer borrow money, the loan payment schedule will reset and you will have to start paying back principal, as well as interest.  This can cause your payment to go up significantly.<br />
Which type of loan you should get, or if you should stick with your current loan structure really depends on what you are trying to do.  Would you rather have one loan or two?  Would you rather be able to draw money out if you need to, or not?</p>
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		<title>Comment on Do You *have* To Wait 6 Months Before Taking Out A Home Equity Loan? by rodine_4</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/comment-page-1/#comment-392</link>
		<dc:creator>rodine_4</dc:creator>
		<pubDate>Sun, 24 May 2009 03:59:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/#comment-392</guid>
		<description>No way
Sorry.</description>
		<content:encoded><![CDATA[<p>No way<br />
Sorry.</p>
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		<title>Comment on Do You *have* To Wait 6 Months Before Taking Out A Home Equity Loan? by Horse M</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/comment-page-1/#comment-391</link>
		<dc:creator>Horse M</dc:creator>
		<pubDate>Sun, 24 May 2009 03:59:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/#comment-391</guid>
		<description>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&lt;!--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/homeloa...
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--&gt;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.</description>
		<content:encoded><![CDATA[<p>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/homeloa...<br />
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.</p>
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		<title>Comment on Do You *have* To Wait 6 Months Before Taking Out A Home Equity Loan? by I_Hate_S</title>
		<link>http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/comment-page-1/#comment-390</link>
		<dc:creator>I_Hate_S</dc:creator>
		<pubDate>Sun, 24 May 2009 03:59:21 +0000</pubDate>
		<guid isPermaLink="false">http://www.doverealtyhotelbrokers.com/2009/05/do-you-have-to-wait-6-months-before-taking-out-a-home-equity-loan/#comment-390</guid>
		<description>Oh honey, if you're buying the house for under market value - you don't have *instant equity*, you've just dropped the value of your house to what you've paid.  AND you've dropped the value of all the homes in your neighborhood.  Be prepared for angry neighbors.  :(
You're not going to have any *equity* before 6 months, sorry!</description>
		<content:encoded><![CDATA[<p>Oh honey, if you&#8217;re buying the house for under market value - you don&#8217;t have *instant equity*, you&#8217;ve just dropped the value of your house to what you&#8217;ve paid.  AND you&#8217;ve dropped the value of all the homes in your neighborhood.  Be prepared for angry neighbors.  <img src='http://www.doverealtyhotelbrokers.com/wp-includes/images/smilies/icon_sad.gif' alt=':(' class='wp-smiley' /><br />
You&#8217;re not going to have any *equity* before 6 months, sorry!</p>
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