an interesting thread...

Micah Cohen
Micah Cohen Posts: 2,022
edited February 28 in Clubhouse Archives
...If only to myself.

Question: Should I get a home equity loan or a mortgage? Discuss.

MC
ultramicah@yahoo.com

"There's nothing funny about a clown in the moonlight." - Lon Chaney
Post edited by RyanC_Masimo on
· Share on FacebookShare on Twitter

Comments

  • Aaron
    Aaron Posts: 1,853
    edited January 2002
    Call Jim Palmer at the Money Store, and ask him!

    Aaron
    · Share on FacebookShare on Twitter
  • Micah Cohen
    Micah Cohen Posts: 2,022
    edited January 2002
    Has anyone used LENDINGTREE.COM? What is this?

    MC
    ultramicah@yahoo.com

    "There's nothing funny about a clown in the moonlight." - Lon Chaney
    · Share on FacebookShare on Twitter
  • TroyD
    TroyD Posts: 13,077
    edited January 2002
    lendingtree.com, ditech.com....etc. are esentially online mortgage brokers. Personally, I have no experience with them and if you are looking for a small home equity loan, maybe. Maybe I am old fashioned but when I am plunging for a mortgage, especially for the first time, I like talking to a mortgage broker or a banker in person.

    Home equity or mortgage? Depending on your situation, there are tax implications and I would discuss those with your accountant.

    Are you looking to buy out the rest of the tennament?

    Troy
    I plan for the future. - F1Nut
    · Share on FacebookShare on Twitter
  • PETERNG
    PETERNG Posts: 918
    edited January 2002
    Get a mortgage with the payment option that allows your lender to draw the payment from your checking account every 2 weeks, you will save a ton of money on the interest...Home equity loan may not has this option and it may have some limitations on the tax deductions. Check with your financial institution advisor for more detail...
    · Share on FacebookShare on Twitter
  • gidrah
    gidrah Posts: 3,049
    edited January 2002
    Too much depends on the amount of equity you have, property value appreciation/depreciation in your area, current mortgage APR, credit report, and how much longer you plan on living there.

    I just closed on a refinance. It cost about $500 (out of pocket) for the appraisal and a couple grand closing costs (rolled into the loan). With the appreciation and dropping a few points, we were able to come out of it with a nice check and drop our payment by about $20/month. Unfortunately, most is already earmarked to pay off credit cards and a down payment on a new car. No showcase here.

    Good luck!
    Make it Funky! :)
    · Share on FacebookShare on Twitter
  • TroyD
    TroyD Posts: 13,077
    edited January 2002
    What are the real estate plans??? Still living in the projects?

    Troy
    I plan for the future. - F1Nut
    · Share on FacebookShare on Twitter
  • Lee Bailey
    Lee Bailey Posts: 71
    edited January 2002
    Micah, the best answer would be which one is a tax deduction? Home equity loans for tax purposes I beleive are to be spent on home improvements. Are we talking re-financing your current mortgage to get some extra money out of the equity on your home, or 'Gotta get a new car'?
    Please feel free to visit my Home Theater Page at The Bailey's Home Theatre in our Living Room.
    · Share on FacebookShare on Twitter
  • Ron-P
    Ron-P Posts: 8,519
    edited January 2002
    I'll buy that for a dollar.


    Peace Out~:D
    If...
    Ron dislikes a film = go out and buy it.
    Ron loves a film = don't even rent.
    · Share on FacebookShare on Twitter