If I Was To Get A Home Equity Loan...

[Angler2407]

Where's the best deal gonna be? I guess interest rates are about the same, but do you save any closing cost just going to a bank yourself? Or does it even matter if you used a mort broker?

Thanks

[yakfishin]

You can save yourself a lot of money by going to a bank for just a home equity loan. You could do just a cash out on your primary loan if you have enough equity, and maybe lower your monthly house note in the process. I was in the mortgage business for 10 years. If you have any questions please let me know.

Greg McLemore

[Dunc]

Citigroup has conventional HEL's w/ no closing costs right now. The program has a sliding scale of early pre-payment penalties, however, in Texas, prepayment penalties are not allowed so it's a good deal. Competitive rates as well. I'm not a broker, just in the know.

[Angler2407]

I already have my mort thru Chase now, so I guess I'll hollah at them.

[Angler2407]

A home equity loan ain't gonna cut it. Anyone have an idea what interest rate I should expect on a home improvement (I guess) loan? I have talked to one bank so far.

Mama wants a pool and we need new winnders too. I want to do it all on one loan.

Thanks

[ShadMan]

A home improvement loan is just a home equity loan. Otherwise, you are looking at a personal loan, and with no collateral, the rates are higher and the qualification is more stringent.

[Angler2407]

I got approved at 9.49% I think thats high but I do own stock in this co. lol

[ShadMan]

That's not a bad rate for a home equity loan.

[Bug_Power]

How much of a monthly payment are you looking at. Depending on the cost of the pool, I'd say if you really crunch, you can save enough, pay cash and keep from going further into debt. If you haven't done a budget and are anything like me, you'll be surprised where all you money goes. Until I did a budget I was just spending blindly. Now I can put MUCH more money into the bank.

[pan2sa]

For a Home Improvement loan there are specific guidelines, if you are planning to do one loan for both projects, you will have to hire one contractor to do ALL the work. As far as home equity goes, lenders CAN charge prepayment penalties in the state of TX, althought there are other guidleines to follow. If you need specific info, PM me, I am in the Home Equity business...

[Seahuntress]

Reverse Mortgagehttp://www.2coolfishing.com/ttmbforum/images/icons/biggrin.gif

[speckle-catcher]

yeah, 2407 is a little young to be considering the reverse4 mortgage at this stage of the game :D

Drew, shoot me a PM with your contact info. Mom is a LO and can probably beat 9.49%

[pan2sa]

I would suggest to NEVER deal with a Loan officer or broker, your paying money to someone that you don't need to. Do ALL your applications online, direct with the lender.

[Seahuntress]

yeah, 2407 is a little young to be considering the reverse4 mortgage at this stage of the game :D

Drew, shoot me a PM with your contact info. Mom is a LO and can probably beat 9.49%
He is young...starting to make me feel older...
No I'm not...I don't look 46 at all...I'm in my PRIME

[speckle-catcher]

He is young...starting to make me feel older...
No I'm not...I don't look 46 at all...I'm in my PRIMEand I think 46 is still too young to consider the RM ;)

[Seahuntress]

and I think 46 is still too young to consider the RM ;)
Now I don't look 46 do I....

[Seahuntress]

Now I don't look 46 do I....
Do I Do I????

[speckle-catcher]

that's an awful small pic to be able to see anything ;)

I don't believe you :D

[Seahuntress]

It gets bigger when you click on it...and no I don't look my age...:) :)

[kenny]

Darlin' you look just fine to me and not a day over 39.