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No. Home equity loans are revolving credit lines. In simple terms, that means you could pay on that for three years and not even touch the principal. I wouldn't do it. Maybe rolling it into a consolidation loan if you have enough equity in your home, but not a HELOC.

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No. You want to avoid "institutionalizing" your debt. In other words, you don't want to spend 15 years on an equity loan paying for a car that you might only have 5-6 years. It really depends on your personal situation. If you have lots of equity in a house, and the monthly payments aren't too much, and you expect that the house will continue to appreciate etc. then MAYBE. But what if interest rates rise (equity loans are usually directly tied to the fed rate), or the housing bubble bursts - then you are stuck with those payments forever. Upside is that the equity loan is tax deductible, car loan is not. Do the math!

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โˆ™ 2015-09-03 13:42:03
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Q: Is it wise to get a home equity loan to buy a new car?
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Can you buy a new home with home equity loan?

Yes, if you have enough equity in one home and want to use it to buy another. Otherwise, no. You cannot use a home equity loan to purchase a home since you have no equity that has accrued.


Is a home equity loan considered a refinance?

No. It is home equity line of credit that is secured by your home. You use it to buy things and if you buy too much and can't make the payments the bank can foreclose and take your home.


Is the loan you take to buy the business considered a liability and equity?

The loan is considered a liability - The value of the company is the equity.


Why would you want to get a home equity loan?

Most people can not pay the full amount of a home right when they buy it. One must acquire a loan that they can pay off a little each month. Otherwise, they couldn't buy a house.


What type of cred it is if a bank loans you money to buy a new car?

Normally it is called an Auto Loan if you are using the vehicle as collateral for the loan. But, you can use something else as collateral such as your home, in which case it would be a Home Equity loan.


Can parents gift 150000 or 50 percent of cost of home to children to buy a home?

This will depend on the loan program. In the case of FHA you can still receive the gift of equity from a relative.


Can you get a home equity line of credit to buy a home?

No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.No. You must apply for a purchase money mortgage if you do not already own any home. If you already own a property and have enough equity in that property, you can take a home equity loan on that property and use those proceeds to purchase another property.


You are trying to get a home equity loan but do not have home owners insurance now is it too late to try and get insurance on your home?

Very close. They may buy it for your at a healthy cost above what you may obtain a policy.


If your home is in forcloseure can you qualify for a reverse mortgage?

No you typically do not unless you have significant equity in your home. Reverse mortgages are typically where you draw down the equity in your home. I am assuming that if your home is in foreclosure that you would have exhausted the equity or the lender would have considered rewriting your loan. There are several resources that can provide you with additional information, I have included them in links for you. If you are stuck, you might want to consider the alternative and try to buy your home back when they do the auction.


How can you remove your spouse from a home title in a divorce?

As part of the divorce decree, you'll should be able to buy out your spouse's equity in the house and assume loan ownership. Divorces are a give and take. Be prepared to give something (besides the cash equity) to get the spouse to agree.


What is an insured home loan?

You can buy special life insurance which pays off your home mortgage if you die.Maybe that is what you meant by "insured home loan".


Is using your equity in a home to buy property subject to fraudulent transfer claims?

I don't know why it would be. The equity is a valid asset.

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