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Is it wise to porcure a home equity loan at age 66 and not insure it?
Wiki User
∙ 13y ago
Depends on the insurance you are referring to.
1) Mortgage Insurance does not benefit the borrower; it benefits the lender.
2) Property Insurance will be required by the lender.
3) Credit Insurance pays the debt if a short list of issues befalls the borrower. Read the contract carefully and make sure your existing insurance and state/federal programs do not already offer the same coverage. This type of insurance is like an extended warranty: usually a rip-off unless you find yourself needing it.
Wiki User
∙ 13y ago
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Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
Can you get a personal loan attached to a new home loan?
If you have equity, you can get an equity loan
In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?
Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.
How soon can you get a home equity loan?
As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.
How do you apply for an equity loan?
To apply for an equity loan you have to contact a mortgage or home equity lender and see what kind of equity your home has. If your property value has declined it is possible that you could have negative equity.
Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?
True, home equity loan.
Can you get a personal loan attached to a new home loan?
If you have equity, you can get an equity loan
In Texas if you refinance your home once as a home equity loan are you forced to have all future refinances be home equity loans also?
Yes. Once a home equity loan, always a home equity loan; but there are certain programs that give breaks in rate to previous home equity acquisitioners.
How soon can you get a home equity loan?
As soon as you have equity to borrow against. If you put a considerable down payment on a home you could get a home equity loan the next day. If you put 0 down than it will be several years before you have enough equity to get a home equity loan.
How do you apply for an equity loan?
To apply for an equity loan you have to contact a mortgage or home equity lender and see what kind of equity your home has. If your property value has declined it is possible that you could have negative equity.
What is the purpose of a home equity payment?
If one has a home equity loan, payments must be made on the loan. Usually a home equity loan is taken out for situations such as major home improvements, or financing a college education.
Where can one find information on no cost home equity loan?
There appears to be no such thing as 'no cost home equity loans'. However a home equity loan is a type of loan when the customer uses the equity in their home as collateral. Information about these can be found on Wikipedia and Investopedia.
What exactly is an equity fixed home loan?
An equity fixed home loan is a home equity loan with a fixed interest rate. These are used to repair a roof or fix a septic system. The homeowner takes this loan out in addition to the first mortgage and the equity fixed home loan is often referred to as the second mortgage.
Can you get a home equity loan with no mortgage?
You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!
What is equity reserve?
An equity reserve is a share of the equity in a home that is reserved in protection of the loan outweighing the value of the home. In a traditional loan, the loan proceeds have a safe ratio compared to the estimated value of the home.
What is the difference between an FHA home equity loan and traditional home equity loan?
An FHA home equity loan differs from a traditional equity loan in that it allows homeowners with bad credit to refinance their mortgage, and can be practical for people wanting to purchase a new home or repair their existing one.
