Q&A
Asked by DONNA
Hello Donna:
I'm not 100% clear on the
supporting information for your question; was
the home sold (and therefore no longer owned
by you), or do you still own it bu...
Q&A
Asked by Vickey
Vickey:
I believe that Mark provided a
thorough answer to your question, but I would
add one more item since you are looking to
take cash out. Take note of what you...
Q&A
Asked by an anonymous user
Answered by Mark Haynie
Mortgage Professional in Los Angeles, CA
Mortgage Professional in Los Angeles, CA
Unfortunately, the 547 score is a lower score
than any lender will consider. I recommend
that you consult with a professional in the
credit repair business and develo...
Q&A
Asked by Charles Jones
Answered by Mark Haynie
Mortgage Professional in Los Angeles, CA
Mortgage Professional in Los Angeles, CA
Based on the 2.5% rate of your HELOC, it
appears to be PRIME -.75%, which is a pretty
sweet deal. I don't know if your initial
interest-only term was for 15 years or...
Q&A
Asked by roger taylor
Hi Roger:
It should be possible and you can
even refinance it with a new home equity loan.
My advice would be to find a competent loan
officer that you feel comfort...
Q&A
Asked by an anonymous user
Hello:
It could be that there are some
institutions that may have their own internal
overlays that say otherwise, but generally
speaking, the answer is "yes". In mo...
Q&A
Asked by Scherrylain
I'd recommend doing the home equity line for
two reasons: the cost will be far less than
obtaining a purchase loan for that small of
amount, and you'll essentially be...
Q&A
Asked by Erin
Answered by James Talbot
Mortgage Professional in Metairie, LA
Mortgage Professional in Metairie, LA
Erin,
Yes, thankfully they are. There was
a time just after the market meltdown when
they weren’t but eventually the market eased
up and started allowing them agai...
Q&A
Asked by Lynn
Reverse mortgages are a great tool, in certain
circumstances, and an expensive mistake in
others. Their interest rates and costs are
higher than typical mortgages, an...
Q&A
Asked by Harvey2635
Answered by Sean Balcom
Sr. Homelending Manager/AVP of Sales in Northville, MI
Sr. Homelending Manager/AVP of Sales in Northville, MI
Yes, you can just replace that HELOC with a
new HELOC or get a Mortgage. You could also
replace it with a mortgage and a smaller
HELOC.
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