Property Listing

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home equity lines of

What You Should Know About Home Equity Lines of Credit ESPAÑOL More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax lawdepending on your specific situationyou may be allowed to deduct the interest because the debt is secured by your home. If you are in the market for credit, a home equity plan may be right for you. Or perhaps another form of credit would be better. Before making a decision, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And remember, failure to repay the amounts youve borrowed, plus interest, could mean the loss of your home. What is a home equity line of credit? What should you look for when shopping for a plan? Costs of establishing and maintaining a home equity line How will you repay your home equity plan? Lines of credit vs. traditional second morgage loans What is a home equity line of credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumers largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credityour credit limit , the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the homes appraised value and subtracting from that the balance owed on the existing mortgage. For example: Appraised value of home $100,000 Percentage x 75% Percentage of appraised value = $ 75,000 Less balance owed on mortgage - $ 40,000 Potential credit $ 35,000 In determining your actual credit limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this draw period, you may be allowed to renew the credit line. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the repayment period), for example, 10 years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line. There may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up. What should you look for when shopping for a plan? If you decide to apply for a home equity line of credit, look for the plan that best meets your particular needs. Read the credit agreement carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing the plan. The APR for a home equity line is based on the interest rate alone and will not reflect the closing costs and other fees and charges, so youll need to compare these costs, as well as the APRs, among lenders. Interest rate charges and related plan features Home equity lines of credit typically involve variable rather than fixed interest rates. The variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate); the interest rate for borrowing under the home equity line changes, mirroring fluctuations in the value of the index. Most lenders cite the interest rate you will pay as the value of the index at a particular time plus a margin, such as 2 percentage points. Because the cost of borrowing is tied directly to the value of the index, it is important to find out which index is used, how often the value of the index changes, and how high it has risen in the past as well as the amount of the margin. Lenders sometimes offer a temporarily discounted interest rate for home equity linesa rate that is unusually low and may last for only an introductory period, such as 6 months. Variable-rate plans secured by a dwelling must, by law, have a ceiling (or cap ) on how much your interest rate may increase over the life of the plan. Some variable-rate plans limit how much your payment may increase and how low your interest rate may fall if interest rates drop. Some lenders allow you to convert from a variable interest rate to a fixed rate during the life of the plan, or to convert all or a portion of your line to a fixed-term installment loan. Plans generally permit the lender to freeze or reduce your credit line under certain circumstances. For example, some variable-rate plans may not allow you to draw additional funds during a period in which the interest rate reaches the cap. Costs of establishing and maintaining a home equity line Many of the costs of setting up a home equity line of credit are similar to those you paywhen you buy a home. For example: A fee for a property appraisal to estimate the value of your home An application fee , which may not be refunded if you are turned down for credit Up-front charges, such as one or more points (one point equals 1 percent of the credit limit) Closing costs, including fees for attorneys, title search, and mortgage preparation and filing; property and title insurance; and taxes. In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction fee every time you draw on the credit line. You could find yourself paying hundreds of dollars to establish the plan. If you were to draw only a small amount against your credit line, those initial charges would substantially increase the cost of the funds borrowed. On the other hand, because the lenders risk is lower than for other forms of credit, as your home serves as collateral, annual percentage rates for home equity lines are generally lower than rates for other types of credit. The interest you save could offset the costs of establishing and maintaining the line. Moreover, some lenders waive some or all of the closing costs. How will you repay your home equity plan? Before entering into a plan, consider how you will pay back the money you borrow. Some plans set minimum payments that cover a portion of the principal (the amount you borrow) plus accrued interest. But (unlike with the typical installment loan) the portion that goes toward principal may not be enough to repay the principal by the end of the term. Other plans may allow payment of interest alone during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will owe that amount when the plan ends. Regardless of the minimum required payment, you may choose to pay more, and many lenders offer a choice of payment options. Many consumers choose to pay down the principal regularly as they do with other loans. For example, if you use your line to buy a boat, you may want to pay it off as you would a typical boat loan. Whatever your payment arrangements during the life of the planwhether you pay some, a little, or none of the principal amount of the loanwhen the plan ends you may have to pay the entire balance owed, all at once. You must be prepared to make this balloon payment by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home. If your plan has a variable interest rate, your monthly payments may change. Assume, for example, that you borrow $10,000 under a plan that calls for interest-only payments. At a 10 percent interest rate, your monthly payments would be $83. If the rate rises over time to 15 percent, your monthly payments will increase to $125. Similarly, if you are making payments that cover interest plus some portion of the principal, your monthly payments may increase, unless your agreement calls for keeping payments the same throughout the plan period. If you sell your home, you will probably be required to pay off your home equity line in full immediately. If you are likely to sell your home in the near future, consider whether it makes sense to pay the up-front costs of setting up a line of credit. Also keep in mind that renting your home may be prohibited under the terms of your agreement. Lines of credit vs. traditional second morgage loans If you are thinking about a home equity line of credit, you might also want to consider a traditional second mortgage loan. A second mortgage provides you with a fixed amount of money repayable over a fixed period. In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period. You might consider a second mortgage instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home. In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at both the APR and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured differently: The APR for a traditional second mortgage loan takes into account the interest rate charged plus points and other finance charges. The APR for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges. Disclosures from lenders The federal Truth in Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. And in general, neither the lender nor anyone else may charge a fee until after you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term (other than a variable-rate feature) changes before the plan is opened, the lender must return all fees if you decide not to enter into the plan because of the change. When you open a home equity line, the transaction puts your home at risk. If the home involved is your principal dwelling, the Truth in Lending Act gives you 3 days from the day the account was opened to cancel the credit line. This right allows you to change your mind for any reason. You simply inform the lender in writing within the 3-day period. The lender must then cancel its security interest in your home and return all feesincluding any application and appraisal feespaid to open the account. The information on this site is adapted from the brochure "What You Should Know about Home Equity Lines of Credit." Single or multiple copies of the brochure are available without charge. Order the brochure by telephone, mail, or fax . Order online . Glossary | Where to go for help | Checklist Home | Consumer information | Publications | Brochures Accessibility | Contact us Last update: March 1, 2004

Home Equity Loans -

Home Equity Loans - Agony or Ecstasy You are here: About > Money > Credit / Debt Management > Getting Money and Credit > Mortgage & Equity Loans > Home Equity Loans - Agony or Ecstasy Money Credit / Debt Essentials Credit And Credit File Fundamentals Basics Of Reducing Debt Credit and Debt Workshop Fast Financial Independence Debt Counseling Primer Articles & Resources Bankruptcy & Settlement Budgeting & Frugality Credit Law Credit Reports and Scoring Debt Counseling Debt Reduction Financial Planning Fraud and Protection Getting Money and Credit Learning About Money Smart Shopping Students and Education Tips, Essentials, Archives Buyer's Guide Before You Buy Top Picks Guide Picks - Top Books On Credit & Debt Compare Insurance Carriers Compare Utility and Loan Providers Product Reviews Forums Help FREE Newsletter Sign Up Now for the Credit / Debt Management newsletter! See Online Courses Search Credit / Debt Management Stay up to date! Email to a friend Print this page Suggested Reading Biweekly Mortgage Payments The 'How-To' of Home Financing Mortgage Closiong Costs Suggested Reading Predatory Lenders Most Popular WARNING! Rising Minimum Payme Free Annual Credit Report Cleaner Credit Raises Scores Changes to the Bankruptcy Law Debt To Income Ratio What's Hot How To Consolidate Debt Credit / Debt Management - Articles Establishing Credit - Credit/Debt Management PayDay Loans Credit Problems.... Now What? Related Topics Frugal Living Financial Planning Online Shopping Banking / Loans Family Internet Home Equity Loans... Agony or Ecstasy From Apply Now , Your Guide to Credit / Debt Management . FREE Newsletter. Sign Up Now! Home Equity Loans - a dream come true or a living nightmare. A Home Equity Loan can be a dream come true or a living nightmare. It all depends on how you approach a home equity loan and for what reason you actually want the home equity in your hand instead of your home. If your intent is to reduce debt so that you have breathing room to pay more on other debts, a home equity loan MAY BE on the right track. However, if your objective is to have more breathing room so that you can add more debt, you are heading for a natural disaster. Basics of a Home Equity Loan - Good and Bad What is a home equity loan? A home equity loan is a second mortgage. It uses the collateral of your home to secure a loan. Good news - Because this is a secured loan, its interest is less than on many loans such as on a credit card. This is very attractive. Equally attractive is the fact that because it is a second mortgage, interest can offer a tax deduction. That's the good news. Bad news - But if a home equity loan is used to pay off unsecured debt such as a credit card, what you have done in essence is convert an unsecured debt into a secured debt with your home as the security. This is not a very sound plan. Not only that but just as when you default on your primary mortgage you could lose your home, so too you can lose your home by defaulting on your home equity loan. More bad news- Another draw back that has developed over the last few years is that often you can borrow more than your house is worth... up to 125% of the value of your home. This is called negative equity and means that if you sell the house because of a job transfer or any other reason, you must either get enough to pay off both loans or you will be paying off the home equity loan when you are trying to buy another home. Still more bad news - There is one other negative side to a home equity loan. You will have points and closing costs to get the loan just as you had when you got your first mortgage. Home Equity Warnings! Okay, so I did not scare you off with the above and you are still determined to get a home equity loan. What are the danger signs and issues to be watchful for? FTC warns: "The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home." Watch out for lowered payments because there is a balloon payment at the end. Balloon payments are large lump payments due as the last payment. Don't do it! Avoid home improvement cam which begin construction before any financing is settled. See Scams To Help You Lose Your Home . Avoid pre-payment penalties. If you want to pay off your loan ahead of time, you should not pay a fee to do so. A 10% prepayment fee is not uncommon... but is a lot of money. Avoid rate increases by avoiding missed or late payments. FTC Offers These Do's And Don t's: Don't agree to a home equity loan if you don't have enough income to make the monthly payments. Don's sign any document you haven't read or any document that has blank spaces to be filled in after you sign or let anyone pressure you into signing any document. Don't agree to a loan that includes credit insurance or extra products you don't want. Don's let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Don't deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. DO ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. DO keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Do check contractors' references when it is time to have work done in your home. Get more than one estimate. Important disclaimer information about this About site. Topic Index | Email to a Friend Our Story | Be a Guide | Advertising Info | Work at About | Site Map | Icons | Help User Agreement | Ethics Policy | Patent Info. | Privacy Policy | Kids' Privacy Policy ©2005 About, Inc., A part of the New York Times Company . All rights reserved. Around About New Video iPod - Review POLL: Must-Have Gadgets VIDEO: Portable Gaming VIDEO: Choosing a TV Hugh Hefner's Life What's Hot How To Consolidate Debt Credit / Debt Management - Articles Establishing Credit - Credit/Debt Management PayDay Loans Credit Problems.... Now What?

Land Loan , In

LoanUniverse Community - Commercial Land Loan loanuniverse.com Help Search Members Calendar Welcome Guest ( Log In | Register ) LoanUniverse Community Community Forums Loanuniverse Forums Outline ·[ Standard ] · Linear+ Commercial Land Loan , In Miami Florida Track this topic | Email this topic | Print this topic Marnie1065 Dec 6 2005, 08:37 PM Post #1 Summer Intern Group: Members Posts: 1 Joined: 6-December 05 Member No.: 1,029 Hi everybody. I just found this website. I am looking for commercial loans. I have a client that owns 42 acres , it is zoned agriculture. It is a great location , next to a school and subdivision. He is looking to refi at the highest LTV possible. He does plan on building homes in the future or possible selling off individual lots. The land currently has a 2 million loan on it. The value is 6.5 million. He has owned it for 1 yr. It is actually a corporation of 4 and they all have great credit and tons of assets, their worth is in the millions They also want to purchase another piece of land for 12 million. Any ideas? Thanks -- loanuniverse Dec 7 2005, 09:27 AM Post #2 Administrator Group: Admin Posts: 1,089 Joined: 23-September 02 Member No.: 1 Is the $152M per acre value an as is value as agricultural land? Or an speculative value assuming a rezoning? Is it supported by actual sales? If the value can be supported, I am sure someone can be found to lend at least 50%. Depending on the adjusted net worth of the individuals, maybe significantly more. Many lenders are avoiding land right now in my market unless there is an existing relationship with the developer. I know that I would feel uncomfortable recommending a land loan unless the investors are experienced. -- lelting Dec 14 2005, 10:48 PM Post #3 Full-Time Teller Group: Members Posts: 13 Joined: 13-November 05 Member No.: 971 I can help you with the 12 million dollar purchase>I have private investors that will fund at 100 LTV -- LenderBuddy Dec 15 2005, 10:55 AM Post #4 Head-Teller Group: Members Posts: 23 Joined: 11-November 05 From: San Francisco Member No.: 968 If there are crops growing on the land or the land is zoned agricultural then we are talking agricultural land loan and that is a different beast. I haven't worked on one of them in a while but you need to speak with someone who specializes in ag loans. FarmerMac is involved in those transactions and I believe the LTV can go as high as 70%. Good credit and strong financial position are required. Drop me a personal message and I'll forward you the contact information of a guy who specializes in agricultural loans. He can give you all the information you need. -- « Next Oldest · Loanuniverse Forums · Next Newest » 2 User(s) are reading this topic (2 Guests and 0 Anonymous Users) 0 Members: Close Topic Options Track this topic Receive email notification when a reply has been made to this topic and you are not active on the board. Subscribe to this forum Receive email notification when a new topic is posted in this forum and you are not active on the board. Download / Print this Topic Download this topic in different formats or view a printer friendly version. Forum Home Search Help Community Forums |-- Loanuniverse Forums Lo-Fi Version Time is now: 29th December 2005 - 03:39 PM Invision Power Board v2.0.4 © 2005 IPS, Inc.