Is Paying Off a Car Loan with a HELOC a Good Idea. – If you plan on living in your house for many years, this is a good idea. However, if you may need to move in the near future, it could put you upside down on your mortgage loan when you try to sell. Just evaluate your current situation and make the best decision based on your needs.

Why a reverse mortgage might be a good idea for some older homeowners – Home equity lines of credit offer one way to access that equity. as long as you abide by the loan rules (such as paying your property taxes and insurance, and keeping the home in good condition)..

how long can you finance a mobile home Can I Get an FHA Loan for a Mobile Home? – The terms of an FHA loan for mobile homes include a fixed interest rate for the entire 20-year term of the loan in most cases. That term can be extended up to 25 years for a loan for a multi-section mobile home and lot. The maximum term is 15 years for a lot-only purchase.

HELOC Rules & Advertising "Variable Rate Tied To Prime. – This idea skates on very thin ice and that is probably why you see debate among compliance managers. The question is really whether saying that your margin is "competitive" is the same as stating a rate.

6 Pros and Cons of a Home Equity Line of Credit | Wise Piggy – A HELOC works similar to a credit card because it gives you a credit limit and you can take out money in increments rather than a home equity loan, which gives you all the money at once. HELOCs can be a great option when you need to pay for college, medical expenses and home improvement projects.

A home equity line of credit, or HELOC, is a financial product that allows you to tap into your home equity. You can use the money to fund home repairs, pay for large expenses, or whatever else you like.

The Only 4 Reasons to Use Home Equity Loans — The Motley Fool – The Only 4 Reasons to Use Home Equity Loans. Emergency expenses It’s always a good idea to have an "emergency fund" available, but using home equity to cover unexpected costs is an acceptable.

When Is It a Good Idea to Get a Home Equity Line of Credit? – Remember that if you default on your mortgage or equity credit line payments you could lose your home.Consider the following uses: Home Renovation/Remodel These projects are generally a good use of HELOC funds as they will add value to your home’s worth and increase your equity.

fha home appraisal process calculate what you can afford mortgage mortgage affordability calculator | Home Lending | Chase.com – Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000.

The Average Mortgage and HELOC Payment Is Soaring In. – Home equity lines of credit (HELOC) are an increasingly popular form of debt held by Canadians. A HELOC allows homeowners to secure debt with the equity in their home. They then pay the loan back in monthly installments. These are typically variable rate, meaning the interest paid fluctuates with.

A home equity line of credit, also called a “HELOC” (HEE-lock), is a second mortgage that gives you access to a pool of cash, usually up to about 85% of your home’s value less the balance.