At age 57 should I catch a up to date mortgage or gain a home equity loan?
My parents who are both deceased gave me the 1st preference to purchase their home. I want to buy my sisters out and I want to know if it is better to get a new mortgage or can I borrow money from the equity contained by the house and pay them off. There is no mortgage on the home, I simply pay taxes.
Answers:
look into a reverse mortgage.
a mortgage is better. get a fixed rate so you have a fixed, unchanging settlement. make it fit within your budget on the shortest residence possible. but, remember, the interest you pay on it is usually 100% tax deductible, so its a great excise advantage too. if you can afford more than the minimum you can always retribution extra to pay it off in advance. use this website below to calculate approximate payments. also, make sure you know your credit standing so you're an informed buyer. Source(s): http://www.bankrate.com/brm/calculators/…
own it appraised..borrow against it and pay them off..ask if they can loaf a while..
Home equity loan is a mortgage w/o the closing costs
The size of the loan needed will dictate your best choice. If it is a small amount you requirement, then an Equity Line could be sufficient. If you stipulation 100k+ you may need a Fixed Rate Mortgage. If you need further assistance, or a quote, please contact me via my website http://www.SLarson.com/contact or email me directly at Steve(a)SLarson.com. Source(s): Steve Larson
Nationwide Mortgage Broker & Tax Prep Services
http://www.SLarson.com
Steve(a)SLarson.com
You need to talk to a couple bankers within town who offer home equity loans, and also a mortgage broker or two. What you need to compare is which is cheaper over the time you expect to be paying.
A typical first mortgage will enjoy far more closing costs, but likely will have lower rates and easier qualify. Depending on how much you owe to your sisters, and how much in payments you are willing to lift on, you may need to do this to get a 30 year fixed rate at the lowest rates available.
However, you might be capable of find a 25 or 30 year fixed equity loan, with zero closing costs. Might be a slightly high rate, but a good loan officer can show you the total cost over time and see which is better.
Anything you can do to keep the permanent status short will save you thousands in interest, so even taking a 20 year over a 25 or 30 year occupancy is very cost-effective.
Get out and shop. Talk to a few people. Find someone who is honest and upfront. Eventually you will find the right entity to help you. Source(s): 10 years mortgage banking
Find a company that offers low or no closing costs and catch a mortgage....it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payoff amount.
Mike
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Related Questions:
Where is the best place to apply for a Home Equity loan near poor credit and poor income?
Ok,ok you convinced me... no home equity loan?
How can one apply for home equity loans ?
Answers:
look into a reverse mortgage.
a mortgage is better. get a fixed rate so you have a fixed, unchanging settlement. make it fit within your budget on the shortest residence possible. but, remember, the interest you pay on it is usually 100% tax deductible, so its a great excise advantage too. if you can afford more than the minimum you can always retribution extra to pay it off in advance. use this website below to calculate approximate payments. also, make sure you know your credit standing so you're an informed buyer. Source(s): http://www.bankrate.com/brm/calculators/…
own it appraised..borrow against it and pay them off..ask if they can loaf a while..
Home equity loan is a mortgage w/o the closing costs
The size of the loan needed will dictate your best choice. If it is a small amount you requirement, then an Equity Line could be sufficient. If you stipulation 100k+ you may need a Fixed Rate Mortgage. If you need further assistance, or a quote, please contact me via my website http://www.SLarson.com/contact or email me directly at Steve(a)SLarson.com. Source(s): Steve Larson
Nationwide Mortgage Broker & Tax Prep Services
http://www.SLarson.com
Steve(a)SLarson.com
You need to talk to a couple bankers within town who offer home equity loans, and also a mortgage broker or two. What you need to compare is which is cheaper over the time you expect to be paying.
A typical first mortgage will enjoy far more closing costs, but likely will have lower rates and easier qualify. Depending on how much you owe to your sisters, and how much in payments you are willing to lift on, you may need to do this to get a 30 year fixed rate at the lowest rates available.
However, you might be capable of find a 25 or 30 year fixed equity loan, with zero closing costs. Might be a slightly high rate, but a good loan officer can show you the total cost over time and see which is better.
Anything you can do to keep the permanent status short will save you thousands in interest, so even taking a 20 year over a 25 or 30 year occupancy is very cost-effective.
Get out and shop. Talk to a few people. Find someone who is honest and upfront. Eventually you will find the right entity to help you. Source(s): 10 years mortgage banking
Find a company that offers low or no closing costs and catch a mortgage....it is a lot lower interest rate and you can take it out for 15, 20, or 30 years to control the payoff amount.
Mike
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Related Questions: