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Clemson Sports Icon [52885]
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Anybody ever got a HELOC
Feb 24, 2020, 2:04 PM
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loan?
How do you go about seeing if that's what you need for a 20k upgrade to the trailer?
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Clemson Sports Icon [52917]
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Just got one.
Feb 24, 2020, 2:06 PM
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Didn't really need it - I hate debt - but the SC State Credit Union was offering one at no cost (and it came with a full appraisal) so I figured why not?
I guess for me it's a safety net should I need it.
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TigerNet Champion [118223]
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Remaining Mortgage owed + HELOC < 80% value of house
Feb 24, 2020, 2:07 PM
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so if house is worth 100k and you owe 60k, you may be able to get a HELOC for 20k.
*This is how I understand it works, I may be wrong.
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Clemson Sports Icon [52885]
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I might have misread then
Feb 24, 2020, 2:09 PM
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What I was looking at was if you have a 100k house, you plan renovations that will add 20k value to the house, then you can take out 15k against the house as an addition to the original mortgage.
For my situation:
Bought the house for 98k (after down payment). First appraisal at 111k (when we were buying). Plan on closing in garage, making new bedroom and bathroom. So the home will go from 2 bed 2 bath to 3 bed 3 bath as a split floor plan design (master bedroom on opposite side of house from other bedrooms) which should add value to the home. Got close to 20% paid off but seeing if there's an easier loan we can use to get the 20k out.
Message was edited by: FBCoachSC®
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TigerNet Champion [118223]
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Not sure you can do that but I am no mortgage broker and
Feb 24, 2020, 2:13 PM
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I certainly do not have any money to brag about.
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Clemson Sports Icon [52885]
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If nothing else I can wait about another year and have 20%
Feb 24, 2020, 2:15 PM
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paid off on the mortgage and just refinance and take the equity out.
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Clemson Sports Icon [52917]
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I don't think you can "add" it to the original. A HELOC is
Feb 24, 2020, 2:19 PM
[ in reply to I might have misread then ] |
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essentially a separate mortgage backed by the equity in you house.
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Clemson Sports Icon [52885]
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So what's the difference between that and a
Feb 24, 2020, 2:22 PM
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construction loan? Lower rates?
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Clemson Sports Icon [52917]
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Prolly. The SCSCU rate is Prime + 1%***
Feb 24, 2020, 2:36 PM
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Clemson Sports Icon [52885]
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Variable rate. Gross***
Feb 24, 2020, 2:38 PM
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Tiger Titan [48982]
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just vote Bernie and he'll mandate that I buy you a house***
Feb 24, 2020, 2:44 PM
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TigerNet Champion [118223]
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Will Do***
Feb 24, 2020, 2:54 PM
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All-Time Great [90722]
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Here's what you do
Feb 24, 2020, 2:23 PM
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Go jet a heloc for as much as they'll give you--The more the better.
Take that money, go buy another paid for trailer.
Stop paying on the first mortgage and the heloc.
Move to the new trailer. Paid for trailer!
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Oculus Spirit [43175]
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dang...that would actually work***
Feb 24, 2020, 3:07 PM
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All-Time Great [90722]
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I knew some folks in South Florida who did it.
Feb 24, 2020, 3:50 PM
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They eventually sold their free house though. Made out like a bandit (well, because they WERE bandits). That was during the mortgage crisis in..2008? (I think is when they did that.) I heard of another who just stopped paying, and just stayed in his house for years until he was finally evicted (like 3 years later because of the backlog) and was renting out his paid for place.
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Ultimate Tiger [37886]
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doesny werk...Bank sics the IRS on ya***
Feb 24, 2020, 8:53 PM
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Ultimate Clemson Legend [108815]
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Got one pre-housing crisis. Was nice. 15K put in new
Feb 24, 2020, 2:26 PM
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hardwoods, carpeting, painted whole interior, etc.
TRIED to get one after the housing crisis. Needed about 15K again. Asked for $20K because OUR LENDER had a special deal. Well, they then said they needed to do an appraisal. Couldn't get the 20K loan at their teaser rate because their lowball appraisal showed our house had DEPRECIATED by 20K since we purchased it. Which would make us the ONLY house to depreciate anywhere in a 5 mile radius over 8 years. They said we could contest their appraisal by getting our own, a cost which would have negated much of their teaser rate.
Bunch of BS IMO.
They don't want to gove you one unless you take out a boatload. Which was fine with us. Even then whatever.
LSS - Expect the lowest appraisal you've ever seen on your house.
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Clemson Sports Icon [52885]
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Hire the guy the property tax people use.
Feb 24, 2020, 2:30 PM
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Hell 50k would do everything I need to do to the house. We would literally be completely done after that.
Except fix the septic tank.
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TigerNet Champion [118223]
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We refi'd a few years ago and the appraisal was high
Feb 24, 2020, 2:39 PM
[ in reply to Got one pre-housing crisis. Was nice. 15K put in new ] |
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so I went to the bank to get a HELOC cause "eff it" and they said they couldn't use that appraisal and needed their own and it would cost me $500 non-refundable and if it came back low they wouldn't be able to do the HELOC for very much so I thought I would pay down the mortgage and let the house value go up and do it again in a few years. Anyways, I still haven't done it.
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Hall of Famer [23994]
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If you ever want to get out of engineering
Feb 24, 2020, 2:50 PM
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Lets start our own appraisal and home inspection business. Their prices are ridiculous for the amount of work they do.
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TigerNet Legend [147549]
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No sir.
Feb 24, 2020, 2:35 PM
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No way I'm getting one of those after seeing what happened to Kobe.
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TigerNet Immortal [176659]
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I'll tell you this.
Feb 24, 2020, 2:47 PM
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Magnum isn't riding in mine again until he pays for all the previous bullet holes.
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TigerNet Legend [147549]
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Re: I'll tell you this.
Feb 24, 2020, 3:02 PM
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Heisman Winner [81616]
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For real, YOU should not do any of this.
Feb 24, 2020, 2:50 PM
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You should fear paying on this house and your not living in it in the future.
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All-Time Great [90722]
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Well..splitting the debt is better than giving away assets.
Feb 24, 2020, 3:43 PM
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So there's that.
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Heisman Winner [81616]
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LOL, there won't be splitting, she'll get the
Feb 24, 2020, 3:47 PM
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house and he'll have to pay for it. I figure that co-worker that was flirting last year was a trap and eventually one of his wife's traps are going to snag him.
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Ultimate Tiger [35110]
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How long will it take you to save $20k to pay cash....
Feb 24, 2020, 3:01 PM
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for upgrade?
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Heisman Winner [81616]
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100-150 months***
Feb 24, 2020, 3:03 PM
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Clemson Sports Icon [52885]
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Ultimate Tiger [35110]
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You misspelled "Common sense"***
Feb 24, 2020, 3:30 PM
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Valley Legend [12740]
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Third Federal is Prime Minus 1
Feb 24, 2020, 5:24 PM
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Subprime BABY!!!!!!
Process was very easy with them. They’ll do closing at your home as well.
I took out a HELOC to buy more stock in my company.
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