Is it even possible? Want to do remodeling, pay off son’s car etc. Will also pay off house so I won’t have two “mortgage” payments. From what I’ve heard a HELOC is easier/faster to get. What I want to do is take out the complete amount and lock in the rates of the amount I draw out.The reason for doing a HELOC instead of cash out refi is less hassle right? (inspections, surveys and all the assoc. finance bs fees) And you can lock in the rates on the financed portion of the HELOC, with the balance paid like a conventional loan. And those locked in rates aren’t that much different than reg. financing…. just less paperwork hassle right?? Don’t forget it’s an owner financed home w/ legal notarized contract. House worth 80k, considering 40 to 50k HELOC. Thanks!
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This entry (permalink) was posted on Saturday, November 21, 2009, at 7:49 pm by . Filed in FINANCIAL SERVICES and tagged Contract, Credit, Equity, Financed, Have, Home, Legal, Line, Owner.
November 21st, 2009 at 7:49 pm
If you’re NOT in title, you can’t do HELOC.
And most HELOCs have variable rates, so a transfer of title, purchase and single loan makes most sense.
Once you have title, then they update for HELOC.
But still believe one fixed rate loan, 15 years is best bet.
Talk with local lenders to see what you can work out.
Using homes as ATM cash machine is major reason for our country’s financial distress.
November 21st, 2009 at 7:49 pm
i dont think so. the house will not be yours until its paid off. get a loan to buy the house, then take a home equity loan
November 21st, 2009 at 7:49 pm
To get a HELOC you have to be A) the legal owner and B) there has to be adequate equity in the house so an appraisal will still be done and C) the bank that gives the HELOC will then add themselves to Title (basically) because they want to own that house with the “owner” until that loan is paid off.
Bad part about what you say above is “Pay off car & debt” A HELOC is designed to put the $ back into the house – not pay off debt or buy things.