Home Equity / Refinancing... - HomeModders.com

ScrapinSTi · 08-22-2007, 04:29 PM

Well, to get myself out of all this debt I am newly acquiring, I need to either refinance or do a home equity loan...

Which should I do, and why? I am currently at a 30 yr fixed at 6%, so I would prefer not to lose that sexy ass rate. I owe roughly $158k on the house, and according to Zillow, the house is worth $195k... So say $185k to be safe..

How much of a Home Equity Loan could i get? Could i get say... $15k? $20k?

briansol · 08-22-2007, 05:52 PM

I've found Zillow to be pretty accurate.
In fact, i'm paying a little more for my house than Zillow has it listed for (but it doesn't count the finished basement there)

I don't think you're going to get 6 again.... those days are past.

A re-fi will probably put you around 7% and go for 30 years again, thus making the payment pretty much stay where it is now due to what you owe, and then basically starting over for another 30 years.

a HEL depends on the appraisal that you'll have to pay out for (about $325) and what the difference between the appraisal and the amount owed is.

However, morgage places have gotten strict in the past few weeks about 100% loans due to all the subprime nonsense.
so, they might limit you to not being able to touch 20% which is 38,000.
190 - 38 = 152.

which is less than what you owe, therefore you don't even have 20% equity into the house to take anything out.

so, you might end up having to do a total re-fi.

Another option is 0% intro credit cards. just keep applying for them and moving balances around

ScrapinSTi · 08-22-2007, 06:41 PM

Im already into the 0% interest... Got some on my Home Depot Card, and a decent chunk on my Bank Of America Card..

God I love Divorces.... And did I mention Im probably selling the STi because of this as well?

briansol · 08-22-2007, 07:18 PM

did the ex move out of the house and you got to keep it? how did that all play out?

the home depot card probably has a stupid high interest rate on it, so be careful to watch when the intro period is over.

ScrapinSTi · 08-22-2007, 07:24 PM

Yeah the Home Depot Card is Loanshark rates..

And the ex moved in with her dad... I get to keep the house free and clear, and dont have to give her a dime.

slomofo · 09-01-2007, 07:30 PM

Quote:

Originally Posted by briansol

I've found Zillow to be pretty accurate.

How accurate is zillow and where do they get their info from? I just checked both of my houses, my dad's houses, and a few of my uncle's houses. None of them are accurate.

My primary house is listed as 1284sq. ft. when it's 2350. Value shows $252k, but it was just appraised 11 months ago for $214k.

My rental house is listed as 2700sq. ft, but it's 4900. Value shows $725k, but appraisal value is $550k.

My uncle's house lists as 6306sq. ft when it's 7900sq. ft., it shows value of $1.47M, but he paid $668k for it two years ago.

My dad's house lists 2bd, 1ba, 1100sq. ft. with a value of $233k, but in reality it's 4bd, 2ba., 1810sq. ft. and it was on the MLS for $130k and nobody bought it during the 4 months it was listed. (heh, he lives in the hood)

zillow doesn't look very accurate to me.

slomofo · 09-01-2007, 07:35 PM

Quote:

Originally Posted by ScrapinSTi

Well, to get myself out of all this debt I am newly acquiring, I need to either refinance or do a home equity loan...

Which should I do, and why? I am currently at a 30 yr fixed at 6%, so I would prefer not to lose that sexy ass rate. I owe roughly $158k on the house, and according to Zillow, the house is worth $195k... So say $185k to be safe..

How much of a Home Equity Loan could i get? Could i get say... $15k? $20k?

How far in debt are you?

ScrapinSTi · 09-02-2007, 03:14 PM

low 5 figures...

briansol · 09-02-2007, 04:55 PM

Quote:

Originally Posted by slomofo

zillow doesn't look very accurate to me.

:shrug: maybe its just your region? around here in the northeast, it is pretty on-par.

keep in mind, that they don't get notified of appraisals or updates. their info is based off last sold amount vs time, and so on.

ScrapinSTi · 09-02-2007, 10:58 PM

Also, create an account on zillow, and update the info on your house... That will help make it more accurate...

08-22-2007, 04:29 PM	#1
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	Home Equity / Refinancing... Well, to get myself out of all this debt I am newly acquiring, I need to either refinance or do a home equity loan... Which should I do, and why? I am currently at a 30 yr fixed at 6%, so I would prefer not to lose that sexy ass rate. I owe roughly $158k on the house, and according to Zillow, the house is worth $195k... So say $185k to be safe.. How much of a Home Equity Loan could i get? Could i get say... $15k? $20k?

08-22-2007, 05:52 PM	#2
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 31 Posts: 499 Rep Power: 10	I've found Zillow to be pretty accurate. In fact, i'm paying a little more for my house than Zillow has it listed for (but it doesn't count the finished basement there) I don't think you're going to get 6 again.... those days are past. A re-fi will probably put you around 7% and go for 30 years again, thus making the payment pretty much stay where it is now due to what you owe, and then basically starting over for another 30 years. a HEL depends on the appraisal that you'll have to pay out for (about $325) and what the difference between the appraisal and the amount owed is. However, morgage places have gotten strict in the past few weeks about 100% loans due to all the subprime nonsense. so, they might limit you to not being able to touch 20% which is 38,000. 190 - 38 = 152. which is less than what you owe, therefore you don't even have 20% equity into the house to take anything out. so, you might end up having to do a total re-fi. Another option is 0% intro credit cards. just keep applying for them and moving balances around

08-22-2007, 06:41 PM	#3
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	Im already into the 0% interest... Got some on my Home Depot Card, and a decent chunk on my Bank Of America Card.. God I love Divorces.... And did I mention Im probably selling the STi because of this as well?

08-22-2007, 07:18 PM	#4
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 31 Posts: 499 Rep Power: 10	did the ex move out of the house and you got to keep it? how did that all play out? the home depot card probably has a stupid high interest rate on it, so be careful to watch when the intro period is over.

08-22-2007, 07:24 PM	#5
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	Yeah the Home Depot Card is Loanshark rates.. And the ex moved in with her dad... I get to keep the house free and clear, and dont have to give her a dime.

09-02-2007, 03:14 PM	#8
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	low 5 figures...

09-02-2007, 10:58 PM	#10
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	Also, create an account on zillow, and update the info on your house... That will help make it more accurate...