Can someone please help me?? I am so lost!?
Ok, I am not too understanding of everything dealing with home equity loans and refiancing. I really want to refinance my house and get cash (like $20,000) from my equity without having my house payment higher...first, I should ask if that's even a possibility. I talked to some company and a person said that isn't possible because it's like adding 20,000 to your loan, ok, I understand that but another company said my house payment wouldn't go up any. I am lost, if you cant get equity out without rasing your house payments, what's the difference from a home equity loan and a regular loan? And also any suggestions about how to go about what I want to do would be great, thank you!!!
- towandaLv 71 decade agoFavorite Answer
There are idiots everywhere so you have to find someone intelligent to talk to. The bank or lending institution will add lots of fees and you will have to pay to get all the things done you did when you originally bought the house-or so I was led to believe. . .so you take your balance, your fees, your cash, pick an interest rate and number of payments-plug the figures into an amortization schedule and there will be your payments. Shop around-fees are negotiable.. You can www almost any bank and there will be an amortization schedule for you to use and excel has one built in. Also, not sure about this, but I just bought a new car. It said shop on line for your credit. I looked at Capital One and they had a lower rate on line than the dealer. . .and then the dealer transferred my loan at a higher rate to Capital One Auto. That was an expensive lesson.
- 1 decade ago
Yes this is possible by either switching to a interest only loan or getting a lower interest rate than you currently have.
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