Can I get a home equity loan or do I have to re-do my mortgage?

I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I'd like to redo my loan, and add my car payment on with it on a 15 year loan. The problem is that the mortgage company had a stipulation that they got to do my 2nd and 3rd mortgage, which they want to charge thousands of dollars in fees to do. Can I go through my local bank and do a home equity loan using my house as collaterol, and pay of the mortgage company?

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  • Anonymous
    1 decade ago
    Favorite Answer

    cut to the chase -- go to your local bank and tell them want you want to do and see what they say!!!

  • 1 decade ago

    First pull out the copies of the loan documents you should have been given when you bought the house. Read the NOTE, it will give you the terms of your loan. I am sure it will not say anything about the current mortgage having to handle a second loan.

    If your homes current appraisal comes in higher then your current loan balance, you should be able to obtain a home equity loan or refinance the first with some cash out.

    Watch the terms of the loan if you choose to refinance. And please go to a big bank and not some mortgage company you find on the internet.

    Good Luck!

    (By the way I have been an Escrow Officer for 20 years)

  • 1 decade ago

    I seriously doubt there is a clause in your mortgage requiring you to use the same company for a second mortgage. The primary mortgage holder gets paid first if ANYONE forecloses, so they are no better of with such a provision than without one. If you can afford to pay more, all you have to do is send more each month and direct the extra be applied to the principle. This does not require any change to your contract and you can go back to the regular payment at any time. Any financial person can compute the payments required to pay off your loan in 15 years. As long as that is at least as much as your current P&I, just pay that amount.

  • Anonymous
    1 decade ago

    ask at any bank I don't think that what is mortgage company is saying is legally possible. You make that choice and not them. even if you signed something, it is not legal to say you can only borrow from them.

    Bank can advise on rolling together into one basic mortgage or getting an equity loan and paying off car in that loan.

    The bank loan officers are there just for this purpose.

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  • 1 decade ago

    I find it hard to believe that you would have much equity after four years in a mortgage. Home equity loans are bad. If you miss a few car payments, they can take your car. If you miss a few house payments...

    Bite the bullet and drive a little bit less of a car with lower payments and put the extra in savings, investment, or on your mortgage principle.

  • hagler
    Lv 4
    3 years ago

    i've got not at all heard a pair of stipulation in very final medical doctors that provides a lender unique rights on your next mortgages: did you employ a broking provider? I hate to declare it, yet that feels like some thing a much less-than-straightforward broking provider could say to get you again back to them. in spite of everything, it could be spelled out very needless to say on your very final observe which you signed. so a techniques as your different question approximately your automobile, you somewhat could desire to get suggestion from a private loan expert. it could desire to be a great concept to refi and contain different debt (like your automobile) on your very own loan fee, even with the shown fact that it could desire to not in case you have a cost it extremely is unbeatable in immediately's industry. What a pair of HELOC or a private line of credit? Or what approximately basically making accellerated money on your automobile? you have extremely some recommendations: sit down with somebody who can help you're making the final determination. i could strongly advise you start up up with the wealth administration consultant at your financial employer - very very nearly all banks have somebody in that place and that they does not be as vulnerable to attempt to persuade you to do a house refi through fact they like to gets a commission. be careful, make an informed determination, and solid good fortune!

  • 1 decade ago

    Go to this website http://www.tanainternationalgroup.com and request some information on their products, they have some financial planning services to help you manage to get out of debt completely including mortgages.

  • Anonymous
    1 decade ago

    It depends on your credit rating, your income, and how much equity you have in your home. Talk to your bank.

  • Anonymous
    1 decade ago
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