Where can I find the best rates, equity loan? My parents want to borrow and asks me to do a little research. They need about 10-15,000 to do some work on their house. They have well over $ 150,000 in equity, credit and decent, probably not the best though. What would be the best solution? Refinancing or second mortgage, equity loan? Thank you!
today should be an equity loan. You lose nothing, even if the market goes a little sour.
If your parents have a good relationship with their bank, they should go talk to them first. Most will treat their customers with a good very good rate compared to others.
Moreover, it would be a bank that you trust other people.
Call: 9911558839.
It depends. Talk to a mortgage lender on the goals of your parents together and ask them if they can crunch the numbers for you in both directions. A mortgage or line of credit will likely result in little or no closing costs, but may have higher interest rates. On the other hand, a credit to refi would generally get a lower rate, but they will eventually pay the closing costs (which are usually 4 to 6% of loan amount).
In any event, another thing to consider is whether your parents have to make the loan now, or if the work can be taken out of few months. If the answer is the latter, they may wish to consider whether paying a few hundred dollars for a technician to repair credit to help them clean up their credit in a month or two, it would be useful to wait. A better credit score would result in a lower rate if they go to the QEH or refinanced.
km_resource1@yahoo.com
From a lender.
Posted on February 23, 2010.
