Equity Loans Q: What are Equity Lines?
View Answer Q: What is "piggyback financing"?
View Answer Q: I have been considering getting an equity line of credit to make improvements to my house. How much of the interest is deductible on my personal income taxes?
View Answer Q: We will close on our new home in about 30 days and have a 30-year fixed rate locked at 5.5%, financing around $200,000 on a $280,000 home. We will need to make improvements to the property immediately after taking possession, maybe totaling about $26,000. Should I add the $26,000 to my locked 30-year loan or would I be smarter to obtain a second mortgage for 5 years at around 7.5%?
View Answer Q: I am considering getting an equity line of credit for my home. Can you explain a little bit about them and advise whether you think it is better to get an equity line or refinance the existing first mortgage? How much of the interest would be deductible on my personal taxes?
View Answer Q: Help! What do we do? We purchased a home in Las Vegas last August for $346,000; $69,200 of it on a HELOC based on 1% above prime. Now that Prime has jumped our payments have, of course, gone way up too. We are military and are
only expecting to be in this home for only about two or three more years.
What do we do? Will Prime continue to go up? Should we panic? What are our options? What affects Prime Rate anyway?
View Answer Q: I took out an equity loan on my house about 18 months ago, adjustable rate of course (that is all I was offered), and the rate keeps going up and up with all the increases to the prime rate lately. Do you have any suggestions?”
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