Posted by Matthew G on January 07, 2006 at 12:44:41:
David-
As a seasoned pro, I don’t recommend consolidating a car loan, 5 yrs spread over 15 or 30.A local bank can do an in house valuation and not need an apppraisal to give you an equity line based off credit score and Combined loan to value (CLTV)
Can I get financed? - Posted by David
Posted by David on January 07, 2006 at 11:40:11:
My wife and I just had a new house built. We financed $236K in April 2005 with a first mortgage (5/1 ARM) at $199K and an interest-only HELOC at $37K. The house was completed in October 2005. The same house is now going for $285K. I have a personal loan of $9K and a truck loan for $19K. I would like to consolidate those two loans into one through a home equity loan so I can lower my payments and write off the interest. Since the house was completed in October 2005 and I have no comps (actual sales), only speculation (what the asking price is on the same house), is it possible to get financing? Or is the house too new to get new financing? Can I do another HELOC that would pay off the existing HELOC and cash out with an extra $28K?
My wife and I have steady jobs and a combined credit score of 795.
Re: Can I get financed? - Posted by les
Posted by les on January 10, 2006 at 14:13:54:
I think you should wait personally if you are not strapped. Good credit scores will not cure your ltv
problem or the seasoning issue, both problems have you in a higher rate bracket. If you are in md,va,de or pa i will run the numbers for you
Re: Can I get financed? - Posted by Don Dion
Posted by Don Dion on January 09, 2006 at 11:34:40:
For the best rates and terms you will need a loan which is backed by either Fannie Mae or Freddie Mac. Both of which require 12 month seasoning before they will use the new appraised value for your loan.