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Saturday, September 08, 2007

Resolved Question: If you have a lien on your house can you get a home improvement loan on the property?

During the summer we completed the purchase of a new home. Our existing home which is in move in condition in a great area and being marketed at a competitive price has failed to sell because of the time of year and for no other reason. We are now committed to buy the other home however the sub prime mortgage market has collapsed in the meantime meaning that raising the bridging finance is proving next to impossible. We have 3 weeks to raise 150,000 pounds (I am in the UK). Our IFA is working hard to find a suitable mortgage product but the changing market conditions are making this very hard. We have no rich relatives. The issue is mostly that we were going to borrow on the 200K+ equity on our existing home self cert to do the bridge but the loan to value available has been dropped dramatically as lenders play safe, leaving us stuck with a problem in the meantime. Help! What is the quickest way to raise this money? Can I just emphasise that I am in the UK, so need a loan in sterling. Also anyone who replies offering finance but without a phone number and website and some means of verifying themselves will be ignored.

Resolved Question: Home equity loan or home equity line of credit?


Pro's and con's of both.

Just curious what people "in the know" have to say.

Resolved Question: Should my spouse co-sign our mortgage loan, if we don't need her income to qualify?


My wage is approximately 55% than my wife's
This will be our 2nd home
With our first home, I am the only one on our 1st loan; we co-signed for the second loan (which represents our equity line and)
We both have comparable credit scores Also, should mention that one of our homes is an investment home/rental property And with this question, wondering what the pro's and con's of each scenario would be. (Me on the loan alone, or both of us on the loan)
Thank you

Resolved Question: Good site to compare home equity loans rates?


Is there one site where you can easily compare interest rates?

Resolved Question: If you are looking to get a home equity loan should you wait till after Fed meetings in Sept?




Resolved Question: If you have a lien on your house can you get a home improvement loan on the property?


The property is financed through a private party, not a bank or mortgage co. Can you get a home equity loan to fix it up? Or a home improvement loan? even though there is a lien on the property?

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