This topic contains 6 replies, has 2 voices, and was last updated by Anonymous 8 years ago.
- April 26, 2011 at 3:02 am #199475
Anyone know any good property manager in temecula/murrieta area?
Looking for a PM to manage my property…
- April 30, 2011 at 12:37 am #414664
It’s a combination. Depending on how long you’ve owned your home, the appraised value may be less than the purchase price. Then they will determine how much the difference in your debt on the home compared with the value of the home is, to decide how much you can borrow. So if you bought a home 3 years ago for $ 200,000 with 20% down and it appraises now for $ 180,000, the amount available to borrow would be around $ 20,000 (value of $ 180,000 with a mortgage of around $ 160,000). However, if you didn’t put much of a down payment down and your home value has dropped, you may not have much equity available.
- April 30, 2011 at 12:37 am #414665
You need to have excellent credit to get a Home Equity Loan right now. They base it on the appraised value of your home, and what you owe on your mortgage. The interest rates on a home Equity Loan is around 7%. I seriously doubt you will be able to find one with mediocre credit score. Also, do not fall for those that promise you the moon. Look for companies that have been around and are established.
- April 30, 2011 at 12:37 am #414666
The answer lies some where in between. If you have owned your home for a year or less they will take the sale price or the appraised value depending on which is the lowest.
If you have owned the property for a longer period of time then the lender will lend you a percentage based on the value of the house.
An example would be. If your house was valued/appraised at $ 250,000 the lender would lend a maximum of 80% of the appraised value which in this case is $ 200,000.
Now since you have a balance on your mortgage say $ 125,000, which will be paid off during this transaction. Your cash to you that would be available to you would be $ 75,000 minus any points, fees and any closing cost.
Of course you may always get less than the 80%. It is not written in stone that you must get the maximum allowed.
You will have to find a mortgage broker to apply for the mortgage or equity loan sometimes called a refinance.
There are other ways to do this also, you may get a Home Equity Line of Credit (HELOC) which you will have to use the same percentages for the value of the house and the amount you will receive. You will be paying two different mortgage companies using this method.
Another way is to get a second mortgage you will be using the percentages and the for the value of the house and the cash you receive. Again you will be paying two mortgage companies using this method.
The interest rates are based on your credit score as well as how you have paid your debts on your credit report and if you decide to refinance your entire mortgage with a new first or keep your first mortgage and get a HELOC or a second mortgage.
Contact a mortgage broker so he can explain your options and select which is best for you and your financial situation.
I hope this has been of some use to you good luck.
- April 30, 2011 at 12:37 am #414667
do you have Excel? the formulas are in there, if you do
- April 30, 2011 at 12:37 am #414668
buy a financial calculator
they do wonders
all the letters are on there.. you just plug the numbers in and press compute
and you can get one for under $ 30 at walmart
- April 30, 2011 at 12:37 am #414669
P=Li – p I think…
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