How long does it thieve for a mortgage equity loan to progress through?
I have a credit score of around 680 and lived there for 15 years . I owe 185k and the house is worth 410. I am over 15k in credit card debt and have two late payments. I am also retired and on a penison and social security
Answers:
An average of 2-4 weeks. If you are have trouble with closing a loan I might be able to minister to refer you to someone.
james.oswald(a)diyownerbuilder.com
email me and I will give you his info. Source(s): 11 years mortgage experience, Vice President, DIY Homes
How long it takes depends on deeply of factors. Have you provided all the documentation they've requested? Being retired, your debt to income problem may be your biggest issue. Your rack up is adequate, how long you've lived there doesn't really thing much, and the Loan-to-Value is good. The slow pays and the amount of debt could be an issue.
Add up all the minimum monthly payments on your credit report, and divide the total by your gross monthly income. Be sure to include the stipend for the new loan. If the ratio is 40 or 45%, you may be ok. If it's more, you probably can't get the home equity loan.
You can also ask them if they would do a controlled payoff of that credit card debt. They would find out the set off on the accounts, make the check out to each creditor, hold you sign them, and then mail them. By doing this they can subtract the fee for each of those accounts from your debt-to-income ratio, and maybe it can bring back to a point they can accept.
If you're over the age of 62, you might also consider a reverse mortgage. Here's the AARP site: http://www.aarp.org/money/revmort/. Bank of America and Wells Fargo both offer them.
Your best bet is to be in motion to your bank or credit union and have a chat to them about an equity loan. Some banks can write the loans suddenly, others take more time. And with the style things are right now, they could be taking a bit more time than they used to because lenders are being more guarded. It sounds like you have rather a bit of equity though. I won't presume to know your age but perhaps a reverse mortgage would be better for you. Hopefully, someone at your bank is informed plenty to assist you properly. I would call and make an appointment to sit down next to someone and discuss your options.
Good luck to you.
PS:
Don't listen to all the blarney here about going to this or that website.
Mine took about 48 hours next to eloan.com.
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Answers:
An average of 2-4 weeks. If you are have trouble with closing a loan I might be able to minister to refer you to someone.
james.oswald(a)diyownerbuilder.com
email me and I will give you his info. Source(s): 11 years mortgage experience, Vice President, DIY Homes
How long it takes depends on deeply of factors. Have you provided all the documentation they've requested? Being retired, your debt to income problem may be your biggest issue. Your rack up is adequate, how long you've lived there doesn't really thing much, and the Loan-to-Value is good. The slow pays and the amount of debt could be an issue.
Add up all the minimum monthly payments on your credit report, and divide the total by your gross monthly income. Be sure to include the stipend for the new loan. If the ratio is 40 or 45%, you may be ok. If it's more, you probably can't get the home equity loan.
You can also ask them if they would do a controlled payoff of that credit card debt. They would find out the set off on the accounts, make the check out to each creditor, hold you sign them, and then mail them. By doing this they can subtract the fee for each of those accounts from your debt-to-income ratio, and maybe it can bring back to a point they can accept.
If you're over the age of 62, you might also consider a reverse mortgage. Here's the AARP site: http://www.aarp.org/money/revmort/. Bank of America and Wells Fargo both offer them.
Your best bet is to be in motion to your bank or credit union and have a chat to them about an equity loan. Some banks can write the loans suddenly, others take more time. And with the style things are right now, they could be taking a bit more time than they used to because lenders are being more guarded. It sounds like you have rather a bit of equity though. I won't presume to know your age but perhaps a reverse mortgage would be better for you. Hopefully, someone at your bank is informed plenty to assist you properly. I would call and make an appointment to sit down next to someone and discuss your options.
Good luck to you.
PS:
Don't listen to all the blarney here about going to this or that website.
Mine took about 48 hours next to eloan.com.
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