A few great apartment building images I identified:
0805 | Bauman Apartment Developing | 2009 | West Side
Image by Facility Records | MSU Physical Plant
0805 | Bauman Apartment Constructing | 2009 | West Side
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Question by Ken: How much will a Home Equity Loan cost?
I am considering using a Home Equity Loan as down payment for the purchase of a second property. I have two questions. Is it true that the interest will be tax deductable if I take out no more than 100k? Secondly, information pills how much typically will a Home Equity Loan cost me in fees?
Best answer:
Answer by matzael
Interest on home loans is generally tax deductible. This includes equity lines.
The fees range from nothing to about $ 1-1500 tops. This is going to depend on the rate. Obviously the ones that have no closing costs typically have a higher rate. Typically for a smaller loan amount you want to go with a no closing cost option and for the bigger ones you’d pay the fees and get a lower rate.
Add your own answer in the comments!
Question by Think about it: What is the difference between the Making Home Affordable refi and modification?
My mortgage loan qualifies for the Making Home Affordable program, viagra but I don’t know what the difference is between selecting a refinance or a modification. My situation is that I have significantly lost income and at the same time my home value has dropped way below my mortgage balance so I can’t sell and my payments are too high to continue making, am already about to miss a payment this month.
Best answer:
Answer by bobby769
Modifications are generally designed for people who are late on their mortgae and/or owe more than the home is worth. Their’s no closing costs and the ‘new’ loan would be with the same bank. Generally less paper work is required.
A refi involves more paperwork and and just about anyone who can afford the closing costs and has the required creid tcan qualify for the refi. A refi very often is with a differnet bank.
Because you’re upside down on the mortgage (meaning you owe more than the house is worth) you may qualify for a mod. If you do, and the terms of the mod are better (that is, you can actually afford the home after the mod) then I’d say jump on the mod. One thing to keep in mind. Sometimes you are required to bring the mortgage current in order to get the mod. If this is something you have to do but don;t have the funds to get current, beg and borrow to get that money from family or friends.
What do you think? Answer below!
