Posts Tagged ‘First Mortgage’

Can I get a home equity loan with a first mortgage?

Thursday, July 31st, 2008
home mortgage loan credit
lawrie asked:


I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for $40,000 more than purchase price and only want $20K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued $277K and the loan will be for $229000. Any help would be great!

Larry

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Posted in Renting & Real Estate | 4 Comments »

Will this “Combo” mortgage hurt my credit?

Friday, July 11th, 2008
home mortgage loan credit
JoeyGirl asked:


My hubby and I have a first mortgage, home equity loan, 2 auto loans and credit card debt. We are doing ok - but never have any extra money. We are interested in the combo loan from Countrywide - where they are combined.

I’ve heard that consolidation can hurt your credit. Will this do that to our credit? Since we are doing good, and just want to lower our payments into one, we don’t really NEED to do this, and don’t want to cause any credit damage.

Your insights please! :)

Jerome

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Posted in Renting & Real Estate | 2 Comments »