Nearly 75 percent of those surveyed said that, to come up with the money, they would have to dip into savings, ask friends and family for help or rely on credit cards or a home equity line of credit.
Income, asset and credit documentation requirements are rigorous, having a second mortgage or a Home Equity Line of Credit, condo or co-op ownership or unrealistic value expectations can add unforeseen land mines to the refinancing process.
What if Mom wants to sell her house or take out an equity line of credit?
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We venture into dangerous waters when as individuals we have an equity line of credit on our house, car payments or credit card debt.
In the meantime, the home equity line of credit, which had an interest rate now significantly lower than that of the cards, could easily be raised.
By contrast, the national average rate for a home-equity line of credit is 5.15% and for a 30-year "private" jumbo mortgage it is 4.08%, according to HSH.com, which tracks the data.
Instead of financing it with an auto loan, they decided to pay for it by using the home equity line of credit that had been offered to them automatically when they signed their mortgage.
The CFPB admonishes consumers to consider alternatives to a reverse mortgage: refinancing a traditional mortgage, opening a home equity line of credit (or HELOC), applying for property tax credits or property tax deferral programs, downsizing or moving in with relatives.
Since most people would not want to have IRS as a creditor, you might prefer to borrow from friends, use your home equity line of credit (the interest may or may not be deductible), or choose to pay taxes by credit or debit card.
When the time comes to pay the bill, consider using a home equity loan or line of credit instead of the federally sponsored parent Plus loans.
On Feb. 28, Citigroup stepped in to shore up struggling lender Ameriquest, taking an equity stake and also arranging a credit line and getting the option to buy some of its business lines.
They needed money to keep up with their monthly expenses, so Tammy didn't put the bonus towards the balances on credit cards or the equity line and instead put the money toward financing their lifestyle.
And if borrowers place some of the withdrawal from a home-equity loan, a line of credit or cash-out refi in a bank or brokerage account, it will likely lead to a smaller financial-aid package for the next academic year.
Home-equity lines of credit allow borrowers to tap the credit line as needed, and the rate is typically variable.
Taking out a loan, or a line of credit, or a home equity loan, or even a loan from your dad.
These loans give them access to their home equity right away, either through a lump sum, monthly payments, or a line of credit.
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"The bottom line is substantially more dilution to the existing equity holders, " said Moshe Orenbuch, an analyst at Credit Suisse.
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