Home loan??

[petmeadow]

what steps to i need to take to get the loan? what steps do i need to take to improve the home? how do i go about leasing out the house?

[petmeadow]

I'm going to be 18 years old after two months, and i will apply for DV Lottery 2012.

I want to study, work and live in USA and become a citizen.

and im thinking of getting a study loan after i get an immigrant visa if i won,

if soo, what is the requirement for getting a loan & details.Car loan????

I tried getting a loan with my bank but they denied my due to my credit being bad....does anyone know where i could go to get a loan for a car....i also want to buy my car from a auction i dont know if that makes a difference????

[petmeadow]

my house is worth about $550k.. My credit score is 559 right now, due to my excessive credit card and student loan debt.. nothing has ever been late, it's just that i have excessive amounts of these debts.. i make about $2,600 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off.. (my house is 100% paid off).. will i have a problem getting this home equity loan?? should i even both applying or should i just wait until i pay down my credit cards more?? advice anyone?

[lemur]

what steps to i need to take to get the loan? what steps do i need to take to improve the home? how do i go about leasing out the house?

 

You should probably choose a bank and talk to the loan officer. It will probably depend on your income and how assured they are that it will continue through the course of the loan repayment. You could also think about saving up for the improvement instead of borrowing money.

[mississippichem]

How much equity do you have in your house?

[Realitycheck]

I'm going to be 18 years old after two months, and i will apply for DV Lottery 2012.

I want to study, work and live in USA and become a citizen.

and im thinking of getting a study loan after i get an immigrant visa if i won,

if soo, what is the requirement for getting a loan & details.Car loan????

I tried getting a loan with my bank but they denied my due to my credit being bad....does anyone know where i could go to get a loan for a car....i also want to buy my car from a auction i dont know if that makes a difference????

Is your credit already bad or just not established yet? You might have to live here for a while to establish yourself as a worthy potential customer, in which case you want to be in a city with a bus system available. Car dealerships can be among the most lenient loaners when it comes to extending credit, especially to first time buyers, because the car is most always available to reposess, but you will probably have to pay higher interest and be restricted to a used car or the cheapest new one on the lot.

You can find good deals at auctions, but usually there is something wrong with an abandoned car and it requires lots of cash to buy it and fix it.

Edited May 2, 2011 by Realitycheck

[Realitycheck]

You sure have big things on your plate for being 17 years old.

[zapatos]

You will have no problem getting a home equity loan, and it will consolidate your debt with a lower interest rate. Smart move.

[swansont]

!

Moderator Note

Multiple threads merged. One per customer per topic, please.

[mississippichem]

Even though your debt to assets ratio could be too high for your taste (depends on how much credit card debt you have). It is a good time to get a home equity loan considering interest rates are in the tank. Just be sure to do the math and make sure you are getting a deal here. Also, keep in mind, that if you don't make good on the payments, you've just made your home collateral.

 

I wouldn't recommend getting a car loan at your age and you're uncertain citizenship status. At your monthly income you might be able to cash flow a car though. Buy a beater until you pay down that debt .

 

Keep in mind I'm no CPF or CPA (though I'm very interested in finance and a little bit knowledgeable) so consult a professional if you really want good advice. Just make sure the guy isn't commission payed with reference to selling you a home equity loan. If he is, then you'll walk out with a home equity loan regardless of whether you need one or not.

 

The first question to ask an investment or financial advisor is: how are you compensated?

 

I, personally wouldn't feel comfortable taking out a home equity loan if my current liabilities exceeded one year's income (except for the house). That's just a general rule of thumb though, I tend to play the conservative side on debt management. Keep in mind that you can't default on the student loan debt if it is subsidized! You will pay them that in one way or another.