Welcome to Home Mortgage
Wells Fargo Home Mortgage Payment Article
This is a selection made from among articles on Wells Fargo Home Mortgage Payment. For a permanent link to this article, or to bookmark it for future reading, click here.
Home Equity Loans - Are They Right For You?
from: Dean Shainin Copyright 2005 Dean Shainin
The bills are out of control and you need a new car. “Maybe we can get a new carpet and paint the house”, you say to yourself. These are just a few reasons why home equity loans can seem like the solution to all your problems and are so popular.
Home equity loans can be a fantastic way to start your own business or to take advantage of an investment opportunity. They can also make your situation worse than it was before you got the home equity loan.
The reason’s for taking advantage of home equity loans are the most important part of the process. Take the time to sit down and ask yourself, “Do I really need a home equity loan? Do I want to go on a spending spree or am I really trying to improve my life?”
A home equity loan is like having a second mortgage on your home. Suppose your home is worth $200,000 and you have a mortgage against it at $150,000, you will have $50,000 of equity available. Home equity loans allow you to borrow up to 80%, and sometimes more in certain situations, of your home value. In this situation you could borrow $80,000 as a home equity loan and still have only borrowed 80%.
This is why it is so important to take a good look at your situation before making a decision. You can see how easy it could be to get carried away with home equity loans.
Let’s say you only need $20,000 for that new car and some home improvements. You decide to borrow another $15,000 of equity for that vacation to Hawaii you have been dreaming about. First of all, a vacation to Hawaii would not cost $15,000 unless you went on a first class, spare no expense vacation.
Using a home equity loan to buy a car may not be a great idea with today’s 0% interest rates and no money down loans. There is no sense in risking losing your home to buy a new car with these type of loan programs that are available in todays market.
On the other hand, a home equity loan for home improvements may be a great idea. This will add value to your home as long as you can afford the higher loan payments.
A business that’s doing great that you want to expand may be another good use of a home equity loan. As long as the business is already in profit and is not losing money.
Some solid investments can be a good idea if you have done your research before hand. The latest IPO may or may not be a great idea.
Consolidating high interest credit cards may be a great idea as long as you close the accounts and don’t run them back up. You really only need one or two credit cards in case of an emergency.
Educational expenses may be a good reason to take a home equity loan to get your children started in the right direction. Someday this type of an investment can pay off.
These are just a few things you can do with home equity loans. It’s very easy to borrow too much, only to find yourself having a tough time making the new payments.
The important thing to remember with home equity loans is to be logical and don’t let your emotions get the best of you. Again, take the time to sit down and research all your options. This way you can rest well at night and not have to be concerned about losing your home. You can enjoy the things you do with your home equity loan knowing you’ve made a wise decision.
About the Author
Dean Shainin is a consultant specializing in home equity loan strategies and home mortgage loan information. To see a list of recommended home equity loans, advice and information, visit this site: HomeMortgageLoanTips
Wells Fargo Home Mortgage Payment News
Wells Fargo to Help Inland Empire and Los Angeles Customers Facing Mortgage ... - MarketWatch (press release)
 News Sizzle | Wells Fargo to Help Inland Empire and Los Angeles Customers Facing Mortgage ... MarketWatch (press release) "This workshop gives Wells Fargo and Wachovia home mortgage customers, who are faced with payment challenges, the opportunity to meet face-to-face with our home preservation specialists to explore and discuss the options available for them. Wells Fargo Reports 728024 Active Trial And Completed Modifications Through ... Refinance Mortgage Rates at Wells Fargo: Massive Savings Still Available |
Iowa's unlikely duo working to save American homes - DesMoinesRegister.com
Iowa's unlikely duo working to save American homes DesMoinesRegister.com Cash payments to people who lost their homes and can show mistakes were made in the foreclosure process. A new set of standards for loan servicing and foreclosure. The five largest banks that service mortgages would be released from legal claims on ... |
BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates - BusinessWeek
 Bloomberg | BofA Tumbles to 5.6% Share of Mortgages as Wells Fargo Dominates BusinessWeek 1 (Bloomberg) -- Bank of America Corp. lost about three-quarters of its market share in US home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.'s presence almost doubled, FBR Capital Markets said. Wells Fargo to Help Sacramento Area Customers Facing Mortgage Payment Challenges A Wells Fargo Loan Modification Victim Speaks Out In Protest |
US banks near $40bn housing deal - Financial Times
 Financial Times | US banks near $40bn housing deal Financial Times Under the proposed agreement, Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial would be forced to improve their mortgage procedures; reduce borrowers' loan balances and monthly payments; and make about $4.2bn in cash payments ... Bad Home Loans Top $72 Billion in 'Colossal Failure': Mortgages US mortgage settlement nears agreement Faulty loans, foreclosures cost $72 billion |
Big states set to make mortgage deal real - CNN
 USA TODAY | Big states set to make mortgage deal real CNN WASHINGTON (CNNMoney) -- New York and California will join just about all the other states in a settlement with the nation's largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes, according to a person ... States Negotiate $26 Billion Deal for Homeowners Mortgage deal nears as holdout states join Source: NY, California to sign mortgage settlement |
JP Morgan, BoA and Wells Fargo sued over 'fraudulent' mortgage IT system - Computerworld New Zealand
 Bloomberg | JP Morgan, BoA and Wells Fargo sued over 'fraudulent' mortgage IT system Computerworld New Zealand JP Morgan Chase, Bank of America and Wells Fargo are being sued by the US Attorney General over an allegedly restrictive and inaccurate database that may have resulted in unfair foreclosures for many home buyers. By Leo King | London | Tuesday, ... States With Highest Foreclosure Rates Among Bank Deal Holdouts Eyes on dissident states as US mortgage deal nears New York sues big banks over mortgage database |