im thinking about doing this versus paying $18k PPP. any thoughts?

original price $449k
comps are $489k
equity $40k
estimated debt(wife and i) $20k

I would'nt suggest tapping all the equity you have in your property. Keep in mind also, every time the Federal Reserve raises rates it has a direct impact on prime. Your best bet, if you are considering a HELOC, would be a bank. This is about the only time you will hear me mention this, with the exception of a construction loan.

Definitley go to your local bank. A decent bank will close with out any fees.

Interest rates for loans differ, so it pays to check with several banks for the lowest rate. Compare the annual percentage rate (APR), which indicates the cost of credit on a yearly basis. Be aware that the advertised APR for home equity credit lines is based on interest alone. For a true comparison of credit costs, compare other charges, such as points and closing costs, which will add to the cost of your home equity loan. This is especially important if you are comparing a home equity credit line with a traditional installment (or second) mortgage, where the APR includes the total credit costs for the loan.

In addition, ask about the type of interest rates available for the home equity plan. Most home equity credit lines have variable interest rates. These variable rates may offer lower monthly payments at first, but during the rest of the repayment period the payments may change and may be higher. Fixed interest rates, if available, may be slightly higher initially than variable rates, but fixed rates offer stable monthly payments over the life of the credit line.

If you are considering a variable rate, check and compare the terms. Check the periodic cap, which is the limit on interest rate changes at one time. Also, check the lifetime cap, which is the limit on interest rate changes throughout the loan term. Ask the bank which index is used and how much and how often it can change. An index (such as the prime rate) is used by lenders to determine how much to raise or lower interest rates. Also, check the margin, which is an amount added to the index that determines the interest you are charged. In addition, inquire whether you can convert your variable rate loan to a fixed rate at some future time.

Sometimes, banks offer a temporarily discounted interest rate -- a rate that is unusually low and lasts only for an introductory period, such as six months. During this time, your monthly payments are lower too. After the introductory period ends, however, your rate (and payments) increase to the true market level (the index plus the margin). So, ask if the rate you are offered is "discounted," and if so, find out how the rate will be determined at the end of the discount period and how much larger your payments could be at that time.

my credit is shot at 580. how would a bank help me out? what kind of questions should i be asking?

majority of my credit cards are above 20%APR
same with my wife's credit.

Hate to say it...but you're SOL....look on the bright side......they might give you a sucker!

haha yea.

Alvin, sell a few more houses, commit to put as much as your commission that you can possibly afford to toward paying down the highest rates' credit cards that you have and the ones closest to being maxed out and that should improve your score...oh and one more thing...try to make your payments on time...on time is GOOD for Mr. FICO too. C'mon Alvin! We're all rooting for you to get to a 620 within the next 6 months. Goooo Alvin and Mrs. Alvin!

Alvin... if you need help on raising your credit score to prime... please email me at Sean.Pham@yahoo.com . I wrote an information packet on boosting credit score -- I aim to enrich the positioning of financing for everyone. If anyone else wants to receive it... please shoot me an email.

Good Luck,

Best I have seen on a 580 is 85% on a fixed rate 2nd.

Alvin I have seen you do so many things. I think you have too many eggs in the basket. Focus on 1-2 of them and capitalize.

This is known by others to raise your score 7-10 points: www.optoutprescreen.com

Opt Out from credit bureau solicitation.

One thing I have yet to see in my 9 years is a real estate agent visiting mortgage places and trying to get referral business.

4 leg stool. Do your mailers, knock down some doors asking for business, work your farm system, execute your plan consistantly every day.

There is plenty of money in this industry to pay off that debt. Go make it!

Another option would be to have your parents add you as a second card holder on their high limit (over $10,000) credit cards with low balances (under $3000). These accounts need to have been open for at least 36 months. This can raise your score by as much as 50 points.

Yep. Another good one. Especially for those 1 day out of bk folks who cannot get credit. (without paying for it)