Can I get a home equity loan or do I have to re-do my mortgage?

I bought my home 4 years ago, and it appraised at $101,000. I bought it through a mortgage company, on a 30 year loan. Now that I can afford to pay a little more I'd like to redo my loan, and add my car payment on with it on a 15 year loan. The problem is that the mortgage company had a stipulation that they got to do my 2nd and 3rd mortgage, which they want to charge thousands of dollars in fees to do. Can I go through my local bank and do a home equity loan using my house as collaterol, and pay of the mortgage company?Can I get a home equity loan or do I have to re-do my mortgage?
cut to the chase -- go to your local bank and tell them want you want to do and see what they say!!!Can I get a home equity loan or do I have to re-do my mortgage?
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I seriously doubt there is a clause in your mortgage requiring you to use the same company for a second mortgage. The primary mortgage holder gets paid first if ANYONE forecloses, so they are no better of with such a provision than without one. If you can afford to pay more, all you have to do is send more each month and direct the extra be applied to the principle. This does not require any change to your contract and you can go back to the regular payment at any time. Any financial person can compute the payments required to pay off your loan in 15 years. As long as that is at least as much as your current P%26amp;I, just pay that amount.
It depends on your credit rating, your income, and how much equity you have in your home. Talk to your bank.
I find it hard to believe that you would have much equity after four years in a mortgage. Home equity loans are bad. If you miss a few car payments, they can take your car. If you miss a few house payments...





Bite the bullet and drive a little bit less of a car with lower payments and put the extra in savings, investment, or on your mortgage principle.
First pull out the copies of the loan documents you should have been given when you bought the house. Read the NOTE, it will give you the terms of your loan. I am sure it will not say anything about the current mortgage having to handle a second loan.





If your homes current appraisal comes in higher then your current loan balance, you should be able to obtain a home equity loan or refinance the first with some cash out.





Watch the terms of the loan if you choose to refinance. And please go to a big bank and not some mortgage company you find on the internet.





Good Luck!


(By the way I have been an Escrow Officer for 20 years)
ask at any bank I don't think that what is mortgage company is saying is legally possible. You make that choice and not them. even if you signed something, it is not legal to say you can only borrow from them.


Bank can advise on rolling together into one basic mortgage or getting an equity loan and paying off car in that loan.


The bank loan officers are there just for this purpose.
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