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Now is a good time to submit good or bad credit home loan applications for multiple home loan lender quotes.


Before you apply for a mortgage loan, view national average home loan interest rates and use our mortgage calculator to calculate monthly payments and interest. Learn about a government guaranteed no deposit home loan with no down payment and how spouse credit can affect a joint mortgage loan. Consider all your home loan options before you decide and submit an online application. Browse more home loan resources.


Bad credit home loan - Apply for a home loan and stop paying rent.

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Whether you are a first time home buyer, selling a home to buy a new home or want to refinance an existing mortgage to pay off bills, give us the opportunity to match you with a home loan lender resource in our network.


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Guaranteed loan for Veterans: Are you a US veteran? Get a VA guaranteed loan. VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms. There is no maximum VA loan but lenders will generally limit VA loans to $240,000. This is because lenders sell VA loans in the secondary market, which currently places a $240,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing. A veteran's basic entitlement is $36,000 (or up to $60,000 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran's available entitlement without a down payment, provided the veteran is income and credit qualified and the property appraises for the asking price.


Why should you apply for a new home loan: Do you pay rent? Invest your rent money into the ownership of your own home. Not only can you have a place to call your own, being a home owner can also open more financial doors for you. As the equity in your home increases, you can refinance and use the money to pay off bills, send a child to college, go on vacation or use the money for any reason. Owning your own home is a wise investment. Also, you won't have to worry any longer about rent increases. A home can bring stability to a family.


Owning your own home is easier than you think. Before you start browsing real estate listings, apply for a new home loan quote to see how much money your credit rating will allow you to borrow. This can help you narrow down the choices.


Our home loan lenders are ready to offer free interest rate quotes. Apply for a new home loan or for a mortgage refinance loan, regardless of bad credit or no credit.


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Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability. Review - © 2004-2011 One Reverse Mortgage, LLC

Get all your reverse mortgage questions answered today! By filling out this quick form, you will have access to the Retirement Your Way Guide and DVD.
You’ll find out:

* Do you qualify for a reverse mortgage?
* How much money could you get?
* Is a reverse mortgage right for you?
* How does a reverse mortgage work?
* What kind of reverse mortgage products are available?
* And any other answers you may be looking for

Important facts about reverse mortgages:

* You own your home – not the bank.
* You never make another mortgage payment while you live in the home
* You can refinance or sell whenever you want – with no penalty.
* The money you receive is tax-free
* You can use the money you get any way you wish

Why homeowners are choosing One Reverse Mortgage:

* One Reverse Mortgage is an approved lender of the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD).
* We are one of the few lenders in the country that upholds the highest level of approval with these government agencies.
* We are also proud members of NRMLA, the National Reverse Mortgage Lenders Association and strictly adhere to its Code of Conduct.

What you’ll like about a One Reverse Mortgage

A Reverse Mortgage is simply a government-insured reverse mortgage commonly known as a home equity conversion mortgage (HECM). It’s a program designed specifically for homeowners over 62 to use as a form of financial relief. The program lets you access your home’s equity like cash without making payments. Here are some benefits:

* Income and credit are not factors when we qualify you for a One Reverse Mortgage – only your age and the amount of equity you have determine how much income you can get.
* With any reverse mortgage, you will never make a mortgage payment as long as you live in your home.
* The One Reverse Mortgage is insured by the Federal Housing Administration (FHA), which has set a loan limit of up to $625,500 for your reverse mortgage.
* There are a variety of reverse mortgage options including both the HECM Standard and HECM Saver available in adjustable and fixed rates. Your Reverse Mortgage Expert will walk you through every step, answer all of your questions and help customize your loan for you.

Whether you have a mortgage payment and you’d like to pay it off, or if your home is paid off and you’re looking for additional income, reverse mortgages are designed to give you that financial freedom you deserve. Whether you just want to enjoy everyday life, help support a loved one or pay off rising expenses, a reverse mortgage can give you immediate access to your money!

One Reverse Mortgage provides you with the right loan for your situation. We'd love to hear from you so we make it convenient to get in touch with us. To make sure we give you the best possible service, we monitor and record your communications with us.
Need expert advice on a reverse mortgage? Give us a call at (800) 401-8114

Review Disclaimer: Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability. Review - © 2001-Present

America's First Time Home Buyer Program Specialist. No downpayment to only 5% Down Loans

Home Buying Steps: Purchasing a new home is an important decision, especially so for a first time home buyer who doesn't have the knowledge and experience in buying real estate. My goal is to provide the first time home buyer with the tools and information so that they can determine if home ownership is right for them. Buying a home is a process and essentially involves six steps:
1. Decide to Buy
2. Organize Paperwork
3. Shop for a Home
4. Prepare an Offer
5. Secure a Mortgage
6. Close the Deal!

Benefits of buying a home:
1.Build Wealth - First of all, your home will appreciate in value and I believe real estate is one of the best investments you will ever make. For example, if you buy a home or condo for $200,000 and it appreciates 5% per year, you will have built up approximately $50,000 equity in 5 years. Also, you need to consider your monetary return on the money you actually invest in the property. Let's say you put 3.5% down and closing costs are approximately $4,000, you would have made $39,000 on a $11,000 investment-what a return! Obviously, there are other costs such as repairs and upkeep that you must subtract from the equation but you get the picture.
2. Tax Deduction - Secondly, the interest and real estate tax portion of your mortgage payment will be tax deductible which will give you a lower after-tax payment. Also, PMI is now tax deductible for new homeowners with adjusted gross income of $100,000 or less. Consult your accountant to determine your tax benefits. 

FirstHomeBuyers Down Payment Assistance and $8,000 Tax Credit: Lenders have eliminated zero down programs and most first time home buyers don't have funds for down payment and closing costs. FirstHomeBuyers has a program which you can get up to $25,000 for the down payment and closing costs. Also, there is a $8,000 tax credit available to first time home buyers but you must close on your new home by 6/30/2010. Tick! Tock! FHA allows you to get a 100% gift from a family member or person with long-standing relationship. Let's think about this for a second. If you purchase a home for $150,000, then you would need $5,250 for a down payment. You could get a gift and give it right back after you get your tax refund and, in essence, you are getting a great 30 year fixed zero down program and you can utilize the rate buydown and get a super-low payment based on 3.50% rate (3.66% APR). Can you beat that! Hurry, time is running out. 

Phone: (847) 516-5743

Chicago Headquarters
421 Wentworth Circle
Cary, IL 60013

How much of a mortgage loan can I get? The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

Mortgage Equity Cash Out Refinance?

Homeowners can tap some of their home's wealth and use it for other immediate needs or wants, but should they choose a cash-out refinance, home equity loan or home equity line of credit? Which would be best to renovate or remodel the home, pay off credit cards or to fund a child's college education? Should a reverse mortgage be used to supplement retirement income? Which uses of home equity are smarter or more legitimate than others?

An easy answer would be nice. But such decisions aren't simple. In fact, any reason might be good or bad, depending on your situation.

As Jay Voorhees, broker and owner of JVM Lending, a mortgage company in Walnut Creek, California, says, "It all comes down to responsible borrowing."

With that in mind, here's a look at six common home equity cash-out scenarios and why they might -- or might not -- make sense for you.

Home improvement is "the No. 1 use" of home equity loans and home equity lines of credit, or HELOCs, says Kelly Kockos, home equity product manager for Wells Fargo in San Francisco.

Second on the list are major purchases, which these days are more likely to be vehicles, appliances or other durables rather than lavish weddings or exotic vacations.

"People are using home equity for what they need versus what they want," Kockos says.

The upside is clear if you bought a home you don't completely love and want to remodel, whether that means an addition, cosmetic changes, kitchen and bathroom updates, finishing a basement or building a garage, suggests Justin Lopatin, vice president of mortgage lending for PERL Mortgage in Chicago.

The opportunity is especially attractive if your home has risen in value so you have a larger equity cushion.

"You can leverage that equity at a low rate to improve your home and make it more comfortable," Lopatin says. "If you can tap into equity without increasing overhead to the point that it's not affordable or comfortable for you, that's a good reason."

Home equity can be used to invest for a higher return as long as interest rates remain low, Lopatin suggests.

"It's inexpensive cash. If you can borrow at 4 percent and turn around and make an investment in the stock market and yield 8 percent, you made 4 percent on your money," he says.

Moore says home equity can be a good source of funds to start a business or further your education, but he adds that an objective adviser should be consulted to ensure that your investment is sound.

"That kind of opportunity is a great area where using home equity makes sense," he says. "If you were retraining, going back to school or getting a certificate and putting that money to work in human capital to increase your earnings, that would be a possibility."

A HELOC or home equity loan can be an attractive way to finance a child's education because the interest rate might be lower and the maximum loan amount higher than some other types of education financing, says Andy Tilp, president of Trillium Valley Financial Planning in Sherwood, Oregon.

But this strategy isn't risk free.

"I've seen parents struggle because they have to delay retirement, sometimes for many years, because of this huge debt. And if they lose their home, and with a bit of an ironic twist, they may be moving in with their new college grad," Tilp says.

A related question is whether to tap equity to pay off a student's loans after he or she graduates.

That might seem smart, but Alan Moore, a CFP professional for Serenity Financial Consulting in Milwaukee, says parents shouldn't sacrifice their own financial well-being.

"Kids are much better off with financially secure parents than they are being financially secure and having to take care of their parents later in life," Moore says.

One exception might be if the parent (unwisely) co-signed a student's loans and the student didn't make the payments.

Some retirees use a HELOC to meet their current income needs in years when their investment returns aren't sufficient for that purpose, Tilp says.

But again, there's a risk because eventually the retiree will have to make payments on the HELOC.

"If their investment returns don't pick up, they'll need to cut back elsewhere or borrow more against the line of credit, which can start a dangerous downward spiral," Tilp warns.

Another option is a reverse mortgage, which allows seniors to borrow against home equity without making payments. Instead, the loan is repaid when the senior dies or moves out of the home or the home is sold.

Paying off car loans, credit cards or other personal debt is another popular use of a home equity loan, HELOC or cash-out refinance.

But the ease with which new debts can be incurred suggests this tactic might not always be wise.

"It may make sense when you run the numbers," Moore says. "But that doesn't cure the problem of credit card debt. We want to make sure we're taking care of what got you into debt in the first place."

Moore points out that credit card debt is unsecured while a home loan is secured by your home, which explains why the interest rate is so much lower than a typical credit card rate.

"Freeing up unsecured debt for secured debt is typically a bad idea until it's absolutely necessary," Moore says.

A HELOC or home equity loan can be a handy alternative to keeping a large sum of money in a low-rate bank account for emergency savings.

However, one downside of this strategy is that a major life catastrophe can trigger a path to home foreclosure.

"If someone has an emergency and taps the money, but then loses their income and then is in default, they've put their home at risk," Tilp says.

What's more, Moore suggests, a HELOC as an emergency fund can also be too big a temptation to borrow.

"When (a HELOC) is very easily accessible and the interest rate looks good, it can maybe be too easy," he says. "By having it, you're more likely to use it, which is the good and the bad."

Considerations between a Mortgage Personal Loan versus a Line of Credit.
If you're thinking about buying a house, there are more costs beyond the home mortgage payments.
Reverse Mortgage Loan Benefits. Pros and Cons about getting cash from your home equity.
Even if you have bad credit, you can get a no credit check personal loan for nonhomeowners.
Apply for a home equity loan, or view options for a traditional second mortgage loan to pay down debt, for remodeling, or for any reason.
Money for Home Loan Down Payment
A fantastic way homeowners can save money and build a large reserve of equity, is to payoff mortgage loans ahead of schedule. How to Pay Off Mortgage Early.
I'm a non-homeowner and I don't qualify for a debt consolidation loan. Is there a way I can get a bad credit loan to pay off credit card debt?
Some consumers who are trying to sell their homes are having a tough time and consumers wanting to purchase a home are not getting the financing they need. Renting to own or leasing may be a solution for both parties.
Free Tips Before Purchasing a Home. To buy or not to buy a home - that is a good question many consumers tackle at some point in life. There are a few questions you could ask yourself to help get to the correct answer for you.

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