It's time to begin planning
your holiday funding.
Apply for a Christmas credit card
or for a Christmas personal loan
Mortgage Refinancing and Equity Options:
Use your home as your personal loan resource. Apply for a low interest 2nd mortgage loan. A home equity loan can be used to pay for home remodeling to improve your home's value, or as a debt consolidation loan to payoff bills and get rid of high interest fees or to buy a boat or RV or to go on vacation.
Before you apply for 2nd mortgage refinancing, use our mortgage refinancing calculator to calculate the new long term monthly payments. In addition to providing money that can be used as an unsecured debt consolidation loan to payoff bills, a mortgage refinance loan can be used for any reason.
Learn about a joint mortgage loan, the benefits of a reverse mortgage and the options for a nonhomeowner debt consolidation loan.
Get all the facts and carefully review the terms and conditions before you submit your mortgage refinancing application. Browse for more mortgage refinance resources.
Reverse mortgage - Information about the benefits of a reverse mortgage.
Home equity loan - Refinance your first mortgage and take cash out at closing.
Home remodeling loan - Use your home's equity to finance a remodeling project and increase home value.
Mortgage refinance loan - For a home equity line of credit, you may want to think about a traditional second mortgage loan.
Mortgage refinancing - Read the benefits of mortgage refinancing.
Mortgage refinancing calculator - Calculate your new mortgage payments.
2nd mortgage loan - Equity cash loan, debt consolidation, remodeling and other uses.
2nd mortgage refinancing - Apply for a lower interest rate and/or lower payments.
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Apply online for a home remodeling loan. Get a free equity loan quote from multiple lenders and see if
you qualify for the lowest home improvement loan rate.
New Home Loan
ReFi, 2nd Mortgage, Equity
Don't qualify for a home remodeling loan?
Easily reduce bill payments
Stop harassing creditor calls and collection agencies
Unsecured debt consolidation or debt settlement quote.
debt consolidation or debt settlement
A government home remodeling loan is limited to a maximum loan amount of $12,000 per family unit. But with the Credit Federal network, you can get a home improvement loan for up to $100,000 or more.
The Federal Housing Administration (FHA) makes it easier for consumers to obtain affordable home improvement loans by insuring loans made by private lenders to improve properties that meet certain requirements. "Lending institutions make loans from their own funds to eligible borrowers to finance these improvements."
The Title I program insures loans to finance light or moderate home remodeling, as well as the construction of nonresidential buildings on the property. This program may be used to insure such loans for up to 20 years on either single- or multifamily properties. The maximum loan amount is $25,000 for improving a single-family home or for improving or building a nonresidential structure.
For remodeling or improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. These are fixed-rate loans, for which lenders charge interest at market rates. The interest rates are not subsidized by HUD, although some communities participate in local housing rehabilitation programs that provide reduced-rate property improvement loans through Title I lenders.
FHA insures private lenders against the risk of default for up to 90 percent of any single home remodeling loan. The annual premium for this insurance is $1 per $100 of the amount advanced; although this fee may be charged to the borrower separately, it is sometimes covered by a higher interest charge.
With a home remodeling loan you can get cash to fund your house's improvement plans.
There are two primary types of home improvement loans; 1) those that use the equity in your home and 2) those that require a down payment.
Home loans using home equity as collateral are the most common and offer the biggest loan amounts, but lenders are looking for homeowners to retain a 15% equity stake after the loan. This means you'd need a fairly large amount of equity in your home to qualify.
Your other option is to pay a down payment rather than use the equity in your home as collateral, but if you donít want to tie up equity in the home, youíre looking at a much smaller loan with a higher interest rate.
When looking for equity financing, your current mortgage lender may not be the best choice. To get the best deal, comparison shop with several lenders including your mortgage company.
Typically to qualify for a home improvement loan you'll need a good credit score and enough monthly income to comfortably pay for all of your debts, including the additional loan payment.
If you choose to use your home's equity as collateral, the lender may require an appraisal of your home. The lender will use the appraisal amount and your mortgage terms to determine how much equity you have in your home and what the home is worth to the lender.
Regardless of bad credit or no credit, our multiple lenders want to offer you a home remodeling loan at the lowest interest rate possible. Applications accepted from all credit types.
Learn more about home mortgages, and read our articles related to a home remodeling loan.
Christmas Loan and Credit Card Financing - For many holiday shoppers, they'll have a choice between obtaining a cash personal loan or an unsecured credit card to purchase their Christmas gift shopping.
Which is best? That depends on the type of loan or credit card. As for loans, a long term personal loan has far less interest and an easier repayment plan. In regards to unsecured credit cards, there can be a tossup between rewards cards vs those with no rewards yet very low interest rates or an introductory period.
The best strategy for a personal loan with monthly installments is to get only the amount you actually need, and to setup a repayment term as short as possible. If you choose this option, aim for a loan you can easily repay within one year (12 installments). There are two reasons for this: 1) To reduce interest costs and 2) Why still be paying for one Christmas over three or more Christmas'?
Some personal loan lenders may offer you a grace period of 90 days before you must start repaying the loan. Even if this is offered to you, you should still start repaying the loan within 30 days of obtaining it. Each month, add a little extra payment towards the principal. In keeping with this, you'll need to ensure the lender does not charge any early payoff penalties.
Typical qualifications for a long term personal loan are:
No late payments in the past 90 days
No bankruptcy in the past 7 years
Ample income to repay the loan VS debt owed
Active employment for the last three years
Instead of paying interest, it's possible to earn money by choosing an unsecured credit card for Christmas shopping. A rewards card that generates cashback for purchases, plus has a 90 day 0% interest introductory rate can stuff your purse or wallet with much needed cash. Of course you'll need to payoff the full charges within the intro period in order to make out like a bandit.
For shoppers who patronize a particular store, they could obtain a card which offers the maximum cashback for purchases at certain retailers.
Yet there's another great advantage to using a credit card vs a loan... a credit card offers purchase protection and/or extended warranty coverage at no extra charge.
Finally, there's the security issue. If you obtain a cash personal loan, you'll be an open target for thieves, whereas your liability is limited to no more than $50 with a credit card.
interest loan to buy Christmas gifts. If you are a homeowner, you may qualify
for a large amount personal loan to buy Christmas presents without needing to
place charges on a credit card. A homeowner long term personal loan has an interest rate lower than your credit card interest rates, but it may still be relatively high if you have a very low credit score. Contact your bank to ask about a
Christmas personal loan. A home refinance or home equity loan is your best option, because the loan is secured by your
home the interest rate is lower than you would find with a credit card or an unsecured personal loan. If you have bad credit, the rate won't be the lowest possible. Tax deductions are another advantage to taking home equity loans. Mortgage interest and most interest for home equity loans or lines of credit are tax deductible, which will free up a little extra cash for paying those bills.
Shopping For FHA Approved Lenders with Confidence
When applying for a FHA home loan, a prospective home buyer must first shop for a FHA approved lender. The FHA, or the Federal Housing Administration, has a list of approved lenders in every region across the United States that provides FHA approved home loans, and in order to get a FHA home loan, a person must go through an approved lender.
The website for the U.S. Department of Housing and Urban Development, or HUD, will typically have an easy to navigate list of approved FHA lenders for each area. HUD will authorize or approve certain lenders across different regions of the United States to originate government insured mortgages. When shopping for an ideal FHA approved lender, the process is similar to shopping for any lender, and finding the best FHA home loan will take some research of different lenders and their individual terms and conditions.
HUD revised the FHA lending spectrum with new FHA requirements for Approved FHA lenders and revised FHA guidelines for borrowers looking to refinance or buy residential properties in the United States. FHA Lenders were issued a temporary increase for mortgage limits in high cost areas.
* FHA Lenders were required to have a higher net worth and an increased capital reserves
* FHA introduced new appraisal requirements for FHA loans
* Down-Payments for FHA Home Buying Increased to 3.5%
* No Financed Fees on FHA Streamline Programs
* FHA Mortgage Lenders raised credit score requirements to a 500 Fico
Some lenders will offer some incentives like no lenders fees or covering closing costs, but these advantages will often come with some sort of a price. FHA mortgages that cover closing costs will allow a person to pay very little out of pocket to close on their home while they subsequently have higher interest rates over time. These lenders are perfect for those who are looking to close on their home quickly and don't mind paying the eventual amount of the closing costs over time, but they may not be recommended for those who can afford to pay more right away to close on a desired home.
Also, FHA approved lenders that cover lender's fees will follow the same rule; they will offer to cover these fees at the expense of a higher interest rate on the loan over time. This higher rate is not typically very expensive and will normally be around a percentage point or so higher than the rate would be if the fees are not covered, but it does provide an ideal option for those looking to spend less to close right away.
Finding the best FHA lender will often take some shopping around to ensure that an individual has found the best loan for their situation, and shopping for the perfect loan is normally not a difficult endeavor. When shopping for one of these loans, it is best that any prospective home buyer weigh out exactly what they want from their mortgage and find the lender that will offer a loan to best fit their needs.