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Mortgage Refinancing & 2nd Equity Cash Out application articles and tips

   

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.

Mortgage Refinancing Advice

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Mortgage Equity and Mortgage Bankers

Equity for Retirement

Home Remodeling Loan

Reverse Mortgage Loan

Home Remodeling Loan

Home Equity Loan

2nd Mortgage Loan

Home Affordable Refinance Program (HARP)

Reverse Mortgage Loan Pros and Cons

Home Mortgage Personal Loan Versus Credit Line

Reverse Mortgage Loan Benefits Pros and Cons

Reverse Mortgage with Bad Credit

  

  

       

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What is a Balloon Payment on a Mortgage? A balloon mortgage is a home loan that does not fully amortize over the life of the loan, which leaves a balance due at the end of the term. The final payment on a balloon mortgage is significantly larger than the regular monthly mortgage payments. Many borrowers expect to either refinance before the balloon mortgage term ends or to sell the property.


  

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.

   

 

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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.


Personal Credit

 

Leaving personal credit reports unchecked is taking a risk. Credit reports can have mistakes that could be causing poor scores. Consumers expect their reports to be accurate, but many times they contain information that is incorrect. It could be as simple as showing mistakes like bills, that have not been paid or negative comments that are not true.

 

It is important to know what lenders, banks, and insurance companies see when they view your credit reports. Companies who screen job applicants may request them, and they may decide not to hire applicants, with negative information on their reports. Institutions issuing credit cards and loans, and insurance agencies will view reports, and interest rates or insurance premiums are usually determined on the basis of credit rating.

  

Credit files contain personal information from a variety of sources, and those who extended credit provide information on reports to the three major agencies. Keeping up with credit is easier due to computerized reports. It is easy for companies to do credit checks due to technology.

 

It is important to understand reports, especially if scores need rebuilding. Recognizing weak areas like paying bills late, missing payments, or using too much available credit can all have a negative effect on ratings. Being denied a loan or credit card is one indication that scores may be damaged, and getting credit may be hard.

 

Mortgage lenders are usually interested in how well their applicants repay loans, they like to make sure before approving an applicant, that they will get paid. Anyone thinking of buying a home should review all reports from the three major agencies. Even if there are some problem areas, errors or personal mistakes can be corrected so scores can be rebuilt over time. 

 

Anytime there is a problem paying debts, contact the lender and try to work out a revised payment schedule. Do not risk further problems from not making payments. This causes a problem when it is documented on reports and becomes part of the credit history.

 

There are some companies who may say they can wipe negative information off reports, but that will never happen if the information that was reported was true. Only incorrect information or errors that does not belong to the person can be removed. Any true information stays for a specific time. Reporting agencies make credit history available to those who have an interest in your credit worthiness.

  

Reports indicate payment history, amount of debt owed, the types of credit used, employment, and it helps companies decide if you are a credit risk. They can also include things like credit card accounts, loans, and bankruptcy filings. It is important to check them to make sure they do not list a stranger's information by mistake. It always helps to be informed about your current credit status.


Reverse Mortgage Benefits and Costs: How much will it cost? Like many home loans, reverse mortgages have both interest and fees charged over the life of the loan and up-front costs due at closing. These up-front costs generally can be "financed"-not paid out-of-pocket at closing but added to your loan balance instead. Reverse mortgages may have relatively low interest rates, but they can still be expensive compared with other home loans in other respects, primarily because of mortgage insurance premiums and other up-front costs. The interest rate on a reverse mortgage may be variable, increasing or decreasing with the "prime rate" or some other measure of market rates. How do I repay the loan? In a reverse mortgage, you do not make monthly payments of principal and interest to the lender. Instead, interest and fees are added to your loan balance. Unless you make "escrow" payments to your lender, however, you are still responsible for paying property taxes and insurance when they are due. When do I have to repay the loan? Generally, you do not need to make any payments until you stop using the home as your primary residence-for example, when you sell the home, no longer live in the home, or pass away. The loan then becomes due. Your obligation to the lender will be limited to the lesser of the amount due or the value of the home at the time, unless you or your heirs want to keep the home. To keep the home, you or your heirs would need to pay the full amount you have received, plus all accumulated interest and fees. Can I lose my home before I'm ready to move? Yes, under limited circumstances. With a reverse mortgage, you keep title to your home, but you remain responsible for property taxes, insurance, and home repairs. If you fail to pay taxes and insurance or fail to maintain the home, the mortgage may become due and payable, and you could lose your home through foreclosure. Of course, if your lender requires a monthly "escrow" payment for property taxes and insurance, that risk can be reduced.


What is a reverse mortgage? A reverse mortgage is a loan secured by your home that lets you receive payments from the lender-either over time or all at once-based on the value of your home at the time of the loan. As you receive payments, these amounts are added to your loan balance. Interest is charged on the outstanding balance, so even if you do not receive any further payments from your lender, the loan balance continues to increase. - Who can obtain a reverse mortgage? Generally, to obtain a reverse mortgage, you must be a homeowner at least 62 years old, must use the home as your primary residence, and must have either no current mortgage or a mortgage balance low enough that you can pay it off with funds from the reverse mortgage. - Are there different types of reverse mortgages? Yes. And the differences can be important. For example, most reverse mortgages are made under a Federal Housing Administration (FHA) program. These loans (called Home Equity Conversion Mortgages or HECMs) have government insurance that protects not just the lender, but also the borrower. If the lender becomes unwilling or unable to make payments due to the borrower, the government steps in to make them. Other reverse mortgages do not have this guarantee. - How much can I borrow? That depends on many factors, including your age, the value of your home, and applicable interest rates at the time you obtain the loan and over the course of the loan. Generally, the amount of your loan will be larger the older you are, the more valuable your home is, and the lower that applicable interest rates are. - How do I get my payments? Reverse mortgages can be very flexible about this. Depending on the type of loan you get, you can take out the funds in fixed monthly payments that last either for a set period of time or for as long as you stay in the home, as a line of credit that permits you to take out funds as you see fit, in a single lump sum (or a single draw on a line of credit), or in some combination of these options.





Can I simply walk away from home loan debt? Of course you can; or at least you can try. But no, you cannot legally just walk away from debt, not even if you were a cosigner and not the primary borrower (that's one of the risks of cosigning a loan). If you cannot make the payments because the monthly installments are too large, consider a loan modification program. You can use our refinancing mortgage loan payment calculator to see how much lower your payments could be. Get a quote from an official lender, such as an American General loan (Springleaf) or an Abacus loan quote.


What is a Conventional Loan: any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either conforming and non-conforming. Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered coventional.


Where can I get a long term loan? Use home as collateral for a loan: With a 2nd mortgage equity loan you can use the value of your home to secure a low interest long term loan. A home is a great asset. It's the cheapest bank loans for mobile homes, because the collateral is more appealing to lenders. If a family member owns a home and another wants to purchase a mobile home, the best route would be to refinance the home and use those funds to buy a manufactured house. Then instead of making mobile home payments, you repay the home refinance loan.


What credit score is needed to buy a house? A score below 600 is considered a bad credit rating. If you expect to have trouble getting mortgage pre approval, consider a cosigner mortgage loan. If this will be a newlywed mortgage loan, first work hard to improve at least one spouse's credit rating and have that spouse be the primary borrower. A mortgage loan for new constructions may require better scores than a regular mortgage prequalification or perhaps even for mortgage modification programs. Inquire before you apply to see which bank offers the best mortgage rates as well as credit score requirements.




Options for no collateral home improvement loans - If you're not interested in refinancing your home for a 2nd mortgage equity line of credit, there are other options for getting the funds you need for home remodeling and repairs: *Put the charges on your credit card, then after the repairs/remodeling, your home's equity value should increase making it easier to sell; or to refinance at a lower rate. If you absolutely don't want to borrow from refinancing mortgage companies, you could take a loan against your vehicle yet that would still be a collateral loan. For a non-collateral loan, you could acquire short term personal loans and repay them as you progress.


Can you afford the new, higher payments of a refinance home equity loan? Use our free refinance mortgage calculator to determine what your new payments would be and the amount of extra interest (or interest savings if you refinanced at a lower rate). You can use home equity for down payment on investment property, a 2nd home or even to buy a mobile home. The main reason why people use home equity to buy investment property is to generate retirement revenue by renting. Additionally, they can take a mortgage interest deduction on their taxes while repaying the loan.


Mortgage help for homeowners - Sometimes your home may feel like a huge burden, but it's generally an enormous asset, like a huge ATM machine. As you build equity, you can avail yourself to mortgage debt consolidation loans to save money on higher interest debts like credit cards. And let's not forget that you can use home mortgage interest as a tax deduction. If you're having trouble making your payments, consider mortgage modification programs. Contact your current lender and ask for their recommendations, and research the Mortgage Modification FAQs at the government www.hud.gov website.




Veterans are entitled to a mortgage no down payment. Visit the Government Loan Guaranty Home Loan Program website at www.benefits.va.gov regarding a mortgage no deposit required. Benefits of a VA Home loan include: Mortgage with no down payment (You can obtain mortgage zero down payment approval as long as the sales price doesnít exceed the appraised value - of course you have to qualify for mortgage zero percent down in terms of income and credit); Negotiable interest rate; No mortgage insurance premiums; An assumable mortgage; VA assistance to veteran borrowers in default due to temporary financial difficulty.


Cosigner Mortgages: Before applying for a cosigner home loan, first ensure both parties would be able to repay without assistance from the other should one person default. Use our online mortgage monthly payment calculator to see if the loan payment would be affordable with your current budget. For a joint refinancing home equity loan, use our refinance calculator to estimate the new monthly installments. Can I use a cosigner for a mortgage for newly divorced person? Yes. In fact, your approval liklihood will improve if the cosigner has good credit. The larger your down payment percentage the greater chances of getting approved.


2nd mortgage vs home equity loan: A second mortgage is any loan that involves a second lien on the property. Some second mortgages are for a fixed dollar amount paid out at one time, in the same way as a first mortgage. As with firsts, such seconds may be fixed-rate or adjustable-rate. A home equity loan is a line of credit rather than for a fixed dollar amount. Borrowers may draw up to a certain amount of money whenever they desire. These "home equity loans" or "home equity lines of credit" are commonly named "HELOC", and they always have an adjustable rate. People often use a 2nd mortgage to consolidate debt or to fund a home remodeling loan.

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