Monday, November 30th, 2009 at
6:11 pm
A 100% home equity will allow you to borrow money from the value of your home that you can use for whatever you want. There are a number of uses for these loans and you can often receive lower interest rates than your credit cards, however the interest rate will generally be higher than your primary mortgage. A 100% home equity loan will allow you to borrow the complete value of your home.
There are some key documents that you will need to get approved for a 100% home equity loan. These documents include:
• The tax assessor’s home appraisal
• Your two most recent paycheck stubs from your employer
• Most recent mortgage statement
• The legal description of your property
• Current property insurance policy
• If you are self-employed, you will need to have your two most recent 1040 tax returns including all schedules
• W-2 or 1099 forms from the past 2 years
When you go to get approved for your home equity loan you will need to be prepared as to what additional costs may be involved. There is generally a fee for a property appraisal to estimate the value of your home. An application fee may or may not be refunded, especially if you are turned down due to bad credit. There are generally points that must be paid upfront. One point equals one percent of your credit limit. Closing costs may include attorney fees, title search, preparation, filing, property and title insurance and taxes.
Before you make your decision on your home equity loan you will need to include all of these costs into the loan and determine how much you are really going to be spending over the life of the loan. You may also want to consider shorter repayment periods, especially if you do not know how much longer you will be living in your home.
By: C.L. Haehl
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Saturday, September 19th, 2009 at
2:06 am
Do you know what your credit report looks like? Do you already know that your credit is bad and it is going to be difficult to get the loan you need? If you need to get a loan for a mobile home and you have bad credit, then you are in luck because there are lenders with special programs that will work with you. You will find that if your credit score is below 600 it will be difficult to get the loan you need without going to a special lender. You will have to put up with a higher interest rate, but that is the price you pay when you need bad credit mobile home loans and mortgages. Here is what to expect.
When you start looking for a lender to finance your mobile home you will be turned down before you start by some. Do not let this get you discouraged. Not all lenders even loan against mobile homes and some are going to have requirements that others do not have. Simply ask questions and make sure you are honest about everything with your mobile home because it will show up on inspections and appraisals anyway so there is not point in hiding it. If you know what your credit score is do not be shy with it. Let the lender know because they may be able to give you an idea if they can help you or not without pulling your credit.
Once you find a lender that is willing to work with you, then you will have to submit documents to them for your income, the mobile home, and for anything else they might require. These usually include the title or deed for the mobile home, W-2 tax forms, and possibly a couple of paycheck stubs. If you have another source of income, like child support or alimony, then you might have to submit some sort of document proving that as well. If it is a new purchase of a mobile home you will also have to submit either a down payment or a bank statement proving that you can make the down payment that will be required.
The process is pretty easy and very smooth, but do expect there to be a couple of bumps along the way. This is normal and your account executive can usually figure these out pretty easily. The main thing you have to remember when getting bad credit mobile home loans and mortgages is that you are not getting a normal, everyday loan, and there will be some strangeness for an account executive that does not do many loans for mobile homes. Be patient with them and they will work with you to get you the loan you need. Also, expect that your interest rate will be higher due to your bad credit and if you are purchasing they may require a larger than normal down payment.
By: Benjamin Robert Ehinger
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