01.12.07
Posted in Mortgage Loans, home equity credit at 12:45 am by mark
Home equity loans and lines of credit are commonly used for debt consolidation, educational expenses, unplanned emergencies, home improvements, vehicle purchases, and other gifts and purchases.
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Line of Credit |
Fixed Loans |
125% Loan |
| Key Benefit |
Lowest monthly payments of all loans |
Fixed rate and payments |
Borrow up to 125% of the property value |
| Payment Amount |
Interest only (Minimum $100) |
Options available to base payments on 15 or 30 year payback |
Based on 15 year payback |
| Interest Rate |
Fixed Margin, varies with the Prime Rate |
Fixed Rate |
Fixed Rate |
| Loan Amount |
$20,000 to $250,000 |
$15,000 to $250,000 |
up to $75,000 (cash out up to $30,000 and pay off current debts up to $45,000)
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| Potential Customer |
Bill and Judy have kids heading to college and would like to make improvements to their home. They will need cash on many occasions for both needs, but are not sure when or how much. |
Tom and Kelly want to make some home improvements and pay off some high interest credit cards. They know how much they will need and do not want an adjustable rate loan. |
John and Mary are looking to pay off some high interest loans and credit cards and lower their monthly payment, but have little equity in their home. |
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Guaranteed lowest cost Home Equity Loans  |
Low-Rate Mortgage & Home Equity Loans  |
125% Home Loans - Lower Rates at E-Loan  |
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12.03.06
Posted in Mortgage Loans at 3:46 am by mark
Why Consider A Home Mortgage Refinance Loan
by Joel Teo
There are specific reasons to consider a home mortgage refinance loan. The most powerful reason among them is the requirement to cut down monthly payments, by opting for a lower interest loan. If you get a new APR lower by at least two points, or by 0.5 %, you can opt for a home mortgage refinance loan. Refinancing is not a free of cost affair, it involves expenses like home re-appraisal, attorney fees, and loan application fees - all can add up to $ 500 or $ 750. Then again, this amount is considerably lower when compared to the hundreds of dollars you save every month for ten to twenty years.
Another reason can be moving into the security of fixed rate loans, especially when you sense that the there are chances for your adjustable mortgage rate go up in the near future, say less than a year. This is a good pre-emptive move, to stay afloat in changing financial conditions.
Other, less convincing, reason for home mortgage refinance loan is home improvement or for buying a new lifestyle product available in the market. If adding ambience to your life is the only requirement of home mortgage refinance, you are more likely to be at the losers end. The present interest rates to which you are changing can be higher than your original rate.
Giving your home equity as collateral can also be necessitated by conditions like education of your children or other unavoidable circumstances. At such times, getting your equity on your home will be the best move to getting low price loan.
A good move in refinancing home mortgage will be consult a lender other than your existing loan provider, or at least suggest your lender you consider refinancing your mortgage. Since you are an existing customer, chances are higher that your refinance application goes to the back burner. However, with a switch in lender, you can get faster processing of refinance mortgage application. Then again, you may get a lower interest loan from your current financier. The point here is that you have more options. If you have been consistent in timely payment of your monthly due, the existing lender may overlook another credit check and reappraisal of your home, property.
Copyright © 2006 Joel Teo. All rights reserved.
About the Author
Joel Teo writes on arizona estate goodyear investment real . Learn more about Property Investment by signing up for his free Property Investment Ezine
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Refinancing Your House Mortgage - 3 Reasons To Refinance While Rates Are Low
by Carrie Reeder
Before mortgage interest rates begin to rise, homeowners should consider the advantages of refinancing now. Although we’re witnessing record low rates, these rates will not last forever. Unfortunately, many homeowners will delay refinancing and miss out on the savings. There are many reasons to refinance. Here are the top three reasons to refinance while rates are low.
Reduce Your Monthly Mortgage Payment
Interest rates greatly effect mortgage payments. Individuals with poor credit can get approved for home loans. However, the lender will charge higher fees or interest. If you receive a high interest rate, you may pay a couple of hundred dollars more than a good credit applicant who applied for the same mortgage amount.
If you purchased your existing home with poor credit, refinancing for a lower rate may decrease your monthly payments, especially if your credit has improved. Obtaining a home loan is a great way to boost your credit rating. In fact, many homeowners notice an increase in their credit score after establishing a good payment history with their mortgage lender. Thus, if you received a bad credit mortgage, make an effort to better your credit, and then refinance for a low rate.
Get a Fixed Rate Mortgage Loan
Furthermore, many homeowners choose to refinance their existing mortgage to take advantage of a low fixed rate. When interest rates were higher, many home buyers opted for adjustable rate mortgages because they carried lower rates. Although homeowners with an adjustable rate mortgage also benefit from decreases in interest rates, these low rates are not promised.
Every so often, mortgage rates rise and fall. If rates begin to climb, so do the rates for an adjustable mortgage. Hence, mortgage payments will increase. To avoid increased payments, refinance and secure a low fixed rate that will remain the same throughout the duration of the loan.
Take Advantage of Cash-Out Refinancing
Cash-out refinancing is a very attractive feature to refinancing your current home loan. With this option, you can refinance for a better rate, and borrow from your home’s equity. At closing, you will be given a lump sum of cash. Funds may be used to consolidate debts, remodel your home, take a nice vacation, or pay for a child’s education expense.
About the Author
Carrie Reeder offers advice about Refinance Home Loan Companies Online. View our Recommended Lowest Rate Mtg Refinan
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06.18.06
Posted in Mortgage Loans at 11:50 pm by mark
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