Jumbo Reverse Loans Revived for U.S. Seniors: Mortgages

Jumbo Reverse Loans Revived for U.S. Seniors: Mortgages
Jumbo lending isn't just on the upswing for traditional U.S. home loans. It's also being revived for seniors who want to borrow against the equity in their houses through reverse mortgages. Urban Financial of America LLC and American Advisors Group …
Read more on Bloomberg

Friday Round-Up: New Reverse Mortgage Targets High-Value Borrowers
Urban Launches New Private HomeSafe Reverse Mortgage—The new, fixed-rate reverse mortgage proprietary product will cater to borrowers who have high volumes, with a maximum loan amount just north of $ 2 million. Available to borrowers beginning in …
Read more on Reverse Mortgage Daily

Home Equity Loans – There’s Gold In That There House

To paraphrase an old familiar quote that goes “there’s gold in them there hills, you could say, there’s gold in that house. As Martha Stewart would say, “it’s a good thing”.

A home equity loan can be a very good thing if you formulate a plan and stick to it. Home equity loans are becoming much more common and most banking companies have specific re-financing plans available for today’s consumer.

Read on and you will see that a home equity loan used for the proper purpose and managed correctly can indeed be a “good thing”.

A Home Equity Loan – Just what is it?Types Of Home Equity Loans HEL or HELOC?

There are two types of home equity loans. A regular home equity loan and the home equity line of credit or HELOC. A regular home equity loan is a fixed sum borrowed at a fixed rate over a period of time. A HELOC allows the client to borrow various sums up to a fixed amount over a period of time. A line of credit works in a similar way as a credit card; you use it when you need it. Different States set their own laws on limits you can borrow against your house.

The Financial Plan – Making your home equity work for you

For a home equity loan to work best for you, it’s a good idea to have a budget and a financial plan. Having a budget will help you decide how big a loan you need and a financial plan will be the map to accomplish your goals within that budget. Here are a few suggestions on ways to use a home equity loan.

1. Home Improvements

You may want to build up the equity in your house by making home improvements. The first and best place to visit is a home improvement warehouse store. These stores, especially the large ones have whole rooms set up and priced. Use caution however, husbands and wives have been known to have gone into these rooms for days and when they came out they were muttering “but I liked the blue room best.”

2. Debt Consolidation

Pay off all the nagging little balances that seem to have accumulated on various store and gas cards in your wallet.

3. A holiday in the sun or snow!

It’s a matter of interest, if you shop around; you may find a couple of percentage points on a home equity loan that can make a world of difference. Consider a holiday South of the border or North to Canada.

Mexican or Caribbean destinations are very attractive during the winter months but if skiing and winter activities is more to your liking then consider Vancouver, Canada. Whistler, British Columbia is one of the locations that will host the 2010 Winter Olympics. Shop around for the best rates and dream on.

4. A retirement Savings plan

It’s not an easy fact to accept but one day we will all need to retire. Planning for retirement requires good financial decision making. Many banking and financial companies offer free retirement planning advice. Some home equity loans are designed to be used for investment purposes. Talk to a trusted Financial Planner before signing the dotted line on this idea.

Loan Terms – Points To Ponder

Now you have a plan and are ready to talk with a lending company. You may want to do this on the Internet to save time and maybe a few dollars. If that is the case then it is a must to know these terms. Before you proceed to do some serious web surfing here are a few you will want to become familiar with before you consider a home equity loan. These points to ponder are:

Equity

Equity is the appraised value or Fair Market Value of your home less the outstanding mortgage balance.

Mortgage Broker

A mortgage broker is the “go between” whom you pay to negotiate the best deal. This person has access to current financial information and can be very important if financial savvy is not your strong suit.

HELOC

A HELOC is a Home Equity Line Of Credit. This term is discussed under types of home equity loans.

Debt Consolidation Loan

Over the years as you have paid off your home, you may have also acquired a few credit cards along the line. These credit cards include gas cards, store credit cards, and some bank credit cards. The interest rates on these cards vary and you may find that you are paying through the nose for the convenience of a store credit card. That is where a home equity loan can be very handy. You can borrow the amount you need to pay off each card and make one payment each month. With current financing plans, one payment at the end of the month is less than the minimum payment that was required on each card. Once you have done this, get out your scissors and cut up all of the cards except one bank credit card for emergencies. Remember the plan!

Balloon Loan

This type of loan can be difficult. The first few payments are low with low interest rates. The last payment however is exactly as the name describes; a balloon. It is a very large payment at the end of the repayment period. It is essential to stick to your financial plan because in this case you may need another loan to pay off the balloon amount.

Interest Rate

The periodic fee charged for a loan. This is expressed as a percentage point and some financial institutions are offering approximately 5.6% on a thirty year fixed $ 150,000.00 home equity loan. The lower the interest rate the better the deal, just make sure you aren’t negotiating a balloon loan though.

Transaction Fee

Unfortunately no matter how good the deal on the loan you get, there is no free ride. In the business of credit management someone has to make money in order for home equity loans to exist. There will be some type of transaction fee built into the loan application. Lenders have costs and these costs are passed along to the consumer as a transaction fee. Depending on the loan company you decide to use, a transaction fee can be lower or higher, so make sure you shop around.

FICO Score

A sliding scale based on a point score created by the Fair Isaac Corporation. This score is used to determine a borrower’s behavior and potential risk factor.

Credit Rating

Using the point system based on the FICO score, a credit rating can be anywhere from poor to excellent. With a good to excellent FICO score, a person’s credit rating can determine how much money can be borrowed and what interest rate will be charged.

Re-Financing – Finding A Gold Mine In Your Home

Many people consider their home to be their castle but few consider that they could be living on a potential gold mine. If you have lived in your house for 10 years and have been making payments, especially bi-monthly payments, you have built up a considerable amount of equity. Pair that with a good FICO score and there is indeed gold in that there house.

What’s Your Fico?

Mortgage Brokers use a FICO scale to determine the amount of money you can borrow against your home and at what interest rate you can borrow this money. This number is between 300 – 850 points and showcases a person’s credit history. This scale was developed in California by the Fair Isaac Corporation, a global decision management company. A credit rating of 700 points is considered “good” and based on a $ 150,000.00 fixed thirty year mortgage, your rate of interest would be 5.7 percent VS 9.3% if your FICO score was below 600 points. Having a high FICO entitles you to borrow more money at a better rate.

Improving Your Fico

You’ve taken the test, (which is available at most lenders websites), and your score is not as stellar as you had hopped it would be. There are a couple of ways to improve this score:

1. Pay all your bills on time.

2. Keep a small balance on one credit card to keep it “active”.

The FICO website gives you all the “who, what, where, when and why” of the two above suggestions. You can read about the rationale in great detail at that site.

Buyers Beware

With today’s credit options and a good credit rating, you can borrow a lot of money against your home. This ability if not used responsibly and with a good solid financial plan can be ruinous. Some borrowers have gotten over their head and ultimately had to file for bankruptcy. So beware of potential risks.

Home Equity Loans – A Golden Opportunity

As you can see, a home equity loan is a great way to improve your living space, go on a holiday, plan for retirement or pay off some debts. With the right combination of a good FICO score and proper planning, there really is gold in that there house.

© 2005 [http://www.home-loans-101.com]

Lillian Fuller is a talented and successful freelance writer for hire providing tips and advice for consumers about personal finances including mortgages [http://www.home-loans-101.com], home equity loans, credit reports, and more. Her numerous articles offer valuable insight and informative views on many different topics.

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Need a Bad Credit Home Loan or Refinance? Complete Home Loans is Then Offering Simple Approval Loans with No Credit Check


Seattle, WA (PRWEB) August 15, 2014

Complete Home Loans, the trusted house lending resource, is today assisting thousands of mortgage plus refinance consumers receive the loan they require, irrespective of credit score. Applicants are today getting fast plus convenient approval house financing without revenue down.

https://completehomeloans.net/application-form/ – 60 2nd application form

Once the simple online application shape has been submitted, Complete Home Loans matches the people financial info with a lender which will supply them with all the loan they require.

Complete Home Loans encourages consumers to receive their credit score checked following theyve used for a mortgage. Upon completing the internet application the lending resource supplies loan consumers with an simple to use credit score report from the best providing resources inside America. Home consumers may take this info plus better their credit score that could have a drastic impact about their house finance rates (or approval).

About Complete Home Loans:

The house buy, equity, plus refinancing loan firm services clients over America regardless of their credit history. They focus inside matching persons with superior, bad, or no credit to creditors whom can qualify them for a mortgage. Their network of creditors is the biggest inside the United States plus provides low interest financing to house owners or consumers.

People whove been turned down inside the past can utilize their simple online application shape to immediately receive approved for a loan (regardless their credit history).







New York Area Drivers Are Now Getting No Credit Check Auto Loans With Instant Approval Up to $35,000 From Complete Auto Loans


Seattle, WA (PRWEB) August 09, 2014

New York car shoppers who have been turned down for a loan in the past are now taking advantage of the nationwide lending groups auto loan services. Complete Auto Loans is now offering instant approval auto loans with no money down up to $ 35,000. The only requirement for U.S. drivers is applicants must make at least $ 350 per week.

https://completeautoloans.com/application-form/ Get approved for a car loan in as little as 60 seconds.

The online application process is quick and simple. To complete the application takes only 60 seconds, and each applicant will receive a reply on their application within 12 hours or less. Once the user has applied, Complete Auto Loans will use their digital matching tools to connect the applicant to a local area lender that will be able to provide them with the auto loan they need.

As an extra service, Complete Auto Loans provides applicants with a complimentary online credit score check. This feature has allowed hundreds of drivers in the Greater Seattle area save thousands of dollars on their auto loans. For more information, visit Complete Auto Loans website.

About Complete Auto Loans

Complete Auto Loans is a Seattle-based company that is dedicated to helping their customers acquire national car financing. They design and develop customized no credit financing, bad and good credit loans. Voted the best for “Quality Customer Service” and “Best National Service” by thousands of people, their finance experts focus on providing their customers with the following: information and tools available for different loan offers, how to choose the best loan that fits their budget, as well as related eligibility guidelines.







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Big Bank Approval Rates for Small Company Loans Continue to Rise, According to July 2014 Biz2Credit Small Company Lending Index


NY, NY (PRWEB) August 05, 2014

Small company loan approval rates at big banks hit a post-recession excellent for the next straight month, based on the July 2014 Biz2Credit Small Company Lending Index, the monthly analysis of 1,000 loan applications about Biz2Credit.com.

Small company loan approval rates at big banks ($ 10 billion+ inside assets) rose to 20.1% inside July from 20% inside June, whilst approval rates at little banks slipped to 50.9% from to 51.4% last month.

Big banks are becoming increasingly aggressive inside business lending plus are adopting development which makes them better players, explained Biz2Credit CEO Rohit Arora, whom oversaw the analysis. Because of their renewed focus about business financing, heavier banks are taking away high standard shoppers from small competitors.

Meanwhile, institutional creditors granted 59.3% of the funding requests they received inside July, a slight heighten from 59.2% inside June.

Institutional companies have roared into the business segment plus built fierce competition for different so-called alternative creditors, added Arora, among the nation’s leading specialists inside business lending.

This competition is reducing the cost of alternative lending items, that is wise information for borrowers especially those whose credit scores are not excellent enough to qualify for financing from conventional banks.

Approval rates at alternative creditors slipped for the sixth straight month to 62.9% inside July, from 63.2% inside June. Credit unions granted 43.5% of loan applications inside June, down from 43.7% last month.

The financial wellness of little companies has improved over last 12 months therefore creating a need for more affordable, longer expression goods that institutional players insurance providers, credit funds, family funds, plus alternative yield-hungry, non-bank financial organizations will offer, explained Arora.

However, there continues to be area for improvement, Arora added. The SBA nonetheless requires more to streamline its Small Loan Advantage system. In spite of verbal help by Maria Contreras-Sweet, the modern SBA Administrator, you have nonetheless not watched much task improvement inside this system about popularity of eSignatures plus additional technological developments.

To see the historical chart of the Biz2Credit Small Company Lending Index, see https://www.biz2credit.com/small-business-lending-index/july-2014.html.

About the Biz2Credit Small Organization Lending Index

Biz2Credit analyzed loan requests ranging from $ 25,000 to $ 3 million from firms inside company over 2 years with a typical credit score above 680. Unlike additional reports, the results are based about main information submitted by over 1,000 business owners that used for funding about Biz2Credits online lending platform, that links company borrowers plus creditors.

About Biz2Credit

Founded inside 2007, Biz2Credit has organized over $ 1.2 billion inside business funding throughout the U.S. and is generally known because the #1 online credit resource for startup financing, lines of credit, equipment financing, functioning capital plus different funding choices. With the newest development, Biz2Credit matches borrowers to financial organizations based about every company’s distinctive profile — completed inside lower than 4 minutes — inside a secure, effective, price-transparent environment. Biz2Credits network consists of 1.6 million consumers, 1,300+ creditors, credit rating agencies including D&B plus Equifax, plus business service services including CPAs plus lawyers. Visit http://www.biz2credit.com, follow about Twitter @Biz2Credit, plus Facebook at http://www.facebook.com/biz2credit.







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77 Shoppers Got No Credit Check Car Loans Last Week Through Complete Car Loans


Seattle, WA (PRWEB) July 28, 2014

Americas many reliable lending resource, Complete Car Loans is happy to declare they helped 77 car loan consumers receive the car loan they required last week. The car lending network is an online service which assists vehicle consumers receive an effortless online loan with instant approval.

https://completeautoloans.com/application-form/ Get approved for a automobile loan inside because small because 60 seconds.

Approval is easy. The just requirement, irrespective of credit score, is the fact that candidates create at minimum $ 350 per week. Applicants may receive immediately approved by filling out the internet application. Once filled out, Complete Car Loans usually match those to a localized location lender whom can receive them the car loan they require.

As an additional service, Complete Car Loans equally delivers a complimentary online credit score tool that has assisted motorists conserve thousands of $ . Upon completing the effortless online automobile loan application, candidates are provided the chance to protect thousands of $ about their loan. For more info, see Complete Car Loans url.

About Complete Car Loans

Complete Car Loans is a Seattle-based business which is focused on assisting their consumers get nationwide vehicle financing. They shape plus develop customized no credit financing, bad plus superior credit financing. Voted the greatest for “Quality Customer Service” plus “Best National Service” by thousands of individuals, their finance specialists focus about providing their clients with all the following: info plus tools accessible for different loan has, how to select the greatest loan which fits their budget, and connected eligibility protocols.







Secured And Unsecured Loans

There are 2 standard categories of loaning: secured plus unsecured loaning. Secured loaning pertains to a loaning approach where cash creditors may claim a specific property when, in almost any situation, the borrower neglects their debt. The income owed by mortgagers to a financial firm is known as a principal. These principals involve extra fees called interests, that is where banks plus alternative financial organizations profit.

The rate plus value of interests differ from 1 loaning organization to another, though there are localized plus global regulations that control the frequency of these loaning ingredients. Secured loaning often have lower interest rates than unsecured ones, apparently considering they reach have anything to gain when they are not repaid, unlike unsecured financing, that just rely found on the rate of interest alone.

Secured financing can include house, auto, student, house improvement, plus individual financing. The most commonly known types of secured financing, though, are auto financing plus house financing. As an example, whenever a borrower suddenly becomes unable of repaying the organization, the firm could claim the auto or apartment because their own. This kind of loaning is generally meant for long-term deals, wherein it will take many months or years to complete.

Unsecured loaning, inside comparison, needs the smaller timeframe for completion. Unsecured financing include payday financing or cash advances. Payday financing could either be completed traditionally, that involves going to a financial organization for application, or by the Internet. Payday financing online just ask for standard info in regards to the borrower.

Payday financing online need bank account numbers, full name, plus latest income pay slips throughout application. Previous records of credit, that might serve because evaluating factors for a borrowers competency to pay back, are no longer important.

Fewer forms are required whenever applying for payday financing online. Additionally, paying techniques for this form of transaction normally include transferring of funds utilizing the bank account quantity offered by the borrower. Rollovers will be provided to borrowers whom cannot pay back the currency they asked for found on the maturity date. This might furthermore include an accrued interest, that increases each time a borrower extends their payment schedule.

Understand regarding the services at www.purposecashadvance.com.