Search results for: Credit Score

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Advantages and Disadvantages of Debt Consolidation Refinance

When you are considering a debt consolidation refinance there are a few things to keep in mind. Don't be too quick to jump into a new loan without weighing all the factors involved. Review some of the advantages of debt consolidation: Consolidating multiple monthly payments into 1 payment each month. Typically this new payment is...
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Documentation Loans

What you need to know about Loan Documentation There are 3 basic types of loan documentation. Below is a list and a brief description of why borrowers use them Full Documentation - In this case you supply a current pay-stub and past 2 years W-2s. The lender will call to verify your employment for the past 2 years at a minimum. This...
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Home Equity Line of Credit

Home equity lines are ideal for many people with unique and different financial situations. Some of the most common circumstances to request a home equity line of credit are: unexpected expenses (medical expenses, college tuitions), home improvement projects (bathroom or kitchen remodeling, installing a new roof, new home addition, etc...) or...
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What kind of credit score do you need for a HELOC?

Most lenders will tell you that you must have solid credit in order to qualify for a Home Equity Line of Credit. Typically lenders want to see at a minimum FICO score of 620. Depending on the loan amount and value of your home the lender might reuire higher scores. Can you get a Home Equity Loan with Bad Credit? Of course! Even if you...
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Guide for first time home buyers

What can you afford? One of the biggest mistakes prospective buyers make is not understanding or realizing how to budget for a new home. Not only the closing costs associated with the purchase but also understanding the monthly payments involved. If you are looking for purchase your first home with a no down payment/100% financing...
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ways to get approved for a home equity loan

Getting a home equity loan is easier than ever before. However, as with any loan, there are certain steps that every borrower must take in order to ensure loan approval. While having equity in your home is necessary to get approved for a home equity loan, it is not all that is required. Make Sure You Have Enough Equity Seems simple...
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get a home equity line of credit without income verification

A home equity loan that requires no income verification is a loan that does not have the requirement of you to document your income to receive the loan. A second mortgage is a good option for homeowners who need a home equity loan but can't or would not like to document their income or have difficulty doing so. Many borrowers with hard to...
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are all home equity loans equal?

Not all home equity loans are equal. This is for several reasons. When people apply for a home equity loans, they are essentially applying for a second mortgage. They will receive a large sum of money to with the way they see fit. Each month they will have to pay it back. This can be stressful those who still have a primary mortgage payment....
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Buying a house, how much home can you afford?

Buying a house: what to consider? When making the decision to buy a home, there are many things to consider. Before you even start to look for that dream house, you need to think about how much house you can afford. If you are renting, you already have an idea of how to budget and manage your monthly expenses every month. Things will be...
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Mortgage Rates on Purchases

The rate you would qualify for on a purchase has many variables affecting it. The great rates you see advertised might not be the rates that are available to you. It helps to know what factors are involved. What does affect Mortgage Rates? How much of a down payment are you supplying? Rates for 100% financing are higher than if you...
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Buying a home with bad credit.

Apply for a Mortgage EVEN with Bad Credit! A big MYTH consumers have believed in the lending industry is that you need excellent credit to obtain 100% financing. It is not true. Even with below average credit you can still qualify for 100% financing. You can find mortgage lenders who will offer you a loan even if your credit score is...
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What factors make up your Credit Score?

The formulas used by the credit reporting bureaus are complex and take a great deal of imformation in to calculate your scores. The best way to understand what your individual scores mean is to learn which items on your report have a big effect. It also helps to know what types of accounts are better than others. ###Credit Reporting...
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Steps to refinance a mortgage with bad credit

Although you may have a few black marks on your credit report, it is still possible to refinance your mortgage. Many lenders are willing to work with borrowers who have bad credit, especially if they're already homeowners. Here are the steps you should take: Check your credit report. It's possible that some of your bad credit is...
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The Basics of Home Refinancing

When you are looking to refinance for whatever reason it helps to know what areas on which the banks will evaluate your situation. First and foremost is your credit worthiness. The old adage is true 'the better your credit score the better the rate you can obtain.' The lender will pull a score from the 3 credit bureaus. You should...
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Steps to Apply for a Mortgage

For most people, a mortgage loan is necessary to buy a house. Nowadays, one can apply for a mortgage loan either through the internet or by directly approaching the mortgage loan company. However, some steps have to be taken when applying for a mortgage loan. Mortgage Loan Companies The first thing that has to be done is to find out...
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Tips to Compare Home Equity Loans Online

Home equity loans provide a great option for homeowners who would like to borrow some money for one reason or another. Since many tasks are completed online these days, it is important for prospective borrowers to know that they can search home equity loan options online. When doing so, there are a few tips to help make the search for that...
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Home Equity Loan Rates Basics

What Home Equity Loan Rates will you get? The rate you would be offered from the lender is based on 3 categories: Your credit profile - if you are not sure how your credit profile currently stands, check your credit score. Ability to pay your monthly payments The equity available in your home Therefore, a rate on a 2nd...
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no money down & poor credit mortgage loans

Are you thinking of buying a home? Are you sick of living with your parents or throwing away money each month on rent? Do you feel you won't get a mortgage because you have no down payment or a poor credit history? It may come as a surprise to you but you do have options available. There are loan programs out there for people in your...
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How to get prepared to purchase a home?

When you decide to purchase a home (or condo) for the first time there are a few aspects of your situation to which you should pay close attention. These are the areas that a lender will judge you on and ask for documentation. The more prepared you are to provide it the smoother the loan process will be. The four basic areas are credit,...
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How does a home equity loan work?

If you're a homeowner, you've probably heard about Home Equity Loans. But do you really know how they work? Here's the basic information: You're tapping into your home's equity. The amount of equity in your home is equal to the current market value of your home, minus any amount you still owe (on things like the mortgage and other home...
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Simple ways you can quickly eliminate credit card debt.

There are many way to eliminate credit card debt. The first is to make a conscious decision not to charge any more items to the credit card, unless it is an emergency, until the card has been paid off. The second way it to always pay off balances right away before interest can be added to the balance. Credit cards can end up costing a person...
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Easy ways to improve your credit score fast.

Pay down your revolving debts. The scoring system looks at the proportion of balances to the high limit on your accounts. So for instance paying down an account that is 90% utilized to 50% will have a positive affect on your scoring. Increase credit limits on revolving accounts. This might sound counter-productive, however if you are...
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Why should you obtain a copy of your credit report?

You can get a free credit report annually It is recommended that you review a copy of your credit report once a year. Legally you are entitled to a free credit report from one of the three credit repositories, Experian, Transunion and Equifax. Good credit means better chance to get a loan The old adage is correct the better your...
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process to apply for a Fannie Mae Mortgage Loan

Getting a Fannie Mae mortgage is the right choice for many people who wish to become homeowners. Although Fannie Mae does not lend money directly to consumers, they do provide funds to mortgage lenders, who in turn make those funds available to potential homebuyers in the form of loans. If you are considering applying for a Fannie Mae...
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Get a Home Equity Loan After Bankruptcy

While filing for bankruptcy will surely have an adverse affect on your credit rating, there are still ways to obtain a home equity loan after filing bankruptcy. While many prime lenders will not approve your loan application, there are many sub prime lenders who will. Sub prime lenders are those particular lenders who are wiling to work with...
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What does it mean to get pre-qualified?

When you looking to buy either your first home or 2nd home every Realtor or home owner will ask you the same first question, have you been pre-qualified? So what does that mean and how do you become pre-qualified. The pre-qualify mortgage application Basically in order to be pre-qualified you have to complete an application with a...
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How to qualify For A Sub-Prime Loan?

If you have a poor credit history, you may have found it difficult to qualify for home financing. If this is the case you may want to look into the possibility of getting a sub prime loan. Sub prime loans try to make it possible for people with less than perfect credit to qualify for home financing. Most people today end up with debt problems...
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Get a 2nd mortgage to pay off high credit card debt: Good or Bad idea?

Are you having trouble paying your credit card bills? Do you feel like you fall into more debt every month when those finance charges hit? You are not alone-- there are many people in credit card debt. It is possible to get out, particularly if you have owned your home for more than a year. Why one year? Well, in order to qualify for...
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can you refinance a HELOC with poor credit?

Just because you have poor credit it does not mean you can not refinance your home mortgage loan. By refinancing your home or adding a second mortgage it can actually help your credit score and with on-time payments your credit score will also improve. Even with poor credit you the homeowner have several options through the subprime mortgage...
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things to consider when looking for refi online lenders

If your credit score is less than appealing you still be qualified to refinance online. There are many online lenders who specialize in subprime loans for individuals that have poor or bad credit. As with a regular mortgage lender subprime loans will have higher interest rates than loans for those individuals who have a good credit score....
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