|Mortgage & Refinancing Information|
Getting a Home Improvement Loan: What Your Bank Needs
The popularity of stores like Home Depot and Lowe's show how many homeowners are jumping on the home improvement bandwagon. Maybe you're thinking of redoing part of your house as well. Perhaps you want the kitchen of your dreams or an extra bathroom. You know you'll have to take out a loan to finance the project, but if you're just in the beginning stages of the planning, you may not know exactly how to go about it. Whether you're refinancing or taking out a home-equity loan, here's some information on what your bank needs:
As with any loan, your bank will want to review your financial history before approving you for a home-equity loan. While different banks will have different loan criteria, there are a few things you can expect each institution to require:
-Your address and how long you've lived there
For home-equity loans, the bank will also need information on your house such as its age and current property value. Save time by bringing the current tax assessment for your property with you. For smaller loans (usually $2000 or less), this may be enough information to indicate the home's market value to the bank's satisfaction. However, for larger loans, banks will require professional appraisals. Home appraisals typically cost $200-$300.
Above, I mentioned that banks want to know your total debt and monthly obligations. Specifically, they want to know your debt-to-income ratio. If your debt is greater than 30%-40% of your monthly income, the bank may be unwilling to offer a loan out of fear that you will not be able to make payments.
To further protect their assets, the bank will require a copy of your credit history to make sure you're not a bad risk. A few months before you decide to take out a home-equity loan, it's a good idea to get a copy of your credit report and check it for errors. Contact the credit bureau and correct any errors ahead of time. This will save time later and help you get the right loan for your home improvement needs.
TC Thorn writes for http://www.luxuryhousingtrends.com
This article may be reprinted so long as a link back to the site is included.
Current Mortgage Rates, July 7, 2020 | Rates ease Bankrate.com
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Compare Today's Mortgage Refinance Rates: Jul 13 Credible News
What is the average refinance closing costs? The fees add up Business Insider
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
YOUR MONEY: When mortgage rates are low, should you refinance? Part 2: Additional considerations - Inside NoVA
YOUR MONEY: When mortgage rates are low, should you refinance? Part 2: Additional considerations Inside NoVA
Lenders More Likely To Deny Black Home Buyers A Mortgage: LendingTree Financial Advisor Magazine
Refi Rates Today, July 8, 2020 | Rates slide Bankrate.com
How Often Can You Refinance Your Mortgage? Credible News
4 tips for refinancing your mortgage during the pandemic, from homeowners who just did it - Business Insider
4 tips for refinancing your mortgage during the pandemic, from homeowners who just did it Business Insider
Refi Rates Today, June 22, 2020 | Rates rise Bankrate.com
3 Things That May Prevent You From Refinancing a Mortgage The Motley Fool
COVID-19 Mortgage Help for Vets: The VA IRRRL | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
COVID-19 Mortgage Help for Vets: The VA IRRRL | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Stressed homeowners find cash-out mortgage refinances harder to get Daily Journal Online
Is Your Mortgage Forbearance Ending Soon? What To Do Next Realtor.com News
Record mortgage applications as Americans rethink importance of home: Quicken Loans CEO - Fox Business
Record mortgage applications as Americans rethink importance of home: Quicken Loans CEO Fox Business
Mortgage refinance: Everything you need to know Fox Business
THA Mortgage welcomes loan officer Thomas Blunk | Business News | richlandsource.com - Richland Source
THA Mortgage welcomes loan officer Thomas Blunk | Business News | richlandsource.com Richland Source
Getting a mortgage after bankruptcy: What to know Bankrate.com
How to refinance your mortgage Fox Business
What Is an Appraisal Waiver? A Way To Save Cash on a Refinance Realtor.com News
Is now the best time to refinance your mortgage? Fox Business
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
Using Data to Identify Members Ready for a Mortgage Refinance Credit Union Times
Stock Market Has Great Week – Market Update Zing! Blog by Quicken Loans
Mortgages: Forbearance Rates Drop While Applications Increase, But Lending Requirements Tightening - RisMedia.com
Mortgages: Forbearance Rates Drop While Applications Increase, But Lending Requirements Tightening RisMedia.com
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
How does mortgage refinancing work? Bankrate.com
Jumbo Loans: Requirements, Limits, and Rates Credible News
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Should you refinance federal student loans? Bankrate.com
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
The basics of no-closing cost mortgage refinancing Fox Business
The impact of the coronavirus on mortgage refinancings Brookings Institution
Should you join the rush and refinance your mortgage now? Washington Post
Right now would be a good time to refinance your mortgage Tampa Bay Times
Best mortgage refinance lenders of 2020 Loop North News
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Maine Farmers Get Closing Cost Help From Credit Union Credit Union Times
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
2.5% mortgage rates are here. What's next — 2? Or even 1%? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
2.5% mortgage rates are here. What's next — 2? Or even 1%? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Rockport Mortgage handles $36.4 million FHA Section 223(f) refinancing loan for Borden Place - New England Real Estate Journal Online
Rockport Mortgage handles $36.4 million FHA Section 223(f) refinancing loan for Borden Place New England Real Estate Journal Online
5 Questions to Ask Before You Refinance Your Mortgage HowStuffWorks
Home Equity Loan Improvements
There's more Regulation Z compliance on the way, courtesy of the Home Equity Loan Consumer Protection Act. This fall banks will have to implement the new home equity loan disclosure rules the Federal Reserve Board was required to issue under the act.
Online Mortgages in 5 Easy Steps!
We're all entitled to the opportunities and benefits of home ownership. But because most of us aren't loaded with cash, we must find banks and lenders to assist us with finance.
Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders specialize in financing home loans for people with poor credit.
Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved
People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it can be to try and get approved. Adverse credit history can mean a little more legwork to get an approval for a mortgage loan, and especially to get a decent interest rate.
Home Equity Loans - Are They Right For You?
The bills are out of control and you need a new car. "Maybe we can get a new carpet and paint the house", you say to yourself.
Home Equity - Is it Time to Cash Out and Move?
During the last five years, home prices have increased nationwide. In some parts of the country, notably California, home prices have doubled or even tripled.
A Simple Way to Save Thousands on Your Mortgage Charges
How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations. Still, much more Americans check their restaurants bill, than the number of homebuyers, who check the charges for their mortgages.
Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate
Interest rates are at an all time low, making now the perfect time to purchase a new home or refinance your existing mortgage. The interest rate you receive will depend largely on your credit rating, monthly debt, and your income.
Home Equity Loan or Home Equity Line of Credit - Which is right for you?
The most common type of home equity loan is the term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years.
Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?
When you're shopping for a new home-especially for the first time-all the terms and expressions may be confusing and difficult to understand. Adjustable rate, fixed rate, balloon payment - how do you decide which is the right type of home mortgage for you if you're not even sure what each of them are?The name of the mortgage type usually has to do with how you'll pay for your loan - how the interest on the loan is being determined by the bank.
Bad Credit Mortgage Lender - What to Look For
If you have less than perfect credit and are looking to get approved for a mortgage loan, be careful not to make some common, costly mistakes. When dealing with sub-prime mortgage lenders or bad credit mortgage lenders, many people are taken advantage of because of their eagerness to get approved.
No Fee Mortgages Coming Soon
Buying a home, especially for the first time, can be a daunting experience. There are endless credit checks, bank checks, employment checks, appraisals and more paperwork than seems to make sense.
VA Loans, A Gift from Uncle Sam
Uncle Sam has a gift for the men and women who serve our country. It is the VA loan.
Mortgage Calculator - How to Calculate Your Monthly Mortgage Payment
Just starting to shop for a new home? Do you want to know how to figure what yourmonthly payment would be based on a certain priced home? No problem, there are plenty of mortgage calculatorson the web you can use free of charge (clickhere for an example of one). All you need to know is the mortgage amount, sale price less the down payment, interestrate (also easy to access on the web), and the number of years you wish tofinance your new home, usually 30 years (360 months) is the maximum term.
Home Equity Loan Considerations
In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no.
Understanding Fixed-rate Mortgages
A fixed-rate mortgage is a mortgage on which the interest rate is set for the term of the loan. Your interest rate stays the same for the term of the mortgage or for a specified period of time.
How Much Interest is Your Home Equity Earning?
How much interest are you earning on your home equity? If you answered nothing, zero, zilch, zip you are correct. What would you do if you could get triple compounding on your equity? Would you take action and build a fortune that would allow you to pay off the mortgage and create a retirement fund?We use a strategy called Early Mortgage Pay Off System or EMPOS?.
Home Equity Loan vs. 401(K) Loan -- Which Should You Choose
Home Equity Loan vs. 401(K) LoanYou've finally decided to add that patio you've always wanted to your home.
Remortgage Debt Consolidation - The New Recourse For Credit Crunch
Shakespeare once said about human nature 'with nothing shall be pleased, till he be eased with being nothing'. It is human nature to not be satisfied with anything for long.
A Home Equity Loan - What You Should Know?
Asking yourself, "Is a home equity loan right for me?" is the first and most important step to take.Home equity loans have become so popular today because of increasing home values.
|home | site map|
|© 2006 TIGER MEDIA|