Information to help you qualify for credit
This is a humorous video about the difference between bank loan officers and Licensed Mortgage Professionals, but the message is serious. Watch this before you decide who to work with to get a mortgage.
I need a loan and some people have suggested that I look into a home equity loan because it would have lower interest rates than credit cards. The money I need is not for a home and I don’t have enough collateral for the amount I’d like to borrow. I have a good credit score (over 700) but I also have student loans and credit card debt. I earn enough to make all my payments and I have always payed on time. If I can’t get a home equity loan, what kind of loan can I get? What amount and interest rate would I be able to get? I’ve searched online, but all the bank terminology only confuses me. If anyone could explain all this in more “user friendly” terms, it would be really appreciated!
The money I need is basically a business expense, but I don’t think a lender would consider it a business loan.
Oh, and one “minor” detail… I don’t own a home.
First of all, what exactly is equity and how do you build equity in a home? How is the equity reported to your lender? Lastly, how do you pull the equity that you’ve built up out of the home without getting a home equity loan? Thank you in advance for any help.
If you make more money this year than last year, will that affect the amount you qualify for on a mortgage?
I know that lenders look at your tax return from previous years to determine your income, but I am making more this year. Will the mortgage amount that I can qualify for be be determined by the lower income I made last year?
I want to buy a home but I am not sure what size mortgage I could get. I make $40K/year and have no outstanding debt. The only bills I have now are rent and utilities. My credit score is pretty good (around 680+). About how much will I be able to qualify for?
I’m looking for information about getting pre-approved for a mortgage (I have excellent credit) and how to lock in the best possible interest rate. Does the lender who you get pre-approved with affect your final rate? Should I get pre-approved through more than one lender? Nine years ago, we were pre-approved for a home but we ended up getting an interest rate that was 0.375 % higher than the average rates were at the time. I was told that we had to take whatever rate was available on the day escrow went through. I felt cheated, but it was too late because the loan had already gone through. So this time I am trying to be more careful.
Also, I don’t think we can go through our local office since we will be purchasing a home in another state. Of course, there are the big lenders with offices everywhere, but I am afraid they won’t give me the best rate. What do you think?
Thank you for your time and any information you can share with me 
I would like to know all about home equity loans and if that would be a good choice for me. I have payed off my car loan and all my credit cards, but I have a lot of student loan debt. My problem is what to do about the student loans and how to pay them off. I have heard about home equity loans and about them being tax deductible. How do they work? Do they look bad on your credit? How much can you borrow? Does it add to the years to pay off your house? We only have eleven years left to pay off our mortgage and we really don’t want to add to that. I’m just wondering what are some good options and good ideas so we won’t have to stress out about debt and bills and such. We have been trying to pay off all our debts and so far have done pretty good, but those student loans are still there.
A good friend and I are thinking about buying some acreage together, but we’re not sure if lenders will give mortgages for multiple parties, even with a good down payment. Anyone know?
I paid about $90,000 for my home 9 years ago. It was a TLC home and I’ve fixed it up dramatically: new roof, walls, siding, porch, heating system, well, etc. My home was appraised at $275,000 last year. What part of this is equity? Am I eligible for a home equity loan? I don’t want to go into it without fully understanding what it is. I also don’t want to go to my banker with stupid questions. The reason for the loan is I’m considering building my own home.
I am having a home foreclosed on and would like to know if a lender would give me a mortgage?
We are buying a home from my mother. She is giving us the equity in the home as a gift. Can we get a loan on that equity at the same time as we get our home loan, or do we have to wait? If we have to wait, how long?
I am looking for QUALITY insurance to cover my mortgage in case I get laid off. Is there such a thing and where can I find it?
I am a first time home buyer and I want to take advantage of a home equity loan at the same time or immediately after getting my first home loan. Although I am getting a loan for the full amount of the cost of the house, the house has been appraised for more than I am buying it for, so I believe there should be some equity there, right? Can I take out a home equity loan or home equity line of credit at the same time as my home loan?
Mortgage Loan Rate Comparison
I have an offer from a credit card co with a low interest rate, 2% lower than my home equity loan interest. I would love to get rid of the horrible 8.75% home loan interest on ,000. What to do?
My mom is planning to add my name to the title or deed for our home. She already has two mortgages on the home, the original and then a second that was a loan for the roof. Would I be able to get a home equity loan for this home. I live in Milwaukee, WI
My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted to real property.
Which is better? A home equity loan, or refinance our existing loan? Where do we start? What should we know? And what should we be careful of?
What is the process like? Is it hard to get a foreclosure? Are there a lot of extra taxes and fees involved that will wind up costing me a small fortune? Can I get a mortgage lender to finance a foreclosure? How does this whole process work?
Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To RealEstateMarketingThisWeek.com Part 5 (Excerpt) It is nice to have the financial advisers perspective on some of these things. So many people don’t have a financial adviser, so for thousands and thousands of people listening right now you are their only option for that. Financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies, is that correct? Yes, I do a number of workshops for fortune 500 companies. The idea is to help people create efficiency with all assets, understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so I’m happy to weigh in with information and give you my viewpoints and my perspective. We were talking just a few moments ago about utilizing an expert …
Hi , my home is sold and I am looking at a condo, I have half of the money for the condo but will need another half through a mortgage loan.I was wondering if there is any way at all to obtain a mortgage loan with bad credit,
Is there any way possible to do this
The home loan is in her name but the home title is in our joint names. Can she take a home equity loan without my consent?
We filed bankruptcy in October 2007 due to a business closing. All of our personal debts, including our current mortgage and cars, were kept and no payments were missed. We plan to put 15-20% down. We are in FL. Joint income is currently about 100k.
Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To RealEstateMarketingThisWeek.com Part 6 (Excerpt) Using Retirement Funds to pay your Mortgage is just a bad idea Get a Loan Modification So it doesnt matter if it is a 0000 property or a 0000 property the cost to the lender is 000 on the average nationally. So the idea of the upside down scenario, you may see banks more willing to entertain a broader audience of loan modifications or a broader request of loan modifications based on the fact that they know that now, what we are calling toxic assets, not only exist on their balance sheets, but they want to do something to avoid the additional cost of foreclosing on the property, to avoid the additional impact on our economy nationally with all these foreclosures mounting. So a loan modification that may not be the best or most ideal candidate today, dont throw the option completely out of the window. And to that point I would never tell a home owner to stop making their payments just to get a better loan modification, because as of today, this may not be the case two weeks or two months from now, but as of today, your servicer is not going to entertain a loan modification unless youre late in most cases. Heres the situation, though at first you may get mad at that and they get mad at me for it, but the reality of it is we have a real problem now with …
Texas Mortgage Info: How your mortgage person structures your loan is more important than the getting a low rate. www.mylendingplace.com
I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.
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