A Guide To Home Improvement Loan Use

If you are looking to increase the value of your home then remodeling is the method, but you will need to finance it first; one option is to apply for a home improvement loan to finance the project. Very few people want to attempt many of these home improvements themselves so tradesmen such as electricians, plumbers and carpenters will need to be employed.

Bear in mind that home improvement loans are just for that and as such two options are available; secured loans and those that do not require equity. When a homeowner has only just purchase the home, they are still able to arrange a loan, subject to their status of course. Finance organized to improve a home is normally arranged to run for up to fifteen years when equity is not required.

The primary stipulation when applying for a loan without equity is the combined income of both owners but the amount of the loan must not be higher than the amount allowed by the county law where the home is situated. The loan process for people applying for a no equity loan is minimal even though the property and type of improvements planned are looked into.

When arranging a home improvement loan that’s secured, it means that any residual value your home is used to help fund the loan. The upside to this type of secured loan is it’s available at more favorable rates of interest but is not arranged as a second mortgage on the property.

Obviously the amount you are able to borrow using a secured loan will depend on the value of your home. The lender will work with you in determining the value of your home based on its current value, amount of outstanding mortgage, and other debts that you currently have.

All these factors will be considered for putting a loan package together for your consideration. Although it is not set in stone, the amount they are prepared to lend will be based on a percentage of the property valuation but some lenders will actually lend as much as a quarter again as the property is worth.

Over extending your ability to pay is the quickest way for a person to lose their home when they cannot keep up the repayments. So when you arrange a home improvement loan, it is best to use it only for necessary repairs and make renovations or home additions only when you have the money to spare.

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Mobile Home Equity Loans – Your Guide

Do you own your mobile home? Are you looking to use some of the equity to get cash to fix it up, buy a car, or consolidate some of your debts? You can do so and it is pretty easy for you to get mobile home equity loans if you know where to look and what you are after. Here are some tips to help you out.

First, you should know what your credit is so that you can look in the right places. You can get a free copy of your credit report with your score from any of the credit bureaus or online. Once you know your credit and you know whether you have a good credit score (680 or higher), then you can start looking for your loan.

If you have good credit, then your bank is the first option. of course, this is assuming your mobile home is fixed to a foundation and you own the land. Many banks will not even think about loaning you a dime against your mobile home if this is not the case. It is just too risky even with you having good credit.

If you do not have good credit and your mobile home is fixed to a foundation plus you own the land, then there are a handful of non conventional lenders that will work with you and will give you an equity loan for your mobile home. They work with bad credit all the time and this is nothing new for them. They are also pretty easy to find online.

If your mobile home is not fixed to a foundation and/or you do not own the land, then you are going to have trouble finding mobile home equity loans even with non conventional lenders. You may be able to get private funding by listing your request in your local classifieds or using Prosper online, but chances are you are going to need to move to a piece of land and get a foundation under your mobile home.

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How to Get a Fast Home Equity Loan – A General Guide to Home Equity Loans

Home equity loans are loans given to homeowners keeping their home equity as collateral. Customers for this loan typically have large expenses at hand like investing in a second home or college education or home repairs. Customers, who are looking for lower interest rates, have bad credit histories and those who want substantial loan amounts go for home equity loans. Some interest payouts are also tax deductible, making it a more attractive option for people who pay large tax amounts. From the lenders’ point of view, homes are solid collateral that will ‘collect’ even if the customer does not adhere to the loan repayment agreement.

Are you are a busy person who cannot spare time running around analyzing options before deciding on the best fit for you and are you are looking at fast home equity loans? In this ‘connected’ era of the Internet, this is indeed possible. There are steps to follow to get fast home equity loans. Check out quotes from sources like banks, loan consultants and credit unions. Ask friends and relatives who also have taken this type of loan. Compare the different quotes and options; then make your informed choice.

Acquire knowledge regarding the new offers being made by the various lending organizations. This knowledge about existing offers not only lets you choose the best lender but also allows you to negotiate a better deal from your side. You can conduct your analysis online without wasting time traveling from one lender to another or meeting a whole lot of people. If you want, you can use the online tools that are available in the lender websites, to aid your decision making process. There are also online loan consultants who provide free tips and advice. Make sure your credit status is in good order and your home documents are organized before applying for the loan.

Usually, the fast track home equity loan process works like this – There are loan applications that you can fill up online. Based on the analysis you have done regarding the loan type and repayment schedule fill in the forms (that will take less than 5 minutes to fill). Then a loan consultant will contact you with multiple interest rates and installment options. You can pick one and get the deal formalized. After this the loan amount will be released for your use.

There are some risks that you should keep in mind before going for a fast home equity loan. If by any chance, you are unable to meet the loan repayment schedule, it may mean losing your home. So, while working out the repayment options, ensure that it will not be an overload for you. To avail more protection, you might even want to take out liability insurance for the loan. There are a number of scam lender cases where the lenders cheat their customers out of their homes. Beware of lenders who seemingly agree to all your terms – decide on a lender whose credentials you can verify. When you are getting into a loan agreement, make sure that all the agreement details are in writing and that the deal is valid.

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