Home Equity Loans, second mortgage loans, mortgages, mortgage rates, refinance mortgages, mortgage refinance, home loans, home improvement loans, bad credit home loans, equity loans rates, home refinance loan, mortgage calculator, second mortgage refinance.
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home equity loans, mortgage interest rates, debt consolidation loans, equity quotes, loan mortgage quote, 125 home equity loan, home equity line of credit, low home equity loan rates.
 

Free Home Equity Loan Quotes
Our Finance team will help you evaluate no cost home equity loans and compare loan quotes. See our simple home equity loan application for cash out refinancing. Apply now for the lowest mortgage rates online. If you are in need of cash now, a home equity loan may be a good solution if you want to maximize your financing options for best interest rate.

What is Needed for No Cost Home Equity Loans in Today's Market? After the flood of 2nd mortgage defaults, most money sources are looking for borrowers with high credit scores in the range of 680 to 800 and the more equity the better. Most lenders are looking for borrowers to be at or below 80% in their total loan to value.

Where else can you access large sums of cash at reasonably low interest rates? Home equity loans can get you cash and provide you with additional tax deductions, which are not available with credit cards. Shop around and you will see that there are not many companies advertising home equity mortgage programs. We are a reliable source for info on both fixed home equity loans and home equity line of credit. No cost equity loans are available to qualified borrowers that meet the lenders requirements and guidelines.


Quick Cash Possibilities with Home Equity
Mortgage Loans & Credit Lines Online

One of our featured finance companies, Wells Fargo has made it clear they will be committing major financial resources to home equity lending as the housing industry rehabilitates. It is important to work with home equity mortgage lenders that are consistently focused on improving cash out lending for consumers with innovative credit lines and fixed rate home equity loan refinancing.

How Do Home Equity Lenders and Mortgage Underwriters Approve an Equity Loan or Credit Line?

  • Credit Score - The 1st concern for mortgage lenders is your credit score & payment history. (credit scores help determine the risk factor)
  • Total Loan to Value - how much you owe on your 1st mortgage plus the new 2nd loan Divide by your property Value.
  • Income - Total your income monthly, and then divide it by your monthly obligations to determine your Debt-to-Income Ratio.


Home Equity Loans Offer New Opportunities

Compensating factors can offset bad credit scores when applying for an equity loan. For example, if you have equity in your home, you will be allowed to have low credit scores. Writing a letter of explanation for credit issues in the past is a great idea. The 2nd mortgage and home refinance loan have had significant guideline changes recently, so speak with a loan officer to verify your eligibility. The 125% loan program has been put on hold for second liens and credit lines until further notice.

In most cases, equity lenders like to see stability in the work place. Most underwriters expect to see 2 years at the same job, or at least in the same line of work.

Your debt to income ratio must be under 50%. The total loan to value will be a critical factor in the loan approval equation. The percentage of equity in relation to the value of your house is a vital factor that will ultimately determine the interest rate. Most banks will restrict you to loans at 80- 90% CLTV, but we will help you get approved for a 2nd mortgage so you can reach your goals financially.


Remodel and Renovate Cost Effectively!

House Market Reviving Home Equity Lending? In the last several years most banks, credit unions and lenders have significantly reduced their programs for home equity loans. However, in the last year we have seen increased house values that have been blessed from the rebounding housing sector.

According to National Mortgage News, the market is rebound and many economists believe the home equity lenders will be coming back with new 2nd mortgage products. The home equity mortgage market roared from the mid-nineties to 2006 before the mortgage defaults caused home values to plummet in 2006.

According to the Federal Reserve's 4th-quarter 2012 flow of funds report, owners' equity in residential real estate rose 25% to $8.2 trillion from $6.6 trillion a year earlier, mainly due to rising property prices plus a small decline in home loan debt. Owners' equity as a percentage of total real estate jumped to 46.6%, the highest since the 1st-quarter of 2008 and up from just 40.5% at the end of 2011.

American Bankers Association's Consumer Credit Delinquency Bulletin reported that credit quality has begun to improve, as home equity loan delinquencies dropped to 4.03% from 4.2%. The report also indicated that home equity credit line delinquencies dropped to 1.85% from 1.93%. These factors are encouraging home equity lenders to feel more comfortable about extending more credit with subordinate loan. Read the original article from National Mortgage News.