If you are a homeowner in need of a home equity loan but you have not yet built up any equity in your home, don't despair. A 125 percent equity home loan may be the answer.
A 125 percent equity home loan is a second mortgage loan that allows you to borrow up to 25% more than the value of your home. For example, if your home is worth $100,000 and you owe $100,000 on the mortgage, this loan program would allow you to still borrow up to $25,000.
The 125 percent equity home loan is offered by various online lenders. Each lender has their own qualification and loan term guidelines but generally this is a credit score driven loan program. Credit score driven means that you have to have a certain credit score to qualify for the loan.
In addition, your credit score usually determines the maximum loan amount you may qualify for and the maximum cash in hand you may receive. Also, some 125 percent equity home loan lenders may require seasoning on the length of time you have lived in your home. Three months is normally the minimum.
When it comes to a property appraisal, most 125 percent home equity loan lenders do not require you to obtain one. They generally will use the purchase price of your home as the value if you have lived in your residence for 12 months or less. If you have lived in your home over 12 months, a recent tax assessment, simple drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated assessment of your home's value which is based on recent home sales of comparable houses in your neighborhood.
For more information on 125% home equity loans, or to compare rates and programs of 125% home equity loan lenders visit
http://www.equityloansource.com
Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com
Article Source: http://EzineArticles.com/?expert=Levetta_Rivera
Tuesday, June 12, 2007
Saturday, June 9, 2007
Loans
These days it is possible to get a loan by putting one of your properties as collateral against the loan amount. Still, it is difficult to get a loan with easy terms and conditions (read: low interest rates). However, there are secured loans out there in the market that can be procured by people having any kind of credit record.
A borrower needs to place collateral to avail a secured loan. This collateral can be anything like home, car etc. Cheapness of a loan is determined by the interest rate. One can avail big finance with this loan type. Characteristically, an amount ranging up to ₤250,000 can be availed with a secured loan. The repayment duration can be up to 30 years.
Cheap secured loans UK carry very low interest rate compared to other loans. This is because lenders have the security of their money in the form of collateral. These loans can also be availed by people having poor credit history. Lenders ignore the poor credit history of the borrower because of the presence of collateral.
Cheap secured loans offer a plethora of advantages. They give a good amount of money; they can be used for any personal and professional requirement like funding a vacation or a wedding, consolidating debts, improving a home etc. These loans offer one a repayment term of up to 25 years. Smaller installments facilitate a longer loan term.
Cheap secured loans can also be procured by those suffering from bad credit status, like CCJ’s, IVA, defaults, arrears, bankruptcy etc. Bad credit holders can also use this loan to improve credit rating.
It is always advisable to check the terms and conditions thoroughly before applying for these loans. Cheap secured loans are also available online. In fact, for sheer convenience and expediency, online loans are unequivocally the best options.
The author is a business writer specializing in finance and credit products and has written authoritative articles about personal loans, Secured loans. He has done his masters in business administration and is currently assisting Shakespearefinance as a finance specialist.
Article Source: http://EzineArticles.com/?expert=Erika_Anaya
A borrower needs to place collateral to avail a secured loan. This collateral can be anything like home, car etc. Cheapness of a loan is determined by the interest rate. One can avail big finance with this loan type. Characteristically, an amount ranging up to ₤250,000 can be availed with a secured loan. The repayment duration can be up to 30 years.
Cheap secured loans UK carry very low interest rate compared to other loans. This is because lenders have the security of their money in the form of collateral. These loans can also be availed by people having poor credit history. Lenders ignore the poor credit history of the borrower because of the presence of collateral.
Cheap secured loans offer a plethora of advantages. They give a good amount of money; they can be used for any personal and professional requirement like funding a vacation or a wedding, consolidating debts, improving a home etc. These loans offer one a repayment term of up to 25 years. Smaller installments facilitate a longer loan term.
Cheap secured loans can also be procured by those suffering from bad credit status, like CCJ’s, IVA, defaults, arrears, bankruptcy etc. Bad credit holders can also use this loan to improve credit rating.
It is always advisable to check the terms and conditions thoroughly before applying for these loans. Cheap secured loans are also available online. In fact, for sheer convenience and expediency, online loans are unequivocally the best options.
The author is a business writer specializing in finance and credit products and has written authoritative articles about personal loans, Secured loans. He has done his masters in business administration and is currently assisting Shakespearefinance as a finance specialist.
Article Source: http://EzineArticles.com/?expert=Erika_Anaya
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