Income verification is something lenders usually like to do before handing out a loan. If they see how much you are making, they will have more confidence in giving you a certain amount of money because they assume you will be able to pay it back in the future. No income verification loans of all sorts do exist, including home equity loans, but they are not suggested for many people. They’re informally called “liars’ loans,” and you’ll soon find out why. Continue reading
Getting into debt has never been easier. At the same time, while there may be more options for solving your debt, that part has only been made more complicated. One of the problems is that lenders want to make money, and they’re finding new ways to do so. One type of loan being offered is a 125 percent home equity loan, and it can have some devastating effects if you default on it. Continue reading
FHA stands for the Federal Home Association and this association is managed under the U.S. Department of Housing and Urban Development or HUD. HUD’s official website can be found at: www.hud.gov, and is the primary source of this article. Additional information regarding specific topics can be found in the links provided throughout this article. Continue reading
If you stop making payments on a credit card or loan, the creditor or lender can take you to court which may result in a judgment against you. A judgment is really just a piece of paper signed by the judge saying you owe a debt. Once this has been obtained by the creditor, they are allowed to use the legal system to try to attach your personal property or garnish your wages in compensation of your debt. Continue reading
Whenever you apply for a loan, one idea always needs to be in the back of your mind. Eventually, you will have to pay it back. You need to have a reliable source of income to prevent a default and further penalties.
The current housing crisis looks grim. Houses are foreclosing left and right, and families are being displaced. Economists are unsure when it will end, or even if the worst has already passed. But just a few years earlier, home ownership was booming. How did it spiral downward so quickly? Continue reading
If you need money, you may be considering a loan. While there are many options, a home equity loan is one of the most popular. But how do home equity loans work, anyway?
Your home equity is the amount your home is worth on the current market, minus the amount you owe on it. Sometimes, the lender will send someone to appraise the property to be sure of its worth before finalizing the amount they are willing to loan you. These appraisals can cost up to four hundred dollars, but you can generally have that cost worked into your loan payments. Continue reading
If you are a fan of cold weather and the snow, then Michigan is a great state for you to live in. Located in the upper Midwest and the heart of the Great Lakes Region, Michigan has many attractions, landmarks, and scenic state and national parks that you can visit. From fishing, sailing, to skiing and sledding, you are sure to find something you love to do. However, many people are struggling with finding a reasonable place to live, where they can be happy and comfortable, but also be able to keep up with their monthly bills. Continue reading
If you take the current market value of your home, and subtract from that what you owe on your mortgage, you get your home equity. If you ask a bank or credit union to lend you money based on this amount, you get a home equity loan. If you also have a good credit score and income, you can get the 125% Home Equity Loan Rate. Continue reading
No doubt you’ve heard about the recent flooding in Nashville, and you’ve likely heard stories of homeowners without flood insurance. And before Nashville, there were major floods in New Jersey, New England, New Orleans… Continue reading
Adjustable rate mortgages have received much negative attention recently with the U.S. housing crisis. But what exactly is an adjustable rate mortgage (ARM)? And are all ARMs bad? Continue reading
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