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Discover your potential monthly savings by combining your bills into a single source. Eliminate high interest rate credit card and installment loans with a tax deductible (consult your tax advisor) consolidation loan. Use our calculator to figure how long before your savings equal the cost of obtaining a new consolidation loan.
These calculations are only estimates and can only be used to evaluate the possible results of consolidating certain debts into an equity loan. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation. Please consult your tax advisor for information on the deductibility if interest for tax purposes.
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If you have had credit problems, be prepared to discuss them honestly with a mortgage professional.
If you have less than perfect credit or have been denied a loan in the past, you can work with these lenders.
Understand how a mortgage company views your credit information.
Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes. more
FHA mortgage loans require borrowers to wait three years after a foreclosure and two years after a bankruptcy before applying for financing. Good credit since the incident is generally a requirement as well. more
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more
A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. more
Many factors can affect your mortgage application and get you denied. Know what factors will hurt you and plan ahead so you can present the best financial picture to the lender. more
A real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. more
It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more
Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders. There are a certain number of mortgages that will default every year and it is planned for accordingly. While it is common business practice for lenders, it can be devastating for you individually. If you default on a mortgage, it can ruin your credit and your financial outlook for the future. Mortgage default is a major setback for you, but it is not the end of the road. If you are faced with a default on your home, you can take measures to get back in good standing with the lender. more
It is possible, although difficult, to obtain home equity loans for people with bad credit. The tightening of credit requirements in the wake of the banking and credit crisis have made banks less willing to extend credit terms to borrowers with bad credit. A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan. more
In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. more
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more
Deciding whether or not you should refinance depends on your personal financial situation. If interest rates are lower today than they were when you first took out your mortgage, refinancing makes sense. more
Loan modification has become very popular in recent years with mortgage lenders. It has been used in a variety of different ways to change the existing terms of mortgages that they hold. While sometimes loan modification can be to your advantage, many times it is not. There are many loan modification scams out there that you should be aware of. Here are a few warning signs to watch out for with loan modification. more
A real estate appraisal is an evaluation that determines the value of a property. There can be many different reasons for having an appraisal conducted, but one of the most common purposes is to determine the market value of a house before a mortgage transaction. more
FHA (Federal Housing Administration) loans are popular with first-time home buyers. FHA loans are easier to get and have some advantages over conventional mortgages. more