THE BEST FOR YOU

If we borrow against the value of our homes, we have obtained a home equity line of credit. Lenders offer fixed or variable interest rates with this type of loan. Lenders offer loan products that vary in cost and terms. Inquire with the lender or mortgage holder about the upfront costs involved in the loan. Find out if there are annual costs, Balloon payments or any other costs associated with the loan. Your goal is to get the lowest and best rate possible. Borrowers with less than excellent credit may be able to apply for a home equity line of credit if they have equity in the home.

You must use your home as your collateral for the loan, this is the reason you want to make sure you can afford the monthly payments and can withhold the terms of the contract. The amount that a borrower is allowed to borrow against depends on the equity in your home, the value of your home, and your credit score. Those of us with bad credit will pay a higher interest rate.

You can also keep in mind; the money you borrow can be used for reasons other than home improvements. Home equity lines of credit are an excellent way to have access to large amounts of cash for unexpected or emergency situations.

I would advise a borrower to talk to the current mortgage holder if you are looking for a Home equity line of credit. Find out about your options, but that’s just a starting point. There are other ways to obtain information on the subject. Surf the internet, check other lenders, check mortgage companies and check with friends that have gotten a home equity line of credit loan. All these are great resources and will help you with the decision in regards to your refinancing needs. Always make sure you are getting the best deal possible. After all the researching information, use informational materials, such as mortgage secrets exposed and
mortgage loan tips , these references can be helpful in your final decision. Ultimately, make the best decision you can financially.

As Always,

Happy Surfing,

MORTGAGE LOAN TIPS

College certainly can put a strain on most of our pockets. We as parents
Refinancing a mortgage with no money out of pocket is a great start, sometimes you can skip one to three mortgage payments, to learn more read
mortgage loan tips. You can obtain better terms in case you want to pay off your mortgage, or pay it off faster. When we are refinancing, we want the economic advantage and we want to avoid economic ruin.

· We should apply for a pre-approval to different lenders to make sure the rate we get is the lowest possible. Also when the rates began to drop, you are already approved and that puts you in the position to get the lowest rate. You don’t want your credit history completed until you chose the lender that’s right for you. Each credit check causes your credit score to decrease, if you have too many inquiries this may cause you to lose out on the lowest interest rate. Online mortgage companies do not initially access your credit history. It’s always good to make sure with the website, just in case. If they do not have your Social Security number they cannot pull your credit.


· Check with your current mortgage holder to make sure there is no prepayment penalty or early payoff penalty before you refinance, some range from 6 months to 3 years, along with a penalty for early payoff. The penalty can be 6 months worth of the mortgage loan interest or it can vary. This is when you would weigh you interest savings on the new loan in order to determine whether it would be worth refinancing.

· When we are choosing a mortgage lender we need to pay close attention to the mortgage interest rate and the closing costs. If either of these costs is too high it could render the benefit of refinancing less valuable.

· Once you decide on a lender get your interest rates and closing costs in writing as soon as possible. Get this in advance of the costs that will be involved with the loan. Check to see if the loan has a prepayment penalty. Let’s make sure we don’t get any surprises later after we have closed the deal, stay informed with your home buyer defense guide.



Happy Surfing,