Archive for February 18th, 2009
Home Equity Loans & Second Mortgage Rates
Posted by: | CommentsIn this current credit crisis, it become imperative to have high credit scores, at least if you want to qualify for a home equity loan. In addition, most home equity lenders will require that you still have a minimum of 25% home equity left in your home after adding the new second mortgage to calculate the combined loan to value (CLTV). It doesn’t stop there, because the lender will need to verify your income documentation so they feel comfortable that your income and liabilities are not too high of a risk for loan default or foreclosure.
Take advantage of record low home equity rates and consider an equity line of credit that lets you access cash as you need to. If you do not have emnough equity in your home, consider a FHA loan, because they still allow cash out refinancing to 95% LTV.
FHA Loans with Cash Out Refinancing
Posted by: | CommentsNationwide Mortgage Loans offers affordable FHA mortgage loans with opportunities for homeowners to qualify for cash out refinance that enable borrowers to pay for home improvements or to consolidate high rate credit card debt.
Watch Mortgage Loan Video with Bryan Dornan Examining FHA Cash Out Opportunities in 2009
We suggest borrowers take advantage of these once in a lifetime FHA mortgage rates that have reached record levels. Now borrowers can get access to money with 95% FHA refinance loans. Ask your loan officer to lock you into a thirty-year fixed mortgage loan that features interest rates below 5%.
Don’t be surprised if your FHA home loan takes longer in process than previous refinancing did. FHA refinance loans continue to dominate the home refinancing spectrum, because FHA insures these mortgage loans and helps minimize the loss mortgage companies could have if the borrowers foreclosed. Most lending companies are reporting that FHA underwriters are more critical than usual when evaluating your credit and expect the appraisal review process to take a few extra days.
If you were recently turned down from another lendet or mortgage broker qualify, consider Hope for Homeowners or a mortgage loan modification that extends loan relief and rate reductions to borrowers with bad credit and/or no equity.
