If you own a house needs a mortgage, but you have not built any equity in your home, do not despair. An equity loan of 125 per cent of origin may be the answer.
An equity loan of 125 per cent home loan is a second mortgage that allows you to borrow up to 25% more than the value of your home. For example, if your house is worth $ 100,000 and you have $ 100 000 on the mortgage, this loan program will allow you to still borrow up to $ 25,000.
The loan of 125 percent home equity is offered by various lenders online. Each lender has their own qualification guidelines and long-term loans, but generally it is a credit score loan program engine. The credit score leads means that you must have a certain credit score to qualify for the loan. In addition, your credit score usually determines the maximum loan you may be eligible for the cash and a maximum hand you can receive. In addition, some lenders 125 percent home equity loans may require seasoning on the length of time you 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 get one. They will usually use the purchase price of your home value as if you lived in your residence for 12 months or less. If you lived in your home over 12 months, a recent assessment of taxes, simple drive-by appraisal, or automated value model (AVM) can be used. An AVM is a computer generated assessment of the value of your home that is based on recent home sales of comparable homes in your neighborhood.
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