Everything You Need to Know About Home Equity Line of Credit

are you in planning to remodelling your home?then you must know the power of home equity line of credit.
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line layer to use for large expenses or to consolidate higher-interest rate debt on other loans, such as credit cards. In addition to a HELOC often having a lower interest rate than some other common types of loans, the interest is usually tax-deductible.

Thinking about remodeling your home or building an addition? A home equity line of credit allows you to use your funds for whatever you need simply by writing a check or using online banking. Different than a home equity loan, which allows you to borrow a large lump sum, a HELOC creates an approved credit line for you to borrow off of over a specific time period.

To qualify for a HELOC, you need to have available Glossary Term: equity layer in your home, meaning that the amount you owe on your home must be less than the value of your home. Typically, you can borrow up to 85% of the value of your home minus the amount you owe. A lender generally also looks at your credit score and history, employment history, monthly income, and monthly debts, just as when you first got your mortgage.

In today's economy, everybody is thinking about ways to save, which is why the Loan in a Line option for your Home Equity Line of Credit may be just what you need if you're looking for predictable payments and a predictable repayment term. Loan in a Line allows you to convert all or a portion of your outstanding balance to a fixed rate with a fixed term.The Home Equity Line of Credit gives you unparalleled flexibility by providing you the choice of when to borrow money, and how to pay it back. You'll also enjoy competitive low rates, with no application fee and convenient options to access your line of credit.A home equity loan, once called a second mortgage, is a fixed-rate term loan often at a rate higher than your primary mortgage. A home equity line of credit or HELOC carries a variable interest rate and provides you with a credit line that you can access, using the equity in your home as collateral.

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Best Mortgage Loan Lenders for the Year 2015

Do you have any plans to take mortgage loan?wait a minute, we sort a list of best mortgage loan lenders for this year 2015.Have a look on them.

Nationstar Mortgage

Nationstar is an online mortgage lender that services the entire United States, including Washington D.C., except Alaska. Its call center is problematic, but the loan officers are competent and easy to work with. This lender offers conventional and government program loans, including ones for rural or larger properties.

In addition to the usual home loans offered by most lenders, Nationstar can provide USDA loans for rural properties. Some other companies may have this program, but Nationstar was the only one to make a point of it. It can also offer jumbo loans of up to $2 million. It does not provide construction loans.

LendingTree.Com

We're a free, no-obligation service that will empower you to take control of your financial life. We have the interactive tools, personalized advice and comprehensive resources you need to successfully manage your finances. If you're looking for a loan, we can connect you with multiple lenders who'll compete for your business and provide customized loan offers. If you need help with your finances, we have a powerful suite of tools and personalized advice to help you budget your money, get out of debt, and boost your savings. For all your financial decisions, LendingTree can help you every step of the way.

CitiMortgage

Financial Ingenuity & Responsible Finance
Citi works tirelessly to provide consumers, corporations, governments and institutions with a broad range of financial services and products. We strive to create the best outcomes for our clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible.

What You Can Expect From Us & What We Expect From Ourselves
Citi's mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. We have 200 years of experience helping our clients meet the world's toughest challenges and embrace its greatest opportunities. We are Citi, the global bank – an institution connecting millions of people across hundreds of countries and cities.

U.S Bank

At U.S. Bancorp, we stand at the intersection of people and potential every day. The potential for greatness exists in every business and in every person. U.S. Bancorp employees serve as catalysts for our consumer, small business, wholesale and institutional customers to reach their goals. Investing in their journeys allows us to create value for our shareholders.

Minneapolis-based U.S. Bancorp (NYSE: USB), with $419 billion in assets, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The company operates 3,164 banking offices in 25 states and 5,020 ATMS and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

Wells Fargo Home Mortgage

The merger of Wells Fargo and Wachovia doubled our size. We’re no longer defined as just a regional bank. We’re a national company, with operations that stretch across the globe.

With this growth in size and scope, what makes us different than other so-called “large banks”? How do we define ourselves? We’re a community-based, diversified financial services company.

Community-based
Being community-based distinguishes us from every other large bank. By “community-based,” we mean we’re not just a bank that happens to be in the community; we’re a community bank. We’re “in and of” every community in which we do business, whether it’s Chapel Hill, N.C.; or Mason City, Iowa; or Roseville, Calif. And we’re in more U.S. communities than any of our competitors.

We all identify with our community and take geographic pride in where we live and where we’re from. That’s my town. That’s my state. We’re relationship oriented, so we begin every conversation with what’s best for customers and their communities because every customer (and every one of our team members) lives somewhere and is part of a community— where they live and work and play, pay taxes, raise their family, educate their children, buy their groceries, practice their faith, care for their neighborhood and support their local nonprofits.

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All You Need to Know About Mortgage Debt Forgiveness Act 2015

Do you know about the recent mortgage debt forgiveness act 2015?if your answer is no then you must read this article to have an idea of mortgage debt forgiveness Act 2015.

The exclusion may apply to amounts cancelled on a refinanced mortgage. This applies only if you used proceeds from the refinancing to buy, build or substantially improve your main home. Amounts used for other purposes don’t qualify.

If your lender reduced or cancelled at least $600 of your debt, you should receive Form 1099-C, Cancellation of Debt, in January of the next year. This form shows the amount of cancelled debt and other information. If you qualify, report the excluded debt on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. File the form with your federal income tax return.

Unless Congress acts before the end of 2015, homeowners who had their mortgage principal reduced in a loan modification or lost their homes through a foreclosure or short sale will find themselves in this position.Early next year, thousands of American homeowners may get an unpleasant surprise in the mail: a tax statement from their mortgage lender announcing that they may owe tens of thousands of dollars in federal income taxes

Providing assistance to struggling homeowners is incredibly important. Towards that end, Congressman Tom Reed (R-NY) and I introduced H.R. 2994, the Mortgage Forgiveness Tax Relief Act, which would in effect extend the Mortgage Forgiveness Debt Relief Act through 2014. This bipartisan legislation has received favorable support from both parties and currently has 137 cosponsors.

The debt forgiveness law expired at the end of December and is now dead. Owners who are currently negotiating or planning loan modifications or short sales involving cancellation of portions of what they owe in 2015 have no legal protection against big tax bills next year.

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Better Approaches to Refinance Mortgage with No Closing Costs

We already know about that refinancing mortgage by reducing closing costs can save some money to us.But do you know what is the better approach for that?Then read our guide to refinance mortgage with no closing costs.

Mortgage closing costs are fees consumers pay to start a new mortgage, and can be grouped into two categories.Origination fees masquerade under different labels from bank-to-bank, and from product-to-product. One bank's underwriting fee is another bank's "processing fee", for example; and, VA loans and FHA loans require certain loan fees which don't exist with loans via Fannie Mae and Freddie Mac.

A better way to compare fees, then, is to ignore the individual line items of a lender's Good Faith Estimate disclosure. Rather, focus on the sum of the lender's origination charges. The sum is inclusive of all fees and makes for simpler comparisons.For those unfamiliar with the point concept, after submitting a mortgage application and getting approved, you have the ability to pay points, or a percentage of the balance, up front as a way to save finance charges over the long run — this second no-closing-cost option is simply the opposite of that. For a higher interest rate, you can avoid paying upfront closing costs.

Third-party costs are fees paid to parties other than your mortgage lender. Third-party fees can include the costs of your appraisals, the cost of your credit report, and title company settlement costs.While this is a great way to refinance when you do not have a lot of extra cash lying around, you have to understand that you are increasing your loan amount overall. If the new interest rate is low enough, it still can make good financial sense to move forward with the deal.In general, when comparing Good Faith Estimates against each other, you should ignore whatever third-party fees are listed. This is because third-party fees are often fixed-cost items which cost the same no matter which bank you ultimately work with.

Keep in mind that each refinance situation is different from the next, and what might be right for one homeowner might not be the best option for you. As illustrated above, if you are planning on moving out of the house within a few years, going with a higher rate is the recommended choice since you will not be around long enough to get charged extra finance fees compared to closing costs. In other situations, going the home equity route might be best.

Zero-closing cost mortgages are exactly what they sound like -- they are mortgages for which the homeowner pays absolutely no closing costs. With a zero-closing cost mortgage, nothing is added to your loan balance, and nothing is "hidden" in the figures.

With closing costs rising nationwide, taking a zero-closing cost loan can be economically-savvy. You instantly reach "break-even" because there are no costs to recoup; and you get a great, low rate, too.

What's your opinion about this guide? Let me know through comment box.

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All you need to know about Real Estate Mortgage

If you are planning to take mortgage on your real estate then you must clarify all doubts before making purchase.Here we grab all information about real estate mortgage.You can check it here.

It’s amazing how many mortgage programs have been designed to help First-Time Borrowers get financing on new homes.
Before you start shopping for a listing that fits your living needs, it would be extremely beneficial to know what type of lending scenario best fits the type of property or neighborhood you’re looking to buy in.With regards to a refinance, you may actually qualify for a new government sponsored program that has been designed with current market conditions in mind.

One of the most critical parts of getting a mortgage is the Appraisal. The purpose of an appraisal is to confirm the home value for the lender.An appraisal is a professional estimate of the value of the property that you are planning to purchase.

Real estate investing is an exciting field because of the many different niches and strategies you can use to customize your plan to fit your personality and position in life.Perhaps you enjoy risk and would prefer a “fix and flip” business? Or maybe you are looking at long-term stability and would prefer investing in single-family rentals. Or, maybe you don’t want any involvement at all and would rather just “become the bank” by lending money to other investors and earning a passive return.

All interest on mortgage loans is expressed as an annual interest amount, so if your mortgage interest rate is 8 percent, that’s the annual rate. But most mortgages are paid on a monthly basis, so you sometimes need to calculate how much interest you actually paid in one month based on that annual rate.

One of the most costly expenses you are likely to face as a real estate investor is vacancy. However, vacancy is a normal part of an investor’s life and should be fully expected and prepared for.Check with local property management companies to determine the average vacancy rate in the area where you are looking to buy.

Determining if you’re getting the best deal at any given moment boils down to whether or not you trust that your preferred loan officer is truly looking out for your best interests.Fortunately, there are economic indicators that impact the typical movement of interest rate markets which you can be aware on a daily basis.

if you don’t have all the cash needed or you’d rather utilize greater leverage, you can supply just the down payment and take out a mortgage to cover the remaining cost.

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All You Need to Know About Buying Home with Bad Credit

Do you want plan buy home with bad credit?then have a look on this article about buying home with bad credit.

Many people have no idea they can buy a home so they don't even consider it," said Kevin Pierce, a leading mortgage loan originator with HomeBridge Financial Services. Perhaps they don't have a down payment or their credit isn't perfect. But the truth is that with a little time, work, and patience, homeownership can be a reality, not a fantasy. You just need the right people in your corner.

California's CalHFA program "offers a variety of loan programs to help" people purchase their first home, with income requirements that vary per county. In L.A. County, for instance, the income limit for a single individual to qualify for CA state assistance under the program is $52,150. For a family of four, that number is $74,500.

Whether you are a first-time buyer or an experienced owner, buying a house requires a "preflight check," in the words of Barry Zigas, director of housing policy for the Consumer Federation of America.Credit scores range from 300 to 850. The lower end of the spectrum is generally reserved for those with little credit experience. But what if you have credit experience and it just hadn’t been good? Well, the good news is that those with bad credit can still get a mortgage with a credit score in the low 600s.

Your credit score will determine what type of mortgage you qualify for - whether it's a conventional mortgage or an FHA-type mortgage. It will also affect your interest rate, and any additional charges. Essentially, the lower your credit score, the higher your interest rate and any attendant charges will be.If you have a pattern of late payments on credit cards or other debts, or if you've had accounts closed for non-payment, you may have difficulty qualifying for a mortgage.


You don't need a huge down payment, and your credit doesn't have to be outstanding in order for you to buy your first home under competitive rates. What a bank or other consumer loan institution considers to be good credit may be a good deal higher than what it takes to satisfy a mortgage lender.If your scores are low, it's time to go on the offensive. And, unfortunately, repairing your credit isn't as straightforward as it should be, whether the issue is errors on your report or boo-boos you need to make right.

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Things you need to know about Remortgage with Bad Credit

do you have any plans to remortgage with bad credit?then you must read this article about how to remortgage with bad credit.

Getting a mortgage when you have a low credit score is very expensive. If you’re going to do it, it pays to make this solution temporary and aim to move on to a more conventional loan as soon as possible. This doesn’t mean you have to get a short-term loan.If you’re borrowing with a low credit score, you may have to consider an adjustable rate mortgage simply because the interest rate on a fixed loan will be so high – much higher than any rates you’ll see advertised by local banks or online.

If you have poor credit, one obvious way to improve your chances of getting a mortgage is to improve that score. This is a solution that takes longer, but even a small increase in your score can make a real difference. That’s not to say that it is impossible to secure a mortgage from mainstream lenders but in order to improve your chances it is important to rectify any issue at the earliest opportunity and then establish a good track record.

Although it is not impossible to obtain a mortgage, it might be a little harder than if you had a good credit history. Your mortgage might be little bit different: it might be offered at a slightly higher rate. Do not get alarmed yet, first you need to look for the best offer. And yes, you do not only want the best offer, you really need it. Do not sign the papers offered by the first lender, look around a little. It is enough if you take a look around on the internet, or you might want to check the local offer.

Lenders look at a number of things, when considering your mortgage application, including your credit score, income and debt levels. If you have good credit, you can get a mortgage loan from most lenders with only a 5% down payment, because you’re seen as a low risk. If you have bad credit, the lender is taking on a higher risk by loaning you money.

Lenders may try to convince borrowers to go with a loan with a prepayment penalty. This is essentially a clause in your mortgage contract that allows the lender to collect extra money if you pay off the mortgage early or make extra payments above a certain limit to help reduce your debt.

If you have less than stellar credit, you’ll have to work a “B lender” or private lender and, in turn, be subject to higher interest rates. Remember, your lender looks at your credit score and report to determine how risky it would be to lend money to you.

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