Tag Archives: home
Home Equity Loans without Equity?
Even if you havent built any equity on your home yet or if you need more money than the amount you have built on your home, you can get a 125% home equity loan that will let you get a quarter more money above your home value.
This means that if you just bought your home and you financed 100% of its value, you could still get 25% of its value from a home equity loan. If your home value is $200.000 this implies that you can borrow up to $50.000. If you have already paid 10%, you could borrow $70000 and so on.
Loan Requirements
In order to qualify for this kind of loans you need to meet certain requirements. Requirements are mainly associated with your credit score and history. Nevertheless, each lender has its own requirements and you can always consult with them weather youll be able to get a loan or not. Bear in mind that your credit report will be pulled so you might want to check everything is in order before applying as you may get declined and this will affect your credit score even more.
Additionally, your credit score will not only determine your eligibility but it will also establish the loan amount youll be able to request, the lending schedule and the repayment schedule. You wont always be able to receive the full loan amount in hand; you may get the money in 3 or 4 separate installments.
Some lenders require that you spend a certain amount of time living in that home prior to granting the loan. This period of time is not fixed and depends on your credit score and on the lender; some of them do not require it at all. But normally two months residing in the property is the minimum period of time required.
As regards to appraisal, most of the time, it can be bypassed. This is due to the fact that property values tend to be stable over small periods of time, and chances are that if youve bought the property or refinanced within a small period of time, theyll use the value concealed in that contract in order to calculate the new loan figures. This is almost always true if youve bought your home or refinanced within twelve months.
Perfect for home improvements
This kind of loan is a great option for those who didnt have enough money to buy a home and undertake house improvements at the same time due to the lack of funds. With a 125% Home equity loan you can get the finance needed to make house improvements without having to pay for high interest personal loans.
So if you need the extra cash and youve made up your mind, just search the internet for 125% home equity loan lenders and request loan quotes. Compare fees and interest rates, and once youve decided which option is best for you, apply for the loan. In a matter of days youll get approved and you will be able to get started.
Private Bad Credit Lenders
Just what is a private bad credit lender?
A private bad credit lender is a company, not connected to a bank that offers personal and mortgage loans to individuals or business owners that have no credit or less than perfect credit.
This type of lending program would be ideal for a the person that has no credit or bad credit and they just want to get approved for a personal or business loan up to $20,000.
These types of lenders do not depend on the credit reporting system that all banks and loan companies normally use to process a loan application.
The private bad credit lender would look at an applicant’s total financial situation to approve or not approve a loan.
They would take into account how long they have been on there job, there debt and if they have bad credit, what happen to get them to that point.
If a person has no credit or bad credit, a private lender is the only type of company that would be willing to give them a second chance and approve there application for a loan.
What Type Of Loans Do Private Lenders Offer?
Personal Loans Payday Loans Business Loans Home Loans
Generally speaking, most lenders would like to approve a loan with the lowest risk possible.
Unsecured personal loans would be considered a high risk loan, where as, secured personal loans and home loans would be considered as low risk loans.
If you have poor credit and you want to apply for a personal loan, you must show the lender why your credit is the way it is at this point, and why you feel that given you a personal loan would be a low risk for them.
The lender will look over your finances to make sure you can afford to pay the loan back on time. They will add up all of your monthly bills to see what you will have left over once all of your basic bills are paid.
You must be able to afford the monthly payments before the lender will approve your loan.
Work History
A stable work history will greatly help your chances of getting approved for a loan and how much you can get.
The longer you have been on the same job, the better. Changing jobs every year will not help your chances of getting approved. But it is ok if you have changed jobs yearly, if you have stayed in the same line of work.
The main concern of any private bad credit lender would be can you handle the monthly payments for their loan?
Secured Loans
A secured loan would be a lot easier to get approved.
Secured loans are loans that are backed up by something of value, like a home or car.
With a home loan or car loan, if you don’t make your payments, the lender can always take the item back and sell it to get there money.
Are You Ready To Apply For A Personal Loan?
If you have no credit or bad credit and are ready to apply for a loan, you should go online to search for a list of private bad credit lenders. You would normally have to pay a fee to get this type of list. Companies invest a great deal of time to put together there bad credit lender’s list.
Most bad credit lenders do not advertise their services because they normally have more client’s than they can handle.
Once you have located the lenders, you must call each one of them to see if they can work with your current credit situation. They should be able to tell you upfront, if they have a loan program for your type of credit background.