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Loan Shop Online Home Page – 100% Loans Online Quick & Easy APPLY NOW!


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Payday Loans Fast Approval

## Loan Shop Online Home Page – Loan Shop Online Home Page By 100+ Lenders in OUR Network, Approval in 1 Hr, You Need NOW. Money Upto $5000.

Loan Shop Online Home Page The portion of your payment that corresponds to interest is tax deductible, so you can deduct it from your annual tax return, clearly twelve instalments at a time. Another financial savings factor is the adjustable or set curiosity financial loans. Loan Shop Online Home Page Now that we have set up that Im horrified at the believed of putting even a measly $500 on a credit score card because it will trigger a downward spiral of spending that will take us an additional yr to recuperate from. Lets talk about receiving $500, or as numerous of us have in the previous few months, $600. Inquire your self, How do I really feel about this? Is it really sufficient to purchase the proverbial big screen Tv? Or take a lengthy awaited holiday? Or pay for a limo for the night?

Loan Shop Online Home Page

Loan Shop Online Home Page At occasions of monetary crises individuals look about in search of some financial assists. The unfavorable response of the banking institutions and other monetary agencies tends to make them all the much more upset and concerned. Such institutions which display their back again to the people depart the individuals in great uncertainty. At these occasions of smaller sized financial problems 1 can effortlessly depend on Quik payday loans as a final resort. Loan Shop Online Home Page Need an acceptance in minutes for an on-line personal mortgage? Tired of working with complicated banks that have to numerous limitations when it arrives to getting a loan from them? To steer clear of them your very best choice is to get quick approvals from online loan agents that are developed to function with people like you who have either bad credit score, no credit or no collateral. Loan Shop Online Home Page

Loan Shop Online Home Page The lenders do not interfere in usage of money. They just want their money back again on time. So you have to prove your functionality to spend back again the money on time to get these financial loans. Loan Shop Online Home Page If you dont have any business credit established at this time, then lenders will most likely see your personal credit. Typically this is a deciding factor for them to determine the terms and amount of your mortgage. With traditional loan companies, it will be a lot harder to land a $500 loans. But personal loan companies specializing in business financial loans for poor credit will be much much more forgiving. Both way, it would be sensible for you to work to distinct-up any negative items on your credit report prior to pursuing loans – even poor credit score company loans. This can only assist your chances.

Loan Shop Online Home Page In addition to the other money that you require to have accessible to buy a home, strategy for an unexpected emergency savings fund. This should include money that will take care of three to six months of your living costs in the event that you have problems having to pay your bills. The fund is a great way to make certain that you dont drop behind on your home loan in the event of an emergency. Loan Shop Online Home Page Business owners often encounter cash movement issues, simply because of seasonal slump in demand or not obtaining the payments on time. But, money requirements should be met immediately for smoother functioning of the trade. You can take out brief term company financial loans to satisfy the costs for few months. Loan Shop Online Home Page

Loan Shop Online Home Page So what if you have a bad credit score rating! You can still avail a tenant loan. If you are a citizen of U.K and live in the rented house because at minimum twelve months with a good occupation and a good wage, you can get the advantage of tenant financial loans with poor credit. There are many lenders for this and it would be extremely handy if you discover somebody online. But see to it, that you find out a reputed lender. The only problem with poor credit tenant loans is that the rate of interest is greater. However, you can use the mortgage amount for any personal purpose like wedding ceremony, repairs, home improvement, buying house, car purchase etc. Loan Shop Online Home Page Bad credit score is something that people are getting to offer with more than at any time prior to. In a time when quick cash is a way of lifestyle and obtaining it now is the mantra it is easy to get yourself backed into a corner credit sensible. On leading of that the pace of these days is quicker as well. Folks find on their own attempting to stability it all. So if time is the enemy, how do you strike a stability on the important issues such as obtaining a individual mortgage and how do you do this if your credit is challenged? Your solution might be sitting in your pc correct now. There are numerous types of loans accessible for these who have bad credit. Online personal financial loans for those with poor credit score are developed to be for any purpose that you may require them for and they are fairly easy to get as long as you follow the instructions.

Loan Shop Online Home Page When they re-opened they were busier than at any time. They took advantage of the reconstruction to add many updates and their clientele responded extremely well. Loan Shop Online Home Page Yes, you do not have to pledge a safety to avail a bad credit score unsecured mortgage. You can apply for this kind of a loan without any restriction irrespective of whether you are a home owner or a tenant. We can offer you with a bad credit unsecured mortgage for numerous purposes like education, debt consolidation, home enhancement, wedding ceremony, vacation or car buy. Abad credit score unsecured loan is the best option when it arrives to fulfilling any of your above mentioned needs in case your credit score is not very impressive.


Minneapolis – St Paul home loans


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Affordable, Sustainable Socially Responsible Home Mortgages

SHOP™ Home Mortgage (Sustainable Home Ownership Program) is a local non-profit, Minneapolis St. Paul, Minnesota based, community focused, socially responsible home lending resource. We offer Conventional mortgages, FHA, VA and Contract for Deed financing.

 Our dedication and commitment is to the individuals, families and communities that we serve everyday.

We strive to match you with the right loan product that helps you successfully remain in your home as long as you want with flexible underwriting from real people.

We know the programs that can help you achieve your goals and work with many community partners who will help you along the way.

 Our unique Bridge To Success program  can assist individuals and families who have damaged credit and who don’t currently quality for a traditional mortgage.

If you re a Minneapolis St. Paul area Realtor:

We welcome you to learn more about our services , down payment assistance programs and our unique Bridge to Success Contract for Deed Program to help best serve your clients.

If you are thinking about buying a home in the near future:

Call us today to arm yourself with the knowledge needed to make a great decision.Click below to learn more about our Bridge to Success Contract for Deed program.


No Doc Home Equity Loan Approval


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No Doc Home Equity Loan Approval

The equity on your home builds when your home accrues value and you have not used this value to fund anything else. You may then take out a home equity loans of the value accrued on your house. One benefit is that the interest charged is much lower than taking out personal loans or using credit cards and the loan is often used for unforeseen expenses like home improvement, student loans or tuition loans.

The no doc in home equity loan means the loaner only needs to see proof of the borrower’s income.  A no doc home equity loan is often granted to customers who need emergency money for a keener unforeseen occurrence and is set up very quickly and a higher interest is therefore charged. Generally, a good credit rating is preferred however if you have bad credit this will reflect on the interest charged by your broker or loan company. The interest will still definitely be less than if you say asked for a 10,000 dollar loan with bad credit or a payday loan settlement .

According to the Bankers Association of America home refinancing occurred at an unprecedented rate in 2003 and stayed high through to 2004 and 2005, perhaps as Americans took advantage of low interest rates to refinance their mortgages. There needs to be research done to find the best refinancing deal, even if the no doc process may take place quickly. Brokers and lending companies should be researched well first at the Better Business Bureau and secondly by asking friends or going onto finance internet forums to read reviews of the company or broker.

These home equity loans are aimed at those who already own their home so tends to be those over the age of 50. If you are nervous about putting too much debt on your home as collateral if you have bad credit then a 2500 loan with bad credit can be an option if it is secured. Terrible credit personal loans that are unsecured are usually made by tenants not those who own their own home. Nevertheless, you should always think carefully about putting your home up against a loan. Your home may be repossessed if you can’t keep up with payments.


Pension Home


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Pension

Veterans and survivors who are eligible for VA Pension and require the aid and attendance of another person, or are housebound, may be eligible for additional monetary payment.

VA helps Veterans and their families cope with financial challenges by providing supplemental income through the Veterans Pension benefit. Veterans Pension is a tax-free monetary benefit payable to low-income wartime Veterans.

Get your VA compensation and pension benefits easily and conveniently using direct deposit or a pre-paid debit card.

About Pension

VA helps Veterans and their families cope with financial challenges by providing supplemental income through the Veterans Pension and Survivors Pension benefit programs.

Benefit Description

VA offers two broad categories of Pension benefit programs:

Veterans Pension: Tax-free monetary benefit payable to low-income wartime Veterans. Learn More

Survivors Pension: Tax-free monetary benefit payable to a low-income, un-remarried surviving spouse and/or unmarried child(ren) of a deceased Veteran with wartime service. Learn More

Veterans and survivors who are eligible for Pension benefits and are housebound or require the aid and attendance of another person may be eligible to receive additional monetary amounts.

To learn more about what Veterans and their families should know when applying for Department of Veterans Affairs (VA) Pension Benefits click here. .

Eligibility Requirements

Pension benefits are needs-based and your “countable” family income must fall below the yearly limit set by law. Veterans must have at least 90 days of active duty, including one day during a wartime period. If the active duty occurred after September 7, 1980, you must have served at least 24 months or the full period that you were called up (with some exceptions). You must also be:

  • Age 65 or older with limited or no income, OR
  • Totally and permanently disabled, OR
  • A patient in a nursing home receiving skilled nursing care, OR
  • Receiving Social Security Disability Insurance, OR
  • Receiving Supplemental Security Income

The Veteran must have met the service requirements above for surviving spouses and children applying for the Survivors Pension. Learn More

How to Apply for Veterans Pension

To apply for Veterans Pension, download and complete VA Form 21-527EZ. Application for Pension . You can mail your application to your local regional benefit office. You can locate your local regional benefit office using the VA Facility Locator. You may also visit your local regional benefit office and turn in your application for processing.

How to Apply for Survivors Pension


What is a Home Equity Loan?


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What is a Home Equity Loan?

Posted on: July 9, 2015

A home equity loan allows you to take advantage of the equity you have in your home. This type of loan is also called a second mortgage, because usually it is an additional loan on top of your first mortgage. A home equity loan lets you take out the equity in your home in cash form, to use for any purpose you like.

Unlike credit cards, consumer loans and auto loans, the interest you pay on a home equity loan may be tax deductible. Check with your tax advisor.

If you d like to take cash out, but don t want a second mortgage, you may be eligible for a VA cash out loan. This loan pays off your first mortgage with a new, bigger first mortgage, and you take the proceeds as cash at closing. Get a free quote to see if you are eligible. You can use the money from a cash out loan for debt consolidation, home improvement, college education, investments and more. This quote form takes about one minute to complete.

VA cash out loans are much more flexible than other types of cash and equity loans. VA guidelines state that you can borrow up to 100% of your home s current value, making a VA cash out loan a serious competitor to the traditional home equity loan or second mortgage.

Often, VA homeowners realize they can reduce their home loan rate while taking cash out. It s a win-win.

Types of Home Equity Loans

There are two types of home equity lending, each one suitable for slightly different situations.

Home Equity Loan (HEL): The home equity loan is similar to a first mortgage since it s a one-time lump sum loan, often with a fixed interest rate. You get all the funds up front, then pay a fixed principal and interest payment each month until fully paid.

Home Equity Line of Credit (HELOC): A HELOC is more like a credit card. You have a maximum limit and borrow as needed. Typically you pay just the interest due for a certain amount of time, say 5 or 10 years, at which time you start paying principal as well. This type of loan is great for home improvement projects when you just need smaller amounts as you go along.

Where do I apply for a home equity loan?

The best place to look for a home equity loan in today s market at your bank or credit union. Some home equity lenders even let you take out a second mortgage up to 90% or even 100% of your home s current value.

The Department of VA does not offer a home equity loan program. What they do offer is a cash out refinance mortgage loan. The VA cash out refinance loan allows qualified veterans to open a new mortgage up to 100% of the property s appraised value and take the proceeds as cash. With today s low rates, the VA cash out refinance allows many homeowners to take cash out while lowering their interest rate and on occasion, even their monthly payment.


What is a HUD Home Loan?


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What is a HUD Home Loan?

About HUD

HUD is the government agency responsible for spearheading community building and housing development in the United States. It does so by funding a number of different organizations and programs for communities and individuals. Additional, HUD sponsors or partners with a number of other agencies to deliver programs that give opportunities to consumers and businesses. These investments in personal and business growth help the overall economy by building and maintaining more stable communities, businesses and housing markets.

About FHA

The FHA has offered a loan program since 1934, according to HUD. It became part of HUD in 1965. Originally, FHA was designed to offer first time home buyers an opportunity to get home financing because they did not have the necessary funds to make a conventional down payment on a home. The FHA approves mortgage lenders throughout the US to offer FHA insured loans. The FHA insures mortgages for one to four unit residential homes. It is the world’s largest mortgage insurer with over 34 million properties insured since its inception, notes HUD.

FHA Loan Basics

FHA loans offer three main benefits relative to conventional loans, according to HUD. These include a lower down payment requirement, lower closing costs and easier credit qualifying. Most notably, FHA mortgages only require a minimum down payment of 3.5 percent. To get a conventional loan without paying private mortgage insurance, the borrower must put at least 20 percent down on the property. This is challenging for many buyers, especially first time home buyers. Investors also opt for FHA loans at times because they can purchase an investment property with less capital infusion up front.

Differences

A main difference with HUD’s FHA loan program is its mortgage insurance requirement. You must buy FHA mortgage insurance with an FHA loan. This can include an up front fee at closing and/or monthly premiums of approximately one-half to 1 percent of your mortgage amount. This requirement protects the lender’s investment in case you default. This is why FHA-approved lenders take on the risk of offering loans to less qualified buyers. Because of the mortgage insurance requirement FHA does have higher debt-to-income ratio allowances than those typically used by conventional lenders. You can have 41 percent of your gross monthly income go to debt payments with FHA, including a 29 percent mortgage-to-income ratio. With conventional loans, the common guidelines are 36 percent debt-to-income and 28 percent mortgage-to-income.


10 Important Things To Consider When Getting A Mortgage Or Home Equity Loan


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10 Important Things To Consider When Getting A Mortgage Or Home Equity Loan

Finding the best home loan is not a job to be taken lightly. Here are 10 very important tips to consider before, during, and after the loan.

Looking For The Right Home Loan For You

  1. Mortgages are not commodities. If you think “it’s all about the rate”, you are going to be disappointed from the start. It’s really about finding a trusted partner help you navigate a complex transaction by offering honest advice and responsive support throughout the entire loan process.
  • Online is not the place to transact your biggest liability. Buy a music player, bid on sports equipment, order some books, but don’t do a mortgage over the internet. There are too many variables that arise throughout the process. This is not to say you should exclude the internet in your rate search, as there are reputable sites on the net which will help you find rates, calculate your potential loan, and provide other helpful information. I’m suggesting you shouldn’t work with an internet-only firm for your mortgage.
  • There are two types of mortgage lenders who advertise on the web and on the newspaper rate table. Ones you’ve heard of and ones you haven’t. Why do the major, well-known lenders generally quote higher rates? It could be they have higher cost structures. It could also be they are more reputable and provide a lot more service.
  • Generally, avoid interest-only loans. Unless you plan to move in a short period of time, or the loan is a short-term “bridge” or construction loan, avoid the “interest-only” loan. If you are only paying interest, you do not build up any ownership or equity in your home.
  • Are the fees reasonable?. Find out exactly what the loan will cost you. While some fees might not be avoidable, know that many fees are unnecessary “junk fees” or negotiable. Be sure to get a good faith estimate statement which shows your total expected fees. Some companies will include all the fees in the interest rate they quote you. Here are some fees to ask about:
    1. Application fee
  • Points (if you pay points, make sure your interest rate is reduced. A rule-of-thumb is to generally avoid paying any points if you plan to live in your home less than ten years)
  • Credit Evaluation
  • Loan Processing (these fees can be pretty arbitrary)
  • Appraisal Fee (cost to estimate the value of your home)
  • Title Search
  • Title Insurance (you have to pay to protect the lender. Always make sure the Title Insurance specifically protects you as well. It’s normal to pay more to protect your interests)
  • Documentation (these fees can be pretty arbitrary)
  • Underwriting (these fees can be pretty arbitrary)
  • Escrow Fee
  • Prepayment Penalty (the fee paid if you pay off your loan early)
  • The following fees are almost always “junk fees”: amortization schedule fee, trustee fee, financing statement fee, appraisal review fee, credit report review fee, document preparation fee, inspection fee, photo inspection fee, underwriting fee, warehousing fee, administrative fee, computer fee, courier fee, and overly high notary fees
  • When you ask about your interest rate, also ask about the APY (or Annual Percentage Rate) which is usually higher and a more accurate reflection of your true interest rate.

  • Generally, avoid adjustable rate loans. Adjustable rates can be attractive because the advertised rate is lower than a fixed rate. They generally allow you four payment options:
    1. minimum payment (NEVER make only a minimum payment. It won’t even cover the interest on your loan and can quickly lead to a situation where your home is worth less than your loan)
  • “interest only” payment (also not recommended. No money is going to pay down the loan or create home equity)
  • a fully amortized 15-year loan
  • a fully amortized 30-year loan
  • The later two are similar to traditional loans, except that your interest rate is adjustable.
    Here are three reasons to consider an adjustable rate.

    1. IF you know for certain interest rates can’t go up from current levels
  • the loan ceiling on the adjustable rate is below the current fixed rates
  • you plan to sell your home prior to the first rate adjustment

    Here are five questions to ask about your potential ARM rate. Adjustable rate loans often start with a “teaser rate”. This is an artificially low rate which will get adjusted higher at the first adjustment opportunity. If you do consider an adjustable rate, be sure to ask:

    1. what is the rate based upon (often a current T-bill or LIBOR rate plus an additional amount). Get complete details
  • what would be the rate today if you already had the loan and it adjusted to current levels
  • what is the floor (how low can the rate go from here)
  • what is the ceiling (what is the highest rate you would have to pay)
  • how often can the rate adjust.
  • Be sure you fully understand each of these parameters, and get them in writing. Note: if you can’t afford the loan ceiling and the fully amortized payment at that level, don’t accept the loan.

    Looking For The Right Home Loan For You

    1. The mortgage industry is unregulated. Mortgage brokers are not banks and don’t play by the same rules. There are countless stories of “bait and switch” with people being promised one thing and ending up with another at the closing table. You do not have to accept any last minute changes. While inconvenient, just walk away. (They are betting you won’t). Lets say you have found the rate and lender with which you wish to work. Here are twelve warning signs telling you to walk away from the loan. Any one is enough for you to terminate the loan right then and there.
      1. if the loan rep encourages you to borrow more than you need — walk away!
    2. if the loan rep prods you to overstate your income or understate your outstanding loans or expenses — walk away!
    3. if the loan rep tries to get you to agree to payments that you can’t afford — walk away!
    4. if the loan rep asks you to sign blank forms — walk away!
    5. if the loan rep won’t give you copies of every document you signed — walk away!
    6. if the loan rep fails to give you mandated disclosure documents — walk away!
    7. if the rep appears to pressure you — walk away!
    8. if the rep is unresponsive to your calls, is disorganized, repeatedly asks for the same documents, or is constantly blaming others for delays — walk away!
    9. if they try to sell you credit insurance or extra products you don’t want — walk away. (If you actually want the credit insurance, shop around to get the best rate)!
    10. if they try to make you do something that is against your better judgment — walk away!
    11. if they require you to deed your property to anyone — walk away!
    12. if the loan rep changes any of the terms of the loan at closing — run, don’t walk! Be aware that the further in the process you get — the more momentum builds — the tougher it is to back out. Dishonest lenders know this and are counting on it.
  • Generally, see if you can avoid paying for mortgage insurance. Some loans require mortgage insurance. Others will waive the insurance if you have a low enough debt-to-home equity ratio when you take out your loan. Most mortgage insurance protects the lender, not you.

  • Wisconsin Mobile Home Loans – Mobile Home Financing – Manufactured Home Refinancing WI


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    WISCONSIN MOBILE HOME LOANS BY JCF

    JCF Lending Group was founded in 1994 with the sole purpose of providing Wisconsin Mobile Home loans. JCF Specializes in Chattel Mortgages, a term used when referring to a loan on a Mobile or Manufactured Home where the land is not a factor and only the Mobile Home will be financed. JCF is a home only lender and proud of it. From Superior to Fennimore, to the Capital of Madison, JCF is here for you. Providing the best rate term mobile home financing available today. When you thing of the Badger State, think JCF Lending Group.

    The majority of our customers live in Wisconsin’s better mobile home parks or in leased lot communities. You may also qualify for an Wisconsin JCF Lending Group or Wisconsin Mobile Home Loan if your home and land are not tied together by deed or title. An example of this would be if you own your land outright, or if your home is on family or friend’s land.

    MOBILE HOME MORTGAGE LOANS WITH EXCEPTIONAL RATES AND TERMS

    We are able to offer the lowest Wisconsin mobile home loan rates possible along with a Variety of Wisconsin Mobile Home Loan Programs to meet the needs of the entire State of Wisconsin. We will easily guide you through the loan process, providing you with whatever level of service you require. We offer Fixed Rate financing, No Pre-Payment Penalties, No Application Fees and we are Proud to be an Equal Housing Lender.

    We will provide the quickest Approval possible, sometimes within 15 minutes and let you know exactly the manufactured or mobile home loan we can offer. Then it’s up to you to make the decision. We are open from 7:00 AM – 7:00 PM PST, Monday thru Friday, and on Saturdays 8:00 AM – 3:00 PM PST. You can reach us toll free at (866) 967-0143. We also have “Live Help ” operators standing by 24/7. helping both existing and new customers get the answers to the questions they may have, all in real time. No waiting on email.

    WISCONSIN MOBILE HOME FINANCING

    Need Wisconsin Mobile Home Financing – Whether you are considering buying a Used Mobile Home or buying a New Manufactured Home, JCF Lending Group will find a mobile home loan that’s right for you. The type of Mobile Home loan received depends of several different factors. The Year of the Mobile Home and Current Value is a strong factor as is the Credit of the Applicant and the Monthly Income. We are also pleased to offer a free mobile purchase agreement along with Wisconsin State Titling Forms.

    Once your Wisconsin Mobile Home loan is Approved, the amount of the Down payment determines the Interest Rate offered. As an example, a 10 or 20 Percent Down will offer a Better Rate than 5 Percent Down. Our terms vary from 7 years to 25 years, depending on the program you choose. The best Wisconsin manufactured home financing rate can be obtained in most cases at a 15 year term.

    WISCONSIN MANUFACTURED HOME REFINANCING

    Need Wisconsin Manufactured Home Refinancing – By adjusting your current Interest Rate and the number of remaining loan payments, many things can be accomplished. Savings can be Great and long term savings even better. Reduced Monthly Payments and Thousands of Dollars of Savings are a few of the possible benefits of Manufactured Home Refinancing.

    If the Wisconsin Manufactured Home is in good condition and there is a sufficient amount of Equity in your home, additional programs such as an Equity Cash-Out and Debt Consolidation can be an option. Our Staff will quickly ascertain whether Wisconsin Mobile Home Refinancing will be beneficial.

    ABOUT JCF LENDING GROUP

    Headquartered in Las Vegas, Nevada, JCF Lending Group specializes in the financing and refinancing of mobile, modular and manufactured home mortgages in all counties throughout the State of Wisconsin. JCF is recognized as the first lender and/or originator to provide refinance loans for manufactured home owners living in mobile home parks and leased lot manufactured home communities in the Western United States. Prior to JCF, manufactured and potential mobile home owners could only rely on Two major sources of purchase financing, Green Tree and Security Pacific Bank, both high rate lenders treating mobile manufactured homes as high risk investments.

    JCF is a unique lender in that we only finance the manufactured, mobile, or modular home, not the land it sits on. The majority of our customers live in mobile home parks and leased lot manufactured home communities. We also provide financing to homeowners living in a manufactured home where the home is on leased, rented, family or owned land, where the home is considered personal property, not deeded to the land which is real property.

    JCF is also proud to offer our Star One Program, which means that a consumer can apply with JCF, be approved or declined and have their certified credit report sent either by fax or email to any other lender free of charge, keeping a consumers score from dropping due to excess inquires. Another aspect of this program is our low rate guarantee, we will match or beat any other lenders written offer on a comparable finance product. Finally, in the event that we are unable to assist an applicant, JCF will do the research to find out who can meet the customer(s) needs. Powerful reasons for both consumers and employees to put their trust in JCF lending Group, an Equal Opportunity Employer and Lender.

    You can also view state specific links below;


    Why should I refinance my home loan? Mortgage Choice


    #refinance home loan
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    Why refinance my home loan?

    Reasons to refinance

    Secure a better interest rate

    One of the key reasons home owners choose to refinance their loan is to secure a lower interest rate and reduce their monthly repayments. However, refinancing can come with some costs. so it’s essential to weigh up the savings of refinancing against the expense involved.

    Switch between variable/fixed rates

    If you’d prefer the certainty that repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Conversely, you may decide you’d like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.

    Access  equity in your home

    Your home is likely to be one of your most valuable assets, and by harnessing home equity you have the opportunity to build additional wealth or simply achieve personal goals. Find out more about accessing your home’s equity .

    Consolidate  debt

    Refinancing  your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you’re paying on multiple debts through the process of ‘debt consolidation’. It means folding several high interest debts into one lower rate debt – which could be your home loan  – and may reduce your total monthly repayments.

    However, it’s important to note that debt consolidation can come with some downsides. It can turn a short term debt like a personal loan into a long term debt (your mortgage), and that means paying interest on the balance for a much longer period which could cost you more in the long run. For debt consolidation to be truly cost effective, you need to commit to making additional repayments to pay off the enlarged loan as quickly as possible.

    Access  additional home loan features

    You may wish to explore a loan that includes:

    • Flexible repayments

    Making extra repayments at no additional cost to help pay off the loan sooner.

  • Repayment holiday
    A break from repayments or reduced repayments to cover career changes or breaks e.g.  maternity leave.
  • Offset account
    Having a savings or transaction account linked to your loan. The balance of the linked account is deducted from, or offset against, the balance of your loan when the monthly interest charge is calculated.
  • Redraw facility
    Enabling you to withdraw any additional repayments you have made on your loan. Handy if you need cash in an emergency.
  • Flexible rate options
    Dividing your rate between fixed and variable components, or even making interest-only payments for a period.
  • Loan portability

    The ability to take your loan with you when you move from one home to another without the expense and hassle of arranging a new loan.

  • Mortgage Choice broker tip


    What Is Home Equity? What can you Use it For?


    #home equity loan
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    What is Home Equity?

    By Justin Pritchard. Banking/Loans Expert

    Justin Pritchard helps consumers navigate the world of banking.

    Home equity is your share of the value of your home. It’s what you truly own and have an interest in. When calculating your net worth and getting a loan, home equity is important to understand. It’s not always easy to use home equity, but it’s still an asset.

    An Example

    Assume you bought a house for $200,000, made a 20% down payment. and got a loan to cover the rest. In this example, your home equity interest is 20% of the home’s value: the home is worth $200,000 and you contributed $40,000 – or 20%. You own the home, but you really only own $40,000 worth of it.

    It might be easier to think about home equity in terms of what you owe instead of what you’ve contributed. Prices change over time. You can figure out how much home equity you have by subtracting any money you owe from the home’s value.

    The home is worth $200,000, but you owe $160,000. The loan balance is 80% of your home’s value, so the remaining 20% is your home equity.

    Now assume your home’s value doubles (unlikely, but it’ll keep the numbers simple). If it’s worth $400,000 and you still only owe $160,000, you have a 60% equity stake. Your loan balance hasn’t changed, but your home equity increased.

    Building Home Equity

    As you repay your home loan, your home equity generally increases. With each monthly payment, you pay a little bit of interest and you reduce your loan balance.

    Continue Reading Below

    Over time, more and more goes towards your loan balance – increasing your home equity interest at an increasing rate.

    As the previous example showed, you can also increase equity if the value of your home increases.

    What is Home Equity Used For?

    Equity is an asset, so it’s a part of your total net worth. You can spend it someday if you need to. You might use it to buy your next home, to fund your retirement, or to pay for a child s education. It’s a large and important asset, so choose wisely.

    When you get a second mortgage, you borrow against your home’s equity (second mortgages are also known as home equity loans ). It’s nice to have a large pool of money to draw from, but home equity loans can be dangerous. Your home serves as collateral for these loans. If you can’t repay, your lender can potentially foreclose and you d lose your home.

    In the 2008 mortgage crisis, some people found that they relied too heavily on home equity: as equity increased, borrowers withdrew as much of it as they could in the form of cash. Unfortunately, equity from price appreciation can evaporate just as easily as it materializes. It s risky to scrape out as much as you can from your home s value.