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Can You Get a Home Equity Loan Even If Your House Is Paid in Full? #motorcycle #loan


#get a loan
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Can You Get a Home Equity Loan Even If Your House Is Paid in Full?

Definition

A home equity loan is a mortgage that allows homeowners to access the equity in their home to obtain cash. Home equity is the market value of a home in excess of the amount owed on it. People who own the home outright have 100 percent equity and so qualify for home equity loans as long as they have adequate income to afford the monthly payments.

Significance

The significance of owning the home outright is that the debt-to-value ratio is zero. Lenders use debt-to-value ratios, or the comparison of the amount of debt to the current value of the home in determining which loans they approve. Usually, getting a loan with LTV values higher than 80 percent is difficult. Outright owners with good credit scores and adequate income are in good position to secure home equity loans.

Types

Benefits

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  • House Payment Chart #unsecured #loan


    #home payment calculator
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    House Payment Chart | House Payment Calculator | Home

    House Payment Calculator

    Welcome to the house payment calculator here at housepaymentchart.com. This calculator is very simple to use. It will figure out the monthly payment on your house or it will figure out any payment due on any common mortgage or loan. Yes, it can definitely be used to figure out the payment on a car loan as well.

    The monthly house payment calculator below will calculate the amount that will be due each month for your principal and interest due for that particular month. Of course, most monthly payments due on a mortgage will include an escrow amount the bank will withhold monthly so they can pay your property taxes and homeowners insurance.

    A fairly common amount to withhold is about $300 monthly. So, to be 100% accurate about what your monthly payment on a given mortgage would be, you will have to find out how much the bank will withhold monthly to go toward your homeowners insurance and your city or town’s property tax. If you don’t know what this number is, simply add 300 to the number calculated in the box marked Monthly House Payment.

    Alternately, you could find out how much taxes you will be paying per year on your home and how much homeowners insurance you will be paying per year and add these numbers together. Then you can divide this number by 12 and you will know how much money to add onto the number that will be calculated below in the Monthly House Payment box.

    There is one more calculation that is made by the House Payment Calculator. This number is shown in the box below the Monthly House Payment box. This shows the total amount that you will have paid if you have paid off your mortgage in full for the full term of the mortgage.

    In other words, if you take out a 30 year mortgage, the number shown in this box will show you how much all your monthly payments together add up to. Basically, this number shows how much money you’ve actually wasted in paying interest due. It will show you the importance of getting the lowest interest rate you can.

    The reason it will show you this is because you will quickly see that the difference between paying 7% on a mortgage and 5% on a mortgage could be hundred thousand dollars or so. Try it out; you may be very surprised!

    As we have stated before, this calculator is simple to use but there is one thing you must look out for. This is the number of payments box. Remember to put the number of payments you have left on your mortgage in this box. If you are gathering together information to see how much you will be paying monthly on a 30 year mortgage, remember to put 360 in this box instead of 30.

    Of course, a 15 year mortgage would be 180 payments and the number you would enter in this box for 20 year mortgage will be 240. The reason the calculator has been designed this way is so that anyone can figure out what the monthly payment is on the mortgage that is already started.

    For instance, if you’ve been paying your mortgage for 5 1/2 years you will have already paid 66 payments. Therefore, if this is a 30 year mortgage you will enter 294 in this box. This is because 294+66 equals 360.

    Amount of the mortgage

    (Please don’t include commas) $

    Yearly interest rate %

    Number of payments

    (For example; 360 = 30 years,

    240 = 20 years, 180 = 15 years.)


    House Affordability Calculators #consolidate #debt


    #house loan calculator
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    House Affordability Calculators

    How much house can I afford. That is questions that arise when people is planning to buy a new house. When people is looking for a house to buy, there two things regarding financial issues that they usually considered. The first one is the front payment which consist of down payment and closing cost, and the second one is the monthly mortgage payment. They consider these things because they have to see their personal financial situation either they have enough money to pay both payments.

    Usually they consult with their financial advisors or they just go the bank or financial institution to find out whether they can afford to buy a house based on their financial situation. This house affordability calculator will help you to get a rough figure about your affordability on buying a house. But, you have to remember that this is just a tool not a real reference.

    This spreadsheet consist of two worksheets. The first worksheet is a simple house affordability calculator that will calculate house price quickly based on your expected monthly payment. Just fill your targeted interest rate, loan payment period and expected monthly payment and the house price will be revealed with a help of excel built-in function.

    The second worksheet is a more detailed house affordability calculator, as you can see in the first picture, where you have to fill some detail information regarding your financial condition and your budget, your mortgage plan and your bank or financial institution qualification. And based on your inputs, this calculator will calculate the optimum house price based on the closest conditions you can achieve.

    Short description regarding each cells in this worksheet are as follows :

    Income and Debt Expenses

    Gross Monthly Income. Your gross income per month

    Monthly Debt Repayment. Your debt obligation that you have to pay monthly, for example your credit card loan, student loan, car loan etc.

    Down Payment and Closing Cost. I think you know what down payment means. And closing costs are any costs that arise in house transaction, like legal fee, administration fee, taxes etc

    Monthly Payment. This is your expected monthly mortgage payment

    Monthly Housing Costs. These are other housing costs in addition of your mortgage, like insurance, that you have to pay monthly along with paying your mortgage payment

    Mortgage Plan

    Interest Rate. This is your expected interest rate based on bank or financial institution interest rate

    Payment Period. This is the period  (in year) that you plan to payoff your mortgage

    Qualification

    Closing Costs. Check your bank or financial institution qualification for minimum closing costs. I put 5% from house price.

    Minimum Down Payment Required. Check your bank or financial institution qualification for minimum down payment needed.

    Maximum Debt Repayment Allowed. Check your bank or financial institution qualification for maximum percentage of debt repayment allowed from your gross income. The total of your debt repayment + house payment cannot exceed this number.

    Maximum Housing Expense Allowed (%). This number will limit the amount of your monthly expenses that has been budgeted for paying your monthly mortgage.

    After you finished filling the left part of this worksheet, you can see your affordable house price including the detail of down payment and closing cost needed along with allowable monthly payment.

    Use this tool as your rough reference only. You can adjust any numbers inside the worksheet to suit your budget, but always consult with your bank to get more clear information and calculation regarding your house financial issues.

    You can download the file here .


    How Do I Buy a House With No Down Payment and Bad Credit? #online #loan #application


    #loan bad credit
    #

    How Do I Buy a House With No Down Payment and Bad Credit?

    by M. Shayne Arcilla

    Homeownership is still possible with poor credit.

    Collect all documentation regarding your income and financial status. Your goal is to convince lenders that despite your poor credit history, you are now financially prepared to handle a mortgage. Prepare your most recent tax returns, pay stubs, bank statements and W-2s. Provide evidence of a stable and reliable employment record as well as a financial worksheet summarizing your monthly expenses. If you have any assets of value such as stock and bond investments, make sure to include those in your portfolio. Lenders will also want to know of any existing liabilities you may have, such as student loans and car payments. Doing your own background check by collecting your financial information will also help you analyze whether you have the capacity to afford a new mortgage.

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  • How Do I Manually Calculate House Payments? #federal #loan #consolidation


    #calculate loan payment
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    How Do I Manually Calculate House Payments?

    Write down the total amount of the mortgage as the variable “A.” For example, if the mortgage is $600,000, then write “A = 600,000.”

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  • Mortgage Prequalification Calculator: How Much House Can You Buy? #unsecured #loans #no #credit #check


    #mortgage loan calculator
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    Introduction

    What the calculator does.

    This calculator will calculate whether or not you would qualify for a home loan, and if so, how much of a home loan you might be qualifying for.

    The calculator also includes built-in mini-calculators for totaling up your gross income, monthly debt payments, and estimated homeowner’s insurance premiums.

    Finally, the calculated results includes one button to create a printer friendly report of the calculations, and another button to open an amortization schedule in a printer friendly window.

    If you would like to see how much house you can afford, versus what size mortgage you can qualify for, please visit the House Affordability Calculator. which includes a forecast of all home ownership costs.

    With that I invite you to use the Mortgage Prequalification Calculator to calculate whether or not you qualify for a home loan, and if so, just how large of a mortgage the lending institutions think you can afford.

    Instructions

    Enter your gross annual household income. Clicking the “i” icon will open a screen that contains a calculator for annualizing and totaling up to 5 income sources at once.


    VA Mortgage Benefits – Get A VA House Loan Today #land #loan


    #get a loan today
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    VA Mortgage Difference

    The home buying process can be confusing, but.

    A VAMortgage.com Agent can help determine your best options and explain what comes next. Call us at 1-888-775-1585 or Contact us online!

    Discover VA Mortgage Benefits Today

    There are dozens of VA Mortgage benefits that you can discover right here. VAMortgage.com is a loan service that is designed by veterans for veterans and is committed to helping you understand and take full advantage of your GI benefits.

    Our home loan specialists, many of whom are veterans themselves, know the benefits system and related paperwork requirements so your VA mortgage loan can be approved in less time.

    Click on the links below to learn more about the VA mortgage benefits we offer and how they can help you.

    Are you ready to begin your journey toward becoming a homeowner? Click here to apply for a VA house loan today!

    Customer Testimonials

    Want to learn more about VA Mortgage benefits? Find out what our customers have to say in their own words.

    Our Service Approach

    Our Military Experience

    One of the VA Mortgage benefits is our ability to understand the military community and the unique needs of its service members and veterans. Don’t let your VA house loan fall into the hands of someone who is not trained to a higher standard.

    Get In Touch Today

    Your home is often the biggest purchase you’ll ever make. That’s why you need to make sure you have all the information you need to make the best decision possible.

    Here at VAMortgage.com, we’re committed to giving military veterans and active duty service members the VA Mortgage benefits they deserve. Our VA mortgage program was developed by veterans and carried out by specialists who are committed to giving service members and their families the benefits they deserve. So, if you’re ready to speak to a VA home loan specialist that you can trust to get you started on your journey toward buying a home or refinancing your mortgage then get in touch with us today.

    If you would like to learn more, feel free to give us a call at 888-775-1585  and we’ll be happy to answer any questions you may have—whether they’re about how to get approved for VA mortgage benefits, how to find your VA file number, what you need to know for VA jumbo loan, or anything else..

    If you want to get the process started right away, you can fill out the VA loan pre-application form online to learn what you qualify for.


    Mortgage protection insurance can save a house – and more #housing #loan


    #loan protection insurance
    #

    Mortgage protection insurance can save a house — and more

    Last Updated: September 25th, 2015

    Taking out a mortgage can be a scary prospect. Now imagine if one of the household’s breadwinners dies. How will you make the payments?

    Mortgage protection insurance covers this potential financial disaster. You can purchase a policy when you first buy your home. Often you must buy it within a certain time period after closing escrow, generally up to 13 or 24 months. However, some companies may allow up to as much as five years.

    The idea behind mortgage protection insurance is straightforward: You pay a premium, which remains the same for the duration of the policy. If you die during that time, the insurance pays out your death benefit.

    “Mortgage protection insurance is a life insurance program that gives you special benefits because you have a mortgage,” says Andy Albright, president and CEO of National Agents Alliance, the largest mortgage insurance broker in the nation.

    The type of “death benefit” you receive depends on the type of policy you purchase. Mortgage protection insurance has evolved, Albright says. In the old days, your death benefit would be the outstanding balance on your mortgage. But today, most mortgage insurance policies are designed to pay out the full amount of your original mortgage, no matter how much you owe. For example, let’s say your mortgage was $100,000 at the time you purchased your 30-year policy. If you die 10 years later, your insurer will still cut your beneficiary a check for $100,000 even if you now owe $67,000 on the home.

    The beneficiary can use the money for anything to pay off the mortgage in one lump sum, make car payments or put the money in the bank.

    If you pay off your mortgage early, you keep the coverage until the term of your policy expires. Some insurers will allow you to turn that mortgage insurance into a life insurance policy, Albright says.

    How mortgage insurance is priced

    Insurance companies consider things like your age, if you smoke and the principal amount of the mortgage (many insurers do not count smoking cigars or dipping tobacco). Also, you may not need to take a physical exam to buy mortgage protection insurance, depending on the insurer.

    “It opens the window to get life insurance without having to jump through all the hoops,” Albright says.

    The national average for a mortgage amount is $120,000, Albright says. Assuming that’s your mortgage, you would pay roughly $50 a month for a bare minimum policy. If you want to add riders (such as “return of premium” or living benefits), you may pay around $150 a month. Out of roughly 70 million homeowners in America, only about 2 percent have mortgage insurance, Albright says.

    Some insurance companies may require your policy be reissued if you refinance your mortgage, but it’s not the norm, Albright says. That would probably be the case if you bought a policy that pays out only the balance left on your mortgage.

    You may also purchase mortgage protection insurance that provides joint coverage for both you and your spouse. This means the death benefit will be paid when either of you dies. The premium for such joint coverage may be lower than what you’d pay for two individual term life insurance policies.

    Alternatives to mortgage protection insurance

    Term life or permanent life insurance are alternatives to mortgage insurance. While most mortgage protection insurance policies today are similar to term life policies because the death benefit could be used to pay the mortgage, funeral expenses, education costs or anything else, you can purchase larger amounts of life insurance. With mortgage insurance protection, your death benefit will likely be capped at your initial mortgage amount. (You may be able to purchase more, up to 20 percent of your mortgage amount.)

    The advantage to purchasing mortgage protection insurance is that it may be cheaper than life insurance and you may not be required to undergo a medical exam.

    Don’t confuse mortgage insurance with PMI

    If you’ve purchased a home with less than 20 percent down, your lender probably required you to purchase “private mortgage insurance,” or PMI.

    While mortgage protection insurance will pay off your loan when you die, PMI is intended to cover a portion of your loan if you default and the benefit is paid to your lender, not your family. PMI is designed to reduce the risk faced by lenders. PMI might make it easier for you to get a mortgage, but you need another form of life insurance to guarantee your loan can be paid off should you die.


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    RBA Cash rate changes in past 5 years:

    What is best fixed rate home loan ?

    Bank offer very lower rate on introductory interest rate to sign up new clients to their home loans. But if client does not have any historical record about their usual interest rates, that means they are signing up for something very expensive without any prior knowledge.

    To select the best fixed rate home loan, we need to understand the current market situation in term of reserve bank cash rate. If the cash rate is at usual state, or lower than usual state, it means it is risk free to take a fixed rate home loan. Some times when the cash rate remains too low, at that period of time variable rates from banks become lower than previous years fixed rate, or a fixed rate from year before. As a result it is lower in risk factors to take home loan at maximum of 3 years fixed rate. In most cases difference between total savings in 3 years on interest from a 3 years fixed rate home loan with total savings on interest from a 5 years fixed rate home loan is insignificant.

    Considering above it is lower in risk to have maximum 3 years fixed rate home loan to have best benefit on interest. And it is better not to have a fixed rate home loan when cash rate is at pick stage and it is obvious the cash rate will be reduced by next year or so.

    Click here to find current home loan interest rate offers.

    What portion of home loan should be on 3 years fixed rate home loan ?


    House to Vote on Student Loans Today


    #loans today
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    House to Vote on Student Loans Today

    Later today, the House will vote on legislation to ensure millions of student loan borrowers won’t see their rates double in July.  Not only that, the bill will put in place a long-term solution that gets Washington out of the business of setting interest rates.  The Smarter Solutions for Students Act (H.R. 1911) is a win-win for both students and taxpayers and it’s part of Republicans’ Plan for Economic Growth and Jobs .

    To preview today’s vote, the bill’s authors, Education the Workforce Committee Chairman Rep. John Kline (R-MN) and Rep. Virginia Foxx (R-NC) have an op-ed in The Washington Times .  Here are a few key excerpts:

    • A plan that provides fairness for students: “By tying rates to the market, the Smarter  Solutions for Students Act sets a predictable formula for interest-rate calculations, insulated from the politics and posturing of Washington.  Additionally, we protect students from high interest-rate environments by imposing a fair and reasonable cap.
    • A plan that puts an end to quick fixes:   “It will put an end to the quick fixes and campaign promises that have failed to strengthen our nation’s student-loan system. Our proposal offers predictability, simplicity and the flexibility to take advantage of low interest rates whenever possible.  In fact, should this legislation be enacted this summer, most student-loan borrowers will see their interest rates drop as much as 2 percentage points.   It’s a win for students, and a win for taxpayers.”
    • A plan based on bipartisan agreement: “Students deserve a long-term solution that gets Washington out of the business of setting student-loan interest rates. Fortunately, President Obama agrees.  In his budget for the next fiscal year, the president offered a plan to tie rates to the free market.

    That’s why, Chairman Kline and Rep. Foxx write, “we hope the administration and our colleagues in the House and Senate will stand by the president’s proposal and help us move the Smarter Solutions for Students Act swiftly through Congress and onto his desk.”

    The Smarter Solutions for Students Act is all about making life work for families and expanding educational opportunities – key parts of Republicans’ Plan for Economic Growth and Jobs .  Visit gop.gov/jobs to learn more.