Archive for the 'Home Equity Loan' Category

Meeting your financial goals with a home equity loan

Back in the days of rapidly rising home values and easy credit, some homeowners used their home equity like an ATM, using the value built up in their home to pay for a nicer car or to take a vacation. Mortgage lenders were often willing to approve home loans for bad credit borrowers as much as 100 percent or more of their home's value, but once the housing crisis hit, lenders changed in several ways: Today, lenders require better credit profiles from homeowners, complete documentation of income and assets, and are typically willing to loan only up to a maximum of 90 percent combined loan-to-value for a first and second mortgage.

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Is your credit good enough for a home-equity loan?

At the height of the housing boom, mortgage lenders willingly approved home-equity loans and home-equity lines of credit to homeowners regardless of whether they needed bad-credit loans because of the universal confidence that home prices would continue to rise forever. After the housing debacle, as lenders and homeowners watched home values plummet, lending standards became much less lenient. Today, even bad credit mortgage lenders rarely approve a home-equity loan unless the borrowers have 20 percent or more in home equity. In addition, you will need to prove you can repay the loan by providing detailed financial information and your credit history.

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Home-equity solution for debt

The recession hurt consumers in a wide variety of ways, so if you took on extra credit-card debt while earning less money, you're not alone. Even if you just have some lingering credit-card debt from pre-recession days, you may want to consider the benefits of a home-equity loan for debt consolidation.

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Self-employed and have bad credit? Getting a loan with no credit check

If you have bad credit, home equity loans for improvements, debt consolidation and other financial needs have been pretty much off the table in recent years. The bailout of the U.S. banking industry didn't extend to struggling small business owners.

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Should mortgage lenders be required to have college degrees?

I was reading a blog post today in which the merit of requiring real estate agents to have college degrees was hotly debated. It got me thinking about the value of a similar requirement in the mortgage lending industry. When you analyze the sub-prime lending crisis and the bad credit mortgages that were provided to people who probably should not have become homeowners, it's clear that the source of the problem was not (just) an insufficiency of ethics but often of training. That's the problem with fields being too easy to enter when business is good -- everyone stampedes in and the rotten eggs give the whole profession a stinky reputation.

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Seniors with debts: Reverse mortgage or bankruptcy?

According to a survey by CESI Debt Solutions in Raleigh, N.C., nearly 40 percent of all seniors say they have accumulated debt in their retirement years that they won't be able to pay off during their lifetimes. The heirs will have to deal with it, and depending on the state you live ...

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The Fed's Decision Won't Change Mortgage Rates

The Federal Open market Committee, which famously meets periodically to talk about the economy and interest rates, is having a meeting today and tomorrow. And it may decide to "raise" interest rates. But does that mean mortgage rates will go up as a result? Nope. In fact, you could argue that the fed affects long-term ...

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