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  #11 (permalink)  
Old 01-10-2008, 06:07 AM
Sanabanana Sanabanana is offline
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Default Re: Looking for a home loan

Quote:
Originally Posted by PPL View Post
How to Get That Dream Home Loan

Investing in a home of your own is a sound decision and can turn out to be your most valuable asset. It creates equity on your home, which gradually increases as payments are made against the mortgage. For example, if you have a loan of $200000 against your home, and in course of time the balance on the mortgage stands at $140000, the equity on the home is $60000.This will keep growing as continued payments are made against the mortgage. This equity can then be used as collateral for getting a home equity loan.

When money is required for special needs like education, to pay off debts, or for home improvement, a home equity loan might be an excellent way to cover the costs involved. However, it is generally best when you know exactly how much it is going to cost you. It can help you by providing capital in the form of a loan against the accrued value of your equity in your home while allowing you several years to pay it off. The period of repayment can be from 5 to 30 years, though usually it is for 15 years.

On the other hand, Home Equity Lines of Credit may be a better option for taking advantage of your home equity for short-term borrowing. This allows access to funds as and when needed, without the necessity of borrowing anything extra. It suits anyone requiring a large sum of money to take care of some immediate expense, like repairs to plumbing in the house, or some other expensive eventuality. You may need the money urgently, if you have the means to pay it off in a shorter period it will allow you access to further credit in the future, if required. However, it should be understood that Home Equity Lines Of Credit are usually close ended, which allow you to use the credit limit for just about 10 years. After which, any debt in the account is amortized and treated like a term debt, which then ends up as regular repayments of principal and interest to retire the debt.

The approval for lending is usually easy as the lender has collateral to cover the loan amount. Moreover, the value of the collateral keeps increasing with the efflux of time. Even then, a bad credit rating would have a negative impact upon the approval of the loan application. A good credit rating, in contrast, would allow qualification for a low rate home equity loan that can give you substantial saving over the life of the loan. Therefore, one of the things lenders look into, and rely heavily upon, is the credit history of the borrower, to determine the appropriate rate of interest.

The most important decision for the borrower in the whole process of getting a loan would be the selection of the best lender. Various lenders have different terms, and a careful selection of a lender who has terms that offer a low fee, low interest rates, along with other incentives, would help save thousands of dollars. Contacting various traditional banks, credit card unions and online companies would be a great way to start. You could also use the Internet to search for information about various home equity lenders available.

Once you’ve selected a few home equity lenders, it is advisable getting at least three different quotes, which would allow you to compare the different terms and conditions, interest rates and fees each one has on offer. Choosing the best one that suits your needs then becomes pretty straightforward.

So go ahead, explore the possibilities offered by obtaining a Home Equity Loan to take care of your money supply needs.

Happy hunting!
thanks for sharing... that was quiet helpful.
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  #12 (permalink)  
Old 05-26-2008, 10:50 AM
sahilmiddha sahilmiddha is offline
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Default Re: Looking for a home loan

i think you just concern to your nearest bank , they will give you the better suggestion.
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Old 05-26-2008, 12:22 PM
AllThingsPersonalFinance AllThingsPersonalFinance is offline
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Default Re: Looking for a home loan

I agree with sahilmiddha. Go to a small neighborhood bank or credit union first for a home loan. This is what they do. You've got how many small, 2-3 branch banks where you live?
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Old 05-26-2008, 05:23 PM
maat55 maat55 is offline
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Default Re: Looking for a home loan

Quote:
Originally Posted by PPL View Post
How to Get That Dream Home Loan

Investing in a home of your own is a sound decision and can turn out to be your most valuable asset. It creates equity on your home, which gradually increases as payments are made against the mortgage. For example, if you have a loan of $200000 against your home, and in course of time the balance on the mortgage stands at $140000, the equity on the home is $60000.This will keep growing as continued payments are made against the mortgage. This equity can then be used as collateral for getting a home equity loan.

When money is required for special needs like education, to pay off debts, or for home improvement, a home equity loan might be an excellent way to cover the costs involved. However, it is generally best when you know exactly how much it is going to cost you. It can help you by providing capital in the form of a loan against the accrued value of your equity in your home while allowing you several years to pay it off. The period of repayment can be from 5 to 30 years, though usually it is for 15 years.

On the other hand, Home Equity Lines of Credit may be a better option for taking advantage of your home equity for short-term borrowing. This allows access to funds as and when needed, without the necessity of borrowing anything extra. It suits anyone requiring a large sum of money to take care of some immediate expense, like repairs to plumbing in the house, or some other expensive eventuality. You may need the money urgently, if you have the means to pay it off in a shorter period it will allow you access to further credit in the future, if required. However, it should be understood that Home Equity Lines Of Credit are usually close ended, which allow you to use the credit limit for just about 10 years. After which, any debt in the account is amortized and treated like a term debt, which then ends up as regular repayments of principal and interest to retire the debt.

The approval for lending is usually easy as the lender has collateral to cover the loan amount. Moreover, the value of the collateral keeps increasing with the efflux of time. Even then, a bad credit rating would have a negative impact upon the approval of the loan application. A good credit rating, in contrast, would allow qualification for a low rate home equity loan that can give you substantial saving over the life of the loan. Therefore, one of the things lenders look into, and rely heavily upon, is the credit history of the borrower, to determine the appropriate rate of interest.

The most important decision for the borrower in the whole process of getting a loan would be the selection of the best lender. Various lenders have different terms, and a careful selection of a lender who has terms that offer a low fee, low interest rates, along with other incentives, would help save thousands of dollars. Contacting various traditional banks, credit card unions and online companies would be a great way to start. You could also use the Internet to search for information about various home equity lenders available.

Once you’ve selected a few home equity lenders, it is advisable getting at least three different quotes, which would allow you to compare the different terms and conditions, interest rates and fees each one has on offer. Choosing the best one that suits your needs then becomes pretty straightforward.

So go ahead, explore the possibilities offered by obtaining a Home Equity Loan to take care of your money supply needs.

Happy hunting!
There are only limitted cases where your home being your greatest asset is a good thing. In reality, your home is only a feel good asset and a liabillity.

You can minimize the liabillity by buying only what you can afford on no more than 25% of your take home pay and on a 15 year fixed note with 20% down payment. Buying on a 30 year note and using much of your disposable income, include paying PMI when not putting down 20%, leaves you with less to invest.

When you buy a home, it cost you interest, taxes, repairs, insurance etc. Add these up and you have less of an investment than you think. It's much better to have a little less house and invest at least 10% of your income. Don't think that writing off the interest is a big benefit when for every ten dollars you pay in interest, you only save about 2 to 3 in tax savings. I would rather keep the 10 and pay the 2.

The point is, build an nest egg and do not rely on your home and SS for retirement. Be very careful how much house you buy.
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Old 05-26-2008, 06:29 PM
spencer24 spencer24 is offline
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Default Re: Looking for a home loan

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Originally Posted by maat55 View Post
There are only limitted cases where your home being your greatest asset is a good thing. In reality, your home is only a feel good asset and a liabillity.
Completely agree - Your home is and it will always be a liability, because even after is fully paid off, you still have to pay taxes on it.
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  #16 (permalink)  
Old 05-26-2008, 09:56 PM
AllThingsPersonalFinance AllThingsPersonalFinance is offline
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Default Re: Looking for a home loan

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Originally Posted by spencer24 View Post
Completely agree - Your home is and it will always be a liability, because even after is fully paid off, you still have to pay taxes on it.
It is good to see people calling a principal residence a liability. It is. I am tired of hearing it referred to as an investment. Just because the value might increase doesn't mean that it is a true investment.

When you stop making payments on your house, it will not make its own payments. That is what an investment does.
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Old 05-27-2008, 01:35 AM
maat55 maat55 is offline
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Default Re: Looking for a home loan

Quote:
Originally Posted by AllThingsPersonalFinance View Post
It is good to see people calling a principal residence a liability. It is. I am tired of hearing it referred to as an investment. Just because the value might increase doesn't mean that it is a true investment.

When you stop making payments on your house, it will not make its own payments. That is what an investment does.

I hope more people start to learn this, too many people buy as much house as they can on 30 year notes and never invest enough in true profit yielding assets.
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Old 05-27-2008, 01:45 AM
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kelkat kelkat is offline
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Default Re: Looking for a home loan

Call me crazy, but if you don't have the down payment and you don't have the savings yet then you might be better off to wait on the loan. Rent for a few months (or a couple of years) while you build up your savings and set aside for your budget. By then everything else will be in place as well.
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Old 05-27-2008, 02:05 AM
maat55 maat55 is offline
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Default Re: Looking for a home loan

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Originally Posted by kelkat View Post
Call me crazy, but if you don't have the down payment and you don't have the savings yet then you might be better off to wait on the loan. Rent for a few months (or a couple of years) while you build up your savings and set aside for your budget. By then everything else will be in place as well.
True, many people think they are throwing away money when they rent, but so is paying interest, taxes and upkeep. Waiting a couple of years and building up a good down payment is a better investment than buying unprepaired by far.
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Old 10-04-2008, 01:19 PM
hloans80 hloans80 is offline
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Default Re: Looking for a home loan

Dear Sir,

I am a private lender based in UK. You can contact us for a loan, at reduced interest rates.

Individuals are guaranteed loans from us with sums between $2,000.00
and $20,000,000.00 to individuals or group, with a duration of not
later than 10 years and a grace period of 12 additional months.
Whether you're paying off credit card debt, remodeling your home, or
covering life's unexpected expenses, you can enjoy the flexibility
and
convenience of Homan Loans, unlike personal loans or other forms of
financing, the interest you pay may be tax-deductible. Ask your tax
advisor for details.
We work with independent consolidation loan brokers who search the
market for deals offered by leading UK finance specialists who are
owned by banks such as The Royal Bank of Scotland, HSBC, Lloyds TSB,
Bank Of America, and Royal Bank of Canada.

If you are interested in getting a loan from us, please do not hesitate to write us.

Thanks
Homan.
+44 702 402 5827
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