|
|
|
Cheap Equity Loans
Since the slump in house prices during the early-to-mid 1990s,
millions of UK homeowners have seen the value of their property
rise by considerable amounts. This has made many a UK homeowner
equity rich and, on paper, very wealthy. But, with all...
FHA Home Loan and FHA Home Loans
FHA home loans have basic requirements that must be met before qualifying for an FHA loan. FHA home loan requirements are standards that allow first time homebuyers the opportunities to meet mortgage qualifications. FHA home loans are easier to...
Finding Fast Online Loans
Fast online loans can be a godsend… the money that you need delivered to you when you need it. Unfortunately, it can sometimes be difficult to find fast online loans, especially for those individuals who have less than perfect credit.
Of course, a...
Getting Better Looks with Cosmetic Surgery Loans
Looking good makes one feel good and confident. Many times the birth defects, stressful life and aging leave their marks on our bodies, which require correction. Many people feel that a little aesthetic improvement in their face and body will help...
Interest Only Home Loans
When choosing home loans home buyers are presented with a choice of borrowing formats. They can either select repayment home loans or interest only home loans. Repayment home loans involve the home owner making monthly repayments where the amount...
|
|
| |
|
|
|
|
|
|
Second Mortgage Loans
Second Mortgage Loans
While business loans may be beneficial for some businesses,
there are other options available. If you are a home owner as
well as a business owner, and find the need for a loan for
business purchases or expansion is in your horizon, consider a
second mortgage loan
Advantages of Second Mortgage Loans for Business
- The interest rate on a second mortgage loan may be tax
deductible. Often, the interest from a second mortgage loan can
be deducted each year through itemization on federal income tax
forms, and this may also carry over onto state income taxes,
depending on the state in which you reside. Consult with your
financial institution and tax preparation person or agency to
verify.
- The money may be readily available with a second mortgage
loan. Especially if your credit rating is good, and even if it's
not, the money is certain to be there to borrow provided you
have equity in the home. Since home and property values continue
to increase annually, it would be a rare instance for equity not
to be available, especially if you have not recently borrowed
against the home.
Secured loans, such as a second mortgage loan, are generally
easier to obtain than a signature loan or a business loan, both
of which can also offer a higher interest rate. Borrowing money
against your home assures the financial institution that if the
loan is not paid, they will have something to fall back on,
namely, your house.
Disadvantages of Second Mortgage Loans for Business
- The interest rate on a second mortgage loan is generally
higher than on a first mortgage. Interest rates may vary, so
consult with your financial institution to learn about current
rates for a second mortgage loan. Rates will also vary according
to your credit rating. If credit scores are high, interest rates
will be lower. Lower credit scores will mean that a higher
interest rate will be effective for your second mortgage loan.
- Closing on a second mortgage loan may be a time-consuming
process. It's safe to estimate that obtaining money from a
second mortgage loan can take one to two months, even if your
credit rating is good. In order to
get a second mortgage loan,
there are a few steps involved that must be completed before the
check can be cut.
First, preapproval must be completed to get a second mortgage
loan. A second mortgage loan requires a full home loan
application, which is generally several pages long. Upon
receiving the second mortgage application, the financial
institution will issue preapproval for the second mortgage loan,
and will require the home be appraised by a certified home
appraiser.
An appointment with an appraiser will be set, and the appraiser
will visit your home, take measurements of rooms, the property,
and the outside of the home, and may also take photographs. The
appraisal may take an estimated five to ten business days to
compile, and will include detailed information about the home in
an appraisal report. It is then submitted to the financial
institution. At that point, the loan can be approved for the
amount of equity in the home, or if less money is needed, the
loan will be written for the amount you've requested. Loan
papers can then be generated, which can take several more days,
and closing on the second mortgage loan will be completed when
all has been completed.
A second mortgage loan, depending on credit scores, can be
written for up to 100 percent of the current value of the home,
with consideration for the first mortgage as well. In some
instances, a second mortgage loan can be issued for more than
100 percent of the home's value.
The most important thing to remember with a second mortgage
loan is to stay current on payments. Like a first mortgage,
credit ratings are deeply affected if payments are not made in a
timely manner. This can affect your ability to obtain credit in
the future, and can jeopardize your home ownership. All factors
need to be carefully weighed prior to signing for a second
mortgage loan or any other type of loan.
About the author:
Rebecca Game is the founder of Digital Women ®, an online
community for women in business. A 30 year entrepreneur and
dedicated to helping other women. Visit her site: Loans for
Women
http://loans.digital-women.com
|
|
|
|
|
| Cheap Loans | car, personal & secured homeowner loans ... |
| Compare over 400 UK personal (unsecured) and secured homeowner loans, including car loans, to find the cheapest deals... |
| www.moneysupermarket.com |
|
| E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ... |
| E-LOAN offers home mortgage, refinance, home equity loans, lines of credit, auto and motorcycle loans, savings accounts and CDs with great rates online. |
| www.eloan.com |
|
| Loan Center - Yahoo! Finance - News, Education, Daily Rates and ... |
| Loan Center - The Yahoo! Finance Loan Center provides useful tips, calculators, and rate data to help you choose an auto loan, mortgage, or personal loan ... |
| loans.yahoo.com |
|
| FREE LOANS QUOTE - the customers champion. Finding you the right ... |
| COMPARE! Let us get you a loans quote with minimal fuss. We're the UK specialists. |
| www.moneyweb.co.uk |
|
| Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
| Offers consumer loans for any purpose in the United Kingdom. |
| www.loans.co.uk |
|
| FinAid | Student Loans |
| An education loan is a form of financial aid that must be repaid, with interest. ... The interest rate on the Stafford Loan for new loans first disbursed ... |
| www.finaid.org |
|
| GovLoans.gov - Find the Right Loan for You |
| GovLoans is a partnership of many Federal agencies and organizations with a shared vision - to provide improved, personalized access to government loan ... |
| www.govloans.gov |
|
| Loan - Wikipedia, the free encyclopedia |
| Bank loans and credit are one way to increase the money supply. ... Abuse in the granting of loans is known as predatory lending. ... |
| en.wikipedia.org |
|
| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
| Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
| www.quickenloans.com |
|
| Mortgage Loans - Compare Mortgage Rates - MSN Money |
| Get a mortgage loan that’s right for you. Compare mortgage loan rates of top lenders. |
| moneycentral.msn.com |
|
| The Student Loans Company Ltd. |
| Provides details of the Student Loans system which is part of the Government's financial support package for students. |
| www.slc.co.uk |
|
| Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan ... |
| Apply online for federal and private student loans, consolidate student loans; financial aid and scholarship information for college, graduate school and ... |
| www.salliemae.com |
|
| Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
| This page provides content and information related to the Loan Guaranty Home Loan Program. |
| www.homeloans.va.gov |
|
| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
| Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
| www.fool.co.uk |
|
| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
| Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
| www.lendingtree.com |
|
| Direct Loan Home Page |
| The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
| www.ed.gov |
|
| Personal, home equity loans for union members at Union Plus |
| Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
| www.unionplus.org |
|
| Countrywide Financial - Home Loans - Equity Loan Mortgages ... |
| Countrywide Home Loans is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other ... |
| my.countrywide.com |
|
| Secured Loans UK - Secured Personal Loans - accepted.co.uk |
| We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
| www.accepted.co.uk |
|
| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
| www.ukpersonalloanstore.co.uk |
|
|