Welcome to Home Equity Loans
No Doc Home Equity Loan Article
This is a selection made from among articles on No Doc Home Equity Loan. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Be Prepared With Your Home Equity Loan Checklist
By Tim Gorman
A home equity loan can be an excellent way to obtain money in order to pay off high interest bills or consolidate your current debt into one monthly payment. A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. Additional benefits include a nice tax advantage and the possibility of an overall lower monthly payment. However before you decide that a home equity loan is right for you make sure you do your homework.
Not all online lenders of home equity loans are the same which means there are ample opportunities to save a few more of your hard earned dollars.
The biggest obstacle to overcome is deciding on the appropriate online loan lender. Make the wrong choice here and it could come back to haunt you in the form of higher payments. I have compiled a small list of items to check for when searching for the best online loan lender. One item to be on the look out for is the annual percentage rate or (APR) as it’s commonly known. This is the cost of credit on a yearly basis expressed as a percentage. This cost is based on the interest rate alone and will not take into effect other fees and charges such as closing costs.
Most home equity loans or lines of credit revolve around variable interest rates. In many cases lenders entice consumers with an offer to temporarily discount interest rate for home equity lines. This rate is unusually low and may last for only an introductory period, such as 6 months.
Typical information that a loan officer will ask you to provide include a checklist for "Full Document" loan approvals, 1 month of pay stubs from your employer, the previous 2 years worth of W2 forms, a mortgage coupon or copy of your monthly mortgage statement, your homeowners insurance policy information, the mortgage note on your current mortgage, your drivers license and social security card. Having these items handy will help speed up the loan approval process.
Remember those pesky closing costs when you first bought your house? Well there back in force when you apply for a home equity loan. They include but are not limited to the following: Up-front charges, such as one or more points (one point equals 1 percent of the credit limit), application fees, appraisal fees and closing costs, including fees for attorneys, title search, and mortgage preparation and filing; property and title insurance; and taxes.
Once recommendation before applying for a loan would be to have a plan in place describing how you intend to pay the loan back. Some plans set minimum payments that cover a portion of the principal plus accrued interest. Other plans may allow payment of interest alone during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will owe that amount when the plan ends. You’ll need to be aware of the possibility of a balloon payment. This means whatever your payment arrangements during the life of the plan--whether you pay some, a little, or none of the principal amount of the loan--when the plan ends you may have to pay the entire balance owed, all at once. Failure to complete the loan arrangement by making the balloon payment could result in the forfeiture of your house.
Finally the federal Truth in Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened.
These simple guidelines were meant to provide you some additional information with the hopes of making you more comfortable and aware of the issues involved when applying for a home equity loan.
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com. He provides more free loan information that you can research in your pajamas and money saving loan quotes on all of your loan needs to include home equity loan information.
Other websites operated by Tim
Cellular-Phone-Solutions.com - Free information and resources regarding cell phones and cell phone plans.
Best-Free-Insurance-Quotes.com. - Provides free insurance information and offers discount home, life and auto insurance.
Article Source: http://EzineArticles.com/?expert=Tim_Gorman
http://EzineArticles.com/?Be-Prepared-With-Your-Home-Equity-Loan-Checklist&id=12550
No Doc Home Equity Loan Specific links
Bad Credit Need Help?
- Good Bad or No Credit 99% approved. Debt Freedom in 5 minutes. We can help call today.
-- http://www.financeallonline.com/
No Doc Home Equity Loan
- Looking for No Doc Home Equity Loan?
-- http://www.shopica.org/
Blinkx Video Search
- World's largest video search engine. Over 26 million hours of video.
-- http://www.blinkx.com/
My Best Friend is My Penis: Ep 3
- Jon learns the hard way that sometimes three's a crowd. Watch the third episode on Atom.com
-- http://www.atom.com/
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
No Doc Home Equity Loan News
More HOPE? - Seattle Post Intelligencer
More HOPE? Seattle Post Intelligencer - The biggest change may be an increase in allowed loan amounts from 90 to 96.5 percent of a home's value in some cases, meaning lenders have to write off ... |
Are you an idiot to keep paying your mortgage? - Scripps News
Are you an idiot to keep paying your mortgage? Scripps News, DC - If you took out a home-equity loan or did a cash-out refinance to buy a car, you'll still owe tax on that debt if it is canceled. For state income taxes, ... |
Bankers will decide Babcock & Brown's fate - NEWS.com.au
Bankers will decide Babcock & Brown's fate NEWS.com.au, Australia - Commonwealth will also require more evidence of income before giving anyone a low-doc loan, with a loan value ratio above 60 per cent. ... |
All right, welcome, everybody. I am Neil Cavuto. And this is your ... - FOXNews
All right, welcome, everybody. I am Neil Cavuto. And this is your ... FOXNews - CAVUTO: ... that, if you don't read your loan documentation, if you don't know adjustable rates go up as well as down... CAVUTO: ... why should we, ... |
Housing Legislation Will Affect Investors in Mortgage-Backed ... - International Law Office
 Seattle Post Intelligencer | Housing Legislation Will Affect Investors in Mortgage-Backed ... International Law Office, UK - The uniform loan limit that the FHA may guarantee for a home equity conversion mortgage loan will increase to the GSE loan limit. ... Statement of FHFA Director James B. Lockhart |
Home equity is gone for many mortgage holders - Seattle Times
Home equity is gone for many mortgage holders Seattle Times, United States - It also reveals that almost a quarter of all US mortgage holders are in danger of having no home equity — because they bought recently with little or no ... |
Ex-Agriprocessors CEO seeks release on bond - Gazette Online
Ex-Agriprocessors CEO seeks release on bond Gazette Online, IA - As accounts receivable, they were collateral for more borrowing under a $35 million loan agreement Agriprocessors had struck. As a result, the deception let ... |
PAM DZAMA: We Can't Afford the Bailout Mentality - Kitsap Sun
PAM DZAMA: We Can't Afford the Bailout Mentality Kitsap Sun, United States - While the banks shouldn't have approved loans without documentation of the buyers' ability to pay, buyers shouldn't have expected to purchase houses with ... |
Loans reach new depths - Sydney Morning Herald
 Sydney Morning Herald | Loans reach new depths Sydney Morning Herald, Australia - In September, the low-doc loan was officially pronounced "dead", by none other than Aussie Home Loans founder John Symond. But, as usual, rumours of the ... |
Street of risk and loss - San Diego Union Tribune
Street of risk and loss San Diego Union Tribune, United States - Alvarez gave up on a failed business venture installing home theater equipment and is now a loan officer. “I help my people, Mexican people, and explain to ... |