125% Home Equity Loans

You face major expenses when you pay your son’s college tuition or maybe it’s your daughter’s car payment and you consider taking a new loan to get through these big payments. However, what is available to you are expensive loans or credit options that will in the long run hit you hard. Before you lose heart... There are cheaper alternatives.

Mortgage refinancing is the cheapest form of borrowing available and it's even better when it’s a home equity loan.

Home equity loan lets you borrow on the equity you have in your home.

Equity is nothing but the difference between the current market value of the property and the amount you still owe on the mortgage. In simpler terms equity is the amount, if any, you would receive after selling a property and paying off the mortgage.

But what if you have not yet built up any equity in your loan? The loan providers have come with options for this situation too. Your option is a 125% home equity loan.

Your lender will first value your home and come with latest value and then will look at your current mortgage value and the amount you still owe on it.

I can explain 125% home equity loan better with an example – If the appraised value of your home is $100,000 the lender will go up to 125% of the appraised value and is prepared to offer up to $125,000 on your home.  So, if you still owe $60,000 from your first mortgage then that is deducted from the total probable loan amount giving ($125,000-$60,000) which is $65000 - the maximum amount you can get through the new loan.

Lenders offering 125%home equity loan can also decide on the amount by looking at your credit score. Others might be interested in how long you have lived in the home as a factor and the minimum requirement is 3 months. It’s the best form of borrowing, in my opinion, especially when you have major expenses.

Comments

[mike]

yes.., The main goal when refinancing is to secure a new mortgage with better terms and a lower interest rate than your old mortgage.
fixed interest mortgages are more flexible compared to adjustable-rate mortgages.
http://www.mortgagerefinancing.com/

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