Wells Fargo tightens home loan rulesBizjournals.com, NC - 3 hours agoWells Fargo & Co. has raised the credit requirements for people seeking some types of home loans, the company confirmed Friday. The San Francisco-based bank …Wells Fargo tightens home loan policies Los Angeles TimesBanks Continue to Stuff Loan Cushions TheStreet.comall 66 news articlesRead full story ... (Read More)
RTT NewsJumbo loans still hard to getSeattle Post Intelligencer - 3 hours agoBy HOLDEN LEWIS Higher loan limits, set early this year by the federal government as part of an economic stimulus package, were supposed to make jumbo loans …Interest rates falling on jumbo loans San Jose Mercury NewsFannie Mae to Drop Down Payment Rules in Worst Areas (Update3) BloombergFannie Mae cuts mortgage down payments USA TodayBizjournals.com - CNNMoney.comall 89 news articlesRead full story ... (Read More)
If you invest in real estate, you need cash to buy houses. Even if you have a full bank account and great credit, you’ll eventually run short on funds - or short on time to obtain a loan - for the next deal. Private lending is the answer. It is a bottomless pool of readily accessible funds: whether you have great credit or poor; whether you have cash reserves or not. “Private Lending” refers to the process of borrowing real estate investment funds from private individuals at rates higher than these lenders can normally achieve in the marketplace. The attraction of private len... (Read More)
Borrowing money has become more and more popular in the UK over recent years, and this is partly due to the fact that it has become far easier to borrow money. The rising popularity of consumer finance has also been aided by the wide variety of deals and the low interest rates available these days. Secured loans have become very popular with those that own property, and this type of finance deal offers affordability and excellent value for money. Secured loans are available from a wide pool of lenders, which means that consumers have plenty of choice when it comes to selecting and applying for... (Read More)
Laws have been created to protect people against “Loan Shark” practices in which short-term loans are given out at excessive interest rates. There is an industry that has come of age the last couple of years that has circumvented these laws. Enter the Payday loan industry. Payday loans is a some-what new multi-billion dollar industry in which people borrow money to tithe them over until their next payday. These loans also go by the names cash advance loans and paycheck loans. They prey on the lower class that find themselves short of money before a payday. The one thing to consider... (Read More)
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan prog... (Read More)
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender’s lien, hence the term second mortgage. A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject. A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan prog... (Read More)
A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document income. The majority of borrowers with hard to document income are either self-employed or commission based employees. Consumers who fall under these categories may have high income but have a lot of business related deductions that they write off on their taxes. This is good on the one hand as it reduces the taxable income and thus the amount of taxe... (Read More)
Interest rates have been at their lowest levels in over 40 years. U.S. consumers have been able to purchase previously unaffordable homes, cars and other toys. Many have used cheap home equity loans to remodel, take vacations and pay off credit cards. Students have taken advantage of the rock-bottom student loan rates. But, interest rates look to be headed up. Recently, Alan Greenspan and the Federal Reserve escalated the Fed funds rate from 1% to 1.25%. So, what does that mean to you and me? The increase in rates is important if you have variable (not fixed) loans. For example, if you have ad... (Read More)
