If you are a homeowner in need of a home equity loan but you have not yet built up any equity in your home, don't despair. A 125 percent equity home loan may be the answer.
A 125 percent equity home loan is a second mortgage loan that allows you to borrow up to 25% more than the value of your home. For example, if your home is worth $100,000 and you owe $100,000 on the mortgage, this loan program would allow you to still borrow up to $25,000.
More Helpful Links
125% Home Equity Loans
Borrowing up to 25% over the value of your home.
This article tells you all about 125% Home Equity Loans and how they are a great home improvement loan option for people who have not yet built up any equity in their home. A 125% equity home loan is a second mortgage loan that allows you to borrow up to 25% more than the value of your home. Learn where and how you can get 125% Home Equity Loans for renovations and remodeling. Generally you must have a certain credit score to qualify for the loan. Most equity lenders do not require a property appraisal to determine the property value, they will instead use the purchase price of your home as the value.
» VIEW FULL ARTICLE, VIDEO or PHOTOS
125% Equity Home Loans
The 125 percent equity home loan is offered by various online lenders. Each lender has their own qualification and loan term guidelines but generally this is a credit score driven loan program. Credit score driven means that you have to have a certain credit score to qualify for the loan. In addition, your credit score usually determines the maximum loan amount you may qualify for and the maximum cash in hand you may receive. Also, some 125 percent equity home loan lenders may require seasoning on the length of time you have lived in your home. Three months is normally the minimum.
When it comes to a property appraisal, most 125 percent home equity loan lenders do not require you to obtain one. They generally will use the purchase price of your home as the value if you have lived in your residence for 12 months or less. If you have lived in your home over 12 months, a recent tax assessment, simple drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated assessment of your home's value which is based on recent home sales of comparable houses in your neighborhood.
For more information on 125% home equity loans, or to compare rates and programs of 125% home equity loan lenders visit http://www.equityloansource.com
When it comes to a property appraisal, most 125 percent home equity loan lenders do not require you to obtain one. They generally will use the purchase price of your home as the value if you have lived in your residence for 12 months or less. If you have lived in your home over 12 months, a recent tax assessment, simple drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated assessment of your home's value which is based on recent home sales of comparable houses in your neighborhood.
For more information on 125% home equity loans, or to compare rates and programs of 125% home equity loan lenders visit http://www.equityloansource.com
[ ARTICLE CREDITS ]
Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com
Other Remodeling Items:
Related Articles & Tags:
125% Equity Home Loans:
Leave Your Comments / Read Others (0):
Here at RemodelingMySpace.com we offer an easy way of obtaining information on any remodeling project for your home - and we’re accessible 24/7/365.
Your home is your biggest asset, and it needs constant maintenance and upkeep in order to retain or increase its real estate value. You’ll need to repair or remodel your home at some point, so why not browse the vast resources available here for both US and Canada, including contractors who are the most experienced in all facets of home repair, remodeling and maintenance. We have a HUGE list of skilled and qualified contractors that are located near you. Our selected local contractors have expertise in all project types and repairs including installation of floors, basement remodeling, bathroom renovations, roof repairs, kitchen cabinet installation and more.
If you prefer to do the work yourself we offer a huge assortment of do-it-yourself how-to articles that will assist you in completing your project properly and will help generate new ideas that you may not have considered.
We are here for all your remodeling project needs, and most resources we offer are available at no cost to you. If financing is what you require, we also have a listing of home loan and mortgage refinance companies that will assist you in completing your home improvement plans.
Contractor Finder
Helpful Links
Cost Estimate Tool
Our free, easy-to-use cost estimator tool will help you estimate the cost of a wide range of home remodeling projects. See your costs locally based!No forms. No fee. Just easy, NOW.
» Go To Cost Estimator Tool NOW
Google Search & Find
Contractor Stories?
Been duped by a shady contractor?
We need your stories!
Share your stories & complaints.
Share testimonials & recommendations.
We need your stories!
Share your stories & complaints.
Share testimonials & recommendations.
