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.
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125% Equity Home Loans
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.
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
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Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com
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