http://www.loan.com/home-loans/ Home loans are lending vehicles designed to help people purchase and/or improve real estate. There are a variety home loan options available to consumers, depending on their personal needs and circumstances. Actual mortgage rates can depend on the vehicle selected and the personal credit standing of the borrower. Figuring out which home loans make the most sense will depend on whether a borrower is looking to purchase new or is considering mortgage refinancing. Home equity loans can assist with improvements and there are bad credit home loans that might help people with a troubled credit past buy a place of their own. When home loans are under consideration, it is smart to use a mortgage calculator to estimate the costs of borrowing. http://www.loan.com/home-loans/how-does-a-stated-income-heloc-work.html A stated income HELOC (home equity line of credit) uses the equity in your home as collateral for a revolving credit line. Often, HELOCs are issued just like credit cards. The limits tend to be very high, in the tens of thousands of dollars, because the lender has a lien on your property. In the stated income form of HELOC, you do not have to provide proof of income in order to obtain the loan. You simply state your income on an application. Stated income HELOCs are highly flexible with many uses, but they do come with significant drawbacks.... Tue, 01 Mar 2011 03:00:00 -0800 http://www.loan.com/home-loans/when-and-how-to-get-a-stated-income-second-mortgage.html It is rare to secure a stated income second mortgage, but it is possible if you have a high level of equity in your first home. Stated income loans, which do not require proof of income, went out of fashion after the credit crisis of 2007 to 2008. Today, most lenders require actual proof of income. However, lenders may be willing to waive this requirement depending on your circumstances. Keep in mind that stated income loans are highly risky, so they should be pursued only within reason. How to Get a Stated Income Second Mortgage Start by approaching your... Mon, 28 Feb 2011 11:56:00 -0800 http://www.loan.com/home-loans/short-sale-and-foreclosure-compared.html If you are trying to decide between a short sale and a foreclosure, there are many details that you need to pay attention to. It is a difficult decision to make, and when you are already faced with losing your home, you need to choose the right one for you and your future. You do not want to make a bad decision that will cost you later. What Is a Short Sale? A short sale occurs when your mortgage lender agrees to take less than the loan amount in a sale of your home. You list the home with... Mon, 28 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/how-long-does-homeowners-title-insurance-last.html There are two types of homeowners' title insurance. One protects the mortgage company, and the other protects the homeowner. The amount of coverage and length of coverage is different for each type of policy. A homeowner’s title insurance premium is paid once and is usually included in the closing costs at the time of purchase. Lender Policy When a homeowner receives a mortgage for her home purchase, she is usually required to purchase a lender title insurance policy. This policy protects the lender in cases when a claim against the property voids the title to the home. The homeowner’s... Sun, 20 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/how-to-get-the-best-construction-loan-rates.html The key to getting the best construction loan rates lies in choosing the best loan option for your situation. You have choices between a variety of fixed and variable options. There are also "interest only" options as well. The basis for determining your best option is to decide on your future plans. A short-term need dictates a different option than a long term need. Therefore, the first question to answer is "What is your time horizon?" The time frame will help you decide on the best and most cost-effective option. Shop for Rates All lenders are not created equal.... Mon, 07 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/4-questions-to-ask-construction-loan-lenders.html Construction loan lenders offer a special type of loans to borrowers. When you take on a construction loan, you are borrowing money to build something, making it a more risky loan for the lender. The loan is risky because there is no current collateral to guarantee the money that they are lending. As such, construction loan lenders choose their borrowers carefully. You should follow their lead and be careful when making your choice to ensure that the lender will treat you fairly and provide fair loan terms. Here are a few key questions you should ask construction loan lenders?... Sun, 06 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/will-title-insurance-help-pay-for-legal-fees-against-a-claim-to-my-property.html You can attempt to secure a reimbursement for any legal fees in a title dispute through a title insurance claim. Check your insurance policy. You will likely be covered not only for any reimbursements if you lose a claim but also for legal fees in negotiating that claim. More often than not, this is what title insurance will cover. It is rare for a client to actually require a full policy reimbursement for a title insurance claim; smaller legal fees are standard claims that should be handled easily. However, if the claim has to do with a condition to... Sat, 05 Feb 2011 03:04:00 -0800 http://www.loan.com/home-loans/how-to-spot-title-insurance-fraud.html Title insurance fraud is an unfortunate reality with not only fringe brokers but also mainstream companies. It is not uncommon for so many middlemen--including brokers, agents, lenders, assessors and title companies--to get involved that it can be hard to figure out just what your title company is doing and how much it is charging. However, by paying close attention to fees, you can determine if your title insurance company is being honest. Always ask for an exact quote for the services and fees provided to you by a title insurance company ahead of time. When you receive bills, make... Sat, 05 Feb 2011 03:03:00 -0800 http://www.loan.com/home-loans/how-long-does-title-insurance-coverage-last.html Title insurance coverage can last the length of time you own a home or until you have paid off a portion of the original purchase price. Most lenders allow you to cancel your mortgage insurance if you have paid off 20 percent of the home's value. You may be able to cancel your title insurance as well, but this is up to your individual lender. It may also be in your best interest to retain title insurance for a longer time. If there is a dispute in your title, you will not be excused from repaying your mortgage company,... Sat, 05 Feb 2011 03:02:00 -0800 http://www.loan.com/home-loans/do-you-need-a-title-insurance-lawyer.html Not everyone will need a title insurance lawyer. When you are purchasing title insurance, you may be able to simply contact an agent or broker or to use your existing insurance agent for the purchase. However, if there are complications with your title insurance, a title insurance lawyer will be the person to call. Complications may include the following: Outstanding tax liens on the title--Named outstanding liens are not covered by insurance, which covers only unknown liens and disputes. If you are aware of any lien or dispute, you may want to consult a lawyer to determine if the... Sat, 05 Feb 2011 03:01:00 -0800 http://www.loan.com/home-loans/3-reasons-to-get-an-owners-title-insurance-policy.html An owner's policy for title insurance will protect you from any disputes about your property's title in the future. For example, you can insure the title to your home or car. There are many good reasons to purchase an owner's title policy. #1 Unforeseen Tax Liens In terms of homes, there are often property tax liens against a home at the time of sale. These liens are against the home itself, not the previous owner, so you may be held liable if you purchase the home. If your title is insured when you find out about the lien, the... Sat, 05 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/pros-and-cons-of-renovation-loans.html A renovation loan is a loan where you buy a home that needs to be remodeled or repaired. The bank allows you to borrow money for the repairs as part of your first mortgage on the home. In this manner, you are able to begin construction on the new house immediately after closing on a loan and you do not need to take a second mortgage or come up with the additional capital to improve the house. It is also possible to take a renovation loan once you have already purchased a house or for your existing home, in order... Tue, 01 Feb 2011 03:00:00 -0800 http://www.loan.com/home-loans/how-to-pay-a-mortgage-off-early.html Learning how to pay a mortgage off early can provide you with a lot of financial flexibility in your life. By eliminating your biggest payment, you are going to be able to do a lot of different things with your income. Here are a few strategies that you can use in order to pay off your mortgage early. Refinancing Refinancing is often looked at as one of the biggest problems that people have when it comes to paying off their mortgage. Typically, people refinance in order to get cash out of their homes or take advantage of a lower... Fri, 14 Jan 2011 03:03:00 -0800 http://www.loan.com/home-loans/what-are-the-requirements-for-a-renovation-loan.html The qualifications for a renovation loan will vary from one lender to the next. In most cases, you will have to take out the loan on a property that has from one to four living units in it. You will also have to have an adequate credit history. With this type of loan, you will also have to make sure that the repairs to the property are completed up to the standards of the lender. If you have an FHA loan, a building inspector will be sent out to the property in order to make sure that all of... Sat, 01 Jan 2011 03:00:00 -0800 http://www.loan.com/home-loans/what-are-the-consequences-of-defaulting-on-a-carryback-loan.html When you default on a carryback loan, the consequences will largely depend on the terms of the loan. Since carryback loans come from non-traditional lenders, they often do not get reported to credit agencies. If this is the case, you may escape some of the burden of carrying a default on your record. On the flip side, since you are working with a small financier, the chance that that financier will attempt to collect on your default is high. The lender will likely file a case in court to at least partly recover whenever a borrower defaults on a... Tue, 21 Dec 2010 03:03:00 -0800 http://www.loan.com/home-loans/how-do-you-qualify-for-a-carryback-loan.html To qualify for a carryback loan, you must first find a home with a carryback option. This is a loan extended from a seller, typically a small financial company or individual rather than a large bank. Not many homes will come with a carryback option; the ones that do may be bank-owned properties. The seller is taking on a large risk by issuing you the loan to make a purchase from the seller itself. As a result, you must be willing to pay high fees in order to receive a carryback loan. Other than this requirement, the requirements for... Tue, 21 Dec 2010 03:01:00 -0800 http://www.loan.com/home-loans/what-is-a-carryback-loan.html A carryback loan is extended from a seller to a buyer in order to help a sale take place. A typical carryback loan occurs when the borrower cannot qualify for the financing needed to purchase a property due to extenuating circumstances. For example, it may occur when the property itself is not eligible for conventional financing. This loan may also be an option when the borrower is excluded from traditional borrowing opportunities due to his or her financial status. Benefits Carryback loans are typically offered with a very low down payment. In fact, the seller will usually pay all... Tue, 21 Dec 2010 03:00:00 -0800 http://www.loan.com/home-loans/can-you-get-a-no-ratio-loan-with-bad-credit.html It is possible to get a no-ratio loan even if you have bad credit. However, it may be very difficult to locate a lender that is willing to work with you. When you get a no-ratio loan, this creates a scenario in which there is a significant amount of risk for the lender to begin with. When you want to get approved even though you have bad credit, it adds to the risk for the lender. If you want to get approved for this type of loan, you will need to agree to a very high interest rate.... Sun, 19 Dec 2010 03:03:00 -0800 http://www.loan.com/home-loans/what-are-the-requirements-for-a-no-ratio-loan.html One of the biggest requirements when trying to apply for a no-ratio loan is that you must have a solid credit history. Every lender will be different when it comes to determining what credit score they deem acceptable. In addition to having a good credit score, you will need to come up with a certain amount of money for a down payment on the property. The lender will still most likely have a maximum loan amount that they are willing to work with, which means you will have to come up with the rest of the money.... Sun, 19 Dec 2010 03:01:00 -0800 http://www.loan.com/home-loans/what-are-the-benefits-of-a-no-ratio-loan.html One of the major benefits of using a no-ratio loan is that you can get approved even if you have a high debt load. With most loans, if your debt ratio is too high, you will not be able to get access to the money that you need. Another benefit of this type of loan is that you can get approved even if you have difficulty documenting your income. For example, if you are self-employed, you may be paid irregularly, and it could be difficult to find a lender to work with. With no-ratio loans, this will not be... Sun, 19 Dec 2010 03:00:00 -0800