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/required-information-for-fha-loans-preparing-your-application.html The required FHA loan information covers the primary categories of income, credit, savings and loan ratios. You will also be required to provide certain documentation across these categories. You may locate a simple preliminary application through your lender. Once this has been reviewed, you can then proceed to collect the documentation and full application necessary to secure your FHA home loan. Income Range Because the FHA is charged with the responsibility to provide affordable financing options, the income requirements are not as strict as with some traditional lenders. The portion of your total income spent on housing, including mortgage,... Thu, 05 Nov 2009 15:01:00 -0800 http://www.loan.com/home-loans/secured-your-lot-loan-the-next-4-steps.html People who want to build homes upon vacant land will typically need a lot loan. There are 4 steps to complete in residential land development after securing your lot loan. These steps start after obtaining the money and take you through development to a finished product. Your lot loan will allow you to purchase the land and begin the task of developing it. To develop the property you'll need to interact with a few professionals that can help you take the raw land and turn it into a newly constructed home. Most of the professionals listed below will give... Mon, 02 Nov 2009 15:08:00 -0800 http://www.loan.com/home-loans/do-fha-loan-foreclosures-differ-from-conventional-loan-foreclosures.html Because the Federal Housing Authority has funds at stake if you default on your mortgage, the organization will help you avoid FHA loan foreclosure. This assistance makes the FHA foreclosure process much less burdensome on most borrowers. However, if you do eventually default on your FHA loan, the consequences of the default can be worse than with a private loan. Foreclosure Prevention Assistance FHA lenders may consider restructuring your loan to allow for lower monthly payments you can afford. Typically, FHA lenders are more willing to refinance than other private lenders. To capitalize on this option, you will usually... Mon, 02 Nov 2009 15:06:00 -0800 http://www.loan.com/home-loans/finding-stated-income-loan-lenders.html Stated income loan lenders can be a great asset to those that want a loan without the hassles of income verification. Self-employed people are the group that benefits most from stated income loans. Small business owners may have trouble proving that they make as much money as they claim. This inability may prevent them from getting a loan from a traditional bank or lender. A stated income loan allows them to simply state that they make a certain amount of money and the lender takes them at their word. This allows them to get the mortgage they want without... Mon, 02 Nov 2009 15:03:00 -0800 http://www.loan.com/home-loans/interest-rates-on-home-loans-in-the-current-economic-climate.html Interest rates on home loans rely as much on the global credit market as they do on your personal credit history. Many borrowers make the mistake of thinking they are immune to the greater market cycles when they apply for mortgage loans. High risk borrowers with low credit scores are more affected than low risk borrowers, but all loans will be subject to market factors. These factors drive the interest rate up and down, leading to a large fluctuation in loan limits and rates. National Prime Interest Rate The national prime interest rate goes down in a recession. This... Sun, 01 Nov 2009 15:09:00 -0800 http://www.loan.com/home-loans/2nd-mortgage-loans.html Many people take out 2nd mortgage loans to get much-needed cash, quickly. A 2nd mortgage loan allows homeowners to borrow money by tapping into the equity in their home. The borrower uses the equity in their home as collateral. If you fail to repay the money you’ve borrowed, the lender will acquire your property. Therefore, prior to leveraging your home for cash, remember that it is a potentially risky decision that should be carefully considered. Home Equity Loan There are many popular types of 2nd mortgage loans. One of the most popular is called a Home Equity Loan (HEL).... Sun, 01 Nov 2009 15:08:00 -0800 http://www.loan.com/home-loans/how-the-recession-affects-the-approval-of-home-loans-for-people-with-bad-credit.html Home loans for people with bad credit are particularly hard to find during a recession. There are a number of factors that make all loan loans harder to locate when the economy is struggling. However, those with bad credit will suffer the most in a slow economy. While the national interest rate is lower and the government typically introduces programs to stimulate the housing market, these federal efforts do not overcome the challenges high risk borrowers face in a recession. Less Loans on the Market The first fact to face for a high risk borrower in a recession is... Sun, 01 Nov 2009 15:07:00 -0800 http://www.loan.com/home-loans/5-tips-when-completing-a-manufactured-home-loan-application.html A manufactured home loan application will be considered across all factors including your credit history, the home you are acquiring and other minor details in your application. While you can control very little about how the lender or manufactured home's seller handles the process, you can control every detail of your own application. Taking the opportunity to prepare the application diligently will give you a better chance of securing financing and at a lower rate. #1 Prepare Your Credit When you know you will be seeking a large loan in the next year or two, it is time to... Sun, 01 Nov 2009 15:06:00 -0800 http://www.loan.com/home-loans/disadvantages-of-manufactured-home-loans.html Manufactured home loans generally apply to purchases of mobile or modular homes. They can assist you in purchasing the property in the same way an auto loan helps you buy a car. Since the loan limits are not as high as a mortgage, manufactured home loans are typically easier to secure for those with a low asset base or less than perfect credit. However, before jumping at the opportunity, it is important to consider the many disadvantages of these loans as well. Higher Interest Rates than Mortgages Manufactured home loans will typically be extended at a higher interest rate... Sun, 01 Nov 2009 15:05:00 -0800 http://www.loan.com/home-loans/advantages-of-manufactured-home-loans.html Manufactured home loans are not only extended for the purchase of mobile homes, but they are most often used in this capacity. Other modular homes may meet the qualifications for a manufactured home loan. These loans are similar to mortgages for persons who are seeking to purchase a manufactured home instead of a traditional, permanent residence. They very from mortgages because the property itself is not valued when the loan is considered. Only the value of the modular or mobile home will be considered. Finance Ownership of a Home The main reason to seek a manufactured home loan is... Sun, 01 Nov 2009 15:04:00 -0800 http://www.loan.com/home-loans/how-a-recession-can-affect-your-home-mortgage-application.html Preparing a proper home mortgage application is important during a recession when mortgages are harder to secure. Your credit score along will not be enough to secure a good mortgage as an effect of the bad economy. Rather, you must understand how the economy is affecting the market for mortgage loans and prepare your application appropriately. Your loan terms will be as much a factor of the greater credit market as your personal financial history.  Provide a Large Down Payment You should offer a large down payment to your lender as a way of reducing the total amount you... Wed, 28 Oct 2009 15:02:00 -0800 http://www.loan.com/home-loans/getting-mortgage-loan-approval-during-a-bad-economy.html A slow economy will affect every person who is seeking mortgage loan approval. Some borrowers may think they are immune to the problem due to excellent credit or high salaries, but no one is immune to large market swings. As banks lower their appetite for risk and home values drop, there are less mortgages available for borrowers. The mortgage market gets more competitive, meaning any borrower needs to stand out from others in order to secure a coveted mortgage loan.  Monitoring and Preparing Credit Reports Before seeking a mortgage, it is essential a borrower has paid close attention to... Wed, 28 Oct 2009 15:01:00 -0800 http://www.loan.com/home-loans/how-to-get-the-best-lot-loan-rates.html Securing the best lot loan rates is a combination of finding the right loan type, making a down payment, and being persistent. Lenders make lot loans available for two main reasons: to build an owner-occupied home and to build a non-owner occupied home. The lower the risk the lower you interest rate will be. Loan Type Owner-occupied homes are those in which the owner will live themselves. Lot loans for owner-occupied properties will always offer the best rates. These are the most commonly places lot loans and there are many programs to choose from government supported loans to your local commercial... Tue, 27 Oct 2009 15:04:00 -0800 http://www.loan.com/home-loans/5-factors-affect-the-current-prime-rate.html The current prime rate is the interest banks are charged for borrowing from one another. The prime rate is established by the Federal Reserve. The Federal Reserve is the bank that controls the flow of money and cash for all other banks and consumers. The Federal Reserve is heavily tied to the governmental demands and national policy; however, it is not controlled by the government entirely. It can establish its own policies on how best to manage the interest rate Inflation Inflation is a major factor the Fed considers when determining the prime interest rate. A lower interest rate... Tue, 27 Oct 2009 15:03:00 -0800 http://www.loan.com/home-loans/what-is-non-judicial-foreclosure.html   Non-judicial foreclosures are those in which the courts do not administer the foreclosure proceedings.  They are typically available in states that offer deeds of trust as opposed to notes and mortgages.   A deed of trust (DOT) is a promise to repay a loan. That security is the home on which the DOT is placed.  As a part of the DOT, in the event of default, the lender has the ability to take back the pledged collateral and sell it or auction it to recoup their investment, the loan. That process is the non-judicial foreclosure process.   In contrast,... Mon, 26 Oct 2009 15:02:00 -0800 http://www.loan.com/home-loans/how-the-non-judicial-foreclosure-process-works.html Foreclosure is a process that no one wants to go through. In the event that a property goes into default, there are two main methods that are used to transfer the property to its new owner. The property could go through a judicial or non-judicial foreclosure. A judicial foreclosure is administered by the local government. It will be handled in tandem by the local judge and sheriff. A non-judicial foreclosure on the other hand works a little differently. No Court Intervention With a non-judicial foreclosure, the biggest procedural difference is that no court will have jurisdiction over the procedure.... Mon, 26 Oct 2009 15:00:00 -0800 http://www.loan.com/home-loans/understanding-mortgage-loans-for-teachers.html Mortgage loans for teachers are widely offered by lenders in association with loan programs sponsored by the government. If you are in the teaching field, getting a loan approved is not as hard as you may think.Loan Programs from State GovernmentsState governments have their own mortgage loan programs available for teachers who are employed in the public or private sector. These programs help teachers to purchase their dream homes. The Connecticut Housing Finance Authority and the California State Teacher's Retirement Systems are just few examples of government agencies that offer affordable home loan programs that cater to the mortgage financing... Mon, 26 Oct 2009 14:18:00 -0800 http://www.loan.com/home-loans/reinstate-a-mortgage-in-default-status.html When you experience a mortgage default it may feel like the whole world is crumbling around you. Although it may seem like you have no options, there is usually time to turn things around. There are no easy answers, but if you can avoid a foreclosure, you will be much better off in the long run. If you ever wanted to buy another house again, avoiding foreclosure is in your best interest. Consider these options before you give up. Negotiate With Your Lender There is a time period after you go into default that your lender will most likely... Sun, 25 Oct 2009 15:08:00 -0800 http://www.loan.com/home-loans/loan-modification-6-tips-to-increase-your-chances.html Loan modification is the process of permanently changing the terms of a loan. It is used by borrowers, mostly home owners, who can no longer make payments on time but who also want to avoid default. Usually the borrower asks the lender to change the period of time that the loan exists for or the monthly interest rate on the loan. Increasing the time of the loan and/or decreasing the monthly interest rate owed on the loan make monthly payments more affordable. Because the lender must approve loan modification, and also because securing new terms may mean the difference between remaining a responsible borrower or... Sun, 25 Oct 2009 15:07:00 -0800 http://www.loan.com/home-loans/how-your-credit-card-balances-affect-your-mortgage-application.html Treating your revolving credit balances like free money will not only cost you more in interest fees on those balances but will cost you more on other loans you seek. Your credit score is affected by a host of factors other than delinquencies and missed payments, and outstanding balances are just one of those factors. Before you seek a mortgage loan, you should get your credit report in line to the best of your ability. Even if you have to wait another six months to a year, the extra time to straighten out your finances will save you tremendously... Sun, 25 Oct 2009 15:06:00 -0800