If your bills are piling up, you have costly credit card debt, or you find yourself struggling to pay for large expenses, you can use the equity in your home to help your financial situation. The difference between the value of your home and what you owe on your home is known as your home's equity. For example, if you owe $150,000 on a home that is worth $200,000, you have $50,000 worth of equity in your home.
If you recently experienced foreclosure or about to go through the process, you likely think it's impossible to get another mortgage. Like a bankruptcy, a foreclosure lingers on your credit record for several years. FHA (Federal Housing Administration) loans are available for borrowers with less than stellar credit, or no credit, and they forgive bankruptcies and foreclosures easier than a primary mortgage company. Here are some tips to qualify for an FHA loan after foreclosure.
You have found the home of your dreams, now you just need to apply for the loan. Getting a mortgage loan can be a lot of work and it can't be done by just anyone. Banks like FCN Bank and other lenders require a certain criteria from borrowers before they hand over the money for a house. If you are in the market to purchase a home and can't pay for it all at once, you will need to secure a mortgage loan.
When looking for a home loan, there are generally three options at your disposal.
Commercial banks Dedicated mortgage banks and loan officers Mortgage brokers The problem is that many people confuse the different types of mortgage lenders, or otherwise assume they're all the same. Understanding the differences can help you make a far more informed choice.
1. Using a Commercial Bank for Your Mortgage Loan
A commercial, or retail, bank is typically one of the first places that come to mind when people consider mortgage loans.
If you have ever served in the military, you may have heard of a VA loan. Learn what this type of loan is, what it is mainly used for, how it can benefit you, and how you can get a free VA loan quote.
What a VA loan is
Like the name implies, a VA loan is a type of loan extended to military service members. If you need money and are active military, a veteran, or the surviving spouse of someone who has served in the military, you may be eligible for a VA loan if you have financial need.