Refinance Interest Rate

Refinance interest rates provide consumers with information regarding the percentage of interest that will be paid when they choose to refinance. This percentage can vary considerably from one mortgage company to another. If the consumer is researching available options for refinancing, there are many mortgage companies to choose from. Each will offer a different refinance interest rate. When a person chooses refinancing, they will be given calculations and worktables to help determine what kind of rate they will be able to achieve. Many of these calculations can be done before the individual officially completes the application process. It is important to seek quotes and information before beginning the application process.

An aspect of a consumers financial history that will affect his or her refinance interest rate is the credit score. Before applying for a loan, the individual should check his or her credit history to make sure they don't find any surprises. Sometimes, an error can show up on the credit report or the individual may even find credit items that they have never seen before. These errors and wrong reports can negatively affect refinance interest rates. It is vital to get them cleared up before going further with research so that it is possible to receive better deals from potential lenders.

Individuals can seek refinancing in a variety of forms. Lenders offer both fixed rate mortgages (FRM) and adjustable rate mortgages (ARM) for their loans. A FRM is a refinance interest rate that will stay the same over the term of the loan, whether that is 15 years, 20 years, or 30 years. With an ARM, however, the refinance interest rates will change. If the individual applies for an ARM, they should check to determine what basis the mortgage company uses to change the percentages. Also, it is important to research other factors affecting interest, such as the points that the lender charges and any other fees or restrictions you will incur.

The Federal Truth in Lending Law requires mortgage companies to truthfully report the APR (Annual Percent Rate) that they charge for each loan. By checking out the APR when looking at refinance interest rates, the consumer will be able to compare one company's quotes with another's. The individual will also be able to discover if a lender is charging hidden fees or up-front costs to the loan. The Internet is the greatest resource when seeking information on this and similar subjects. No matter where the individual seeks information, gathering as much knowledge on the subject will allow the consumer to make the best decision. "A wise man will hear, and will increase learning; and a man of understanding shall attain unto wise counsels" (Proverbs 1:5).

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Florida VA Home Loan

A Florida VA home loan is financing made available to veterans in order that a property might be purchased without a down payment and with no upper limit or cap on an income. Florida VA home loans make it much easier to get into a house by eliminating a costly payment that may be as much as 20% of the total property value. This type of financing also eliminates any concerns regarding a veteran's income or financial worth. They were created to show gratitude for honorable military service. Basically, the Veteran's Administration steps forward to guarantee financing, vouching that the veteran is trustworthy and will pay the debt---thus, no security such as a down payment is required. This special money allotted for veterans is one way the country can make it easier for former soldiers to afford housing.

To receive the money, the VA issues certificates for each qualifying veteran----a required first step to securing a Florida VA home loan. Exact qualifications vary, but if a person served 90 days or more, any part of which occurred during wartime, or 181 continuous days or more in peacetime, special programs offer eligibility. Once a buyer has qualified, it is always advisable to seek pre-approval from a lender so that the maximum amount of can be determined. Pre-approved Florida VA home loans should specifically state that there is a financing contingency, subject to approval for financing. After that, a mortgage can be financed by any lender; in fact, statewide there are over 260 banks and 246 credit unions to choose from. But if a person seeking financing chooses a lender that is a part of the Lender Appraisal Processing Program (LAPP), no paperwork needs to be sent in until the home sale is closed. As always, it is important that buyers choose a lender based on the best combination of interest rates, points, and other costs.

An eligible lender will then identify all mortgage documents with a government coded number to monitor the progress of both the property appraisal and the Florida VA home loan application. At the same time, lenders for Florida VA home loans will seek documentation from a state-licensed real estate appraiser that assesses the home's full market value. Both the lender and the VA will determine if the property can be used as adequate collateral. If both the financing and the property are approved, then the insurance coverage, title, and closing documents are processed. With this specialized mortgage program, veterans receive a well-deserved extra benefit for the honorable service given to their country. "My voice thou shalt hear in the morning, O Lord; In the morning I will direct my prayer unto thee, and will look up" (Psalm 5:3).

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Educational Loans

Educational loans are available for students that desire to attend school, but can't afford to pay right now. There are two main types of financing available: The Stafford loan that is basically government financing and the PLUS loan which allows parents to help finance a child's education. The same plan does not work for everyone, so it is important to fully understand each choice and how that fits into an individual's schooling plan. Consulting a financial advisor either through a university or through other banking means is always encouraged when making such a serious decision.

The Stafford loan is educational financing that is taken out by the student and is determined by income level. The positive aspect is that payment is not due until graduation. There are lots of opportunities to defer: Graduate school and ministry training. The next type of financing is the PLUS loan. Parents can take this out for their children. Be careful when looking into this option because this is financing that needs to be paid back as soon as it is taken out. This becomes hard when in school and not making a whole lot of money. When looking at educational loans, think long and hard about the ramifications of an educational loan. Sometimes financing can add a lot of stress to a college experience. This financial stress is not always conducive to learning.

After reviewing all financing options it is important to look at an overall budget. This will help everyone involved see the big picture and realize how educational financing should fit in. It is important to have goals and keep focused especially with the rising costs of college today. Plan carefully and reasonably for the educational loan that may play into the plan. There are many people out there within the universities and through financial institutions that are more than willing to help anyone make educational financing decisions.

Most of all, before taking out educational loans, realize that the Lord will provide if you just ask him. He does not desire for anyone to get into debt. An educational loan seems like an easy solution, but it is not always. "But as it is written, Eye hath not seen, nor ear heard, neither have entered into the heart of man, the things which God hath prepared for them that love him" (1 Corinthians 2:9) He will provide everything needed in due time.

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Secured Home Equity Loan

Secured home equity loans are also referred to as lines of credit and are a form of revolving credit that allows a borrower to pledge their house as collateral or security for debt repayment. This type of financing is commonly used by the homeowner to pay for large items such as education costs, improvements on the house, or medical bills. Borrowers tend not to take out a secured home equity loan for everyday living expenses (unless laid off). This financing allows a specific limit (usually up to the available equity in the house). Since it uses the house as collateral, there are certain tax benefits that can be utilized by the homeowner. "And ye shall eat in plenty, and be satisfied, and praise the name of the Lord your God, that hath dealt wondrously with you" (Joel 2:26).

Lending limits are usually determined by the following formula: 75% of appraised value of property minus balance owed on mortgage. For example; a $200,000 appraised X .75= $150,000 - $120,000(balance owed) = $30,000 (the maximum secured home equity loan limit). Some lending limits are 125% of the property's appraised value minus the balance owed. For example; a $200,000 appraised value X 1.25 = $250.000 - $120,000(balance owed) = $130,000. This may seem like a dream come true for homeowners who do not have very much equity in their homes. In order to receive low secured home equity loans rates, the borrower must have good to excellent credit, or a score of 700 and above. It is advised that those interested in applying for any financing to obtain copies of their report from all three nationally recognized reporting agencies; Equifax, Experian, and TransUnion. These reports are free to the individual requesting them and can either be downloaded online or sent through the regular postal mail. Once the report is received, borrowers should review it for inaccurate information.

Potentially damaging information could be on anyone's report if they don't periodically check it. When applying for financing, the borrower should provide proof contradicting the inaccurate info on the report, so the interest rate is not raised. If all the information is correct on the report, and the score is lower than desired, it is recommended to evaluate for areas which can be fixed to improve credit quickly. One of the fastest ways to improve a credit score is to pay down credit card balances to at least 20% of their limits. This can raise a credit report score up to 30 points in only 30 days. Once the score is raised, secured home equity loans rates will drop, allowing the borrower to either enjoy lower monthly payments, or apply for any secured home equity loan in greater amounts.

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Single Wide Mobile Home Refinancing

Single wide mobile home refinancing is virtually identical to double wide refinancing with the exception that in order to qualify for refinancing, the mobile must be valued at $20k or more. Refinancing rates are determined by the credit score of the loan applicant. Credit scores are the leading factor in determining interest rates for any loan. Mobile financing is different in that it only includes the actual home whereas real property financing includes the house and the land.

Mobile homes are typically set in parks or communities on a rented lot or leased piece of land. Single wide mobile home refinancing is contingent upon the amount of money still owed on the original chattel mortgage. A chattel mortgage is a term for a mortgage on personal property, or property without land attached. If the amount owed on the loan exceeds the worth of the mobile, then a lower amount may be approved. The entire amount of the loan however would go to pay the original chattel mortgage. Mobile home refinancing lenders have strict restrictions on the applicant and on the home for approval.

The applicant must have a good credit score (above 660) and have at least three active credit accounts. They must have a stable credit history for the past 24 months, and have no repossessions, no charge offs, and no credit cards in collections. They must have a verifiable consistent and stable income and provide the loan officer with two years of federal tax returns. The applicant must not have filed for bankruptcy in the last five years and should have made over three monthly payments towards the original chattel mortgage. As of yet, there are no single wide mobile home refinancing lenders that offer programs for applicants with less than perfect credit.

The stipulations for qualification for a single wide mobile home refinancing loan are strict as well. The home must not be older than 25 years; if the home loan is equity cash out, then it cannot be older than 15 years and must have been built to meet HUD standards. It cannot be worth less than $20k and must be over 768 square feet. It should already be placed at a site, whether in a Mobile Park or community or on leased land, it needs to be already placed on the lot. It also must be livable and skirted. If the applicant and their home meet these qualifications, then the refinancing will be processed. "Behold, the Lord God will help me; who is he that shall condemn me?" (Isaiah 50:9)

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No Credit Check Home Loan

No credit check home loans make it possible for those who have not kept their ratings up to still have the opportunity to purchase a home. This financing does exist, although it may not be easy to find and some home work may need to be done initially. There are websites available that offer options geared to those with bad repayment histories. If payment histories are flawed, bankruptcy has occurred, or other applications for financing have been rejected, assistance may be available with just a click of the mouse.

There are multiple sites online that advertise that whether or not a report is good or bad, a lender is available who is willing to work to get the money a borrowers needs for a mortgage. Now, whether or not no credit check home loans can be obtained for sure is questionable. Many of the advertisements offer, "no initial credit check". However, when seeking this type of financing, even the sites that offer this, will ask the borrower about his credit history. Gaining this knowledge alone, is an education in itself.

There is more advertising for no credit check home loans, as opposed to just a bad credit loan. These lenders offer low rates, easy forms and up to 4 quotes with no obligation. If you are refinancing or applying for a home equity loan, there are numerous companies that offer them, but for first mortgages, there aren't as many who will take the risk. With first mortgages the lenders look a bit more closely.

In any case, there are companies are out there who can assist with the needed money. Advertisements state, "We approve all home loans, with no credit check". The advice for those who are seeking no credit check home loans, is to place the mortgage with a direct lender. Direct lenders are the money source, they make all the decisions in house and tend to work a bit faster than brokers.

"Shall earth be made to bring forth in one day? or shall a nation be born at once?" (Isaiah 66:8) If looking for this type of financing, it's probably because credit is not as good as it could be or there is some negative history. If this is the case, instead of looking for a final solution at the present time, repairing credit first may be a much more lucrative move. Sometimes, waiting is the best solution.

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Poor Credit Home Loan

A poor credit home loan can make the home-owning dreams of someone with bad credit come true. This type of financing is especially for these people and give them the opportunity to own a house. Although there are not as many lenders willing to give out poor credit home loans, it is possible to find one to help. The key is to watch out for too-good-to-be-true deals and to seek counsel from professionals in the mortgage field.

The first step is to determine how much is affordable. Look at regular monthly expenses and current rent. If the 'perfect' home is not affordable then it might be a good idea to consider waiting. Otherwise, a person may have to settle on a home not desired or end up with a mortgage that's too high, inevitably foreclosing. After finding a house that is desirable as well as affordable, contact a trusted broker. Brokers specialize in finding financing, and they can find the right poor credit home loans for a specific situation. They can contact multiple lenders and get quotes and will know what lenders require as well as if they can even a poor credit home loan.

If a person would prefer not to hire a mortgage broker, there is always the option to search themselves. The Internet provides many sources of information about poor credit home loans. A person can look at particular lenders' websites or visit one site that will compare the rates of dozens of potential lenders and simply fill out one online form, and it is submitted to all of the lenders associated with the site. After this is completed, contact the lender with the best rate and apply.

Although this type of financing can be beneficial, it is always better to improve financial status before trying to purchase a house. A better score could save thousands of dollars in interest in the long run. Allow a year to get on a budget, pay outstanding bills and let a bad score improve. Whether someone can spare a year or not, take time finding a poor credit home loan. It's too important to rush. James 1:2-4 says "My brethren, count it all joy when ye fall into divers temptations; Knowing this, that the trying of your faith worketh patience. But let patience have her perfect work, that ye may be perfect and entire, wanting nothing." God will honor patience and faith in Him.

Before signing any contracts or papers, make sure that the lender is one that is desirable to work with. It is always best to work with a lender that is known nationally or in the community. Seek out recommendations from people who have obtained a poor credit home loan how and the process went. They may be able to better prepare a person by informing them of the interest rate they had to settle on. Poor credit home loans do typically have higher interest rates than other loans. This is because bad financial record is seen as a risk to lenders.

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Refinance Your Home Loans

Refinance your home mortgage loan if you need to cash in on equity or would like to obtain a lower interest rate. Interest rates are at record lows so this is the ideal time to consider refinancing. There are so many different options and variables to consider when looking at the financial opportunities available to homeowners. Lending companies have become very competitive in today's real estate market because so many consumers are taking advantage of the low interest rates. This means better rates for consumers. When you refinance your home mortgage loans, a variety of packages are available, even more than when homeowners were making the initial house purchase.

When refinancing, the old loan is paid off and replaced with a new one, most likely at a lower interest rate. The monthly payment, as well as the overall interest, will likely be lower. For some people this is reason enough to refinance your home mortgage loan. Another favorable factor is that the term may be reduced by many years, resulting in saved interest by paying off the note earlier. This is a great motivation when people look at the big, long-term picture of their financial goals. Equity can be built much more quickly by reducing the term of the note from 30 years to 15 or even 20 years. The interest paid is drastically reduced and the portion of the house that is owned drastically increases in shorter amount of time when you refinance your home mortgage loans.

Another popular reason to explore a new financing plan is to obtain additional cash. Lending institutions who refinance your home mortgage loans with this type of package allow the homeowner to take the difference between the old note balance and the new balance at closing, providing they have adequate equity in the house. This means extra cash for whatever purpose they decide, such as vacations, home improvements, or college tuition expenses. There are some situations in which a cash-out plan is not possible or may not be the best choice. If, for example, you were 20 years into a 30-year term, it would not be smart to refinance your home mortgage loan for another 30-year term. This would result in paying on the house for a total of 50 years.

Another potential benefit of refinancing is the option to consolidate high- interest debts into the new loan, in turn, saving a substantial amount of interest. Many homeowners with 15-year mortgage terms will refinance to a longer term of 30 to 45 years. The advantage of consolidating debts when you refinance your home mortgage loan is that the interest payments may not only be lower, but they are also tax deductible. The decision to refinance your home mortgage loans is also an opportunity to lock in at today's rates on a fixed rate if the original note is an adjustable rate. "Fear you not therefore, you are of more value than many sparrows." (Matthew 10:31)

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No Cost Home Loan

A no cost home loan spares the home buyer extra costs such as appraisal fees, document fees, or even "points", a percentage of the loan that the borrower is often required to pay up front. These special loans are popular because they relieve buyers, especially first time buyers, from having to come up with out-of-pocket cash to get their mortgage set up. There is only one drawback. In order to save money on a no cost home loan, the homebuyer will have to pay a higher interest rate throughout the term. The wisdom of using this type of lending depends on the current cash liquidity, the affordability of the monthly rates, the value of the home, and the length of time the homeowner plans on staying in the house. Closing costs can often be daunting, especially when the borrower would rather spend that money on the new house. No cost home loans provide a fast way of getting into a house without using up savings.

This type of lending could save homebuyers as much as $5000 in closing costs. Those who are seeking a no cost home loan for a house that they don't plan on living in for the whole term may find the higher interest rate well worth considering. More and more buyers are opting for no cost home loans because they tend to move more often. A fixed rate will mean no variation in the monthly mortgage payment, even if interest rates increase. A 15-year (as opposed to a 30 year) will save almost twice as much in interest penalties over the term. However, a no cost home loan still allows borrowers to keep a cash cushion that could be used to make double payments on the mortgage principal, no matter what the term length is.

Of course, a variable rate will be assessed according to interest rates on the open market. If it changes, the lender will simply pass on the lower (or higher) interest rates to their borrowers. No cost home loans with a variable interest rate fluctuate with economic tides. Although homeowners could save money (especially with teasing advertisements about low first year rates), the truth is that variable rates may end up costing more than the borrower ever planned on spending. Once homeowners have established their rate, they should keep in mind that those closing costs will be figured into the total even though it won't be paid up front. Buyers should always shop around to compare options and ask about negative points or rebates that allow a bank to afford no cost home loans. Do the math, but do not "trust in uncertain riches, but in the living God, who give thus richly all things to enjoy." (Titus 6:17)

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Qualified Home Loan

Qualified home loans are available through thousands of lending institutions across the country. The consumer who is interested in purchasing a house in the near future should consider researching the available terms and qualifications, now on the market, for residential buyers. At this point in financial history, interest rates and specifications for qualifying for a qualified home loan have never been better. But the borrower must first determine what type of financing he is eligible for and how much he can borrow with what terms. Prequalification will help any borrower find what is available to him for first mortgages or for house repairs.

A wise shopper will find many types of terms, such as fixed rate, adjustable rate, VA and FHA loans, as well as contracts for second mortgages. The terms and rates vary depending on the amount of money the buyer has for a down payment, what his income limits are, if he have served in the Armed Forces, his past credit history, and how much he wants to borrow. An financial expert will assist the borrower in deciding what type of loan best suits his needs. Certain qualified home loans, like VA and FHA, have strict income and qualification standards. This information can be researched on the Internet, by consulting a qualified home loan expert.

With the tremendous growth in new housing, a qualified home loan allows a buyer to quickly and easily apply and obtain a contract. The competition for these contracts is growing daily, so the savvy buyer will consult several lenders before deciding which to sign. The Internet is a trendy new way many people are using to find a deal. There are many one-stop web pages that allow multiple lenders to bid for business from one buyer. The applicant simply fills in some personal information and, in a short time, the offers for qualified home loans are e-mailed to him.

The Bible cautions us about being too hasty in borrowing money. Proverbs 22:7 says, "The rich ruleth over the poor, and the borrower is servant to the lender." Although buying a house can be a good investment for the future, owing more in monthly payments that we can afford is not godly stewardship. When buyers apply for a contract, they need to be prepared to explain what they want to use the funds for, how much they need to borrow, and what repayment terms they can handle with their financial situation. If a borrower is applying for a first mortgage, he needs to have financial information readily available, including balances on bank accounts, balances on outstanding loans and credit cards, and a review of his credit history. Be a wise consumer and use qualified home loans to obtain a better way of living.

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Refinancing A FHA Loan

Refinancing a FHA loan is a service offered to current real estate homeowners who have an existing FHA (Federal Housing Administration) contract on a house. The Federal Housing Administration is a government owned corporation. It was established under the National Housing Act of 1934 in an effort to improve housing standards and conditions. Refinancing FHA loans are directed towards minority borrowers, first time home buyers, borrowers who have troubled credit histories, and those who have little money to put down on a home. These applications can be accomplished by a process called streamline refinance for current FHA loans.

The Federal Housing Administration helped to pioneer the long-term amortizing loan, and as a result, the nation's home ownership rate has risen to an all time high of 66 percent. A qualified borrower will find that refinancing FHA loans have many advantages. The program includes no-cost interest rate reduction. When a person applies, there are generally few income or credit qualifications. Refinancing a FHA loan may include options for zero cost refinance. A borrower can easily switch the amortization from adjustable or fixed rates or do the opposite. This allows the borrower to easily shorten or lengthen the term of the existing mortgage.

Using a government sponsored program brings another great benefit. The consumer can can borrow up to ninety-seven percent of the value of his house. Refinancing a FHA loan mortgage also brings eligibility for a cash-out refinance. This means the customer can cash-out up to eight-five percent of the property value. The program also allows the homeower to consolidate first and second mortgages into one loan. Bill consolidation programs and FHA regulated closing costs make these contracts even more attractive.

Applying for refinancing FHA loans can make a huge difference in the amount a borrower pays per month for a mortgage and can lower the amount of interest that he will pay in the life of the refinancing FHA loan. A wise shopper can literally save thousands of dollars. These programs offer competitive rates for homeowers with a foreclosure older than three years, and competitive rates for borrowers with a bankruptcy older than two years. Proverbs 8:10 says, "Receive my instruction, and not silver; and knowledge rather than choice gold." God expects His children to make decisions based on thorough knowledge of the situation. Making a knowledgeable choice based on insightful information can be the best move a borrower can make when considering refinancing.

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Small Farm Loan

Small farm loans can help farmers with a variety of needed support areas and to keep a small farm or agricultural small business running. There are government programs and grants available through various lenders. Whether a family or individual is new to farming, or in need of support for their current farmland, the Internet can provide information on the programs available and the many different lending institutions that offer government grants and other small farm loan options.

The lending industry has expanded, and now those needing to borrow have access to more lending institutions and more opportunities than ever before. The USDA offers several small farm loans to those who are looking to borrow money to keep their farms going. There is also lending available for the new farmer wanting to develop an agricultural business. Government lending is not issued directly by the government, but the USDA guarantees these loans for other lenders. Farmers or ranchers searching for low interest small farm loan programs can contact specialized lending agencies to find out more information about qualifying for any of the government approved lending.

There are also a variety of options available from conventional lending agencies as well. Getting a small farm loan is getting a business loan, and with the exploding market of lending agencies online through the Internet, farmers and ranches can find hundreds of agencies offering their services. There are short terms and long terms online to help with inventory, equipment, or to consolidate debt. And, these small farm loans can be applied for online too. Farmers and ranchers can easily apply for lending and get a response within a few days, without the hassles of driving into a loan or bank office for a lengthy interview process.

This type of lending can be very helpful to those who want and need to keep their farms operating in a climate where big agricultural industries tend to dominate. The small farm is not an industry of the past, and produce and products from farm and ranch facilities continue to offer Americans the very best in quality products. If a farmer or rancher wants to expand, or simply needs extra capital to get through a tough season, then he or she should research small farm loans online, where there is a lending agency waiting to help. They should also lift up their efforts to God and pray that He will bless their farmland. "Yea, the LORD shall give that which is good; and our land shall yield her increase" (Psalm 85:12).

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Title Loan

A title loan is a fast cash opportunity for financially strapped consumers who are desperate for money and willing to risk the property they own to qualify for quick money. Typically, title loans are intended to be short-term loans that can be paid off within thirty days, maybe with the next paycheck. They are contracts secured by the "title", a paper which proves the right to possess property, like a car. When securing a title loan with this proof of ownership, it guarantees the lender that, if there is default, the lender can be the new owner of the property. They can keep, repossess, and even sell the car without the owner's permission, which is why this course of action is risky. Even if the car is more valuable than the loan, it still means that the lender will have the keys.

If it still seems worth the risk, there are safeguards that anyone should employ. First, if someone is a cash strapped consumer, they may be lured in to get money that seems almost free. However, title loans come with interest that compounds at the steepest rate allowed, even increasing by one third or more yearly. That person must be very clear about the interest which accrues in a title loan, even to the point of calculating the amount to the penny. Second, each state has laws which regulate title loans, as well as the credibility of lenders. The "amount financed" is the amount the person is borrowing. The "interest rate" is the percentage of extra money that will be paid to the lender for the privilege of using his quick cash. Look for the worst case scenario: what will happen if the title loan cannot be paid?

For instance, the contract should say exactly what the lender will do with the property. Either get the facts needed from the lender or the state department of Financial Services, which protects people from title loans that seem more like piracy. This can be the beginning of a financial nightmare, which is why the Bible warns about debt saying "If thou hast nothing to pay, why should he take away thy bed from under thee?" (Proverbs 22:27) Knowing all the details of a potential fix to financial problems is the best way to avoid future problems caused by this action. Praying for God to make clear the actions to be taken is the first and foremost concentration to make.

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Self Employed Home Loan

A self employed home loan can be a tricky thing to acquire if the borrower has not been self employed for less than 2 years. Most banks and credit unions want to see two income tax returns for applicants who work for themselves as proof of income before granting a contract. Even then, many banks are unwilling to offer a deal because of the greater risk associated with self employed persons whose job security is less and whose incomes can vary widely from month to month. Qualifying for a contract to buy a house is difficult for many buyers, but these problems are exacerbated for self-employed buyers. But those who are self employed and want to buy a house can find several options to investigate.

If a prospective buyer has worked for himself for less than two years, one type of self employed home loan option this person can consider is a no-doc contract, which is one where the buyer does not have to supply the lender with any documentation of income or assets. The disadvantage of these contracts is the higher interest rate they carry, typically 2 to 3 percentage points above a conventional loan. Still, many buyers use this option, knowing that after they have 2 years of tax returns as a self-employed person, they can refinance their contract at a lower, conventional rate.

Perhaps the easier option for self employed home loans is to buy a house from a seller offering owner financing. Owner financing offers easier qualification requirements, less paperwork, and a faster closing. The disadvantage is that the purchaser will be working with an individual instead of a lending institution and will most likely have to hire a real estate attorney to handle the transaction. A prospective buyer can identify owners that offer financing by looking for phrases such as motivated seller and all offers considered in MLS.

Another good option is to look for properties advertising assumable transactions. They enable the borrower to take over the payments on the existing contract on the property. FHA assumable loans enable the borrower to simply take over the payments without having to qualify. They are attractive self employed home loans because they often offer the low, conventional interest rates without all the hassles of approval.

The lease option is another self employed home loan option. This contract allows the renter to build equity in a rent-to-own scenario. After the renter has agreed on a purchase price with the seller, the renter moves into the house prior to transfer of the title and makes monthly rent payments to the owner. A portion of the monthly payment is set aside as the down payment. At the end of the lease, the renter can either walk away or apply the funds that have accrued to obtain a contract. This gives both a down payment and time to acquire the 2 years of tax returns needed for a conventional loan.

Finding good deals can seem like a daunting task; however, if a borrower carefully researches and investigates the options, obtaining a new house and financing for a self employed home loan will become a reality. As Christians, we have no excuse about being knowledgable regarding our financial outlook and decisions. First Samuel 2:3 says, "The Lord is a God of knowledge." We are to follow His example. A wise Christian shopper will do adequate research on all the options, enlist the help of a knowledgeable realtor, and educate himself about the different types of self employed home loans to achieve the dream of house ownership.

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Modular Home Loan

Modular home loans are customized for home buyers who want to finance a factory built house but not necessarily the land that it will rest upon. It is a unique opportunity for houses that are manufactured elsewhere, almost to completion, but which are assembled on site-- it is not necessarily the same kind of financing needed for a mobile manufactured home which is built on a steel chassis. This type of financing is similar to loans designed for site-built homes which share the same building code requirements, except they have terms which better anticipate the needs of modular construction and do not need to be tied to a property deed or title. This makes a modular home loan advantageous if someone wants to live on rental property, family land, or have separate mortgages for the land and home.

This type of financing can be obtained from any lending source, including the contractor or modular house dealer. Variables can allow a person to anticipate cost overruns such as unforeseeable excavation expenses, changes in specifications, assumptions made that are incorrect, and unfortunate building delay costs. Modular home loans will vary in amount depending on the needs and whether or not a contractor is hired. A modular home loan can have fixed or adjustable interest rates, the same 30 or 15 year terms, or various down payment options; rates will depend on credit standing, employment history, and the down payment. If a person is looking for a modular home loan from the Veteran's Administration , it can be processed through the VA's regular program. Making decisions can be stressful and confusing, but knowing God is listening can be very comforting. Psalm 46:10 says "Be still, and know that I am God: I will be exalted among the heathen, I will be exalted in the earth."

A person needs to talk to a lender to make sure that they can use the same lender for both the construction and the mortgage. Plus, it is helpful to plan ahead in two other ways: get prequalified by one or two lenders and apply for pre-approval. A modular home loan lender is going to assess the value of the house to protect his investment. Expect to pay some fees and "points" which may equal one point per one percent of the construction loan. Make sure to get the exact fees in writing. A person will typically only pay interest on the money borrowed during construction. When the house is complete, and the final construction disbursement is issued, a person will begin to pay off the mortgage, both the principle and interest. Modular home loans are going to make it possible to enjoy a house, constructed elsewhere, but assembled permanently in the location of choice.

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New Home Loan

New home loans allow consumers to receive financial assistance when purchasing a new house. These are available through mortgage companies that advertise and do business over the Internet. A new home loan is also available through mortgage companies that offer communities the conventional way of working with mortgages, through the local lending company. There are many different options with mortgage companies, and consumers can take advantage of the current low interest rates and the great services being offered by many lenders. Researching the different options can give a homebuyer the opportunity to find the best deal and package for their family's needs.

There are so many mortgage companies and brokers online today, it is almost overwhelming. But, homebuyers will find that, while there are many new home loans and options to sift through, there are great deals to be had because of the competition and large mortgage market brought on by the mass merchandising opportunities of the Internet. There are so many loans and lenders online, consumers can almost get a customized new home loan package that fits their unique financial circumstances.

There is a myriad of options when it comes to a mortgage. New home loans can be FHA loans, or a variety of other types. There are reverse mortgages available, and there are interest only mortgages being advertised online. The first step in finding the right new home loan for the individuals needs is to find what the current interest rates are and what the economic indexes are indicating. Then, the consumer should find a reputable mortgage company that is trustworthy, but competitive. Now, the individual is ready to talk about getting pre-approved for a mortgage and getting the best interest rates possible.

Once a new home loan is secured, homebuyers can get excited about moving into a new house, which is the American dream. But, people must be careful to keep a healthy spiritual perspective on pursuing this dream. The Bible teaches people that the true home is not the sticks and bricks that they live in on this earth. Christians true dwelling place is their place in Christ's heart, which is ultimately Heaven. Christ told Pilate just before His crucifixion, that He was the King of another realm. "Jesus answered, My kingdom is not of this world: if my kingdom were of this world, then would my servants fight, that I should not be delivered to the Jews: but now is my kingdom not from hence." (John 18:36) In the excitement of getting a house, people must remember that the real and ultimate home is with Christ.

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Home Bridge Loan

Home bridge loans are used when a prospective homebuyer has found the home they would like to purchase, but has not yet sold their current one. Qualifying for this depends on how much equity there is in the current home. If the equity is adequate, a home bridge loan can provide the homebuyer with the cash needed to make a down payment on the new home. Normally, the interest rates and mortgage points are very high, not to mention the costs and fees involved. "And Jesus looking upon them saith, With men it is impossible, but not with God: for with God all things are possible." (Mark 10:27)

Less expense alternatives to this type of financing include 401k funds, stocks or bonds, an insurance policy or another asset that can be borrowed against, even an automobile. Any physical or financial asset that can be secured would work. In addition, a "gift" from a family member can be used to make up for a shortfall in funds. If none of those resources are available, a home bridge loan may be the only option for purchasing that new residence before the current one has sold. The least amount needed to close on the purchase of the new residence is usually the maximum amount allowed of most home bridge loans.

It is usually required that the homebuyer's current residence either be under contract or listed for sale in order to qualify for this type of loan. Terms vary among lending institutions, but typically the term on home bridge loans is six to twelve months. If the homebuyer's current residence sells sooner, it must be repaid in full immediately. These loans differ from traditional ones in that there is normally no monthly payment toward principal or interest. Instead, a home bridge loan is not amortized and is payable in full, including the interest that has accrued, at the end of the term.

Interest rates are higher than on traditional financing. The rate is figured by taking the current prime interest rate on the day of closing and adding a margin to that rate. For example, if the prime rate is five percent, the lender may tack on a two to three percent margin yielding a total rate of seven or eight percent. When considering a home bridge loan, it is imperative that one is sure the right choice is being made. It is a good idea to seek professional guidance in a matter of this magnitude.

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Instant Loan Approval

Instant loan approvals are available from many different types of lending sources. Some examples are payday loans, mortgages, home equity funds, or even a car loan. The easiest way to obtain these contracts may be by researching lending sources on the Internet. Once a consumer has filled out an application, he could find out if he qualifies in as little time as sixty seconds to five minutes. Often, the length of time it takes the applicant to fill out the application and click, is the amount of time it takes for his instant loan approval.

An applicant can apply for up to $200,000 in four short steps. Step one is point, step two is click, step three is close the application form, and the fourth is to get cash. Some lenders offer terms in home closing with a 3.99 adjustable percentage rate (APR). This type includes no appraisal fees, no title costs, no annual renewal, and no hidden costs. Instant loan approvals for payday loans offer direct deposit up to a thousand dollars and no credit check. Online instant loan approval is an alternative to trying to accomplish the task of finding cash during the working hours of lending institutions, such as banks and credit unions. Most borrowers know the discouragement of busy telephones and voice mail applications. Using the Internet to apply averts these types of hassles.

For the person who needs cash fast, instant loan approvals online are the way to go. A qualified applicant can have the cash within minutes. For example, if a person is looking for mortgage refinancing, he may have the added bonus of getting responses from multiple lenders. This area of lending is very competitive and the competition between lenders is steep. Most of us have seen the many commercials on television, in magazines and newspapers, offering great terms. Because of the Internet, applications are available twenty four hours a day and seven days a week. Financial transactions that used to take days or weeks can now be accomplished in the comfort of the borrower's home and in an instant of time.

Modern technology has helped us gain access to many things that only the rich had before. Yet more dangers are also present. When cash is so readily available, we face a temptation to misuse what God has given us. Peter exhorts us to be "good stewards of the grace of God" (1 Peter 4:10). This includes our financial dealings. We cannot be good witness for Jesus and live in financial disarray. We serve God through how we use our money. Becoming dependent on quick cash will not glorify God. An instant loan approval may be the answer to a Christian's financial crisis, but he must first consult God about his financial choices.

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Rehab Home Loan

Rehab home loans are a means of refinancing a house to get cash out and to do extensive repairs to the home, thereby improving the property value. There are various lenders to choose from, but an option to explore when seeking a rehab home loan is through the Department of Housing and Urban Development. The assistance programs offered by HUD are under section 203(k) and will provide for reconstruction of a house being newly purchased or an existing owned house that will be refinanced to put the agency as the first mortgage holder.

Applying for this type of assistance program will include the involvement of consultants who work for HUD; appraisers and inspectors to secure two values - "As-is Value" and "Value after Rehabilitation"; the mortgage lender, contractor, and a plan reviewer; the borrower, and HUD. Qualifications of the renovations required to secure rehab home loans for the one to four family dwellings have a set minimum of $5,000, and must comply with Cost Effective Energy Conservation Standards. A rehab home loan can be used three ways: to purchase a property with an existing dwelling that will be renovated or reconstructed; to purchase a dwelling on one site and move it to an existing foundation and rehabilitate it; or to refinance and existing mortgage and rehabilitate the dwelling.

These loans will cover the following rehabilitations: structural alterations and improvements; changes for improved function and modernizing; health and safety improvements; aesthetic appeal and removal of outdated structure; replacement of plumbing, including connection to sewer systems; installation of well and/or septic system; roofing, flooring, and energy effective improvements; landscaping to protect the property; and handicap access. Once the major work to be covered by the rehab home loan meets the $5,000 minimum the following can be included in the excess amount financed: repairs to a swimming pool, new free-standing appliances, and painting of interior and exterior surfaces. "Be ye strong therefore, and let not your hands be weak: for your work shall be rewarded" (2 Chronicles 15:7).

Assistance set up through the HUD Section 203(k) must include Architectural Exhibits that specifically demonstrate the work to be done for the coverage. These exhibits will include a plot plan if a new addition is anticipated, a proposal exhibit of the interior if renovations or additions are to be done, or an official write up and work estimate to be done by the contractor. Rehab home loans for HUD are financed as FHA loans and require mortgage insurance that will include coverage of the cost of the fees and inspections and exhibits.

Considering the use of a HUD rehab home loan is especially wise when a borrower has an outstanding mortgage and the dwelling is the last thing to be taken care of with the household income. Losing the value of one's home is damaging to the property value as well as is a liability to the homeowner's insurance coverage which expects the insured property to be maintained for continued coverage. Rehab home loans are a viable option to retain or rebuild property value.

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Secured Home Loan

Secured home loans or home equity loans allow borrowing money using a home as security or collateral. A loan's security or collateral is what is used as a pledge to a lender that the debt will be repaid. If the debt is defaulted on, the home can be repossessed by the lender. Secured home loans are incredibly popular for several reasons.

First, this financing enables borrowing against the equity that has accumulated in the property. With the rapid rise in real estate prices, many people have earned equity in their homes as the prices in their area have continued to rise. The equity is the difference between what the house can be sold for and how much is owed on the mortgage. Secured home loans are second mortgages that enable turning this equity into cash to be used for virtually any purpose. Money may be needed to pay off credit cards or debts or paying for a child's education, remodeling projects, or other large purchases.

Second, these loans have numerous advantages. Borrowers who are looking for large sums of money or those who might not have solid credit might find a secured home loan to be the right option for them. Because lenders carry a lower risk on secured financing than on other types of personal financing, they are more liberal in terms of the amount of money that can be qualified for. Lenders are also willing to overlook many credit problems because they can simply repossess the property if the debt is defaulted on. Plus, most lenders know that borrowers make these payments a priority since their homes are on the line.

Last, because there is a lower risk, there is typically a much lower interest rate. An additional benefit is that the interest on secured home loans is often tax deductible. Plus, it can be used for virtually any purpose as opposed to some types of financing that carries stringent guidelines for how funds can be used. The main disadvantage is if the payments are defaulted on, losing the property is the risk taken. Make sure that the budget can handle an additional payment so that the residence is not in jeopardy. "He trusted on the Lord that He would deliver him: let Him deliver him, seeing He delighted in him." ( Psalms 22:8)

To find the best rate, make sure to shop around at a variety of lenders including banks, brokers, and credit unions. Before beginning to shop for a secured home loan, make sure credit reports are accurate since lenders will use this as a factor in the overall approval process. Make sure to compare closing fees and not just interest rates. Ask lenders to provide a good faith estimate, which outlines all fees associated with the financing. With careful research and planning, a secured home loan can provide the cash needed to pay off debts or finance large purchases.

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