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Both refinance home mortgage loan and home equity loan allows cashing out the equity in a property. However, they are different type of loans, serving different needs. Refinance mortgage is used to replace the existing mortgage with a new and improved loan. The purpose of refinance mortgage loan is mainly to lower the interest rates and the monthly payments on a mortgage. During the process of mortgage switch with refinance, providing there is equity in the property, some cash may be taken out…

housing bubble will collapse soon before anyone else does. At that time in the US, banks were lending out mortgages to people who could not afford housing and dealing with high risky lending rates meanwhile, the citizens were not paying back their loans from banks. So these few individuals thought maybe if they beat a large sum of money by betting on the market collapsing they would make a bunch of money and they did. Money can be made in many ways through having a job, owning properties, etc.…

Rent to Own 101 For most of us, buying a house requires a mortgage. To qualify for a mortgage, potential buyers need to have an approved credit score and a good chunk of change for down payment. Without these, buying a home might not be possible. However, we offer an alternative—rent to own. Rent to own is a way of getting you into the house of your dreams while working on a down payment and improving your credit score. So how does it work? What terms should you be aware of? Option Fee In…

Credit Scores 101: What Credit Score is Needed to Buy a House? Millions of people long for the American Dream—the dream of homeownership. The ability to paint a room without asking permission from their landlord. They long for the years where they are paying for an asset that will ultimately make them money—an investment unlike any other. Much more than simply a place to stay and a place to call home, owning a home is a milestone in life that says to people, you made it! If you obsess about…

The video “Mind Over Money” made me think about the way I dictate my financial decisions and if I’m more rational or irrational when it comes to spending. Throughout the video many interesting experiments were shown and spoken about. The experiments were mainly to show if humans use emotions when making decisions about money or rather their more rational about their decisions. The results to most of the tests were astonishing, but they mad perfect sense. In addition to the trials, a ton of…

Summary: What happened was that people (even those with subprime mortgages) were rated AAA. AAA rating carries little risk because it assumed everyone could pay. Banks gave away loans without even checking people's files, they want interests and rating companies want money as well, so they ensure that people will pay. Few individuals including Dr. Michael Burry realized how volatile this was and decided to buy Credit Default Swaps. Credit Default Swaps are similar to insurance in case people…

One of the best ways to simplify your mortgage shopping experience is to obtain a prequalification using a mortgage broker. A prequalification is one of the first steps in the mortgage approval process, and it usually involves answering some basic questions about your ability to repay any financing. Prequalification vs. Preapproval However, getting prequalified for a mortgage and receiving a preapproval from a lender are two different steps in the process. A prequalification involves you and…

WHAT IS A VA LOAN? picture of family welcoming home military fatherVA loans are mortgage loans given by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). These types of loans help U.S. military veterans purchase homes with competitive rates, no down payments, and no required private mortgage insurance. This program is also is designed to offer a long-term financing option to U.S. military veterans. To be clear, the government doesn’t make the loans; it simply…

In case someone has a commendable credit history then this is actually the right choice for them. The Construction Loans If someone is interested in the combined package of home and land then it is a best opportunity to utilize completely. It is for paying both land and home if you are into such projects. While the builder is paid via installments that draws down the…

to cash out refinance loans. Texas cash out loans, often referred to as 50(a)(6) loans or home equity loans are only permitted in certain situations. If basic requirements aren't met also, the loan is illegal and therefore won't be allowed to go through. For this reason, individuals need to understand the requirements of this type of loan prior to proceeding. Maximum Loan Limits When obtaining cash out loans in Texas, borrowers find they are limited to 80 percent of the loan-to-value on a…