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Best Equity Loan
How to Get the Best Equity Loan Online
By applying for a home equity loan you are a homeowner who wants to borrow money by offering up your house as collateral. It sounds like a big deal, because you'll be borrowing a lot of money, but it isn't. Lenders all agree that lending money in lieu of home equity is really quite safe, because a house can't disappear very easily.
There are numerous places online that you can seek out for information about home equity loans. Try Bankrate.com or Eloan.com for starters. These websites are packed with all sorts of information, loan calculators, essays on the pros and cons of every type of loan. You can get started with an online loan application in just minutes. It's easy. It's quick. It's safe.
Online loans pride themselves in having low rates and fast funding turnaround times. You'll be pleasantly surprised to find that loans offered over the Internet involve less paperwork, often remove lender and other pre-payment fees, and are so fast, you may even get your money in as little as 12 days.
All you need to do before you start is your own research. Browse through these sites to understand the type of loan that will best suit your needs. Bankrate.com, for example, will take you through a list of questions, such as "Is now the time to borrow from your home equity?" and "Does your current situation make home equity a sensible borrowing option, or not?". Depending on your answers, you'll be assessed as to whether a home equity loan is for you and, more importantly, how to find the best home equity loan online.
Remember, before you sign anything: shop around, ask around, and compare the offers.
West Virginia Home Equity Loan
Good Credit Score
If you have a good or better credit score, we recommend ING Direct as the best source for a home equity loan. They have a knowledgeable staff, and are very pleasant to work with. You can click here for ING DIRECT Orange Mortgage Great home equity loan rates. Easy Online Application.
Lower Credit Score
If your credit score is on the low side, America’s Lending Partners’ can help. Loans to people with weaker credit is one of their specialties. Their free loan request service will match you with up to four lenders to help you lower your interest rate on a home equity loan.
Self-Employed
If you are self-employed, you may be at a handicap when it comes to applying for a home equity loan. This is because small business owners can take many more tax deductions than people who work as employees. Your cellphone, transportation, and part of the use of your home, if taken as legitimate deductions on your tax return will cause the amount of your net income to look low.
Say, for instance, that you make $40,000 per year net, after you've taken your deductions, and your friendly banker makes $40,000 per year gross, as an employee. If each of you had identical outstanding debt, identical equity in your home, and identical home values, in theory you would both be able to qualify for the same loan amount.
However, in reality, you earn a lot more than your banker does. You likely drive a truck and have taken a considerable mileage deduction of about $10,000. Your cellphone bill is deducted from your gross income. Your work clothing has likely been deducted as well. In contrast, none of those items have been deducted from your banker's pay as an employee. Those are all expenses that he pays out of his $40,000 annual earnings, assuming, of course, that he wears clothes, uses a cellphone and drives a vehicle.
Lending regulators, because of the facts just described, created regulation and allowances for a type of loan called a "no documentation" loan. It is also referred to a a "low doc" loan and a "no income verification" loan. With this type of loan, you simply put down what your income is, and the bank or lender doesn't verify the accuracy. Many self-employed people will choose to provide their gross income, rather than their net income when applying for a home equity loan. This increases the chances of an approval because stated income is higher.
If you are looking for a no documentation home equity loan, Green Point Mortgage will likely be the perfect match for you. The friendly folks at Green Point Mortgage specialize in no documentation loans. These are especially attractive to self-employed and business owners. The home equity loan process is less intrusive and more efficient. Click here to apply for their No Documentation Home Equity Loan
.
If you have a complaint against a lender in West Virginia and want to report illegal or unethical practices, here is the contact information for the appropriate authorities:
West Virginia Division of Banking
1900 Kanawha Boulevard, East
Building #3, Room 311
Charleston, WV 25305-0240
Phone: (304) 558-2294
Fax: (304) 558-0442
Our regular Business hours are:
8:30am to 4:30pm M-F Eastern Std
Other related West Virginia home equity loan resources:
West Virginia Mortgage Refinancing
Find the best home mortgage refinancing rates available in West Virginia. Many second mortgage articles, second mortgage news, a glossary of mortgage terms, and a comparison of home mortgage refinancing lenders.
West Virginia Home Equity Loan
The equity in your home can be a source of funds in a time of need. If you currently have a low rate on your home mortgage, it is doubtful that you would want to refinance the entire balance just to get additional funds. If so, a home equity loan is the solution for you.
With rising interest rates, it makes financial sense to simply get a second mortgage rather than refinance your entire home mortgage. If you need to borrow against the equity in your home, a second mortgage is likely the solution you need.
West Virginia Bad Credit Loans
If your credit has been hurt in the past by the loss of a job, a serious medical problem, or many of the other unfortunate events that happen in life, there is hope. You can still get a second mortgage even with bad credit. This site provides you with the necessary resources.
If you would like to raise your credit score to qualify for the best home mortgage rates, this site provides all the necessary information. You'll find advice on improving your credit score, contact information for the 3 major credit bureaus, an explanation of how the credit scoring formula effects your second mortgage application, and lots of valuable loan and mortgage information.
Are you thinking of borrowing against the equity in your home? Don't want to give up the current low interest rate on your home mortgage? If so, an equity loan is your answer. This site provides all the information you need to find the best equity loan in West Virginia.
West Virginia First Time Home Buyer Programs
If you have never owned a home, and this will be your first, you need to research the resources available to you. For most first time home buyers, the required down payment and closing costs are the biggest hurdle in qualifying for a home mortgage. There are low-interest loans and outright grants of free money to help first time home buyers qualify for a home mortgage. These programs are available right here in West Virginia. Definitely worth your time to investigate the possibilities if you are a first time home buyer.
West Virginia Government Resources
The official website of the State Government of West Virginia. Contact your governor, state representatives, and congressmen and senators any time you read in the news a proposed law that will have negative impacts on your home or home mortgage.
National Association of Realtors
You'll find information about the most current top real estate news stories, the current trends in the national and local real estate markets, information on upcoming proposed laws and changes in regulations relating to real estate, a research section, and piles and piles of information pertaining to home mortgages.
The best site for home mortgage information in West Virginia. Articles on home mortgages and real estate lending, comparisons of the different home mortgage lenders in West Virginia, home mortgage news, and all the resources you need to find the best home mortgage available to you.
