If you are a homeowner in need of home equity loan, but have not yet built up any equity in your home, not očajavajte.125 percent equity home loan May be the answer.
125 percent home equity loan is a second mortgage loan that allows you to borrow up to 25% more than the value of your home. For example, if your home is worth $ 100,000 and you owe $ 100,000 on the mortgage, this loan program will allow you to still borrow up to $ 25,000.
125 percent equity home loan is offered by various online lenders. Each lender has its own qualification and loan term guidelines but generally this is a credit score driven loan program. Credit score driven means that you must have a credit score to qualify for a loan. In addition, your credit score usually determines the maximum loan amount you qualify for the maximum and cash in hand you can get. Also, a 125 percent home equity loan lenders May require seasoning on the length of time that you lived in your home. Three months is usually minimal.
When it comes to real estate assessments, most 125 percent home equity loan lenders do not require you to get one. They generally will use the purchase price as the value of your home if you lived in your residence for 12 months or less. If you lived in your home for more than 12 months, the recent tax assessment, simple drive-by assessment, or automated value model (AVM) can be koristiti.AVM the computer generates an estimate of your home value based on recent comparable home sales houses in your neighborhood.
