Question by mommy23girlys: Can we get a FHA loan if we just now opened a bank account?
We have just opened a bank account. One of the requirements for the FHA loan is 3 months bank statements. Is this going to be a problem?
Best answer:
Answer by foreclosurefish_com
This will most likely depend on a couple other factors – for instance what assets and liabilities you may have when applying. As long as you have some banking history I dont think that should be your biggest hurdle. FHA loans are more and more popular but there are more guidelines that will be necessary to follow in order to get approved.
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Question by Pantsguy: What exactly is a home equity loan and can I still get one with bad credit?
I do own my own home but am still paying off my mortgage. My son needs more money for college and we’ve tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don’t know if it’s a good idea though.
Best answer:
Answer by Anjell
You have ownership of the home but what you don’t have is free title that’s why you still have a mortgage to pay. A home equity loan is just what is says, erectile a loan that you can access up to or near the value of the equity you have in your home. For example if you bought a $ 300, here 000 home and you’ve paid half of it off, then you have $ 150,000 in equity. That means that the bank could lend you up to that much. The stipulation is that you would need to have nearly sterling credit and still qualify for it. If you’ve already maxed out your other financial resources particularly a credit card of all things I very much doubt you’re going to get an equity loan anyway because you’re already in over your head. I’m glad you want to help your son out with his tuition but he may have to do like millions of other students and get a part time job to help out.
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There are a lot of benefits when you have a home equity. First of all, it increases the value of your home. Moreover, you can make use of it so you will be able to improve your credit rating should you decide to apply for a home equity loan.nBut do you exactly know how to make good use of your loan? Just to help you out, here are 4 tips for you. Be careful when you’re applying for a home equity loan If you’re familiar with standard bank loans, then you will know how this works. When you’re going to apply for a conventional loan in a bank, you will have to provide collateral, which can then function as your secure deposit. It lowers down the risks of banks in entering on a loan with you.
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Thus, they can provide you with a mortgage with lower payment terms and interest rates. However, if you ever miss payments on your loan, or you can no longer cope with them, there’s huge possibility that your collateral will be taken away from you. It’s the same case with your home equity loan. If you aren’t too careful with it, you will likely lose your own home Take note of the length of your loan. You can have the power to take control over the length of your home equity loan. However, you should be wise with this. Logic can tell you that if you’re going to extend your loan for so many years, you will be enjoying lower interest rates.