If you are a homeowner in need of a home equity loan but you have not yet built up any equity in your home, don't despair. A 125 percent equity home loan may be the answer.
A 125 percent equity home 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 0,000 and you owe 0,000 on the mortgage, this loan agenda would allow you to still borrow up to ,000.
The 125 percent equity home loan is offered by varied online lenders. Each lender has their own qualification and loan term guidelines but generally this is a credit score driven loan program. credit score driven means that you have to have a certain credit score to qualify for the loan. In addition, your credit score usually determines the maximum loan number you may qualify for and the maximum cash in hand you may receive. Also, some 125 percent equity home loan lenders may wish seasoning on the distance of time you have lived in your home. Three months is usually the minimum.
When it comes to a asset appraisal, most 125 percent home equity loan lenders do not wish you to get one. They generally will use the buy price of your home as the value if you have lived in your house for 12 months or less. If you have lived in your home over 12 months, a up-to-date tax assessment, easy drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated estimate of your home's value which is based on up-to-date home sales of comparable houses in your neighborhood.
For more data on 125% home equity loans, or to correlate rates and programs of 125% home equity loan lenders visit http://www.equityloansource.com
125% Equity Home Loans
