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125% Equity Home Loans
Posted on Wednesday, September 7, 2011 by Am Result
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If you are a homeowner in need to have of a house equity loan but you have not however built up any equity in your house, don't despair. A 125 percent equity household loan could be the answer.
A 125 percent equity house loan is a second mortgage loan that enables you to borrow up to 25% a lot more than the value of your household. For example, if your property is worth $100,000 and you owe $100,000 on the mortgage, this loan program would allow you to nonetheless borrow up to $25,000.
The 125 percent equity house loan is offered by diverse over the internet lenders. Each lender has their own qualification and loan term guidelines but commonly this is a credit score driven loan program. Credit score driven means that you have to have a particular credit score to qualify for the loan. In addition, your credit score ordinarily determines the maximum loan quantity you may possibly qualify for and the maximum money in hand you could get. Also, some 125 percent equity house loan lenders could need seasoning on the length of time you have lived in your property. 3 months is usually the minimum.
When it comes to a property appraisal, most 125 percent residence equity loan lenders do not demand you to obtain one. They frequently will use the invest in cost of your property as the value if you have lived in your residence for 12 months or much less. If you have lived in your property more than 12 months, a recent tax assessment, easy drive-by appraisal, or automated value model (avm) can be utilized. An avm is a laptop or computer generated assessment of your home's worth which is based on recent home sales of comparable houses in your neighborhood.
For much more information and facts on 125% house equity loans, or to compare rates and programs of 125% residence equity loan lenders visit
Category Article 125 percent equity home loan, 125 second mortgage, 125% home equity loan, equity home loans, no equity home loan
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