BirdogsID asked:


Where can I get my share of the mortgage bailout funds? My home was overvalued by bank of america and I am going to be foreclosed on, not to mention, I am in texas and there is a law that you can not have a (home equity) loan higher than 80% of the value.
Bigtodda–YUP. I am making my payments on time. But hell if I could get my house paid off, why not try it! I am going to be paying for it through my taxes, and so are my kids and grandkids. Might as well have something to show for it. =)

Lester

Hunter Elisabeth asked:


I am working with NACA to possibly reduce my 1st mortgage through GMAC & my 2nd is with B of A. She said once they (NACA) negotiate with GMAC, then *maybe* they can move on to Bank Of America. However, instead of waiting for what could be months, she said that I can probably just call them myself & ask about either reducing the amount or lengthening the pay off term. Supposedly Bank Of America works so well with NACA that she was pretty confident I could do it alone. I was wondering if anyone has any experience with Bank Of America doing this for them or someone they know?

DEWAYNE

Joel Gray asked:


If you are planning on buying your dream home, a second or vacation home, or even planning to relocate with a new home purchase, there are definitely a variety of home loan options to check out.

Many banks, financial institutions and private lenders offer home loans; home equity loans, private loans or equity line of credit loans. All good lending programs will consider this, as it helps you to borrow the money, just by using your home on collateral basis.

What is equity?

In financial jargon, it is said to be the difference between the cost of home and how much you owe on the mortgage or combined mortgages, in the case where you have a second mortgage out on the property. In other words the value of your home is the equity you have built into it.

Home Equity Loan Rates

You can find out what current home equity loan rates are, compare them with several different financial institutions and use handy online calculators at BankRate.com: http://bankrate.com . For example, as per the current statistics of the Bank of America, their home equity loan interest rates are as follows:

1. 30 year with a fixed rate is 5.81 percent on the amount taken as loan.

2. 15 year with a fixed rate is 5.51 percent on the amount taken as loan.

3. 30 year with a fixed jumbo is 6.12 percent on the amount taken as loan.

4. 15 year with a fixed jumbo is 5.78 percent on the amount taken as loan.

The monthly payment of a loan is calculated to be around $400 to $1000.

Home Improvement Loan

If you want to fix up your home, then you will want to search for information on a home improvement loan. These types of loans are designed for the people who want to finance their home repairs, renovation of their homes, room additions to their old homes, etc. without going for equity loans.

The benefits for this kind of loans are:

No or limited requirement of collateral.

Interest rates are competitive and are lower than line of credit loans.

Approval of loans is faster

Information of the loan and the transfer of the balance both are can be done through online banking.

Transfer of funds for the payment of loans can be done through online banking access.

Now that you have been shown the ins and outs of getting a home loan, what do you think that next thing you should do is?

So get a loan and get ready to move into your dream home today!



NOAH