equity loan

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08 May 2009 07:03 am

The Steps Towards Home Ownership

The Everything Homebuying Book: From Open House to Closing the Deal, Everything You Need to Know Before You Make the Most Important Purchase of Your Life (Everything Series)

Real estate prices are tumbling, mortgage rates are at record lows and there are big tax credits on the table. All that might have you scrambling to assess whether you can afford to make the leap into homeownership.

Start the process by polishing your credit report. While the cost can be relatively minor, it’s particularly important now that banks are being more selective about making loans. The Federal Reserve says a March survey found half of U.S. banks tightened lending standards on prime mortgages in the previous three months, up from 45 percent in February.

A higher FICO score also gives you greater negotiating power over the terms of the mortgage and ultimately, the total cost of the loan. A stellar score ranges from 760 to 850, while scores below 640 might mean you have to pay a significantly higher interest rate. (more…)

16 Mar 2009 06:56 am

Lake James Burke County NC Luxury Waterfront Home Perfect

Vacation property, an investment for retirement or a permanent residence, this Lake James waterfront home may be your dream property.

The beautiful water front home is located in a private community with spectacular views of the Blue Ridge Mountains. It has a double deck boat dock, an enclosed boat garage and a private ramp to launch your own watercraft. The home was built originally in 1972 and totally renovated in 2002. A four car detached garage was built in 2002.

There is a total of 264 ft. of water front. Beautiful three tier sea walls accent this elegant home. Hard wood and tile floors, modern appliances and vaulted ceilings are only a few of the amenities that capture you with this home.

Private dock permit.

List Price: $1,800,000
Flexibility: Willing to finance
Acreage: .75 acres
Type: Waterfront

Floors: 2
Bedrooms: 4
Bathrooms: 4
Sq. Footage: 3700
Garage Size: 4.0
Year Built: 1972, totally renovated in 2002
School District: Nebo

Suitable Use: Residential

Topography: Rolling
Road Frontage: Private Road
Location: [tag]Lake James, Burke County, NC[/tag]

Amenities: Waterfront, Fireplace, Central AC, Alarm, Wood Floors, Gas Range, Patio, Wheelchair Accessible, Nature/Bike Paths, Boating, Controlled Access, Spa/Jacuzzi

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12 Jan 2008 09:26 am

Finding The Best Rates On Home Equity Loans

Keys to Mortgage Financing & Refinancing (Barron\'s Business Keys)

A [tag]home-equity line of credit[/tag] works a lot like a credit card. The account has a set credit limit and the owner can usually borrow as much or as little as needed. Many credit lines charge a variable rate of interest, much like a credit card. The amount paid in finance charges depends on the direction of the [tag]prime rate[/tag].

However, unlike an unsecured revolving credit-card debt, the line of credit is almost always secured by [tag]home equity[/tag]. For some homeowners, if a financial crisis hits and they can’t pay back the [tag]home equity line of credit[/tag] ([tag]HELOC[/tag]), they could lose their house.

Before applying for a line of credit, applicants need to make sure they are getting a good deal. That means checking up on their credit scores. In today’s financial environment, only consumers with excellent credit and substantial home equity will qualify for the best rates. The closer to a score of 700 you come makes you a better borrower in this marketplace. Generally, consumers need a credit score of 740 or higher to get the best deals. (more…)