Home Remodeling loan rates

Home Affordable Unemployment
Until recently, borrowing money for a new kitchen, second-story addition, or other home improvement meant going to the bank, seeing a loan officer, and hoping for the best. Today, however, you have many more options. A mortgage broker, for example, can offer more than 200 different loan programs. And brokers are just one of the many lenders eager to put together a loan that fits your situation — even if your credit history is less than perfect.

That means you might be able to borrow more money than you think. But with so many competing lenders, loan options, and terms, it also means loan shopping can be as challenging as house hunting. You can skip all the confusion and land on the right lending program by:

1. knowing how much money you need and roughly how much you can get from the start;
2. narrowing the myriad loan options down to the ones that match your needs and finances; and
3. concentrating on the lenders that are likeliest to provide the type of loan you want.

How Much Can You Borrow?

Whether you hire a contractor or take on the work yourself, begin with an accurate estimate of what the project will cost. Lenders will insist on a specific figure before they work with you. If you're hiring a contractor, start with a firm bid, broken down into labor and materials. Then add on 10 percent for surprises. On work you'll do yourself, compile a detailed materials list with quantities, costs, and an accurate total. Include permit fees and equipment rental. Then add a cushion of 20 to 30 percent to be safe. Once you know how much you need, how much will you get? Despite the promises and hype lenders make in their ads and promotional materials, how much you can borrow hinges on your credit rating, the loan-to-value ratio, and your income. These factors also help determine the interest rate, the length of the loan, and whether you'll pay points. Your credit rating. The best rates and terms go to homeowners with an A rating — no late payments in the last 12 months and no maxed-out credit cards. One or two late payments or overdrawn credit cards probably won't knock you out of the game, but you might end up with a higher interest rate and a smaller loan.


Buying my first home....perhaps?

2012-01-20 17:01:48 by 4818EBenWhiteBlvdS

I would say buy now since interest rates are at there lowest since 1974. Your mortgage payment may be less or equal to rents.
If you are here in Austin, email me at FHAInspections@austin.rr.com and possibly I can help you obtain a 203K loan to purchase an existing house that can be upgraded to your needs. Also have a remodeling company that can perform all the repairs.
Jose

You might also like:

Rehab Program Home Loans for Aurora …
Rehab Program Home Loans for Aurora …

Calculator doesn't show the benefits  — Manawatu Standard
We then ran these through the Westpac bank mortgage calculator, assuming a 20 per cent deposit, annual joint income of just under $100,000 - the kind of salary a young professional couple might make - and a 30-year mortgage term.

Rising mortgage rates dilute affordability  — CBS News
At a 4.4 percent interest rate, the average for a 30-year fixed rate mortgage over the third quarter of the year, more than 70 percent of the country's homes remained affordable for a middle class family.

Media Freeware Releases Home Mortgage Calculator to Help Borrowers Get ..  — SBWire
Media Freeware aims to put an end to the confusion by providing a free Home Mortgage Calculator that gives individuals a detailed breakdown of exactly what a loan means depending on the specific features of the very loan users are considering ..

Related posts:

  • Avatar Per How do i buy real estate in Houston, Texas ?
    Oct 06, 2013 by Per | Posted in Renting & Real Estate

    I am dealing in Real Estate and want to know how i can invest in Houston. If you have any suggestions Please reply freely.

    • In order to be a successful real estate investor you would need to #1 Find the local real estate investment group (Google real estate investment group followed by your city and state.) This group would hold regular scheduled meetings that would offer information about real estate investing, how to purchase investment properties, vendors available in you city that would benefit you in you investment purchases. To join this type investment group is not expensive, there would be annual dues and probably fees to attend the meetings whenever they are scheduled. (Normally these fees are for the cost …