How To Remove Bad Credit Home Equity Loan

The number one reason why some homeowners have difficulty getting a home equity loan is because of bad credit. In my company, we called it bad credit home equity loan.

If you have bad credit and is trying to repair your credit score, it helps to understand how credit score is tabulated and the factors going into credit score.

Credit score or FICO is created by Fair Isaac Corporation. It is a value that is used widely by many lenders to determine the interest rate that you will be charged as the homeowner. The credit score value range from 300 to 850. The lower your credit score, the higher your interest payment will be. Bad credit home equity loan applicants usually have a credit score lower than 600.

Your credit score is really like your financial score sheet detailing every major transaction you have with the lenders. So who keep tracks of your credit score? In the united states, it is done by the three major financial institutions namely Transunion, Equifax and Experian.

The factors that they take into consideration when determining your credit score are the amount of money you owed to banks, lenders etc. The length and type of loan. For example, your credit card loan. Your history of whether you have paid your monthly loan or interest on time. The assets under your name. Examples are houses and cars. If you have a job, it also factors in your monthly salary.

Do note that your credit score may not be accurate from time to time. In fact, according to a recent survey, up to eighty percent of all credit scores are incorrect. I personally think it is not that high but there are cases where a person’s credit score is unusually low even when they have a pretty good credit record and no outstanding loan owed.

If you think this is happening to you, you can question the credit score with the three major financial institutions I mentioned earlier.

What about for married couples applying for a home equity loan? The credit score is determined from the person with the most sizable income.

So in general, if you know you are going to apply for a home equity loan and has a bad credit, try to clear your current loans first. This will help to improve your credit rating. Another method you can use is to get a loan consolidation plan. By doing so, you are effectively paying up the previous loans and getting a new loan, therefore usually your credit score will increase.

Keeping More Of Your Money For Retirement With Home Loan Refinancing

Clearly lowering down your mortgage is another way of economizing money for retirement. As the equity accumulate in your home, you get more pleased with your ability to deal with life in subsequent years. The aim is to own a home without mortgage finally that would pay off keeping additional cash in your possession. Then your concerns over future will fade away as your family grow and you near to your old age in which your income might go down.

In order to accelerate lowering mortgage down number of consumers make use of record low mortgage refinance rates. You might lower your interest rate by refinancing your home mortgage and yet hold the monthly payments at their existing level. The new combination of improved monthly interest expense and higher capital payment will let homeowners lower their mortgage a great deal faster. This is an election made as opposed to lowering monthly payments and keeping further spare money accessible every month.

One more selection is that homeowners in effect reduce the period of the mortgage with the aid of better interest rate liabilities. While you are having reduced rates you might as well keep the current mortgage payments as it is or increase it further and obtain a shorter term refinance mortgage. Some homeowners might not see the urgency in refinancing their mortgage because they might be able to settle their monthly loan payments without any hardship. Nevertheless, every month that goes by whilst you are wasting money on higher rate than you may obtain in the existing market, you are permitting the mortgage providers make extra money on you.

Such low rates endorse searching for refinancing without spending any more time. Refinancing has numerous rewards for any homeowner without regard to their ability to cope with present mortgage. Some may love to save more money for later years while others might have pressing money needs to resolve. Stay up to date with mortgage rates with the help of online mortgage tables or pinpoint how much your monthly payments might be if you were to refinance now.

Should I Get A Fixed Rate Home Loan?

If you’ve started looking into getting a home loan, you’ve probably already discovered that there are a number of decisions to be made. One of the biggest ones is whether to get a fixed rate home loan or to go with a variable rate home loan. Here are some of the questions that you might have about a fixed rate home loan:

1) What is a fixed rate home loan?

It basically is what it sounds like it is. With a fixed rate home loan, the interest rate on your loan does not fluctuate. This means that the market and economy might change but the interest rate that you locked in at with your fixed rate home loan remains the same.

2) What are the pros and cons of a fixed rate home loan?

At the outset, fixed rate home loans usually have a higher interest rate than those being offered by variable rate home loans. Those individuals who aren’t able to pay higher monthly payments on their loan may find that the variable interest rates give them better payment options initially. However, since variable interest rates go up and down, there are times when the fixed rate home loan rates would be cheaper.

Individuals who are able to do well with budgeting and planning often find that the benefits of having a fixed rate home loan payment outweigh the benefits of a lower initial interest rate. This is because the amount of the payment on a fixed rate home loan can always be anticipated, allowing for budgeting. Variable rate loans vary enough to make this planning difficult for some people.

3) Is it possible to adjust the rate on my fixed rate home loan?

What most people want to know when they ask this question is whether it is possible to get a fixed rate loan and then lower that rate when the market changes and lower interest rates become available. The answer is yes, and no. It is possible to refinance your home in order to obtain a lower interest rate at the time that it is being offered. However, there are usually fees associated with changing your fixed rate home loan. These fees almost always outweigh the costs saved on trying to get the lower rate, so it’s not often done.

4) How long will it take to pay back my fixed rate home loan?

The term of repayment on your fixed rate home loan depends upon the amount of time that you need to repay the loan as determined by your lender. Fixed rate home loans are almost always either fifteen year loans or thirty years loans, with the latter being more common for most buyers.

That sums up the basic questions that most people have about getting a fixed rate home loan. Basically, if you want to have a stable monthly payment throughout the duration of your home loan, then you should get a fixed rate loan. If you would rather take your chances on playing the market with a variable interest rate in the hopes of paying a lower loan rate, well, that choice is up to you.”

FHA Manufactured Home Loan – The Best Way to Finance Manufactured Homes!

There are many types of FHA Home Loans and you can get many types of homes with them. Getting a home loan can come about for many reasons. Most of the reasons to get a home loan, or even a FHA Home Loan include one or more of the following. Often if you are a first time home-buyer you may need a mortgage loan. But if you are looking to buy a manufactured home you will have a hard time finding a loan program to finance it. There is a good loan program for financing the purchase of manufactured homes and it is the FHA Manufactured Home Loan.

If you do not have a lot of money to put down on a manufactured home, you can often qualify for a FHA Manufactured Home Loan. The current FHA down payment amount is just 3.5% of the purchase price. While down payment for mortgage loans is 20% or more.

It is very difficult to find a lender that will do a traditional conventional loan on a manufactured home. One of the reasons is that it much easier to move a manufactured home. This type of home will have a steel beam down the middle of the home making it easier to relocate. This increases the risk for the lender.

If you are a new home buyer and you are looking at a manufactured home, you will want to keep your monthly payments as low as possible. This is the reason manufactured homes are popular, they are less expensive to buy. Now you have to find a loan program to finance the purchase. You may want to apply for a FHA Manufactured Mortgage Loan.

If you do not have the best or perfect credit, or are worried about even qualifying for a mortgage, chances are now you can qualify for a FHA Manufactured Home Loan now. With the economy as it is now, although it is improving, some new home owners and buyers may often worry about what will happen to them or their homes if they fall behind on their payments on their homes.

With a FHA Manufactured Home Loan many of the worries about falling behind on their payments, qualifying for a loan if they do not have the best credit, or any of the usual concerns for first time home buyers are gone. More and more people qualify for FHA Home Loans each day. Getting a mortgage for home is much easier, faster, and often you qualify much easier and faster with more protection than with other home loans.

You will find that with FHA Home Loans there are lower rates. If you have less than perfect credit you can also still get a FHA loan. There are much more protections for your home with an FHA Manufactured Home Loan than you will find with other home loans.

There are also many types of FHA Home Loans as well. You can get a fixed rate loan, adjustable rate home loans, and you can even get a FHA Loan to purchase a rehab home. This means that you have found a house you like, but it needs fixing up or repairs. There are even special FHA Loans for these types of homes as well.

With lower down payment and lower credit requirements, the FHA Manufactured Loan is not only the best loan program but it may be your only choice to finance your home purchase. It is great loan program and you should contact a FHA lender now to get more information.

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VA Home Loan Program Or FHA Home Loan Program – Which is the Best For You?

The United States government provides many benefits to the members that are now serving or have serve in the past in the US military. Active and former members of the United States military can take advantages of benefits ranging from education incentives to compensation for disability occurred while in the military to even life insurance programs. One of the most used and most important is the Veteran Home Loan Program that provides assistance in financing a home loan.

There are currently over 23 millions living veterans and just little less than 10% of these veterans have taking advantage of this great benefit. But there is also another government backed home mortgage loan that veterans may want to consider also. This government backed loan is the FHA Home Loan Program.

So if you are an active member of the military, a veteran, or even a surviving or current spouse of a veteran you may want to compare the advantages and disadvantages of both the VA Home Loan Program and the FHA Home Loan Program.

You need to be fully informed before you buy a home because it is a huge decision and making the wrong decision can cost you thousands of dollars in the future.

VA Home Loan Program VS FHA Home Loan Program

VA home mortgage loans are similar to many conventional home mortgage loans but they do have many great benefits that are not found in conventional loans such as: you do not need a down payment, your credit scores can be lower than what is required for conventional loans, and you can “rolled” the closing and loan fees back into the mortgage thus making it a 100% financing loan.

The FHA Home Mortgage Loan Program is the most popular of mortgage loan programs for non-veterans and is growing in popularity because of the tight mortgage market today.

They have some of the same advantages of the VA home mortgage loans such as: they are easier to refinance, more lenient on the credit scores to qualify, and certainly lower down payment than conventional loans. The FHA home mortgage loan down payment is currently 3.5 of the purchase price of the home.

VA Home Mortgage Loan Eligibility Requirements

A veteran will have to get a Certificate of Eligibility that is issued to by the military to qualified veterans. The Certificate of Eligibility will also include the entitlement amount, which is the portion of the mortgage loan that the VA will guarantee. You can get the Certificate of Eligibility from the VA or you can have your mortgage lender get it for you on the Internet.

One big difference from a VA mortgage loan and a FHA mortgage loan is almost anyone can get a FHA mortgage loan, only people that are or have been in the military can be a VA mortgage loan.

There are no income limits for FHA loans, but there are limits on how much a person can borrow and it varies from each county in the country. You can find out from your mortgage lender what the limit is in your area.

VA home mortgage loans do have limits on how much you can borrow but the limits can currently go up to $729,000 in some parts of the country.

Another difference from FHA loans and VA loans is VA does not require a mortgage insurance premium called a PMI. FHA loans do require mortgage insurance (MIP). By getting a VA home mortgage loan you will save this expense which can be quite costly over the years.

VA home loan makes sense if you are a qualifying member or veteran of the military and they will allow you to take advantage of today’s very low interest rate plus you can buy a home with 100% financing.

If you don’t want to tackle the slight hassle of dealing with the VA or you do not have available VA entitlement then a FHA home loan will make the most sense.

Whether you choose the Veteran Home Loan Program or the FHA Home Loan Program you will need to work with an approved mortgage lender who will help you through the mortgage and closing process.

Owning a home is still the American dream and the government has two great programs to help you to achieve that dream, so get more information on the Veteran Home Loan Program and the FHA Home Loan Program and make that American dream happen for you!

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Value retailer boosts education by supporting literacy development

In 2015, value retailer Ackermans partnered with the national reading-for-enjoyment campaign, Nal’ibali, and Wordworks to start the Ackermans Ububele School to support early childhood development. In 2016, the 14 schools totalling 458 children in Grade R and 1,037 in Educare Centres. The participating schools are divided into two clusters, Belhar and Langa, each with a leading primary school and an Educare centre that feeds each primary school.
Value retailer boosts education by supporting literacy development
“Our School and governing body was keen to support the programme for the community and the parents. It is preparing for the future and if we are preparing for the future we must start at the base,” said Fezile Mguqlwa, principal of Zimasa Primary School in Langa.

“Developing literacy among young children is one of the first steps towards unlocking a child’s potential and building a brighter future for them through education,” says Tracey Jager, HR Director of Ackermans. “Recognising that parents and teachers in developing areas have greater challenges when it comes to providing for children’s educational needs, we partnered with Storyplay, Nal’ibali’s latest literacy approach. We have also donated stationery and assisted with much-needed classroom upgrades.”

These extra donations include 1,235 backpacks and 2,315 storybooks.

Value retailer boosts education by supporting literacy development
Ackermans Phadimas (as the staff are known) have also contributed by donating cushions, rugs, puppet theatres and sock puppets.

“What this programme has done for the children is made them think broadly and has opened a lot of their thinking skills,” said Langa-based Monwabisi Pre-school principal, Tutu Nontuthuzelo Sibenya.

“Part of Bringing Value to Life means making a real difference in our communities and showing that we care about the future of our children,” says Hanifa Jassiem, CSI spokesperson at Ackermans. “The word Ububele means kindness and generosity and through this we would love to see our Ackermans Ububele Schools grow. We are in the second year of a three-year plan and we hope that the results will testify to the value it delivers and that the programme has room for growth to more schools in the Western Cape and eventually other provinces too.”

Ten-year-old blogger wins national 2016 Ackermans Style Squad competition

Ten-year-old Luzuko Banda (a.k.a. “Zuko”) of Germiston had his creativity well rewarded when he was selected as the winner of the 2016 Ackermans Style Squad competition. He was chosen from 20 finalists from across South Africa who shared their love for fashion in the value retailer’s annual competition for 9- to 14-year-olds.
Luyanda Banda (Zuko’s Sister) Dineo Banda (Zuko’s Mom) Zuko Banda (Style Squad 2016 Winner)
Luyanda Banda (Zuko’s Sister) Dineo Banda (Zuko’s Mom) Zuko Banda (Style Squad 2016 Winner)
The Style Squad participants received Ackermans vouchers to spend on creating outfits for the nine fashion related challenges they had to complete and share in their blog posts on the Ackermans website. They also received an iPad mini and data to use for their monthly blog posts that showed other kids and their parents how to be on-trend without breaking the bank.

“Zuko has such great confidence and style. He really impressed the judges in the Fashion DIY activity with how he transformed his merchandise into something extraordinary, trendy and unique. He could take items and make them his own through styling and accessorising. His blogs were well written, easy to relate to and fun to read. He put a great deal of effort into every activity,” says Tanya Ruiters, Marketing Specialist of Ackermans and Project Manager for Style Squad.

Zuko won R15,000 cash as well as a R15,000 educational policy to further his studies. Over the past 12 months, he has also been given R2,250 worth of Ackermans vouchers, an iPad mini and 24GB of data. His prize was handed over on Wednesday, 24 August, at Freeway Park Primary in Boksburg, where he goes to school.

“I am extremely proud of Luzuko. From the very beginning I have believed that he could win it and now it really is a dream which has been realised. At times I find myself looking back at all his activities to see how far he has come. I’m thrilled that part of the prize is towards his education and with the other part of the prize he can finally reward himself with things he has always wanted, which he deserves after all his hard work. In today’s world an investment in a child’s education and future can make all the difference and I believe that the money he has won for his education will make a difference in his life and serve as a reminder of the importance of education,” said his mother, Dineo Banda.

Ackermans will once again give fashion savvy South African kids a chance to show their style and creativity with the 2017 Style Squad competition, where they can win their share of R250,000’s worth of prizes and something which money cannot buy – to be revealed soon!

Ackermans launches kids Style Squad range

Ackermans is proud to introduce two of South Africa’s up-and-coming kids clothing fashion designers. 12-year-old #Jodi_V from Cape Town and 14-year-old Bongz from Johannesburg are the talented duo that conceptualised this exclusive limited edition, Style Squad clothing range for kids aged 7 to 14.
Ackermans launches kids Style Squad range
#Jodi_V and Bongz were members of last year’s Ackermans Style Squad – a group of 20 of the country’s most fashionable kids between the ages of 9 and 14 who blog monthly on the Ackermans’ website. It’s all about fashion advice for kids by kids.

The Style Squad Competition is the first of its kind in South Africa. It aims to recognise children who have a love for being creative with fashion and – on top of that – are able to express themselves by blogging about it. The kids of South Africa have style and Ackermans was able to provide a platform where their talent can be recognised. Through this life-changing experience, the Style Squad kids not only get to become famous in their own right, they were also rewarded with an iPad, monthly vouchers and are taught the skills needed to take good photos and write good blogs.

“It is truly amazing to see how the Style Squad bloggers improve their photographic techniques and writing skills over time,” says Marketing Director, Louise Hamman.

Every month for 12 months, the Style Squad members have to complete a fashion challenge. One of the 2014 challenges was to test their fashion designer skills. For this they had to put together a fashion range. #Jodi_V and Bongz were the winners.

In April this year the two of them visited the Style Squad Headquarters at the Ackermans Head Office in Cape Town. Here they worked with the Ackermans buyers and planners and over three days designed a range that had achieved fantastic sales at all Ackermans stores nationwide (Launch date: 29 October 2015).

#Jodi_V’s Tropical Summer range features fun prints and girly silhouettes, while Bongz’s collection is all about Urban #Swag, using influences from top R&B singers as well as Johannesburg settings.

Moms of teenagers were over the moon about these two ranges, consisting of six items each, since they take the guesswork out of what picky teens can be like! They are well priced and were designed to be mixed and matched, making them great value for money from as little as R49.95. It’s a win-win situation – your teen is on trend and your budget is in check.

What did being part of the Style Squad journey mean to them? “I’ve had amazing experiences. Being part of Style Squad has opened loads of doors for me and gave me opportunities I will forever be grateful for,” said Bongz. “I’ve learned there are endless possibilities out there”, said #Jodi_V. “If I believe and push beyond the boundaries, not even the sky is the limit.”

Bank Of America Refinance Mortgage Rates – Boa Home Loans Up In April 2010 As Treasury Yields Rise

Bank of America refinance mortgage rates have been at historically low levels for the firs three months of 2010. In April, many things have changed as home loans are pushing higher with rates close to 5.25%. Since the beginning of April mortgage interest rates have move up from 4.75% to 5.15%. No one knows if this trend is going to continue for the short term but in the long term many analysts continue to predict higher rates.

At the beginning of the year many analysts and economists predicted that home loan rates were likely to move up in the Spring of 2010. At the beginning of the Spring we saw 30 year fixed rates around 4.75% but that did not last long as the 10 year treasury rate yield started up trending. Over the last few weeks we have seen the 10 year yield break through its 50 day moving average and work its way much higher. This is a sign that higher rates are likely to come in the very near future.

Bank of America is considered one of the Big Four banks along with JP Morgan Chase, Wells Fargo and Citigroup. These banks and mortgage lenders have had the luxury of a low interest rate environment for over 18 months. Now that rates are moving higher it will be very interesting to see how these banks adjust their marketing strategy. It is no longer going to be the case that customers are knocking on their doors because Bank of America refinance mortgage rates are not likely to stay low much longer.

How To Find Your Home Loan Online

Finding the perfect loan today is not at all what it used to be. With a computer, you have access to an almost unlimited number of sources from which to apply for your home loan. Here are some tips on how to decide which online loan is best for you.

1. Understand Details Of Home Loans

Before you can apply and get reasonably accurate results, you should have a good understanding about mortgages and the terms used. Some of the blanks that you need to fill in on an online application will require specific information. You need to determine before you apply whether you want an adjustable rate mortgage (ARM) or a fixed rate mortgage (FRM). Other considerations involve the amount you want to use for a Downpayment, the length of the mortgage you want, the features of the mortgage such as balloon, interest only, piggyback, etc.

Some websites will not allow you to put in all the data you want, but you should be ready with it for a more accurate quote. You should only apply at those websites that allow you to enter the special options you are looking for – otherwise there may not be a real basis for comparison.

2. Apply To Multiple Sites

One of the best things you can do for yourself is to get a rather broad range of applications in to various companies. Even though one website may provide you with more than one offer, you still want to go and get online quotes from other sources. The obvious reason is that all the quotes might come from the same source and therefore be similar. Multiple sources will give you wider possibilities as well as a greater potential for a good deal on your home loan.

3. Put In Quote Requests On Same Day

Interest rates are constantly changing on the US housing market. This means that the interest rates may not be the same two days in a row. In order to see your home loan quote results that are truly comparable, you should try and get your applications in on the same day.

4. Compare Offers

After you get the quotes from various sources, you want to take some time and look them over carefully. It is not enough just to compare interest rates, you will need to go much further than that. When one home loan does not have one charge or fee, it could be just that it is hidden or combined with another one.

In order to decipher the various costs, you should separate the principal from the other things, and then compare what is left. Eliminate the ones that are not even close, and these you will probably be able to see rather quickly. For the remaining ones, consider the total costs over the whole home loan, the terms involved, and your options. Make sure that there is not any penalty for early closure, and see if you have any guarantee of refinancing – especially if it is an ARM, and for balloon loans.

Remember that the fees may sometimes be negotiable, so if an offer is close to what you want, you may try this before you eliminate it. If your credit rating is low, you need to know that online quotes may not include that possibility.