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If you do not have a down payment, then you should reconsider buying a home. Equity provides a cushion against the changes of value in homes--should you end up selling, the money comes back to you. Also, having a down payment may result in your being able to get a lower loan rate, which makes your payments lower. You would not have to pay for mortgage insurance. It just makes financial sense. Twenty percent down is a good rule of thumb.
Wiki User
∙ 13y ago
Wiki User
∙ 10y agoYou need to go to a bank or mortgage company to get a home loan. You will have to have good credit. There are many places to get a loan. Shop around for the best deal.
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Can a home equity loan be used for a downpayment on another home?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. There is no restriction on how we can use the money from Home Equity Loan.
A home equity loan is a lump-sum second mortgage loan made on the available equity in a home?
True, home equity loan.
Can you have a car loan and a home loan?
Absolutely!
Can I get a new home loan even though I have an existing home loan?
Yes, you can get a new home loan even if you have an existing one, but your eligibility and terms may be influenced by your current home loan obligations and financial situation.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
What are home equity loans for?
A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.
What is the index value of my home loan?
What is the index value of my home loan? How is it calculated? Also, the marging of the loan, where is calculated or comes from?
What is home loan remortgaging?
A home loan remortgage is the resale of the resale of your piece of property. Examples of home loan remortgages can be found in the board game of Monopoly.
Where do i get a Home Loan in VA?
There are several options for obtaining a Home Loan. You can get a loan through a bank and many private investors also offer home loans.
How do you prevent a home mortgage loan company from securitizing your loan?
You can not prevent home mortgage loan company from securitizing you loan. The only way out is do not default your repayment.
i have a modular home inapark which is paid off. to apply for a loan on this home is it refinancing or a home loan?
It is refinancing not a home loan. For more information on refinancing go to web site www.ditech.com
What is the difference between home equity and a home loan?
There are many differences between a refinance loan and a home equity loan. These include differences in costs, loan structure, interest rates and accessing your money.
