Home Improvement Loans Or Rehab Loans - Many Loan Products to Choose From

For homeowners who need a home improvement loan, a remodeling loan or a rehab loan, they should weigh all of their options first. Home improvement loans and rehab loans are great alternatives for those who don't have the cash on hand or don't want to tap into their reserves. Remodeling loans will vary in terms and rates depending on which type of loan you select for your remodeling project. The lowest cost home improvement loans are the home improvement loans that are secured with a mortgage.

There are many choices for financing home remodeling projects. There is the 203K F.H.A. mortgage loan, a closed end second mortgage, or a home equity line of credit while others find it easier and less costly to refinance their first mortgage and include the remodeling project into the new loan. Each type of loan has its advantages and there are no rules that apply to everyone in every situation. For some, the choices will be limited due to underwriting restrictions while others will have a wide variety of types of loans to choose from.

The interest rates on all of these loans will vary daily with the market but mortgage loan pricing is risk driven. The greater the risk to the lender, the higher the rate on the loan. For instance, a mortgage loan that takes a second lien position will have a higher interest rate than a mortgage loan that is in the first lien position. This is because in the event of default, the first mortgage holder gets satisfied first and if there is anything left, the second mortgage holder may get paid. The greater the L.T.V. (loan to value) the higher the rate because a high L.T.V. means the loan has a greater risk for the lien holder.

Some homeowners may take the time to overhaul their finances and combine a debt consolidation loan with their home improvement loan. In some instances the savings of the debt consolidation may make the payments on their remodeling loan. The 203K loan above is interesting because value after improvement is considered when the loan is underwritten. Many times this is the perfect loan for major rehabbing of a property. Whatever your situation, the first step is to contact a mortgage expert who has many loan products available. In doing so, they will reduce their chances of being force fitted into a bad loan.

For information on home improvement loans, remodeling loans or rehab loans and for any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form

Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business.

Bill Burress is now approving real estate mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.

Copyright © 2008 Bill Burress, Nationwide Mortgage Originator. All rights reserved.

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How to Choose a Loan Modification Company

With the current collapse of the real estate market, there has been an increase of con artists that has arrived in the loan modification field, which target home owners that are in facing foreclosure.

What these fraudulent loan modification companies do is prey on the fears of these home owners that are in the midst of losing their homes to foreclosure. They give them empty promises which include guaranteed reduction in their mortgage rate to 2% or lower and also a guaranteed reducing in their principal balance to the current market value or lower. While these results are certainly possible, the truth is no loan modification company can guarantee these results even if it done by an attorney as it's the lender that makes the final determination. The chances of getting the amount you owe reduced is slim to none on your first mortgage, but if you have a second mortgage as well, then there is a possibility in getting that mortgage reduced as the second mortgage holder will lose everything, if the home ends up in foreclosure.

Home owners need to be aware of these scams and what to look for as more and more phony loan modification companies are on the rise and present themselves as the homeowner's last resort if they want to save their home. Many of these companies started popping up about a year ago, as lenders tightened up their guidelines and property values plummeted which as a result home owners that we in adjustable rate mortgages had even fewer options than before to refinance and save their homes from foreclosure. 

Some of these scam artists even took it to another level and advised the home owner that they can stop making their mortgage payments as they are taking care of everything. Normally when the homeowner find out that they have been hustled their hard earned money, then it's normally too late to avoid foreclosure at that point.

Home owners need to ask a lot of question and do their research before selecting a legitimate loan modification company to work with. They need to be aware of what's happening in the industry. Recently a lot of mortgage brokers and real estate agents have gotten involved in the loan modification business, without properly understanding the procedures and guidelines involved, and are more concerned about the money they can make.

If the home owner is facing foreclosure, they don't want to end up with an inexperienced loan modification company that doesn't have a successful track record of accomplishing beneficial loan modifications. Another reason you want to work with someone that has experience is, most lenders will only give the home owner one chance per year to get the loan modified, so if its not done right the homeowner could still end up in foreclosure.

Here is one of the most common red flag to look for when choosing a loan modification company:

Guarantees - Scam artist are known to make empty promises and will tell you whatever you want to hear to get a hold of your hard earned money. Especially if they haven't seen your paper work and haven't made a proper analyst of your individual situation, then how can they determine what rate and terms that they will be able to accomplish for you? Remember the lender makes the final determination, not the loan modification company.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796

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