Home Equity Loans – second mortgage

Question by The Amazing Teddy B.: What local Florida banks give the most generous home equity loans?
and/or which have the best rates?

Best answer:

Answer by Dale H
Try U.S. Bank. Of the lenders we use, they seem to have the best LTV and rates.Check with some of your S&L’s or FSB’s as Home Equity lending is sort of their thing.Good luck.

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RP Funding President Provides Consumer Advice on Saving Thousands! with Robert Palmer

RP Funding

Orlando, FL (PRWEB) October 13, 2011

Consumers looking for in-depth tips on how to save money on mortgages, credit cards, personal loans and more can tune in to Saving Thousands! with Robert Palmer on on WDBO AM 580 and FM 96.5.

Every Sunday at 11:00 a.m. Robert Palmer, President of RP Funding, answers money questions as part of the station’s Ask the Experts series.

“My goal is to provide consumers with tips and advice that can save them a lot of money,” said Palmer. “We’re talking about easygoing things that people can do that will relieve them thousands of dollars.”

On a Recent show, Palmer took calls from listeners essaying to determine whether to purchase a house and uncertain about the benefits of owning a home.

“A lot of times I hear, ‘What if I lose my job?’ ‘What if I get in over my head?’” said Palmer. “These people are just taking themselves out of the market in this great time to buy. Usually people who second-guess buying a house are the ones who have their finances in order, work a steady job, have a decent credit score and will qualify to get into a home.”

Palmer encouraged buyers to do their homework to compare monthly rent to mortgage payments – in a lot of cases it’s cheaper in the long run to buy.

“Basically you have to live someplace,” said Palmer. “The profit to owning a home are triple what they are to rent. When you buy your own house, you are setting the roots for a smart financial future.”

Another caller asked astir selling a home to a family member. Palmer’s advice is to gift 15% equity to the buyer, in this case your family member, in order to eliminate their out-of-pocket costs.

Other topics covered on Saving Thousands! with Robert Palmer include lending consolidation, the best ways to pay off debt and avoiding costly qualify-ons to loans.

Palmer is famous for encouraging consumers to shop for a mortgage – a simple way to save thousands of dollars on a house loan.

RP Funding is known as Orlando’s “No Fee” Direct Mortgage Lender. The company underwrites, closes and funds its own loans to offer customers the better rates and highest level of service.

To learn more about RP Funding, go to RPFunding.com or name 407-802-3344.

About RP Funding: RP Funding is a licensed Florida Mortgage Lender with offices in Maitland, Florida. As a direct lender, RP Funding underwrites, closes and funding its own loans in order to offer customers the best rat and highest plane of service. Unlike banks and mortgage brokers, RP Funding offers “wholesale” mortgage ratting directly to consumers to save them money. The only fee that RP Funding customers pay is when they choose to buy down to a lower occupy rate through a rate discount cost. For more information, please visit http://www.rpfunding.com/.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Question by xblaine: Limit to Number of Home Equity Loans?
I have been purchasing, fixing up, and renting homes in the past year. Since the market is so slow, I am able to quickly build up equity. What I do is take out Home equity loans on the houses and then roll them stright back into the purchase of the next house. I’m worried though that I may hit some limit to the number of loans I have outstanding. It would seem that my credit rating would increase since I’m also paying off credit card loans but am not sure about the bank balking at so much debt. What do you ridicule think?

Best answer:

Answer by Dave M
I do mortages for a living do certainly you start off very small and cognizing what your doing… your gonna need the buy the house at 70 of the market vaule so that you can resell it for a profit. Home equity loans can get you into trouble. Trust me i see it everyday… personally I would stay away from individual family rentals right now. I watned to make sure I answer your oppugn most lenders let you only have two liens on house three at very very maxium but it is very hard to quilty for three liens on home.

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DEBT CONSOLIDATION LOANS Bad Credit Debt Consolidation Bills and debts getting a little out of hand? Lower your monthly payments by consolidating them into one low payment. You can consolidate anything. Credit cards, car loans, personal loans, second mortgages anything and everything! We…

Question by vacavilleRN: What will happen to the mortgage and home equity loans if the mortgagee left the country for good?
I have a friend who is selfsame desperate because of all the debts, shortsale/foreclosure of his holding, mounting credit card bills, etc, want to just leave the country for good to start anew. What would be the possible consequences of this? Will it clear all his debts, if he comes back to the US after 3 years would he be in trouble?

Best answer:


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Question by Clinton W: What happens with home equity loans or lines of credit if you file for bankruptcy?
Would these debts be “forgiven” also and if so, does this affect your house which was used to achieve the loan?

Best answer:

Answer by S P
With the new laws in bankruptcy, any loan, or debt you owe has to be included in any bankruptcy filing. I’m assuming from your ? that’s what you are asking. Bankruptcy also depends on median income, debts, and passing a means test for a chapter 7…..if you don’t qualify….chapter 13….not much info in your ?……Good Luck!

What do you think? Answer below!

16,000 Real Estate Agents Expected to Tune in as Bank of America Announces Game-Changing Foreclosure Avoidance Program

Austin, Texas (PRWEB) October 17, 2011

Alex Charfen, co-founder and CEO of the Charfen Institute and author of the Certified Distressed Property Expert (CDPE) designation, announced today an exclusive industry broadcast with Bob Hora, SVP, Mortgage Servicing at Bank of America home loans.

Scheduled for Wednesday, October 26, at 4 p.m. EDT, the national broadcast from the Charfen Institute studio in Austin, Texas, will provide an inside look at Bank of America’s recent leap forward in systems and resources to accelerate short sale processes, as well as cash incentives to encourage homeowners with negative equity to pursue a short sale versus letting the home fall into foreclosure.

As Bank of America’s short sales volumes have skyrocketed—from a reported total of “six applications in January of 2007 to 60,000 to 70,000 a month in 2011—the bank’s infrastructure to handle the increased volume has undergone a massive transformation,” Charfen observed.

Reaching out to CDPE agents is in keeping with a sharpened focus on increasing short sale processing efficiencies, noted Kimberly Dawson, Senior Short Sale Executive for Bank of America, during a broadcast from the Charfen Institute studio earlier this year. “Looking at our own portfolio, we’ve seen that agents who are educated and understand how the short sale process works are more successful at closing short sales,” she added.

A short sale is a complex transaction in which a financially strapped homeowner seeks to sell a home for less than the amount due on the mortgage. Though little understood a few years ago, short sales have proven to be a less costly alternative to foreclosure for the lender, while carrying far fewer long-term consequences for the borrower.

“With the threat of continued home price declines, along with high unemployment and more than 25 percent of homeowners owning more on their home than they could get for it in the current market, short sales are an increasingly important foreclosure-avoidance option, which has entered into the ranks of a national priority,” Charfen emphasized. “CDPE agents are on the front lines of this initiative, and are widely recognized for their expertise and effectiveness in processing short sales, compared to any other agent population.”

To register for the October 26 broadcast, click here.

About the Charfen Institute
The Charfen Institute provides training and resources to help small business owners and real estate professionals achieve tangible business results. The company produces more than 300 educational events each year through various divisions, including: The Distressed Property Institute’s Certified Distressed Property Expert® (CDPE) Designation, the Certified Investor Agent Specialist™ (CIAS) Designation , and LEAD Experience™. The company’s CDPE Designation is the fastest growing independent designation in real estate industry history, with close to 35,000 agents trained.

Recent awards for Alex Charfen and the Charfen Institute include: Fastest growing small, privately-held company in Central Texas; No. 21 on the 2011 Inc. 500 List of America’s Fastest-Growing Private Companies; Best Places to Work in Central Texas 2010 and 2011; Alex Charfen for Austin’s Fittest CEO and the Austin Under 40 Award for Real Estate; numerous Telly and Omni Awards, and the 2010 Aegis Award. For more information, visit: http://www.charfeninstitute.com.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Question by J J: Is it better to have one mortgage loan or a first and a second mortgage loan?
We currently have a first and a second, but are considering refinancing and would have a lower interest rate and only one mortgage. What are the advantages/disavantages to having one mortage loan?

Best answer:

Answer by falsi fiable
One mortgage is advantageous because you get a lower rate. Most indorsed mortgages actually violated the terms of the first mortgage. However, people were asleep at the switch when these loans were taken out.In order to re-fi, you need equity in your home. Rates are about 4.5% now. One mortgage is never a disadvantage, unless you don’t qualify.

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