The Insider's Guide to Home Equity Borrowing

Discover Home Loan Secrets from an Industry Insider.Everything that you must know about home equity loans and lines of credit. Written by an experienced loan consultant, jam packed with over 100 insider tips to save money and get a great rate.Foreword by Joe Kennedy, former president of E-LOAN."Borrowers have questions deserving of straight answers in everyday language," explains author Pete Hitesman."Working with homeowners every day at a leading online lender I soon realized that there is a risky knowledge gap within the general public on what home equity borrowing is, how it works, how interest rates are determined and what causes them to change." "In this book I set out to help everyday people from all walks of life to save thousands of dollars by understanding how to choose the right loan, shop for a quality lender, qualify for a great rate, and then work through some of the approval challenges that can arise."The author continues: "The Insider's Guide gave me the opportunity to show people how to get the best rates by pulling back the curtain on the approval process, providing a rare insider's view of what really goes on. Customers are always curious how we obtain AVM's or electronic values on their property, what is on their credit reports, and how to affect the critical ratios."The author has personally originated over a thousand home equity loans and credit lines. That invaluable experience is captured in the pages of this book. You will discover application and approval strategies that could only be known by seasoned loan officers. These "Insider Tips", (more than one hundred) will help you to make smart decisions, save money, get the best rates, and obtain approvals for deals that otherwise would be declined. When is a home loan an especially smart choice for you?How do home loans and credit lines work?What are the risks? What should you use home equity borrowing for?When is it tax deductible?How do you shop for a loan or line of credit?How is your interest rate determined?What do lenders look for on your credit report? What should you look out for? Are some lenders better than others? How does the electronic valuation work? Do to you have to order an appraisal? Why do different lenders have different fees?Borrowing against your home equity can be one of the best deals around. But you must know what to look for.The Insider's Guide can help you shop wisely, and save big bucks in interest and closing costs.What is your credit score? What is reporting on your credit report? How do you get and keep good credit? Get the inside scoop.The Insider's Guide to Home Equity Borrowing:Homeowners are unaware of the benefits (and risks) of using home equity to pay off an existing first mortgage. You will discover the critical facts before you act. Find real-life solutions in The Insider's Guide to Home Equity Borrowing.An improperly completed home equity loan or home equity line of credit application often results in overpayment of interest costing you thousands or tens of thousands of dollars. The author shows you how to avoid this and how to work every square inch of the system to your advantage.Plain language explanations of the borrowing tools - HELOCs and Loans - that will dispel the shroud of mystery surrounding them.Guidance on the all-important ratios resulting in a lower interest rate.Strategies to get approved if you have no equity, or too much debt.