Find out The Market Value Of A Home| Wat Is The Value of My Home

Basically, five major factors influence the fair market value of any home.

1. Supply and Demand.

Sometimes, in some places, a "seller’s market" exists, where few or no homes are for sale and what is for sale commands a higher price. In other times and places, a "buyer’s market" prevails, where many homes compete for few buyers, and home prices tend to lower in order to affect sales.

2. Mortgage Money.

When mortgage money is scarce (or "tight"), higher interest rates prevail, and often larger down payments are required. Fewer buyers are then able to qualify for loans, and homes may take longer to sell or require price reductions. Different areas differ widely in loan policy. Down-payment requirements, discount-point practices, and many other elements also affect fair market value.

3. Seasonal Markets.

Weather plays an active part in creating demand and in influencing the sale of homes. In the South, buyers are most active in the winter months when people go south to escape the cold. In the North, buyers are most active in spring and summer. Of course, there are buyers who are house hunting at every time of the year, and a home put on the market in "off-season" may have less competition.

4. Economic Climate.

Besides the national economic climate, business conditions of any community strongly affect home sales. Where new business is building, real estate prospers; where business is faltering, home prices fall.

5. Political Actions.

What happens in Washington, D.C., your state capital, or your home town or city directly affects your property. Changes in sales and income taxes change the value of your home. So do changes in local zoning, property reassessment, property tax rates, appropriations for community projects, and salary increases for government workers.

How To Get FHA Home Loans| Find FHA Mortgage Limits

Fha home loan requirements have been relaxed as part of the Federal government's Housing and Economic Recovery Act, 2008. The purpose of the act is to provide some relief for home owners affected by the housing finance crisis, and to help stabilise the property market overall.
Requirements :
If you are suffering from mortgage stress, you should see whether the new FHA loan requirements will allow you to qualify for an FHA insured mortgage.

1. Age - you must be above the minimum age required to sign a mortgage in your state. There is no maximum age limit.

2. Citizenship - you are not required to be a US citizen, but you must be a permanent resident of the USA who is permitted to work in the US.

3. Social Security Number - you will require a valid Social Security Number; a Tax ID number is not sufficient.

4. You must have a 3% down payment (this will go up to 3.5% as of September 1, when5. The property in question must be a residential dwelling suitable to house 1-4 families.
5. The property in question must be a residential dwelling suitable to house 1-4 families.

6. The value of the property cannot exceed the allowable maximum for your area and the type of dwelling.

7. You will need to meet the lender's qualification requirements for a mortgage. The requirements for FHA loans are generally more lenient than standard mortgage qualification requirements.

8. Credit Score - you do not need to have a good credit score to obtain an FHA loan. FHA lenders cannot reject a borrower because you have no credit history. If you have declared bankruptcy in the past, or has a foreclosure, there will be some additional requirements before you can qualify for an FHA loan. Basically, you must have your affairs in order.

9. Income - there is no minimum or maximum income requirement for an FHA loan.

10. Debt-To-Income Ratio - you can use up to 29% of your income towards housing, and up to 41% of your income on the combination of housing plus all other long-term debt.

11. Down Payment - you will need a 3% down payment, but this can be in the form of a grant or gift.

12. Closing Costs - you will need to be able to pay the closing costs of the FHA loan, which will be higher than a standard loan. Usually, you will need an additional 2.5% of the value of the property

Find FHA Mortgage Limits
the FHA Mortgage Limits page. This page allows you to look up the FHA mortgage limits for your area or several areas, and then list them by state, county, or Metropolitan Statistical Area. Detailed help is available   Find FHA Mortgage Limits


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Learn about hud loan Now

The HUD reverse mortgage loan was introduced by the Department of Housing and Urban Development and is insured by the Federal Housing Administration (FHA) and is also referred to as a Home Equity Conversion Mortgage (HECM). HUD reverse mortgage loan is government-backed and regulated type of loan in which both the lender and the borrower is insured from the government.
Learn more about Hud loan visit  Hud web site


How to know the Value of Your Home Before you Buy Home

Before you can price your home or determine how much collateral or equity it represents in order to get a home loan, it's necessary to figure out its market value. With the help of a trained and experienced real estate professional, you can ascertain the value of your home within a matter of days.

Two methods are generally used, and both involve written estimates. Depending upon whether you use the appraisal method or the comparative market approach, you'll engage the services of a licensed appraiser or real estate agent.

Appraisals and Appraisers
Appraisers are required to complete stringent coursework and pass a difficult exam before they're awarded a license. In most jurisdictions, they must then enter into an apprenticeship or internship that may last up to two years, before they're considered fully independent, credentialed appraisers. At that point, they're qualified to give estimates for first or   second mortdgage.

When you hire one to do an appraisal, he will charge a fee-ranging from $200 to $400 in most cases-for a thoroughly detailed and comprehensive written and certified estimate of how much your house is worth. The results are based on dozens of criteria, including lot size, location, square footage, amenities, and quality of construction.

Comparative Market Analysis
Usually referred to by realtors as "comps," the comparative market analysis-or CMA-is a less formal estimate of value, based primarily on recent home sales data in your neighborhood. The CMA can be done free of charge, and is usually an excellent way to ascertain current market value.

Most brokers or listing agents will perform a CMA as a professional courtesy, and can generally produce results within a matter of days, if not hours, thanks to their access to real estate database information.

Most lenders require a recent appraisal as part of the loan application process for a home mortgage or home equity loan, charging the cost of the appraisal to the homeowner. As a result, most consumers forego an official appraisal in lieu of a CMA. This gives a relatively accurate picture of what the property is worth, before spending any money.

Four Ways to Save Money on a Home Equity Loan

A wise man once said, "Leave no stone unturned." While said wise man was probably speaking in general terms, his words of wisdom also apply to saving money on home equity loans. By following these four tips, you can conduct a thorough, disciplined search for a home equity loan and save yourself some serious cash in the process.

1.Who's on first? One thing is for certain: lenders can never finance too many loans. Start your search by contacting the lender who holds your first mortgage. Tell them that you're shopping for a home equity loan and that you'd like to know the best rate that they can offer you, and stay with them if the price is right. You'll be surprised at how far they'll stretch to keep your business with them.

2.Go for broker. Mortgage brokers sometimes get a bad rap; but the ones who are reputable and experienced can really help you. Because they have access to a wide range of lenders, they can quickly do your comparison-shopping for you.

3.The more, the merrier. If you don't choose a broker, make sure that you check out numerous lenders. Screen as many as possible, checking on rates and closing costs. The Internet is particularly helpful in this arena, allowing you to shop many lenders in a short period of time.

4.Show me the home equity loan rate. Your first question when shopping for a home equity loan is, "What's the rate?" But don't stop there. Make sure that you ask about all the closing costs-especially fees-that are involved with a home equity loan . These can vary greatly from lender to lender.
By doing your research, you'll have indisputable proof that the wise man who leaves no stone unturned will find a honey of a home equity loan. The wise man, of course, will be you.

what should you know about Risks of Home Equity Loans

A home equity loan can be a hero if you're short of cash. It can also seduce you into thinking that you have financial freedom that you don't. Lulled by low payments and quick cash, many home equity loan users find themselves confronted by such troubles as balloon payments, penalties, and sky-high rates.

Four home equity loan traps

1.Not paying it back on time: If you get into trouble by borrowing from a friend or family member, you risk losing a valuable relationship. If you borrow from a bank or credit card company, you might damage your credit rating or need to declare bankruptcy. If you default on your home equity loan, you may lose your home.

2.Prepayment penalties spoil the party: Home equity loans often offer low closing costs and cheap initial interest rates. But if your loan includes prepayment penalties, you might be punished for paying off your debts in a quick and responsible fashion. For instance, if you decide to pay off your loan before the introductory interest rate adjusts higher, your lender might impose a hefty fee.

3.Living it up in the present, forgetting to plan for the future: Some say that the "present" is a "gift" to be unwrapped in every moment of your life. And there's plenty of wisdom in that sentiment. But it's important to remember that if you ever find yourself in a hole, you must stop digging. With some lines of credit, for instance, the borrower is able to defer payment of principal. But eventually, you have to pay the piper. If you borrow money from your own line of credit just to pay the interest you owe on it, you could wind up with a balloon payment the size of your house within a few years. And with no money to pay it off, your lender may take that house.

4.Lenders who are too easy can make your life too hard: If your lender encourages you to borrow 120 percent more than the value of your home, you might think that you just hit the jackpot. But before you sign on the dotted line, think this through carefully. It's often dangerous to borrow more than you can reasonably afford to repay. If you borrow more than your house is worth in order to pay off those nagging credit card bills, it won't make your problems go away, and may even make them worse.

Home equity loan: A true friend

When used responsibly, home equity loans are among the best financial tools on the market. If you avoid the dangers listed above, and repay the loan responsibly and with regularity, it can become your new financial friend, not an unexpected enemy.

Choosing the Right Home Equity Loan Option

Are you bewildered by the staggering number of loans designed to let you tap into your equity? The options seem endless, but they don't have to be "too much of a good thing." The first step toward choosing the right home equity loan option is deciding how you want the money. The following loan choices are described in terms of whether you want money in a lump sum (ideal for short-term needs like home improvement projects or a vacation), or smaller, incremental withdrawals (perfect for college tuition payments).

Cash-Out Refinancing-Lump sum

If you're looking for a lump sum of money, and rates on first mortgages are low, the cash-out refinance is a great call. This involves refinancing your first mortgage and cashing-out a lump sum of equity. In this case, closing costs are higher than with a second mortgage. However, if rates for first mortgages are lower than what you currently hold, you could wind up with a hat trick: A lower monthly payment, long-term interest savings, and the cash you need. With a hat trick like that, your financial life won't be skating on thin ice.

Home Equity Loan-Lump sum

The home equity loan has a fixed rate and term, and, like its sister, the home equity line of credit (HELOC), is considered a "second mortgage." Because first mortgages must be satisfied "first," if a bank is forced to sell a house because of a loan default, lenders charge a slightly higher rate for second mortgages. However, if your first mortgage is at a low rate, the home equity loan might be just the ticket for a lump sum cash withdrawal.

Home Equity Line of Credit (HELOC)-Incremental withdrawals

A HELOC, like the home equity loan, carries a higher interest rate than a first mortgage. It's a popular choice for people who are looking to tap their equity for regular payments that spread out over time. Borrowers who need to make college tuition payments choose HELOCs because they work in a similar manner to credit cards: You have a pre-set credit limit, which you may draw upon when you need it. You're only charged interest on the amount you tap, and the rate is generally tied to the prime lending rate, which is relatively stable.

These are the three most popular ways to transform the equity in your home into cash. All you need to do is decide whether you want a lump sum or incremental withdrawals. Once you make that choice, refer to the general guidelines listed above. It should narrow down the vast universe of lending options to a home equity loan that meets all your needs

Pay off Your Mortgage with Home Equity Loan

Home equity loans are sometimes ideal for those who have small balances remaining on their mortgages and want to avoid the cost associated with refinancing. If you only owe a few thousand dollars and can pay that all off at a lower rate without high fees, it can be a clever financial tactic.

Better than a mortgage refinance

Consider this scenario: A homeowner has property worth $300,000, and a 30-year, 8.5 percent conventional mortgage with an outstanding balance of only $30,000. If the homeowner decides to refinance in order to drop to a lower 6 or 7 percent rate, the mortgage refinance fees alone might cost five to 10 percent of the amount of the remaining balance. This would make a mortgage refinancing an unwise choice.

One smart solution to this problem would be to use a home equity loan and borrow the 30 grand. The mortgage can be entirely paid off without incurring steep refinance fees, and the process for securing the funds is relatively simple and fast when compared to ordinary refinancing.

Home equity loans are available from most lenders, and they can be paid off gradually, over a period of decades. For those who owe a relatively small amount on a high interest rate mortgage, converting to a home equity loan to pay off the balance may be a great way to save substantially over time, while also reducing the life of the loan. If you plan to retire in 15 years, for example, you can schedule the payoff of your home equity loan to coincide with retirement, in order to retire with extra savings and no house payment.

The versatile HELOC

Another alternative is to use a home equity line of credit, or HELOC. The big advantage with a HELOC is that, generally speaking, only payments of interest, not principal, are required during the first few years of the loan. That can significantly reduce monthly payments, in a similar way to the popular "interest only" mortgages. A HELOC will carry an adjustable rate, however. For those who expect rates to continue to rise and want to pay over a long period of time, a home equity loan with a fixed rate is a more predictable and worry-free option.

Paying off your mortgage with a home equity loan may seem strange. But in some circumstances, it may pay not to be a stranger to good financial sense.

How to Use Home Equity Line of Credit to Reduce Debt

A home equity line of credit is a loan that is taken against the equity in your home. In practice, however, it operates more like a credit card than a mortgage. The collateral on the loan is your house and, depending upon where you live, local lending laws will regulate how much you can borrow.

The interest charged on a HELOC is usually equal to the prime rate plus an additional amount charged by the lender. The better your credit rating, the more attractive the interest rate generally will be. Therefore, it pays to shop around and find the best deal in town. At, we can help you connect to a lender who can help you meet your specific needs.

Home Equity Line of Credit vs. Credit Cards
How is a home equity line of credit different from a card line of credit? First, you're borrowing against the equity in your house. Whereas your credit card limit might top-out after you spend a few thousand dollars, a HELOC might be worth almost as much as your house. If, for example, your home equity line of credit is $150,000, you can borrow that amount and use it for whatever you want.

Your HELOC will have an adjustable rate, and the rate is normally calculated based on the going rate at the time you withdraw funds. You decide when you want to use the HELOC, and then access your credit line by writing a check or using a special debit card.

Debt Consolidation through a HELOC
One of the most popular uses of a home equity credit line is to consolidate high-interest credit card balances, and pay them off before the penalties, interest payments, and annual fees become an unwieldy burden. Many homeowners go into debt while paying for necessities, like furniture, landscaping, and appliances. Soon, they have maxed-out their credit cards, and the outrageous interest rates charged by credit card companies accelerates until the debt is out of control. By using a HELOC, it's possible to pay off all credit cards, and replace them with a single, easy-to-manage loan. And the HELOC can be paid off gradually, over a long period of time.

Home Equity loan rates

Home equity loan rates fluctuate daily just as all mortgage rates. They also rise in tandem with interest rates set by the Federal Reserve, which has raised rates 15 consecutive times since rates hit 40-year lows in 2004. Home equity rates are important, however, if you are serious about entering into a home equity loan you must examine any particular loan program in its entirety. Most home equity loans come with variable interest rates, some come with low introductory rates that can jump up after a set time period, and few come with fixed rates. Home equity loans and their rates and fees differ greatly from program to program so it pays to speak with several lenders and expose yourself to a number of different programs. can put you in touch with the loan professionals you need to compare rates, loan programs, and perform the necessary due diligence to find the right home equity loan program.

Money costs money, but how much?
With all the different ways home equity loans are structured it can sometimes be tough to understand how much money you are spending on the actual loan. Some loans have upfront fees while others have a balloon payment at the end of the loan's life. Home equity loan rates can fluctuate greatly throughout the life of the loan as most home equity loans are not fixed. Many offer very low introductory rates that can jump up after that introductory period is over; be sure to understand the periodic cap and lifetime cap, they are the limits that specify the amount the interest rate can change during one period and the entire life of the loan respectively.

When looking at different home equity loan rates check the Annual Percentage Rate (APR) which indicates the cost of credit on a yearly basis. Remember that the advertised APR for home equity loans is based on interest alone, to get the full picture you must look at all fees associated with the loan such as points and closing costs. This is especially important when looking at a home equity credit line versus a traditional 2nd mortgage, where the APR includes the total credit costs for the loan.

Differing rates, programs and more
The range differing home equity loan rates and the programs in which they are structured can be quite exhausting. This is why when choosing a home equity loan it really pays to speak with multiple loan professionals and expose yourself to several programs. Compare home equity loan rates today with's free quote service to put yourself on path to finding the right home equity loan for you.

Try a Home Equity Line of Credit

It's a good idea to have an emergency fund to fall back on in case you encounter unanticipated financial difficulties. Three to six months' worth of living expenses is the commonly accepted rule of thumb. Do you have these funds set aside in case an unforeseen disaster makes an unexpected appearance?

Flexible Power
An emergency fund doesn't necessarily need to be all in cash. A home equity line of credit is a savvy alternative. With a HELOC, you get direct access to your home equity in case you ever need it; but until you actually use it, there are no payments, interest, or debt. That flexibility is the strongest argument for this type of financial instrument.

When you do run into one of life's not-so-little surprises and start drawing from your credit line, you may appreciate the low interest rate that a HELOC carries. It's generally much lower than credit cards, and often better than traditional home equity loans. And, in most cases, you're only required to make interest payments during the first few years of your borrowing (the "draw period"). While it's still a smart long-term choice to pay down the actual balance, the pressure on your finances during times of need is more bearable when you have lower payments.

In the Interest of Interest
A HELOC will have an adjustable interest rate. As the federal lending rate rises, so does your interest rate. In a rising interest rate environment, this can become expensive. On top of that, your repayments will be larger the more you draw from the credit line; so this option may not be for you if you require absolutely predictable monthly payments.

Since your home equity line of credit is secured against your home, some or all of your interest payments may be tax deductible. It depends on the home's value and the existence of other equity debt. Ask a financial professional whether your interest payments will qualify.

If you have a lot of equity in your house, the credit limit on a HELOC can be very high, which makes it perfect for emergency use. You'll be able to handle most of what life throws at you.

Finally, you don't want to pay a lot of fees for an emergency fund. Look around for a HELOC with low or no closing costs, no fees for actually using the credit, and no early repayment fees. Getting a leg up on financial flexibility doesn't need to cost you an arm and a leg.

What Are the Benefits of Home Equity Loans

If you are looking a big amount of money such Home Loans are the best for you. One of the most important need of us is the money, if we don't have such thing we could not survive, plus people as we, we have lot of needs and wants.We have some option for us but the most important thing is to choose the best.  Nowadays you can simply apply for homeloan online be sure to give correct details. This time you need to be practical so you should to think the best way in which you could save money. It is true that the largest assets of the individual is the home so, if you could such as your tool for another property that could be a good option, that's why there are lot of banks like such home loan for some purposes as a customer you like also such kind of loan.

Home Loans nowadays offer many option on how you to pay such loan. The competition of the home loan company is your big deal because through such competition you could already choose the lowest interest and the cheapest one. Nowadays home loans are helping thousand of people providing a secure life. Home Loan interest or prices may varies to the quality of the house as well as the place.  Nowadays there are also an equity loan for so you have the opportunity. In choosing to secure a home equity loan you need to consider other things for your benefits. And one of the advantage of the home loan is will become apparent at tax time.