Home Equity Loans

Second Mortgages

Find the Best Home Equity Loan or Second Mortgage with Alliance Mortgage.

What is a home equity Loan?

Its a second mortgage upto 100% of the value of the home or line of credit.

You can also borrow up to 125% of your home's value as well on no equity loans.This is an ideal loan for you if you have no equity in your home. If you have a VA or a FHA loan or want to payoff a second loan to get some extra cash this one is for you. Its generally tax deductible up to 100% of the value of your home. Loan terms can be as long as 25 years, with shorter terms available.Second mortgages are usually amortized for fifteen years.

Qualifications for a 125% home equity loans?

This is a FICO based program with a minimum of 640 middle score required. Presently there are no exceptions. For example, if your home is worth $100,000 then you would be allowed to borrow a combined total of $125,000 between your first and second mortgage.You have to be in the property for at least 6 months or be a previous homeowner.

Why should I apply for a home equity loan?

• Pay off credit cards,second loans,and other debt. Debt Consolidation
• Lower your payments by hundreds of dollars each and every month, and make only one easy monthly payment.
• Make home improvements, remodel your home, add a room or use cash for any other purpose such as,college tuition, or a vacation.
• Home equity loans are tax deductible while the credit card debt is not. Therefore a debt consolidation can be helpful in two ways if you refinance your debt.( Please consult your CPA)

What is the criteria for 125% home equity loan?

• Fico scores 640 and above.There are little or no exceptions to this rule. At 640 fico scores the maximum loan amount is $35,000 and for fico scores of 700 and more its $75,000
• Some cash out restrictions apply.
• Loan amounts $30,000 - 75000
• For A  credit borrowers with good credit
• Bankruptcy 5 years discharged.
• Appraisal required for loan amounts above $35,000.
• Six months in the property or a previous home owner.

FICO scores explanation

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