Home Equity USA --- Loan Insurance US

1. What is home equity?

 

Answer — Home equity is the system that allows you to get a second time loan from the same lender who has given you loan on your home.

2. How does that work?

Answer — As in any other secured loan, you keep buying back your home from the lender within a time-frame (Else you lose it). But if the value of your home goes up you can get further loan from the lender. The amount that remains between the paid value and the risen value is what determines your new loan.  

3. How much can I get from HEL?

Answer — From 75% to 125% of your equity, depending on your bank’s policy.

3. Is there the line of credit option?

Answer — There is. You repay and re-borrow without applying if you choose this option. However, the amount cannot be as big as equity.

4. How much can I borrow from a bank as home equity?     

Answer - That depends on things like your credit score, your home appraisal etc. 

 

5. Home equity seems alluring. Is it safe?

Answer — All loans are risky if you are not calculative and cautious. You should be more cautious as your home, which is your shelter, is what you are putting at stake for money. 






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Getting a Bank or Credit Union Personal Loan --- Loan Insurance US

1. What is a personal loan?

Answer—A personal loan is a loan received for personal use. You can buy a car, a home appliance, a home improvement, for bill consolidation etc.

2. Does any bank approve my application for a personal loan?

Answer--The answer is no. You have to be a client even before you can apply for a loan from them.

3. Can I apply for a loan the day I become a client with a bank?

Answer —No, you cannot. Your account should be at least three-months old.

4. How do I apply for a loan?

Answer —You have both options—online or in person.

5. What do I need to provide them?

Answer— The following information--

a) Personal details

b) Social security number

c) Purpose of loan

d) Amount needed

e) Employment certification

f) Salary proof

g) Co-signer, if required

h) Last two years tax return reports

i) Proof of assets

6. Any more prior preparation?

Answer — Yes, your credit score and reports are of greatest value. They are actually what make or mar your endeavor. (You already know good scores are good for you.) In the 350 to 850 score, you should stand up 720 for a ‘good size’ loan.

7. What other matter/s may affect my application approval?

Answer -- Your income-to-debt ratio. It should be under the half at best for a monthly installment. Positive previous repayment history and long employment go in your favor.

8. How much time does it take to get my application approved?

Answer — From a workday to a week in most cases.

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