Being in an upside down loan is a stressful experience. When your mortgage is valued more than your property, it becomes very difficult to sell the property -- you would have to pay off the difference, in addition to real estate fees, in order to get out. So what do you do if you want to move but your mortgage is upside down? Here's what you need to know.
Always Begin By Getting a Professional Appraisal
- Are you in need of a quick influx of cash? If so, you might be thinking of applying for a personal loan. But before you head off and contact a company that offers services for loans, you need to make sure you have all your ducks in a row if you want to maximize your chances of getting approved. Here are three things you should do before applying for a personal loan with any potential lender.
- Hard money lenders are a way to get money to purchase a home or an investment property. These lenders offer a relatively short term (less than twelve months) loan secured with the value of physical property. Though the interest rates tend to be a little on the higher side, the flexibility can be worth it. However, you should still know how this will impact your credit score. 1. Hard Money Lenders May Pull Your Credit Report
- Your social media profiles tell a lot about you, which is why many businesses use them when analyzing their prospective customers. For example, did you know that a mortgage lender can glean a wealth of (relevant) information from your social media pages? Here are four types of information lenders can glean from your social media pages and how they can interpret the information: Topics You Follow Lenders can use the topics you follow on social media to gauge your financial strength.
- If you have served in the military, you may be eligible for a VA loan, which basically allows you to get the home loan you need without mortgage insurance, any down payment, or future excessive interest rates. Those who are currently on active duty and have 90 days of continuous service under their belt or National Guard and reserve members with six years of service are eligible to apply. If you are approved for a VA loan, you need to read the contract carefully before you sign on the dotted lines.