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"HOME IMPROVEMENT LOANS" are secured 2nd leins that are "stand alone" loans with fixed rates and NO pre-payment penalties for 15 to 20 year terms. RATES VARY FROM 7.5% - 8.5% DEPENDING ON YOUR EQUITY POSITION.
To qualify for "HOME IMPROVEMENT LOANS" the lender requires some equity. To figure out how much you need is done with this calculation: TAKE THE TAX VALUE AND DIVIDED INTO YOUR LOAN BALANCE AND IF ITS UNDER 90% YOUR EQUITY REQUIREMENTS WILL QUALIFY.
For Example: Your mortgage Balance is $185,000 and your home is worth $200,000. Take $200,000 and Divide it into the mortgage balance of $180,000 and if your percentage is 90% or less you will qualify. Mid Credit score of 680 is required.
"HOME EQUITY LOANS" are originated either as a 1st lein refinance "cash out" with fixed rates as low as 5.87% for 30 years OR a stand alone 2nd lein with fixed rates starting as low as 7.75% fixed rates for 15-20 years with NO PRE-PAYMENT penalties.
To qualify for a "HOME EQUITY LOAN" The maximum allowed in Texas is 80% of the verified home value.
FOR EXAMPLE: Your home is worth $200,000. 80% of $200,000 is $160,000. Lets say your mortgage balance is $120,000. Subtracting the loan balance of $120,000 from $160,000 is $40,000. Then you would have $40,000 available to take out. With a "HOME EQUITY LOAN" the funds are given directly to the borrower. No Contractor contract is ever used. A mid credit score of 680 is required.
"HOME EQUITY LINES OF CREDIT" are originated as a stand alone 2nd lein and is revolving credit. The interest rate is .75% over the prime rate and is adjusted monthly. This is a loan that floats and will always be available to use as long as you don't pay it completely off. The loan is paid monthly with interest only for the first 10 years and then principle is add there after. The same requirements in "HOME EQUITY LOANS" are used in figuring how much equity is available in "HOME EQUITY LINES OF CREDIT". These are financed for 15-20 years and the interest is tax deductible.
"REFINANCING YOUR MORTGAGE AND INCLUDING THE IMPROVEMENT" these are originated as a 1st lein and the loan to value percentage has to stay under 80%. The interest rates are as low as 4.5% fixed for 30. The home and improvement are added together in value. Depending on the improvement the value ranges from 75 cents on the dollar to 50 cents on the dollar for the improvement.
"UNSECURED FINANCING" Offering 12 Months NO PAYMENTS and 12 Months NO INTEREST is a Sears Home Improvement Product PURCHASE ONLY.
 Home Improvement Products such as; Kitchen Remodeling, Windows, Siding, Heating and Air Conditioning, Doors, and Garage Doors.
PLEASE EMAIL OR CALL FOR A FREE ESTIMATE ON ANY SEARS HOME IMPROVEMENT PRODUCTS.
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