Sentences with phrase «although home equity lenders»

Although home equity lenders have tightened credit requirements, it's worthwhile to check into getting a low interest debt consolidation loan.

Not exact matches

Under the Department of Housing and Urban Development's HECM program (Home Equity Conversion Mortgage)-- which is the program used most often by reverse mortgage lenders — a 65 - year - old who owns a house worth $ 250,000 with no outstanding mortgage might be able to borrow as much as $ 127,000, according to the Boston College Center For Retirement Research, although fees and other restrictions may reduce the amount of cash you can actually get your hands on at least initially.

Typically, a home equity line of credit will have a variable rate of interest although some lenders may offer a fixed rate as well.

Although it may be possible to obtain a conventional refinance with only 5 percent equity in your home, most lenders want you to have above 20 percent.

Generally, lenders require at least ten percent in home equity for a refinance, although some will approve a refinance with lower home equity.

The terms are pretty standard, ranging from 15 to 30 years, although some lenders are flexible and will approve a home equity loan for five years.

Having a credit score of 680 or above can also help the process along, although some lenders offer home equity loans to borrowers with scores as low as 620.

A Super Jumbo Mortgage is classified as a residential mortgage or other home - equity secured loan in an amount greater than $ 650,000, although lenders differ on just what constitutes a super jumbo mortgage subject to their own internal investment criteria.