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The Insider's Guide to Home Equity Borrowing
Cover of The Insider's Guide to Home Equity Borrowing
The Insider's Guide to Home Equity Borrowing
Understanding Home Equity Borrowing, Finding the Best Lender, Getting a Great Rate
Borrow

Discover Home Loan Secrets from an Industry Insider.

Everything that you must know about home equity loans and lines of credit. Written by an experienced loan consultant, jam packed with over 100 insider tips to save money and get a great rate.

Foreword by Joe Kennedy, former president of E-LOAN.

"Borrowers have questions deserving of straight answers in everyday language," explains author Pete Hitesman.

"Working with homeowners every day at a leading online lender I soon realized that there is a risky knowledge gap within the general public on what home equity borrowing is, how it works, how interest rates are determined and what causes them to change."

"In this book I set out to help everyday people from all walks of life to save thousands of dollars by understanding how to choose the right loan, shop for a quality lender, qualify for a great rate, and then work through some of the approval challenges that can arise."

The author continues: "The Insider's Guide gave me the opportunity to show people how to get the best rates by pulling back the curtain on the approval process, providing a rare insider's view of what really goes on. Customers are always curious how we obtain AVM's or electronic values on their property, what is on their credit reports, and how to affect the critical ratios."

The author has personally originated over a thousand home equity loans and credit lines. That invaluable experience is captured in the pages of this book. You will discover application and approval strategies that could only be known by seasoned loan officers. These "Insider Tips", (more than one hundred) will help you to make smart decisions, save money, get the best rates, and obtain approvals for deals that otherwise would be declined.

  • When is a home loan an especially smart choice for you?
  • How do home loans and credit lines work?
  • What are the risks?
  • What should you use home equity borrowing for?
  • When is it tax deductible?
  • How do you shop for a loan or line of credit?
  • How is your interest rate determined?
  • What do lenders look for on your credit report?
  • What should you look out for? Are some lenders better than others?
  • How does the electronic valuation work? Do to you have to order an appraisal?
  • Why do different lenders have different fees?
Borrowing against your home equity can be one of the best deals around. But you must know what to look for.

The Insider's Guide can help you shop wisely, and save big bucks in interest and closing costs.

What is your credit score? What is reporting on your credit report? How do you get and keep good credit? Get the inside scoop.

The Insider's Guide to Home Equity Borrowing: Homeowners are unaware of the benefits (and risks) of using home equity to pay off an existing first mortgage. You will discover the critical facts before you act. Find real-life solutions in The Insider's Guide to Home Equity Borrowing. An improperly completed home equity loan or home equity line of credit application often results in overpayment of interest costing you thousands or tens of thousands of dollars. The author shows you how to avoid this and how to work every square inch of the system to your advantage.

  • Plain language explanations of the borrowing tools - HELOCs and Loans - that will dispel the shroud of mystery surrounding them.
  • Guidance on the all-important ratios resulting in a lower interest rate.
  • Strategies to get approved if you have no equity, or too much debt.

Discover Home Loan Secrets from an Industry Insider.

Everything that you must know about home equity loans and lines of credit. Written by an experienced loan consultant, jam packed with over 100 insider tips to save money and get a great rate.

Foreword by Joe Kennedy, former president of E-LOAN.

"Borrowers have questions deserving of straight answers in everyday language," explains author Pete Hitesman.

"Working with homeowners every day at a leading online lender I soon realized that there is a risky knowledge gap within the general public on what home equity borrowing is, how it works, how interest rates are determined and what causes them to change."

"In this book I set out to help everyday people from all walks of life to save thousands of dollars by understanding how to choose the right loan, shop for a quality lender, qualify for a great rate, and then work through some of the approval challenges that can arise."

The author continues: "The Insider's Guide gave me the opportunity to show people how to get the best rates by pulling back the curtain on the approval process, providing a rare insider's view of what really goes on. Customers are always curious how we obtain AVM's or electronic values on their property, what is on their credit reports, and how to affect the critical ratios."

The author has personally originated over a thousand home equity loans and credit lines. That invaluable experience is captured in the pages of this book. You will discover application and approval strategies that could only be known by seasoned loan officers. These "Insider Tips", (more than one hundred) will help you to make smart decisions, save money, get the best rates, and obtain approvals for deals that otherwise would be declined.

  • When is a home loan an especially smart choice for you?
  • How do home loans and credit lines work?
  • What are the risks?
  • What should you use home equity borrowing for?
  • When is it tax deductible?
  • How do you shop for a loan or line of credit?
  • How is your interest rate determined?
  • What do lenders look for on your credit report?
  • What should you look out for? Are some lenders better than others?
  • How does the electronic valuation work? Do to you have to order an appraisal?
  • Why do different lenders have different fees?
Borrowing against your home equity can be one of the best deals around. But you must know what to look for.

The Insider's Guide can help you shop wisely, and save big bucks in interest and closing costs.

What is your credit score? What is reporting on your credit report? How do you get and keep good credit? Get the inside scoop.

The Insider's Guide to Home Equity Borrowing: Homeowners are unaware of the benefits (and risks) of using home equity to pay off an existing first mortgage. You will discover the critical facts before you act. Find real-life solutions in The Insider's Guide to Home Equity Borrowing. An improperly completed home equity loan or home equity line of credit application often results in overpayment of interest costing you thousands or tens of thousands of dollars. The author shows you how to avoid this and how to work every square inch of the system to your advantage.

  • Plain language explanations of the borrowing tools - HELOCs and Loans - that will dispel the shroud of mystery surrounding them.
  • Guidance on the all-important ratios resulting in a lower interest rate.
  • Strategies to get approved if you have no equity, or too much debt.
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Table of Contents-
  • Table of Contents

    Guest Foreword

    Chapter 1: Do You Know The Important Facts About Home Equity Borrowing?

    Why This Book?
    Finally - Some Answers!
    20 Ways This Book Will Help You
    Risks Of Home Equity Borrowing
    Welcome To The NEW You!

    Chapter 2: Laying The Foundation

    What Is Home Equity?
    The Two Basics - HEL's And LOC's
    10 Popular Uses For Home Equity
    How Does The Process Work?
    Will You Qualify?
    What Do You Want To Do With The Money?
    What Is A Second Mortgage?
    10 Other Funding Options To Consider

    Chapter 3: Fixed-Rate Loans

    Understanding Fixed-Rate Loans
    Fixed-Rate Loans With A Balloon
    Fixed 125 - The "No Equity" Specialist
    10 Factors To Consider When Choosing A Fixed-Rate Loan

    Chapter 4: Home Equity Lines Of Credit - HELOCs

    Understanding HELOCs
    How Do You Determine What Your Rate and Payments Are?
    Explaining When And Why The Rate Changes
    How Do You Pay It Back?
    Accessing Your HELOC And The Initial Draw
    10 Factors To Consider When Choosing A HELOC

    Chapter 5: Tips To Help You Decide on a Product

    Making A Choice

    Chapter 6: Choosing Your Lender

    Overview
    10 Key Factors To Look For In Choosing Your Lender
    Online Lenders Versus Local Lenders
    Closing Costs
    Other Costs
    What Is Fair To Expect From Your Lender
    10 Key Strategies To Ensure A Difficult Process

    Chapter 7: The Application

    Borrower and Co-Borrower
    Existing Mortgages
    Employment
    Income
    Assets
    Other Real Estate Owned
    Liabilities
    Property Info
    Borrower Disclosures
    10 Insider Tips For Smoother Processing

    Chapter 8: Your Custom Loan Gets Built To Order!

    How is Your Property Valued?
    How Is Your Credit Limit Determined? - CLTV
    What the Heck Is Doc Type?
    How Is Your Rate Determined?
    Your Debt Ratios - DSR/DTI
    When Are Payoff Demands Needed?
    What Documents Will The Lender Ask For?
    Your Disclosure Package
    10 Insider Strategies To Save Deals And Get Better Rates

    Chapter 9: Removing The Mystery From Your Credit Score and Report

    Credit Foreword
    Overview
    How Do You Access Your Credit Information?
    What Is Your Lender Looking For?
    What Affects Your Credit Score?
    How To Deal With Various Credit Issues
    10 Insider Strategies To Building Better Credit

    Chapter 10: Underwriting

    Processing And Building Your File
    Underwriting
    Valuation
    Note
    Title
    Employment
    Income
    Credit Report
    Debt Ratio
    Insurance - Flood/Structure
    Final Approval

    Chapter 11: Closing And Funding

    What Should You Expect?
    The Document Package - What Is In It?
    The 3-Day Rescission Period
    Your Loan Gets Funded
    Will Your Loan Be Transferred To A New Lender?

    Afterword
    Appendix A Lending Oversight Agencies
    Appendix B Lender Shopping List - HELOCs
    Appendix C
    Lender Shopping List - Loans
    Appendix D
    Mortgage Taxes by State
    Glossary
    Index
    About the Author

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    Relentless Press
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The Insider's Guide to Home Equity Borrowing
The Insider's Guide to Home Equity Borrowing
Understanding Home Equity Borrowing, Finding the Best Lender, Getting a Great Rate
Pete Hitesman
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