|Mortgage and Lending||
|location_on Prior Lake, MN — SLR Capital Lending|
|web Mark Worm's (markworm) Blog|
Getting the job done will the highest level of customer satifaction.We focus on new construction, luxury homes, lake homes and downtown minneapolis condos. I help all types of buyers in all types of financial situations find and purchase the home of their dreams. I am flexible, creative and willing to do what it takes to help my clients buy, sell, and finance there homes in a manor which is seamless and effortless as it should be. I have creative marketing technics that are not typacilly used today along with a team of agents, graphic artists, web designers, title professionals, lenders, builders and support staff to service the evey need of todays real estate client. SLR Capital lending Has continued to grow in todays difficult market because of our energetic staff and our willingness to bring you service beyond your expectation.
Mortgage Refinance Made Easy
We make it easy to get the lowest rate mortgage refinance loan. By applying in just minutes, we'll round up the loans that are perfect for your needs. You can be on your way to a lower interest rate, a lower monthly payment, or switching from an adjustable rate mortgage to a fixed rate mortgage.
And as always, our mortgage refinance products are flexible to your needs:Cash-out up to $300,000* Mortgage refinance loan amounts from $100,000 - $2,000,000 Variety of income documentation levels; including stated income mortgage refinance loans - great for the self-employed or retired borrower Options for a variety of occupancy types, including vacation and rental properties
Two kinds of Home Equity Loans
HELOC stands for home equity line of credit, or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount.
The home equity line of credit, or second mortgage as it is sometime called, is a loan that is used to obtain cash by someone who already owns their home and uses the equity they have in their home to obtain cash for other purposes.HELOC are convenient for funding intermittent needs, such as paying off credit cards, making home improvements, or paying college tuition.
Home equity loan rates are usually higher than mortgage rates. The major reason for the higher rate is because home equity loans are a higher risk for the lender than a mortgage. If a borrower defaults on a home equity loan, the mortgage lender has the primary right to the property and would have the opportunity to recover their losses before the home equity lender.
When deciding whether to obtain a home equity loan, you should first consider whether it makes more financial sense to refinance your current mortgage to obtain the additional cash you desire rather than to obtaining a home equity loan.
Do you know anyone who wants lower monthly payments? They have a better chance today than has ever existed. Not only are interest rates at 40-year lows, but there is also a new mortgage-financing program that can lower payments even more. "Interest only" loans are now available.
Who's a candidate for this type of loan and what are the benefits? This loan is especially suited for individuals whose income varies from time to time (such as commissions, bonuses, or irregular payments). With "interest only," the obligation is to pay the interest portion of the loan, and pay principal when it is convenient. Paying principal is not required, but is recommended since reduction in a loan balance grows equity in a property.
Is principal reduction really necessary? Not for everyone. If the intention is to sell a property in a few years, principal reduction may not be recommended. In our area, we have generally enjoyed appreciation in property values; therefore, the property may become more valuable without reducing principal. "Interest only" loans eventually require payments of principal, but that varies from lender to lender. It is best to compare these requirements since the "interest only" period can vary from 1 to 10 years. The loan is typically a 30-year term loan, with a certain period of time where "interest only" payments can be made. Afterward the unpaid principal balance is amortized over the remaining term to include principal and interest sufficient to repay the loan in full.
This is one of the most aggressive mortgage financing tools to come along in a long time, and with today's low interest rates, the timing could not be better to help us all survive the downturn in our economy. It is also a great refinancing option for many people.Bad Credit!Millions of people in the United States have something in their credit history that they would rather not have there at all. This is where Advance Credit Solutions can help; we take your sick credit history and make it well again. Advance Credit Solutions will dispute any and all discrepancies within your credit reports; to help you acquire the credit card, auto, or home loan you may be considering but cannot acquire due to sick credit history