| 1. |
Select Loan Type |
| |
|
| 2. |
Fill Out Short Form |
| |
|
| 3. |
Get Matched with a Lender in Your Area |
| |
|
|
|
| |
|
1. Select loan type |
| |
|
We have four types
of loans to choose from that meet a variety of needs. The lenders in
our network cater to many property types and purposes. There are also
opportunities for borrowers with modest incomes, less-than-perfect
credit and those who require a low down payment option.
If
you are like most homeowners, you probably have a first mortgage loan
on your home. After a while, you may wish to borrow against the equity
in your home to get cash, to make home improvements, to education, or
to consolidate personal debts. Because such loans are in addition to
the first mortgage on the home, they are commonly called "second
mortgage" loans.
|
| |
|
• |
Select the refinance
option if you own a property and need a new loan or want to replace an
existing loan. You can also combine your outstanding 1st and 2nd
mortgages into one new refinanced loan. A refinance could ultimately
help you lower your current interest rate, lower your monthly payment,
or obtain additional cash. |
| |
| |
|
• |
Select the debt consolidation
option if you have credit card and/or other debt you’d like to
consolidate into one easy payment. You may be able to use the equity in
your home to lower your outstanding monthly debt payments and at the
same time receive some tax savings (consult your tax advisor for
details). The purpose of a debt consolidation loan is to consolidate
your non-mortgage payments into one lower monthly payment. |
| |
| |
|
• |
Select the home improvement option if you need a loan or line of credit to pay for home improvements. Select the home equity
option college education, a new car or another major purchase. You may
also qualify for some tax savings (consult your tax advisor for
details). A home equity loan is a smart solution when you have a
specific expense and you know exactly how much money you need. |
| |
| |
Q: |
If I need cash, should I refinance or get a home equity loan? |
| |
A: |
If you have a great rate on your existing mortgage, a home equity loan
may be your best option. However, if your existing balance is low, it
may make sense to refinance, since the interest rate on a refinance is
typically lower than on home equity financing. You also may want a home
equity loan if you need to take a high percentage of equity out of your
home. Many lenders will allow you to take more money out of your home
as a home equity loan than a refinance. Select either option and let
one of our lenders discuss with you which might be best! |
| |
|
|
Back to top |
|
| |
Q: |
What’s the difference between a home equity loan and a line of credit? |
| |
A: |
A
home equity loan typically has a fixed interest rate and is given in
one lump sum. Equal monthly payments are made over the term of the
loan. A line of credit usually has a variable interest rate and funds
are accessed as needed. Interest charges are assessed only on that
portion of the funds that are used (perfect for home improvement
projects that can extend over a period of time and have some
uncertainty in terms of cost). |
| |
|
|
Back to top |
|
| |
Q: |
How much equity do I need to have in my property to get a debt consolidation loan? |
| |
A: |
If
you add a second mortgage, in some instances you can borrow up to 125%
of the appraised value of your property, minus the current first
mortgage. If you refinance, many lenders will let you borrow up to 97%
of the value of your property. |
| |
|
|
Back to top |
|
| |
|
Have additional questions or comments? Contact Us today. |
| |
|
2. Fill out short form |
| |
|
Complete
a short form (not an actual application) so we can match you to the
right lender. Just take a few minutes to provide some information about
the property, your preferences, and yourself. |
| |
Q: |
Why do you need this information if I just want to check rates? |
| |
A: |
We need some basic information to determine which lender(s)
can offer you the best loan option for your particular situation. Rates
can vary depending upon property type, whether the property will be
used as your primary residence, and other factors. The lenders will
provide you with rates based on your information. There’s no
obligation, so get started now! |
| |
|
|
Back to top |
|
| |
Q: |
Will I be considered for a loan if my credit is less-than-perfect? |
| |
A: |
Yes. We have lenders that offer a wide range of products for individuals with excellent, average, and not-so-perfect credit. |
| |
|
|
Back to top |
|
| |
Q: |
What information do you collect and how will it be used? |
| |
A: |
We
collect information about the property, any existing loans, your loan
preferences, income and other debt. We ask you to self-assess your
credit quality, but we do not request your Social Security Number or
obtain a copy of your credit report. No record of your inquiry with us
will appear as part of your credit records. The information is used to
match your preferences and profile with lenders in our network. Lenders
who you are matched with are given this information so they can process
your specific loan inquiry and offer products and services that may be
appealing to you. For more details, please refer to the NetMoneyWizard
Privacy Policy. |
| |
|
|
Back to top |
|
| |
|
Have additional questions or comments? Contact Us today. |
| |
|
3. Get matched with a lender |
| |
|
Our
unique search engine will take the information you provided on the
short form and review our database of lenders to find the lender that
best meets your needs. |
| |
Q: |
How many lenders are in the NetMoneyWizard network? |
| |
A: |
We
work with a large number of lenders to cover the entire United States.
These include many large, well-known names, as well as a number of
small specialty lenders. |
| |
|
|
Back to top |
|
| |
|
Have additional questions or comments? Contact us at email@netmoneywizard.com |
