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F.A.Q. Resources
Home Loan Frequently Asked Questions
1. Select Loan Type
 
If I need cash, should I refinance or get a home equity loan?
   
What's the difference between a home equity loan and a line of credit?
   
How much equity do I need to have in my property to get a debt consolidation loan?
   
2. Fill Out Short Form
 
Will I be considered for a loan if my credit is less-than-perfect?
   
What information do you collect and how will it be used?
   
3. Get Matched with a Lender in Your Area
 
How many lenders are in the NetMoneyWizard network?
   
    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!
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  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).
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  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.
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    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!
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  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.
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  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.
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    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.
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Have additional questions or comments? Contact us at email@netmoneywizard.com

 
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