Figure.com provides home equity lines of credit in 37 states and the District of Columbia. This lender does its business entirely online, offering a digital application and utilizing technology such as artificial intelligence and blockchain technology to help it make lending decisions.

This company currently offers two products:

• Home Equity Lines of Credit: Figure offers HELOCs of between $15,000 and $150,000.
• Lease Back Program: This program is similar to a reverse mortgage, but allows homeowners of any age to borrow against the value of their home and get cash quickly.

Figure makes loan decisions quickly and gets cash into the hands of homeowners as soon as possible, making this an option for homeowners who need cash on hand in an emergency.

Figure Home Equity Loans Spotlight

Figure Home Equity Loan Features

You can borrow between $15,000 and $150,000 with a Figure HELOC. The exact amount you can borrow depends on your credit score and financial situation.

Borrowers need a minimum credit score of 600 to be approved for a Figure HELOC. You can borrow up to a combined loan-to-value ratio of 95%.

As for repayment, there are several options to choose from. You can take out a loan with repayment terms of 5, 10, 15, or 30 years.

Fees tend to be low (0 to 3% of your original draw) and interest rates may be as low as 4.99% APR Your interest rate is calculated based on your credit score, your CLTV, and the length of your repayment. Maximum interest rates with a Figure HELOC are 13.99% APR.

In many cases, you can get approval for your loan the same day you apply for it, and your loan may be tax-deductible.

Figure.com Features

Figure Mortgage Products

The HELOC product allows you to get a fixed-rate loan based on your home equity. Your appraisal is done online using an automatic valuation. This does not cost you anything.

Once you get your approval, you get your draw within 5 days. During the life of the loan, you can make additional draws of up to 20% of the original draw amount plus your origination fee.

You will be able to make additional draws for up to 5 years after the original loan.

How The Lease Back Program Works

A lesser-known product is the Lease Back program. This product allows you to get cash immediately. The lender purchases your home and gives you up to 92% of the value of your home in cash. You don’t pay this loan back until the end of your lease term and can renew your lease as many times as you’d like.

Unlike traditional reverse mortgages, the Lease Back program is available to any homeowner, not just those over the age of 62. Cash is generally available soon after approval for this product.

Pros and Cons of Figure HELOCs

Is Figure.com Right for You?

If you have a credit score of 600 or higher and a debt-to-income ratio of less than 50%, this service may be for you.

Figure.com is ideally suited for borrowers who have decent to high credit and need cash immediately.

The higher your credit score, the more likely you are to qualify for lower interest rates and higher loan amounts.

If you are applying for a lease back mortgage, you need a credit score of 620 and a loan-to-value ratio of 30% or less.

How to Apply

To apply for a Figure.com HELOC, visit https://figure.com/home-equity-line. Click on “Find My Rate” and fill out the requested information to get started. Figure.com will give you a rate offer based on this information.

Once you accept the offer, you can fill out the application. Figure.com will then run a credit check.

You’ll need to provide checking account information so that the service can verify your income and set up the loan disbursements. You will also need to provide a government issued ID such as a driver’s license or passport during this process.

Once you finish the application, you will be connected by video to a notary (unless your county requires you to get documents notarized in person). You will then electronically sign the documents in front of the notary to complete the loan process.

Apply Now

The article Figure Home Equity Loans Review was originally posted on Investormint

loanDepot is a California credit and banking company that offers a wide variety of financial solutions, including mortgage loans.

The company’s mortgage loans are linked to more than 1,700 partnering loan officers across the United States.

You can get a loanDepot mortgage loan to buy an existing home, to build a new home, or to refinance an existing mortgage, even if that mortgage loan is with a different lender.

In this loanDepot mortgage loans review, you’ll find out everything you need to decide whether this financing option is best for you.

loanDepot Spotlight

Are loanDepot Mortgage Loans
Right for You?

A loanDepot mortgage loan may be right for you if you want to refinance an existing mortgage that you took out when interest rates were higher than they are now.

If your mortgage loan’s interest rate is 0.5% higher than the current interest rate, a refinance could save you money.

One of the company’s mortgage loans may also be a good choice if you want to secure a new mortgage.

If you are a first-time homebuyer looking to purchase a larger home or a home in a different neighborhood, loanDepot’s loans may be a good fit.

loanDepot also offers a home-equity loan program to help you finance repairs or upgrades.

>> Need A Personal Loan? Check Out SoFi

Why Choose loanDepot
Mortgage Loans?

When it comes to applying for a mortgage loan from a big bank, the process can be time-consuming and difficult.

loanDepot’s aims to simplify the process in a couple of key ways:

• Less stringent credit score requirements
• Low minimum down payment required

Through loanDepot, you have access to many loan types. You can choose a loan to purchase or to refinance a home. The company also offers home-equity loans for making improvements.

The available types of mortgage loans through loanDepot include:

• Jumbo
• Fixed
• Adjustable
• FHA
• VA
• USDA

Check Mortgage Loan Rates >>

loanDepot Mortgage Loans Features

loanDepot mortgage loans have many features:

loanDepot Mortgage Loans:
What You Need to Know

If you are considering doing business with loanDepot for a mortgage loan or a refinance, here’s what you need to know:

Origination Fees

The company has sizeable origination fees that range from 1% → 5%, depending on the loan terms, down payment, and the amount that you need to borrow.

Origination fees are tied to your credit score.

No HELOC Offerings

The company does not offer home-equity lines of credit (HELOC).

Fixed-Term Loans

It does offer fixed-term loans for home equity.

Fast Funding Timeline

Typically the funding timeline for a mortgage loan is faster than you’ll find when applying at big name banks.

The timeline from application approval to funding is as fast as 3 → 5 days after all of your documents are completed.

Check Mortgage Loan Rates >>

loanDepot Mortgage Loans Fees

Sadly, you can’t avoid the fees associated with mortgage loan applications and mortgage loan refinances.

loanDepot has a comparison page where you can look at its mortgage rates next to those of its competitors. It shows you the fees and interest rates for different loans that it and two of its closest competitors offer.

It’s important to take a close look at the fine print of what the different fees and rates mean.

With that said, loanDepot is transparent about showing all of its mortgage loan costs.

Origination Fees

loanDepot gives itself a wide range for origination fees. The company states that its typical lender’s fee ranges from 1 to 5 % of the total loan amount.

The exact percentage that you will pay depends on your loan grade.

When comparing this to other lenders, a 1 % fee is in line with big banks.

A fee of 3% → 5 % is much higher than normal.

Since 2001, most total lender fees and discount points for mortgage loan origination fees have averaged around 1 % of the total loan amount.

Standard Fees

Other Costs

Private mortgage insurance: If you are not putting at least 20 % of the mortgage loan as a down payment, you will need to have private mortgage insurance.

This fee may be paid as part of your loan process or at the time of the closing of your loan from loanDepot.

VA and FHA fees: There are special fees associated with VA and FHA loans. The VA can charge a funding fee, which is associated with your service record length and discharge status.

FHA loans have a 1.75 % up-front mortgage insurance premium fee. You can roll these fees into the total loan amount that you borrow from loanDepot.

Fee Guarantee: A unique aspect of loanDepot’s services is its lifetime guarantee on loan fees.

loanDepot states that if you refinance with the company once, you will never have to pay any lender fees to loanDepot in the future.

The company will also reimburse you for appraisal fees.

This guarantee has some restrictions. You have to qualify for the refinance, your loan must be approved, and you must hold onto a digital or printed certificate issued by loanDepot.

Check Mortgage Loan Rates >>

loanDepot Mortgage Loans
Eligibility Criteria

All mortgage loan and refinance loan lenders have eligibility criteria.

In order to secure a loanDepot mortgage loan, you must have a minimum credit score of 620.

If you do not know your credit score, you can pay for this service from one or all three of the credit reporting bureaus in advance of your loan application.

loanDepot also requires a minimum down payment of 3.5 % of the total loan amount.

The total loan amount includes any fees that can be rolled into the loan’s principal.

In addition, you must be at least 18 years old, although Alabama requires borrowers to be at least 19 years old.

You need to be a U.S. resident and have a verifiable U.S. address, bank account, and income.

>> Get Your Credit Score From MyFICO

How to Apply for a
loanDepot Mortgage

To apply for a loanDepot mortgage, follow the steps below.

1. Complete the online application: The online application requires you to provide your name, birthdate, address, and email.
2. Complete the verification process: If you get a soft approval from loanDepot, you will need to provide additional information, including your Social Security number, bank account information, and employment details.

You may be required to supply supporting information, such as your driver’s license or government-issued identification, W-2, or recent pay stub.

If you are self-employed, you may need to provide additional information about your income.

You may also be able to complete some of these steps over the phone.

3. loanDepot Verification: loanDepot takes a few days to verify your information.

The company may request additional information by email at any time.

Each additional information request will require a new two- to three-day verification period.

loanDepot will also offer you a specific interest rate once your information is verified.

4. Arrange for appraisals and inspections: Before loan funds can be dispersed, you need to have the appraisals and inspections completed.

The inspections and appraisals depend on the type of loan that you receive from loanDepot.

5. Wait for funds: loanDepot deposits the loan amount into your bank account.

The amount of time that it takes for the funds to be confirmed depends on your bank.

You can check the status online through your verified loanDepot account.

loanDepot expects to launch an online application that is mobile-enabled. It will automatically verify your information within a few seconds of submission.

The company also plans to allow borrowers to upload their documents through an app on their smartphones.

Check Mortgage Loan Rates >>

loanDepot Mortgage Loans
Review Summary

loanDepot offers an efficient mortgage loan application process.

By offering a spectrum of mortgage loan and refinance options, loanDepot is able to serve the needs of many homebuyers.

The amount of time from approval to funding is much shorter than that of the big banks.

Finding specific information about the fee schedule can be challenging, but loanDepot offers phone-based and email-based customer support every day of the week.

Check Mortgage Loan Rates >>

The article loanDepot Mortgage Loans Review was originally posted on Investormint

Even though purchasing a home is costly at the best of times, there are solutions to help you buy a home with poor credit.

Nevertheless, if you are not in a rush to buy a home, take the time to improve your credit score because mortgage rates are usually lower for borrowers who are more creditworthy.

And even a small difference in interest rates short-term can make a big difference over the long-term when you add up your mortgage payments.

So, what are the secrets to buying a house with bad credit?

Can You Buy A House
With Bad Credit?

Some people may have poor credit but a decent savings nest-egg. If you are lucky enough to be cash rich despite having bad credit, you could consider making a larger down payment on your home purchase.

At the end of the day, the bank or credit union you borrow money from to buy your home will categorize you based on a risk rating. And the lower your mortgage amount, the lower the risk to the bank – all else being equal.

But what if you are interested in buying a home with poor credit and don’t have cash saved up?

How To Buy A Home
With Bad Credit

To qualify for a mortgage when you have bad credit, you could add a co-signer who is creditworthy.

The co-signer is taking on the risk of loan default when they sign on the dotted line, so it’s by no means a commitment to be taken lightly.

After all, a bank or credit union who says no to lending money to you but yes to lending money to you and a co-signer is essentially transferring default risk to your co-signer.

If you fall behind on your mortgage payments, your co-signer will be saddled with the burden also to make good on the loan.

Worst case, if the loan goes into default or the house goes into foreclosure, your co-signer may suffer significant damage to their own credit score.

So, if you are trying to figure out how to buy a house with low credit, a co-signer is an option but ideally for their sake at least, not your first choice.

Which means when you are purchasing a home with bad credit, some other options are worth checking out first.

Steps To Buying A House
With Bad Credit

The first step to buying a house with bad credit is to explore a Federal Housing Administration loan, otherwise known as an FHA loan.

You may be eligible to qualify for a mortgage with a credit score as low as 580 but you must be able to make a down payment equivalent to at least 3.5% of the total price of the home.

FHA loans are available to people with lower credit scores than 580 but then a 10% deposit must be made.

The cutoff to qualify for an FHA loan is usually a credit score of 500.

Because the downpayment is low and your credit score does not have to be great to qualify for a mortgage, an FHA loan is one of the easiest ways to buy a house with bad credit.

Are FHA Loans For First Time Home Buyers Only?

No, you don’t have to be a first time home buyer to qualify for an FHA loan.

What Is The FHA Loan Limit?

In high cost areas, the FHA loan limit is $679,650 and the minimum amount is $294,515.

Is Private Mortgage Insurance Required on FHA Loans?

PMI or Private Mortgage Insurance comes in two forms with an FHA loan:

1. 1.75% of the loan amount upfront
2. 0.45% → 1.05% annually

Can I Buy A House
With Bad Credit?

If you are wondering can I buy a house with bad credit without a co-signer or via FHA loan, the short answer is perhaps… if you have a generous and rich benefactor.

Aunt Sallie or Uncle Tom may be the answer to your homeownership challenges if they have deep pockets.

You could ask them or another wealthy person for a private mortgage which could turn out to be a win-win.

For example, if Aunt Sallie were to loan you $500,000 at a rate of 5% per year, it might be a much better rate of return than she can earn in a bank or from a certificate of deposit.

At the same time, you may not be able to borrow from a bank or credit union at a rate as low as 5%, so it creates a win-win for you both.

Ideally, you should draw up a legal agreement so worst case scenarios are planned out ahead of time.

You would both need to think about difficult circumstances like how long Aunt Sallie would let you forego on payments if you are unable to pay her back.

While it’s got some kinks to iron out, a private mortgage can be one of the best ways to buy a home with bad credit.

Alternatives To Buying A Home
With Bad Credit

If a private mortgage, FHA loan, large downpayment, or co-signer are not viable options, what other alternatives do you have to buy a house with poor credit?

A good place to begin is the source of the problem, your credit score.

Spend time investigating why your credit score is poor and look to fix it. Sometimes, a poor credit score can be due to errors on your credit report.

Step 1: Check Your Credit Score

The first step is to check your credit score online at MyFICO.

Many credit card issuers also provide credit scores free to cardholders. For example, Chase Sapphire Reserve cardholders can view credit scores at no cost.

Even free budgeting apps like Mint make it easy to check your credit score online at no cost.

Step 2: Fix Credit Report Errors

You can never be too careful with your personal information these days, and credit report errors are a good place to be extra diligent.

If you find some information you believe to be inaccurate, write to the credit bureau informing them of the error.

Common credit report errors include:

• Closed accounts reported as open
• Identity theft resulting in false accounts
• Accounts tagged to a person with a similar name
• Financial accounts reported incorrectly as delinquent
• Incorrect credit limits listed

Step 3: Pay Off Your Credit Card Balances

Few better ways to increase your credit score exist than to pay off your credit card balances in full.

If you are struggling financially to keep up with credit card payments, consider a balance transfer card whereby you can enjoy lower interest payments during a grace period.

For example, the 0% Balance Transfer card from Discover provides a grace period as long as 18 months.

The downside of a balance transfer card is you stop earning rewards points but the upside of paying no or low interest for an extended period is usually worthwhile.

Keep in mind also that transferring a credit card balance is generally not fee-free. A 3% → 5% fee on the balance is not uncommon but may well be cheaper than paying a high rate of interest for a few years.

Step 4: Make Timely Payments

A few key factors will influence your credit score. Making timely payments is near the top of the list.

When you pay your bills regularly, mortgage lenders are more likely to view you as financially responsible.

By paying off your credit card balances each month, your credit score may increase, which in turn may lower mortgage interest rates.

Usually, you will qualify for lower rates as your credit score increases from bad (below 580) to excellent (above 720).

Buying a home with bad credit is no mean feat. Do you have any other ideas about how to buy a house with poor credit? Share your thoughts in the comments below.

>> Get Your Credit Report & FICO Score

>> Best Financial Apps To Save You Money

>> Roofstock: Buy Property Online

The article How To Buy A House With Bad Credit was originally posted on Investormint

New American Funding is a family-owned, independent mortgage lender based in Orange County, California, with locations across the country.

If you are buying a home for the first time, don’t know where to begin, and feel underserved at other banks or lending institutions, New American Funding may be a good fit.

Founded by Rick and Patty Arvielo, the mortgage company has established over 145 branches nationwide, employs 2,700 people, has funded over $900 million in loans monthly, and issued over $23 billion in loans overall.

So now you know a little bit about the company but do you know if a New American Funding mortgage is right for you? What rates and mortgage products does it offer? And what are the pros and cons of choosing a mortgage from New American Funding?

New American Funding
Personal Loans: Spotlight

NEW AMERICAN FUNDING SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4.5 out of 5 stars	Low-income Borrowers Eligible: YES Down Payment Assistance: YES Manual Underwriting: YES Get Started via New American Funding secure site

Is New American Funding
Right For You?

New American Funding issues mortgages to traditionally underserved borrowers.

While most lenders plug your financials into a computer algorithm that largely automates the adjudication process, New American goes a step further by manually evaluating your creditworthiness.

The company has a clear focus on minorities, low-income borrowers, and even those with low credit scores.

Patty Arvielo, President and co-founder, observed that different cultures have different nuances when it comes to finances, so it helps to match borrowers with like-minded professionals who understand cultural nuances.

To help borrowers feel more comfortable taking the step of buying a home, New American Funding launched the Latino Focus initiative, which targets the latino community, and the New American Dream initiative, which supports the African American community.

Beyond catering to borrowers with like-minded employees, the Latino Focus initiative extends to the community where New American Funding hosts grass roots events and community leaders are invited to help address specific local issues.

The New American Dream initiative includes educational seminars so that borrowers who have credit issues are supported in learning how to improve scores with a view to buying a home.

It also helps borrowers to connect to programs that can help them if they lack sufficient resources to finance a downpayment.

The idea is to identify the barriers to home ownership and address them through education and counseling.

New American Funding has a clear focus on educating its customers to the benefits of home ownership while promoting financially sound choices.

If you are buying a home for the first time, don’t know where to begin, and feel underserved at other banks or lending institutions, New American Funding may be a good fit.

Get A Mortgage From New American Funding

How Much Are
New American Funding Rates?

New American Funding provides an affordability calculator, a mortgage calculator, and a refinance calculator to help you figure out the rates you would pay.

The Affordability Calculator helps you to calculate how much house you can afford.

By taking into account your annual income, monthly debt, and mortgage details, you can better select a home that fits into your budget requirements.

The Mortgage Calculator helps you to estimate your monthly mortgage payments ahead of time.

It includes the home price, down payment amount, mortgage interest rate, loan term, and private mortgage insurance to estimate monthly payments.

If you already own a home and are looking to calculate the costs of refinancing your home, the New American Funding Refinance Calculator fits the bill.

Simply enter your current loan amount, current interest rate, current term, origination year, new loan amount, new interest rate, and new term, and the Refinance Calculator will crunch the numbers on your behalf.

Get A Mortgage From New American Funding

New American Funding
Mortgage Types

New American Funding mortgage products come in a variety of forms:

Get A Mortgage From New American Funding

New American Funding  Locations

New American Funding locations are across the country but not nationwide, and include:

• Alaska
• Arizona
• California
• Colorado
• Florida
• Georgia
• Illinois
• Indiana
• Iowa
• Kansas
• Massachusetts
• Minnesota
• Missouri
• Nevada
• New Mexico
• North Carolina
• Oregon
• South Carolina
• Tennessee
• Texas
• Utah
• Washington

Get A Mortgage From New American Funding

New American Funding Review:
Pros and Cons

New American Funding does an excellent job serving low-income borrowers, underserved borrowers, and educating potential borrowers to the pros and cons of homeownership.

Get A Mortgage From New American Funding

New American Funding Reviews Summary

New American Funding is designed to match low income, low credit, and underserved borrowers with suitable mortgage products.

Through initiatives like Latino Focus and New American Dream, borrowers are educated to the benefits and pitfalls of homeownership.

Once borrowers are ready to move forward, New American Funding offers a wide variety of mortgage products including fixed-rate, variable-rate, jumbo, home improvement, reverse mortgage, FHA, VA, and refinancing.

As a family-founded company with a focus on diversity and inclusiveness, New American Funding distinguishes itself among lenders and has earned a stellar A+ rating from the Better Business Bureau for its consistency in serving customers well.

Plus, as a leading mortgage company, it is a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer that operates its own real estate and builder lending divisions, as well as a large loan servicing unit.

The bottom line is if you feel underserved at other banking institutions, or simply want a lending experience that involves a more human element, New American Funding may be a great fit.

Get A Mortgage From New American Funding

The article New American Funding Mortgage Review was originally posted on Investormint