A mortgage that is insured by the Federal Housing Administration (FHA).FHA loans allow for down payments as low as 3.5% and lower credit scores than most conventional loans.By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you. Our American Pacific Mortgage loan advisors can give you a one-on-one consultation, and map out exactly how debt consolidation can work for you.
Using the equity in your home to consolidate high interest debt into one low monthly payment is a smart move -- in addition to reducing your monthly debt load, rates are typically lower than credit cards and auto loans so you may save on interest too.
Many factors go into the decision to approve a home equity loan and although you currently have a mortgage, things may have changed that would impact the approval process.
The appraiser visits the house and evaluates the site, structure and physical condition of the property.
The final appraisal amount also includes an evaluation of recent selling prices of similar homes in the area (often referred to as "comparables"). The title search is a step to uncover any possible problems with the legal ownership of the property such as a lien or faulty land survey.
Arrangements for the title search are made by the bank.