December 2004 The Allstate Lending Group Update is sent to you as a free news service providing information regarding the Mortgage Industry, Refinancing, and Company Information. Don't forget to forward to your colleagues. In this issue...
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How to Access Equity from Your Home Accessing the equity from your home to pay off debt, improve your home or pay for a well-deserved vacation can be easy — as long as you meet the traditional prime lending guidelines: You have a good credit rating (680 and above fico scores), and you are able to prove your income using W-2s and tax returns. However, due to credit blemishes, selfemployment status or other income challenges, not everyone fits neatly into the prime-lending underwriting guidelines. So where, and to whom, can you turn? Allstate Lending Group Inc. offers the following advice. Where to go Since traditional banks and credit unions do not originate nonprime loans, finding a reputable mortgage company that specializes in this market can be difficult. Asking friends and family members for referrals can often be a good option — unless you feel uncomfortable openly sharing your personal financial information. The Internet is a great resource for finding mortgage companies that specialize in nonprime lending. But remember, when choosing a mortgage company, bigger does not necessarily mean better. Large wellknown mortgage companies sometimes charge a higher interest rate or require higher closing costs to cover their large advertising budget and overhead expenses. Do some research, and then apply with two or three companies. This method allows you the opportunity to compare loan terms and fees. link here to read more: http://www.kanatsiz.com/allstate/1.html You have received a copy of the Allstate Lending Group Update if you’d like to be removed, please click here. Allstate Lending Group 2540 Corporate Place Suite B108 Monterey Park, CA 91754 Tel: (800) 648-5363 Fax: (323) 262-7889 |
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