 Sam
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Joined: 21 May 2005
Posts: 280
Location: CALIFORNIA
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 Posted: Thu Jul 08, 2004 12:08 am Post subject: No Equity Loan |
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No Equity Loan is a home equity loan program that allows a borrower to take out a loan up to 125% of the value of property.It is also known as:
1. 125% loan-to-value second mortgage
2. 125 loan.
3. High 'LTV' no equity loan.
4. 125 second mortgage.
Features:
- Popular Debt Consolidation Loan Program - It is a very popular debt consolidation loan program.
- Debt Eliminating Cash Machine - It serves as a debt eliminating cash machine. It allows a borrower to pay off his current credit card debt, make home improvements, etc.
- Ideal Loan - It is an ideal loan for a borrower, who has no equity in his home.
- Tax Deductible - It is generally tax deductible. Here, the tax is deducted
upto100% of the value of borrowers home.
- Loan Term - The loan term is as long as 25 years.
- High Loan To Value Ratio - It has a very high loan to value ratio.
- Facilitates Monthly Payments Reduction- It facilitates a borrower to lower overall monthly payments.
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