Living the California Dream – Orange County Home Equity Loans

Who knows how Orange County got its name? People have made up so many stories about O.C that over the years, separating fact from fiction has become as time-consuming as peeling an orange. One thing is certain about the place, though. It is easily one of the most beautiful and picturesque in the United States. Because of its desirable location, Orange County home equity loans understandably come with steep price tags.

Orange County Home Equity Loans: Expensive or Economical?

If your goal is to find a budget-friendly home, do not shop for Orange County home equity loans. Orange County is the country’s second most-expensive housing market. It is second only to San Francisco. In fact, as far as houses are concerned, the average Orange County home will cost you three times more than the average American house. According to the National Association of Realtors, Orange County home loans start at $710,000. The national median, on the other hand, is only $215,900.

Orange County Home Equity Loans: Selling Like Oranges

Despite its steep price, a house in Orange County remains a highly coveted property. Why shouldn’t it? An Orange Country address is synonymous to money and a life of privilege. Forget the place’s sandy coves, chiseled bluffs, and foam-covered oceans. There are other places in the United States that are just as beautiful but are much cheaper.

People take out Orange County home equity loans for two reasons: the natural beauty of the place and the O.C lifestyle. To many, an O.C home means you have well and truly made it big.

Orange County Home Equity Loans: In Perspective

Just how high could Orange County home loans go? Visualize this. In Coldwell Banker’s annual Home Price Comparison Index, a 2,200-square-foot Newport Beach house, with four bedrooms, 2.5 baths, a family room, and a two-car garage can set homeowners back by a whooping million and a half!

If you cannot imagine how well and truly expensive this is, take a look at these figures plucked from the same Home Price Comparison Index.

Washington, D.C – $727,250.00

Wilmington, Delaware – $377,250.00

Pensacola, Florida – $222,258.00

Atlanta, Georgia – $303,000.00

Honolulu, Hawaii – $745,454.00

Des Moines, Iowa – $247,000.00

Boise, Idaho – $213,808.00

Chicago, Illinois – $815,000.00

Munster, Indiana – $329,300.00

Boston, Massachusetts – $1,260,000.00

Chevy Chase, Maryland – $829,750.00

Wilmington, North Carolina – $286,650.00

Rye, New York – $869,125.00

Dayton, Ohio – $173,475.00

Clearly, Orange County home equity loans are not something you take out lightly. They are payments you would be making for a long, long time. Thus, it pays to do your research thoroughly and accurately. Find the properties that give you the best value for your money. After all, Orange County living is the golden California dream.

Are Atlanta Home Mortgage Lenders And Brokers Being Squeezed Out Of The Mortgage Market?

Mortgage guidelines and rules are changing daily because of the current mortgage crisis. Foreclosures are up, and the Atlanta market is eighth in over-all foreclosures nationwide. Larger investors are turning down four times as many loans and have dropped more than half of the programs as they less than a year ago. This isn’t a very optimistic picture for those smaller lenders and brokers that are trying to keep their heads above water.

Atlanta mortgage brokers operate as a virtual lending arm for larger banks like Countrywide, Chase and Bank of America. Basically they capture business that the larger banks retail divisions miss or can’t handle. Larger banks, by in large depend on loan originators with less experience to process loans. The loans are then processed through their financial assembly line to obtain a closed loan. Each person within the chain has a specific job but rarely has time to change programs, rates and terms in the middle of the process that would upset the assembly line.

For the most part, this is where smaller lenders and brokers carved out their living. These mortgage companies have the time, personnel and experience to “shift gears” on more difficult loans. Now that a large percentage of the “difficult” loans are non-existent in today’s market the rules are changing. Larger banks are beginning to give emphasis to their retail departments while tightening the rules for the broker relationships they have established. Many smaller broker shops are feeling that this is the larger investors’ way of closing down their wholesale divisions.

However, some Atlanta mortgage brokers are seeing the glass “half full” during this time of crisis for most people in the lending industry. Jeff Stephens, president of Global Lending in Atlanta Georgia sure seems to think so. “Before the mortgage boom brokers provided a real service for a certain segment of the market. Our services are needed now more than ever. There are a dozen different investors with a hundred different products each having 30 or more pages of guidelines. A professional broker will know which programs will save the borrowers the most time and money”.

He continued, “the very fact that banks are turning down 4 out of 15 loans makes our services almost indispensable. More than half of the loans that are turned down by one investor may very well work with another investor. Applying to the wrong lender, or having your application presented without all of the facts can cost you thousands in today’s changing market.”

-Hundreds of small brokers and lenders have thrown in the towel as a result of the looming mortgage crisis and many more are expected to follow. The number of smaller broker shops that are still in business are roughly the same amount there was before the refi-boom. Some are seeing this as a market correction, in effect the hangover after the party. Still others are taking a more legislative view point by asking elected officials to reenact GAFLA (Georgia Fair Lending Act) laws that were passed by Governor Roy Barnes during the middle of the boom.

The editors of Lendfast.com believe that this is a market correction and further legislation will only slow down or halt the recovery process. Historically, when law makers dismiss foreclosure remedies and raise lending liabilities lenders simply stop lending their money. During the “hey-day” of GAFLA we saw a mass exodus of lenders from the state of Georgia based on their inability to sell their loans with Georgia laws attached to them. Adding this stipulation to lenders in this market will be disastrous to our economy and bring lending to a screeching halt for lenders small and large. If we let the “wound” heal, the “band-aid” can be removed in a year or two and you can bet lenders will be more conscious of their lending practices.

Credit Card And Loan Application Approval Resources To Raise Your FICO Score

Often times crisis happen in life, therefore, causing financial hardship for the family such as divorce, loss of income from company downsizing, illness in the family or death. These unfortunate circumstance can upset your financial capability to pay your mortgage, car payment, credit card debt and other financial obligations. Bad credit can happen to anyone.

Filing for bankruptcy can remain on your credit report 10 years. After you file for bankruptcy, it is always best to try and re-establish credit. Once you have re-established your credit, always pay on time. You’re trying to gain the confidence of banks, lenders, credit card companies and financial institutions your willingness to pay on time. Your credit worthiness will be judged by your credit rating.

Never let anyone run your credit report. Be very cautious! If you’re shopping around for a home loan, often times, banks, realtors or mortgage companies will want to run your credit report. Don’t do it. Each time someone run your credit report, inquiries will appear on your report, which can lower your FICO score. I have seen clients with several inquiries on their report who had FICO scores in the 600 and now in the mid 400 because of inquiries. Shop around and search for a good lender whom you trust, who is honest and has integrity. When shopping for a home loan, by all means, ask questions. What are your lender fees, interest rate, points, APR, loan approval process?

If you have a FICO score of 620 or better, you have an advantage. Demand the very best interest rates. Don’t go to sub-prime lenders for a home loan. To maintain a high FICO, try to keep your outstanding balance no more that 30% of the high credit limit. A recommended source for credit disputes, improving your credit or building your financial wealth, visit my recommended reading resource.

Dispute Your Credit Report

Order a copy of your credit report. You should be able to get your scores from all bureaus. Verify all data is reported accurately. Prepare a letter to dispute any inaccurate information. Provide any documentation to support it. Know that hard inquiries will remain on your report for two years. Credit report fees may apply depending on your state and situation.

Credit bureau contact information

Experian

PO BOX 2002

ALLEN, TX 75013

888-397-3742

Transunion

PO BOX 1000

CHESTER, PA 19022

800-888-4213

Equifax

PO BOX 740241

ATLANTA, GA 30374

800-685-1111