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California 125% Loans – 125% Home Equity Loans and Second Mortgages

As a homeowner, you may find yourself desperate for a home equity loan. However, this can be a difficult task if you have not built any equity within your home. Nevertheless, there is still hope for you, in the form of a 125% mortgage loan.    

125% Equity Loan – The Basics

A 125% home loan is in essence a second mortgage on your home. It inherently allows you to borrow a maximum of 25% beyond the value of the home. Say your home is worth about $200,000, and you owe that amount on your home mortgage. With a 125% second mortgage loan, you would be able to borrow up to $50,000.    

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The 125% Loan – Where to Find It

The 125% loan, or home improvement loan as it is often dubbed, is offered by numerous lenders via the internet. Each lender has a specific standard of qualifications and term conditions. In general, a borrower’s credit score determines the chance of approval and the value of the 125% second mortgage loan. On top of this, you may encounter a number of 125% home equity second mortgage lenders that require you to have lived in your home for at least three months before you can apply for this particular loan option.    

125% Loan-to-Value Home Equity Loan Requirements

Most 125% home equity lenders do not require the homeowner to obtain an appraisal on the property. What they would do is target the purchase price of your home if you have lived there less than twelve months. If you have maintained residency in your home in excess of twelve months, then a simple method, such as a “drive-by” appraisal, can be used. This will help determine both the 125% equity home loan value and the 125% equity home loan rate.