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How to Calculate Interest Rates on Bank Loans #payday #loans #bad #credit

#calculate interest on loan

Before You Take out a Bank Loan, Learn to Calculate Your Interest Rate

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The effective rate of interest is also known as the annual percentage rate (APR). The APR or effective rate of interest is different than the stated rate of interest. Banks also tie your interest rate to a benchmark, usually the prime rate of interest.

Effective Interest Rate on a one Year Loan

If you borrow $1000 from a bank for one year and have to pay $60 in interest for that year, your stated interest rate is 6%. Here is the calculation:

Effective Rate on a Simple Interest Loan Interest/Principal $60/$1000 6%

Your annual percentage rate or APR is the same as the stated rate in this example because there is no compound interest to consider. This is a simple interest loan.

Effective Interest Rate on a Loan With a Term of Less Than one Year

If you borrow $1000 from a bank for 120 days and the interest rate is 6%, what is the effective interest rate?

Effective rate Interest/Principal X Days in the Year (360)/Days Loan is Outstanding

Effective rate on a Loan with a Term of Less Than one Year $60/$1000 X 360/120 18%

How to calculate your maximum home loan amount you can apply? #low #cost #loans

#housing loan eligibility calculator

So for example:

Example A:

If Borrower X have a gross income of RM4K/month and do not own any debts and he wish to borrow RM300,00.00 with 4.5% interest with 30 years term. Can he eligible on that?

  1. Gross Income = RM4,000.00
  2. EPF 11%= RM440.00
  3. SOCSO = RM14.75
  4. Net Income = RM4,000 RM440 RM 14.75 = RM3,530.50
  5. Repayment = RM1,520 (For RM300K loan)
  6. Dept Income Ratio = 45%
  7. Maximum Repayment per month = RM3,530.50 x 45% = RM1,588.73
  8. Maximum Borrower X can be finance = RM313,552.00

So, for above example, Borrower X are eligible to apply RM300k loan.

Example B:

If Borrower Y have a gross income of RM4K/month and have a car loan of RM500 per month and he wish to borrow RM300,00.00 with 4.5% interest with 30 years term. Can he eligible on that?

  1. Gross Income = RM4,000.00
  2. EPF 11%= RM440.00
  3. SOCSO = RM14.75
  4. Net Income = RM4,000 RM440 RM 14.75 RM500 = RM3,030.50
  5. Repayment = RM1,520 (For RM300K loan)
  6. Dept Income Ratio = 45%
  7. Maximum Repayment per month = RM3,030.50 x 45% = RM1,363.73
  8. Maximum Borrower X can be finance = RM269,146.00

So, for above example, Borrower Y are not  eligible to apply RM300k loan.

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How to Calculate a Bridge Loan #grants #for #school

#bridging loan calculator

How to Calculate a Bridge Loan

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Function of a Bridge Loan

Bridge loans are short-term financing vehicles intended to cover a gap between the time you purchase a new home and sell the old one. Six months is a typical time frame for a bridge loan. Homeowners use bridge loans to obtain cash for a down payment on a new house quickly. Some homeowners choose bridge loans to pay off mortgages and forestall foreclosure. The bridge loan buys these distressed homeowners more time to sell the property instead.

How a Bridge Loan Works

Suppose you are moving because your employer has transferred you. You go to a lender and take out a bridge loan against the equity in your current house to use as a down payment on a new house. The amount you borrow includes points, fees and interest points. Terms of a bridge loan vary. For example, some lenders allow you to borrow enough to pay off your old mortgage. Your current home is collateral for the bridge loan. When the current property is sold, the money pays off the bridge loan.

Calculating Bridge Loans

To calculate a bridge loan, you need to know how much money is required as a down payment on the new property as well as the outstanding balance of the current mortgage. You also need to know the fees and points the lender will charge. Suppose your home is appraised at $250,000 and the lender will allow up to 80 percent of that amount to raise cash and pay off the old mortgage, or $200,000. The current mortgage balance is $150,000. Assume this lender charges 2 points, meaning 2 percent of the bridge loan amount of $200,000. Add 1 percent in prepaid interest and fees. Points and fees come to $6,000. Subtract $6,000 and $150,000 from the $200,000 loan amount. You have $44,000 cash to make a down payment on the new house.

The Upside and Downside

If you need to get out of your old home and mortgage quickly, a bridge loan can be a lifesaver because it can raise the cash to buy the home you want before another buyer beats you to it. However, bridge loans can be expensive. In the example above, the cost is $6,000 plus the interest that accrues until the loan is paid off. Bridge loans also carry risk. Your existing home is collateral and can be foreclosed on if the loan isn t paid. That can happen if the property doesn t sell before the bridge loan comes due or if the housing market turns sour and you are unable to sell for enough to pay off the bridge loan.

How to calculate housing and car loan interest? #embrace #home #loans

#housing loan calculator

Saturday, March 21, 2009

How to calculate housing and car loan interest?

Perhaps you may not aware the way our car loan interest and the housing loan interest are calculated differently.

Housing loan interest is calculated based on the principal of the loan that you have and the interest is not fixed. Principal of your loan is the amount of money that you still owe the bank.

Car loan interest is calculated based on the total amount of loan that you have and the interest is fixed.

Housing Loan

For example, you borrow $50K from a bank at 5% interest rate for 5 years.

1 year housing loan interest:

  • $50K X 5%
  • $2,500 (Yearly)

First month housing loan interest:

  • $2,500 / 12
  • $208.33 (First Month)

Depending on the monthly installment amount that you have, let s say $1K per month, you will reduce your principal from $50K to:

Renew Principal $ after first payment:

  • $50K ($1K – $208.33)
  • $49,208.33 (New Principal)

The second month interest will then be calculated based on this new principal amount, $49,208.33 and every month you will be reducing your principal amount.

Second month housing loan interest:

  • $49,208.33 X 5% / 12
  • $205.03 (Second Month)

Let s do the math by yourself using excel or use the following housing loan calculated, that you re will end-up to pay $943.56 monthly and the total interest paid is $6613.70

Total car loan interest rate:

  • $6613.70 / $50K X 100%
  • 13.23% ( Total Housing Loan Interest Rate )

Car Loan

On the other hand, you have car loan of $50K at the interest rate of 5% for 5 years term.

1 year car loan interest:

  • $50K X 5%
  • $2,500. (Yearly)

First month car loan interest:

  • $2,500 / 12
  • $208.33 (First Month)

The only difference between the housing loan versus car loan is the car loan interest rate is fixed for every month. Therefore:

  • $2,500 / 12
  • $208.33 (Second Month)

Let s do the math again and the total amount that you want to pay including the interest for the entire loan is ($50K + $2,500 X 5 years) = $62,500 and monthly payment will be ($62,500 / 5 / 12) = $1,041.66

How to Calculate Your New Car Interest Payments. #debt #consolidation #loan #calculator

#car loan interest calculator

How to Calculate Your New Car Interest Payments

If you are interested in learning how to calculate auto loan interest payments, you will be relieved to know that the process is quite simple. Understanding how lenders calculate auto loan interest payments on new car loans is important when you begin shopping around for a new car.

Car loan rates directly affect the interest payments on your new car loan and should be explicitly defined in the auto loan terms. Calculating the interest payments on your new car loan can be done by following a simple process.

Calculate the Total Interest Payment

In order to calculate your interest payments over time, it is necessary to know the total amount of interest due on your loan. Begin by multiplying your loan s interest rate by the number of years you will be paying the loan off. For example, if you have a 6 percent interest rate on a five-year term, you would multiply 0.06 by 5 to get 0.30. Multiply it by the total amount of money you are borrowing on the loan to get the total amount of interest you will pay over the course of paying off the loan.

If you get a $20,000 loan at 6.0%, you will pay $6,764.51 in interest for the five-year duration, making that a total of $26,764.51. That s considerably more than you will take out.

Using a monthly payment calculator brings is similar in that it simplifies loan calculations. Enter in the amount borrowed, the interest rate and the time period. Using the same example, your monthly payment would be $386.65.

Both types of calculators give an approximate total, whether it s interest or a monthly payment. Fees may alter the numbers given but offer a good estimate.

Divide Total Interest by Time

Once you have the total amount of interest you will pay off over the life of the loan, divide this number by the number of years you will be paying on the loan to determine the yearly interest payments. You can then divide this number by twelve to determine the amount of your monthly payment that will be applied to interest. An auto loan calculator available on the Internet can aid in this process, which can help you customize your payment options to fit your budget and financial schedule.

Before you take out a loan for a new or used car, you should calculate the auto loan interest that you ll end up paying on the loan. Auto loan terms can be hard to understand sometimes, if not misleading.

How to apply for student loans #best #personal #loan

#how to apply for student loans

When to Apply

You should apply for aid every year, even if you think you don’t qualify. There are many factors affecting eligibility for financial aid, like a change in family financial circumstances. For example, a student who didn’t qualify one year might become eligible during the next year when a brother or sister enrolls in college.

To apply for student financial aid from the federal government, including the Pell Grant, Perkins Loan, Stafford Loan and work-study, you will need to submit financial aid applications, the most important of which is the Free Application for Federal Student Aid (FAFSA). Before you fill out the FAFSA, it’s imperative that you get to know the form a little better. In doing so, you may be able to qualify for more financial aid, helping you further along the path of going to college.

If you want to get an early estimate of what the government thinks you can afford to pay for your education, try FinAid’s Financial Aid Estimation Form. It lets you play what-if games to give you an idea how changes in income and assets affect the expected family contribution (EFC). FinAid also has a variety of other EFC calculators such as the QuickEFC calculator which provides an approximation of the EFC with one tenth the questions.

Student Loan Consolidation Interest #unemployment #loans

#student loan consolidation rates

Student Loan Consolidation Interest

January 18th, 2012 Posted by: George

In order to completely finance their education, some people had to obtain more than one student loan. This would necessitate payment towards two or more loans after they have left school, and doing so may be difficult for former students now experiencing a hardship in finding work. It may also be the case that their payments are too high.

The Purpose of Consolidation

The purpose of consolidation is to make repaying student loans easier for former students. Having multiple loans to repay equates to having outstanding debt balances carrying different interest rates, terms, payment dates and amounts. Through consolidation, borrowers are able to replace two or more loans they currently have with just one loan. The interest rate acquired through a consolidation application can be significantly lower than the rates on their current outstanding loans.

Private Student Loan Consolidation

Former students who have several private student loans who would like to take advantage of student loan consolidation interest rates have the opportunity of consolidating with, the best choice for loan consolidation. With this company, former students have the potential to obtain:

  • Low student loan consolidation interest rates
  • The ability one payment every month
  • The option to make student loan consolidation interest rate payments for up to four years
  • A cosigner release option after a certain number of on-time payments of principal and interest
  • A 15-year term is a private student lending program that is managed and developed by not-for-profit credit unions. Credit unions generally have more favorable terms on lending products than traditional lenders due to their not-for-profit status.

Government Recommendations

If their loans were obtained through the government and they are not private, students will still have options for consolidating their loans. Former students have an opportunity that has just recently been introduced by the Obama Administration that will make consolidation an advantageous act for former students. With the new guidelines, former students may be able to ensure that their monthly payments will not be more than 10 percent of their discretionary income.

To learn more about this option, former and current students with government loans can visit the United States Department of Education’s website at .

Qualifications for Consolidation Loans

Former students can click the “apply now” button to get started on the edSucceed consolidation application process. They will be able to determine if a consolidation loan would help manage monthly payments and reduce the cost of interest. Loan eligibility requirements for former students are as follows:

  • Undergraduate private loans in the amount of $7,500 to $100,000 or graduate private loans in the amount of $7,500 to $150,000
  • Graduated within five years past from an eligible learning institution
  • Currently earn a monthly income of at least $2,000
  • Currently earn a yearly amount that is higher than the amount borrowed
  • Be a United States citizen

Whether it is for a government loan or a private loan, lowering monthly payments with a lower student loan consolidation interest rate will make repaying loans much more affordable in the coming years.

How to Apply for Student Loans, Online How to Apply for Student Loans #cheap #loans

#apply for student loans

How to Apply For Student Loans

Student loans are the funds that are offered by the government as well as the private financial institutes to facilitate students to pursue college programs. Compared to other loan programs, student loans have a lower rate of interest. Also, they have multiple repayment options that enable borrowers to easily return the borrowed amount. These funds are granted to students on the basis of need or credit history.

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How Do I to Apply for a Student Loan ?

Before you start with how to apply for student loans. you need to have an idea of the different types of loan programs available. As different loans have different terms and conditions, you should find out the eligibility requirements, cover, rate of interest, repayment plan options, monthly payment and total cost of a loan program before applying for a student loan. You should get the complete details of these funds prior to applying for student loans so that you may settle for the best option in terms of rate, repayment options and cover.

To apply for federal loans, you can get in touch with the financial aid office of your college to apply for a loan program. You are required to meet the eligibility requirement of a particular loan program. In most cases,  you need to complete the FAFSA to apply for these loans. It is also imperative to be a U.S citizen other than being enrolled in half time in a program to get a federal student loan successfully.

To apply for private student loans you need to have a good credit history and a cosigner. If you do not have a good credit score, your cosigner must have a very strong credit history. Very few private student loans can be obtained without a cosigner.

How to Find the Best Student Loan Program?

To find the best student loan program, borrowers should compare between different options. They can use the online tools to know what type of a loan can be most suitable for them.

How to Apply #bad #credit #loans #not #payday #loans

#apply for student loans

How to Apply

Student Aid Alberta recommends you apply at least two months prior to the start of school:

    • Starting school after August 1, 2015 – apply by using 2015-16 online application
    • Starting school before July 31, 2015 – apply by using 2014-15 online application

When you are ready to apply:

If you require a paper copy of the full-time application, call the Student Aid Alberta Service Centre (SAASC) at:

    • 1-855-606-2096 (Option 1)

First Time Applying Online – Access the Students Finance System (SFS)

Step 1 – Create an Account

    • You will need to create an account if you do not have one.
    • If you applied to your school through ApplyAlberta, you already have an account.

    Use the same Username and Password to access SFS.

Step 2 – Verify your Identity

To access the Students Finance System (SFS), you need to provide personal information so we can verify your identity before you can apply. Choose one of the three options below:

1. Transcript of High School Achievement Information (2 Alberta high school diploma level official marks)

2. Master Student Financial Assistance Agreements (MSFAAs)

3. Loan Certificate Cashed Loan Information

If you have never applied before and cannot provide any of the above information, you may still be able to apply online. However, you will not be able to access SFS again until you verify your identity.

Step 3 – Complete the Application

Use our companion guide for help to complete the full-time application:

Information you need to complete your application online:

Personal Information

    • Social Insurance Number (SIN)
    • Alberta Student Number (ASN)
      • Your ASN can be found on your Alberta high school transcript
      • If you do not have an ASN, you can request one
          • Request/Lookup ASN

Program Information

    • Start and end dates of your school year
    • Tuition and mandatory fees
    • Books, supplies and instruments costs

    Financial Information

      • Your line 150 from last year’s income tax return
      • Your income and savings prior to starting this school year
      • Your expected income and resources while you are in school

    Married or common-law students need to provide their spouse’s or partner’s:

      • Social Insurance Number (SIN)
      • Monthly income
      • Line 150 from last year’s income tax return

    Dependent students need to provide line 150 of a parent/guardian income tax return to be considered for Canada/federal loans and grants and the Alberta Low-Income Grant.

    Now you are ready to apply!

    If you are unable to apply online, call:

    Student Aid Alberta Service Centre (SAASC)

    Toll-free: 1-855-606-2096

How to Apply for an FHA Loan #how #to #get #a #car #loan

#apply for loan

Things You’ll Need

Driver’s License and/or Permanent Resident Alien Card

Necessary Documentation

Gather together the most recent two months of bank statements, pay stubs and any other assets you may have including pension plans. You must have a valid social security number, driver’s license and/or a valid and up-to-date Permanent Resident Alien card, if applicable. Your lender will need to make copies of these.

You will need at least two years of W2’s and may even be required to submit income tax returns. If you do not have these available, contact your local IRS office who can mail you transcripts of these documents.

If applicable, have divorces papers, settlement agreements and child support orders ready. The lender will require copies of all of these documents, which are needed to calculate your debt to income ratio.

Although excellent credit is not a mandatory factor of an FHA loan, it is still wise to make any credit repairs in advance to applying for an FHA loan. This will help the accelerate the process.

When you have gathered all of this documentation, you are ready to apply for an FHA loan with an FHA approved lender.

How to apply for a student loan #quick #personal #loans

#how to apply for a student loan

How to apply for a student loan

Appyling for a loan takes time but is straightforward

Christopher Furlong/Getty Images News/Getty Images

Things you need


Making an application for a student loan

Apply for a student loan from the beginning of the year in which your course begins. The approval process for a student loan can take six weeks or more. It is best to apply well in advance.

Go online to find the application forms for student loans. Each country within the UK has its own website for student loan applications. To locate the website that applies to you, type student loans into a search engine followed by your country. For example, student loans Wales. The website has the loan details for English students. Student Awards Agency for Scotland, Student Finance Wales and Student Finance Northern Ireland are the websites for the three remaining jurisdictions.

Read the website overviews of the student loan application process. You can apply for a tuition fee loan and a maintenance loan. In Scotland, you do not have to apply for a tuition loan for a Scottish college or university. In all four UK countries, you may be able to obtain extra money if you are a medical student, teacher training student or a social work student. Students in special circumstances such as those with children or a disability can also receive additional funding.

Follow the links to the application form. You will also have to set up a password for security purposes. Complete the form using your personal details and the details of your intended course of study.

Complete the Password details form if you are a new student. If you do not have a password, complete the Birth or adoption certificate form. If you are a UK student, you do not need to send your passport with the student loan application form.

Apply for a student loan every year. Your initial application does not cover the duration of the full course of study.

How to apply for a student loan #investment #loans

#how to apply for a student loan

How to apply as a full-time student


Below are the steps in applying for B.C. and Canada student loans if you are a full-time student.

  1. 1 Choose the post-secondary school you want to attend, and determine the study period (registration period) for which you need funding.
  2. 2 Check to make sure your school is designated for StudentAid BC funding.
  3. 3 Figure out how much money you need to attend school:

There are several ways you can do this:

(first check that your school is eligible to accept online loan applications) or

  • Request paper/hardcopy applications
    (The forms will be mailed to you. Refer to the school program codes when completing the paper application form) or
  • Download forms online or
  • Visit the financial aid office at the school you will be attending.
  • 5 Submit your application. You can check your application status online. StudentAid BC will process your application within six weeks and notify you of the outcome.
  • Application deadlines

    The latest you can apply for full-time student loans is 6 weeks before your study program ends as long you have provided all the required documentation.

    The earliest you can apply for full-time student loans is when applications for the upcoming program year are made available to the public, usually in early June.

    You do not have to be accepted into your study program before applying for student assistance, but you will not receive any money until your school confirms you are enrolled in full-time studies and your study period has begun.

    What happens after I submit an application?

    After you submit your application for funding, it is assessed. StudentAid BC assesses your financial need considering allowable costs and resources and determines whether or not you will receive funding.

    You will receive a notification of assessment that tells you how much funding you will get. If you applied for assistance for full-time studies you can also check the status of your application online.

    The receive your funding section describes the steps you need to take to use your funding to pay for school.

    If you do not receive funding, you can appeal your assessment .

    How to Apply for a Loan with No Credit. #auto #loan

    #apply for loan

    How to Apply for a Loan with No Credit

    If you need to apply for a loan but have no credit, there are options available to you.

    When you begin shopping for loans, start with prime lenders. Even without credit, you may qualify for an unsecured loan with a high enough fixed income. Unsecured loans are those that do not require collateral to be laid on the line whereas secured loans do require some form of collateral. If you have assets such as a car or house, then you may be able get a secured loan with those assets as collateral even if you do not qualify for an unsecured loan. Secured loans, coming from a prime lender, will have better interest rates and terms than if you opted for a much more expensive payday advance. The danger associated with secure loans is that whatever you put up as collateral — your house, car, or other assets — can be taken away if you fail to pay your bills in a timely manner.

    Who Is Your Guarantor?

    Whether getting a secured or unsecured loan, you may increase your chances of getting a loan from a prime lender by finding a fellow guarantor. Guarantors are the people responsible for paying off a loan. As a co-signer, your fellow guarantor would only be called upon to repay the loan if you fail to pay. If you ask someone else to act as a co-signer, the lender will check their credit history as well as yours. Only if their credit history is stronger than your own will they be accepted as a co-signer and increase your chances of getting the loan. Remember: if you do not pay off the loan, then your co-signer may undergo significant financial annoyances or hardships, and may hold that against you. Hence, you both need to be ready to assume not only the financial but social risks of taking out a loan together.

    Instant approval payday advance loans are available to anyone who can demonstrate regular income, but payday advance lenders typically target individuals who have no other loan options. Because there are few legal restrictions on this form of lending, lenders habitually charge exorbitant rates and leave many of their customers with no clear option other than to take out a new loan to repay their old loans. Avoid these loans unless absolutely every other option is exhausted to resolve your financial needs. Even sub-prime lenders and secured loans are typically better options than payday advances. Whatever loan you choose, make sure to ask all the questions you need to understand the terms of the loan, and never feel pressured to take out a loan without carefully analyzing your options.

    When you apply for a loan, make sure only to apply for as much as you need. The larger the loan, the greater its immediate and long-term costs will be to you, and the less likely you will be able to pay it off.

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    How to Apply for a Mortgage Online #unemployed #loans

    #apply for a loan online

    How to Apply for a Mortgage Online

    Before you apply for a mortgage online , check the reputation of the lender. If you are unable to find out much about the lender, you may want to consider applying with a company that you know is well-established in the mortgage industry. You should also check the interest rates that are currently being offered by mortgage institutions in your area. If you can find a lower rate online from a lender you are familiar with, gather the information you need in order to begin the application process.

    What You Will Need

    Here is what you may need to apply for a mortgage online:

    • Personal information
    • Employment information
    • All creditor payments and balances

    Step 1 – Prepare Your Information

    If you are buying a new home, have the purchase information ready. If you are refinancing an existing loan. make sure you have all of the particulars about the loan including the lender address and contact information, and current mortgage balance.

    Have your employment hire date and salary information ready. Make a list of all the creditors you owe, and compile the monthly payment and balances.

    Step 2 – Check Multiple Lenders

    Before you apply for the loan, visit several different mortgage lending websites and go over the interest rates they offer. Narrow down your selection to two or three lenders.

    Go over the closing costs associated with the mortgage loan. Each lender will have different loan origination fees, appraisal fees and attorney fees. Decide on the best two lenders, and find the application instructions for each.

    Step 3 – Apply for the Mortgage Loan

    You should apply with two lenders so that you can negotiate the loan terms if you receive approvals from both. Complete the loan application with the lender that is your first choice, and scan and upload the supporting documents needed to complete your application package. Repeat the process with the second lender. Be sure to find out the turnaround time for a loan decision from both lenders.

    Step 4 – Compare the Offers You Get

    If you are approved by both lenders, review the loan offers and decide which one is the best for your needs. Once you have made your decision, contact the lender you have chosen and try to get a better offer. Ask them to reduce both the rate and fees of your loan.

    Step 5 – Close on the Loan

    After you have settled on the loan terms, find out how the lender is going to handle the closing process. A loan closing specialist can be dispatched to your home with the documents, so you will have to set up a time to meet.

    At the closing, review the paperwork and make sure the loan terms are what you agreed to when you accepted the approval. Discuss any concerns you have with the loan closer, and finalize the loan if everything is in order.

    How Pink Slip Loans WorkPink Slip Loans #private #lenders

    #pink slip loans

    How Pink Slip Loans Work

    Pink Slip Loans are loans where you put your vehicle up for collateral in order to obtain the loan. The borrower will give you a loan based on half of the appraised value of your vehicle. The lender then puts themselves as the lien holder on the title making them the legal owner of the vehicle while the borrower remains the registered owner. It s the same thing when you are financing a car.

    After the loan amount has been satisfied the lender releases interest in the vehicle and the lien is satisfied. One of the benefits to pink slip loans is that you can continue to use the vehicle while you are paying off the loan. This should add some extra confidence to the borrower because they will still be able to use their vehicle to get to work.

    These types of loans are not like pawns where you have to leave the collateral there.

    Pink Slip Loans are emergency loans. They are short term high interest loans. Borrowers are encouraged to pay the loans off as soon as possible. If you don t interest can continue to accrue and you may end up getting your vehicle repossessed.

    How SMEs Can Use Property Loans to Lower Their Borrowing Costs #usda #home #loans

    #low interest rate personal loans

    How SMEs Can Use Property Loans to Lower Their Borrowing Costs Monday, 16 November, 2015

    Aktive Learning

    By Paul Ho (guest contributor)

    Singapore’s SMEs makes up 99% of all enterprises, employ 66% of the workforce and account for 48% of the GDP. SMEs are defined as having revenues of less than $100m and with a staff of less than 200.

    Singapore has narrowly averted a technical recession. But the PMI is below 50%, indicating a contraction in the manufacturing sector.

    Figure 1: Purchasing Manager’s Index (PMI), Singapore Institute of Purchasing and Materials Management (SIPMM)

    SMEs have limited access to loans during tough times

    A drop off in demand means that companies are hardly growing their top lines and may go into the red. This is especially true for SMEs with less than $10m in revenues.

    Figure 2: Singapore Quarterly GDP Growth rate (TradingEconomics, SingStats)

    Singapore’s corporate default rate of Corporations listed on the SGX is below 2%. SMEs likely have a higher default rate of at least 3 to 4%.

    Figure 3: Corporate NPL Ratio, Financial Stability Review 2014, MAS

    During the Global Financial Crisis in 2008, Singapore’s SMEs experienced a limited access to capital and funding. This led the government to enhance the various schemes that are in place to help SMEs retain access to credit. Most of these schemes involve the government risk-sharing with the banks on loans to SMEs.

    In short, this means that during tough times the banks cut back on SME lending exposure due to the potentially higher Non-Performing Loan risks. Hence funds will likely dry up during uncertain economic periods when SMEs need credit the most. Hence SMEs will be exposed to elevated funding disruption risks and increased cost of funding during recessionary periods, and need to take action now to secure funding.

    Discerning future interest rate trends by looking at the bond yield curve

    The bond yield curve gradient has become less steep, indicating slower growth. There is also higher mid and long term interest rate expectations, indicating inflation expectations or simply a higher interest rate environment. The 20 year Bond is currently at 2.9%.

    Figure 4: Singapore Bond Yield Curve End 2014 versus Nov 2015, Asian Development Bank

    Hierarchy of Borrowing Costs: Secured versus Unsecured Loans

    The impending weakness in the economy poses greater risks to SMEs than to large corporations.

    Secured lending refers to lending in which an asset is pledged. Secured lending presents less risk to the lender and hence they charge lower interest rates.

    Unsecured lending does not require pledged assets. Hence this presents greater risk to lenders and are more expensive. Small businesses usually have fewer assets to collateralize against and hence use secure loans less frequently. Unsecured Business Term Loan rates for SMEs are usually in the 10+% range, depending on loan size as well as tenure.

    The Micro Loan Program by Spring Singapore is also a good source of funding. However, not many companies qualify, and for those who qualify, they may not be able to obtain the maximum $100,000 loan. Interest costs start from 5.5% with up to a four year tenure.

    Problems faced by SMEs and their owners in obtaining credit

    Many SMEs may not have the right financing or salary structure. SME bosses tend to under-declare their income and instead declare dividends. Whilst this reduces their taxable income, with the new Total Debt Servicing Ratio (TDSR) rule, this also impedes many SME bosses from borrowing more to buy their homes.

    SMEs are suffering a margin squeeze. Faced with borrowing costs of around 10%, labour costs that are 5 to 10% of revenue, and other operating costs which could take up another 5 to 15% of revenue, these businesses need a gross margin in excess of 30% just to break even. Not many industries can offer gross margins in excess of 30%. Hence SMEs are especially sensitive to top line growth for those with 20+ to 40% gross margins.

    With market uncertainty, access to funds for SMEs could be even more restricted in the coming one to two years.

    How can SMEs overcome high cost of funding issues?

    SME bosses should start to realize that under-declaration of income impedes borrowing and start to rectify this situation to reflect their true income. While it is important to have a tax efficient salary structure using a combination of Salary, Director Fees and Dividends, it is worthwhile to review this to be eligible for adequate funding.

    SMEs, especially those whose directors who are currently in their late 30s and early 40s and who have bought their own residential homes, could be sitting on tied up equity in their properties. Residential home loan rates are around 2%. They could free up this capital by refinancing their homes and use the money to invest prudently in their own business. With this reduced cost of funding, the business owners could immediately save

    10% off borrowing costs.

    Case Study: SME owned by 2 Directors and 3 Shareholders

    Does it make sense to borrow against your home for a company in which you’re only one of the many directors?

    In this case I came across, the company had two directors and three shareholders. The two Directors owned 35% each of the business, while the rest of the shareholders held 10% each.

    They needed $500,000 of funds for business expansion.

    We advised the firm to structure a Director’s resolution to approve the company to request for a Shareholder Loan to the company at a 5% interest rate. The two major shareholders cum Directors held 70% of the shares, and hence were allotted $350,000 of the loan amount. Shareholders or Directors who did not wish to lend to the company at the approved 5% interest rate may give up their allotment. The unused allotment may be used by the other directors/shareholders equally.

    These two major shareholders then refinanced their residential property loan with a cash out (equity term loan) of $400,000 at 1.8% interest. They then lent their company $400,000 at a 5% interest, making a decent return on their loan to their own company. Another two shareholders took up their allotment and lent the company $100,000 at the same 5% interest.

    In this way, the company had access to cheaper capital, boosting its chances of survival and creating a fair debt offering for all directors and/or shareholders who wanted to participate. It’s similar to preferential bonds which only Directors and shareholders can participate in.


    SME owners should get their personal income structure right to optimize for both tax efficiency and borrowing capacity. They can then leverage on cheaper secured mortgages to free up equity from their house to lower their business borrowing costs by structuring a Director’s Loan to company.

    In order to lock in low rates from the residential property equity loan (cash out), it might be safer for SME owners to consider a three to five year fixed rate structure to hedge against rising interest rates.

    Investors with at least $300,000 of spare cash could also get in on the game to bridge the gap left behind by banks and lend to growing companies who can afford to pay 14 to 18% per annum in interest costs. But thorough risk assessment needs to be done to minimize default rates. Convertible loans can also be structured to give investors additional upside if there is a liquidity event (e.g. acquisition).

    By Paul Ho, holder of an MBA from a reputable university and editor of Singapore’s first Cloud-based Home Loan reporting platform used by Property agents, financial advisors as well as Mortgage brokers. Posted courtesy of a Singapore property blog dedicated to helping you understand the real estate market and make better decisions. Click here to get your free Property Beginner’s and Buyer’s Guide .

    How to apply for 1 Month Loan @ #apply #for #a #loan

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    1 Month Loan

    Avail 1 month loan online today

    In usual circumstances when you are in need of cash you go to the bank or lender and put your time and hard work in getting approval and still refused of credit. That is really disappointing over your end, but what if you get a monetary aid just chilling at your home. Yes you can get cash up to 1000 in a minute with the help of 1 month loan fill the application, submit it and get approval. No paperwork, no faxing, no fees and not a single problem while choosing this service. Through 1 month loan you can easily attain quick 1 month loan without any hassles. Through this you can easily settle down all your current pending expenses and balance your financial budget in smart way.

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    You are going smooth in the month and suddenly your car broke down, you need money to repair them if you have it is OK but what if you are short of cash. There is function in your kid s school or they are going for picnic there arise need of 100. Suddenly someone fell ill in your family; you need cash for medicines and for doctor bills. All these emergencies are part of life and mostly they fell on you when you are short of money. And thus 1 month loan helps you in gaining that extra cash support that is required by you during your emergencies. You can pick this 1 month loan for any kind of expenses and at anytime, 24*7 available in UK.

    1 month loan repayment tenure

    As the name suggests it is the loan that comes with repayment term of 1 month. It is the short term credit thus comes with high rate of interest. When your loan amount is credit in your bank, 1 month after that day the loan the amount will be auto debit from your bank along with interest charged. If you think or realize that you won t able to repay the loan on time then please inform the lender for it before so that he can arrange extended period for your repayment with minimal charges. Never miss a repayment because it will hurt your credit score and it is really very hard for people with bad credit to get a loan.

    Avail up to Ј1000 via 1 month loans today

    This 1 month loan is meant for small cash needs and through it you can fetch money up to 1000 as existing customer. However if you are fresh customer then lender will allow you to borrow after successful completion of previous loan you can eligible to borrow within range of 100- 1000 without any question. We also arrange short credit for a week i.e. 1 month loan that can allow you to borrow cash in range 80- 500. Thus according to your need choose cash within range for borrowing today.

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    Things You’ll Need

    Go to your own bank #039;s website. It can be easier to get a loan from your home bank, because they already know you, know your financial history, and know what type of money you can make. Click on your account and then find Applications. In the list of applications, there should be a couple of different loan options. Read the descriptions of the loans to see if they fit what you need. Then choose apply online to start the loan application.

    Check out other banks in your area. Try to choose a local bank, in case you need to sit down with a bank officer in person. Look at other bank #039;s online sites and click Applications or Apply for a Loan. Banks may have different types of loans listed on the home page, and you can click to read more about them and to apply for them, either online or in person.

    Look for online lenders. Some lenders, like Eloan, CreditLoan, and CitiFinancial, have online loan programs. Be sure to check the Better Business Bureau before you take out a loan from a bank located only online. The BBB can help you make sure the company is legitimate. Also take note of the interest rate. Some online loan companies may charge you a higher interest rate than regular banks.

    Student Loan Consolidation Loan Calculator #student #loans #federal

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    This loan services are specifically proposed for any disabled people to clear away many of the economical ranges form their living. As a result it is crucial that you re currently employed Student loan consolidation loan calculator Student loan consolidation loan calculator and produce no less than $1,000 month after month to are eligble for these financing options.

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    Get the cost of approximately 75,000 kilos of debt from which any with each query of cash, which could eradicate tension. Put simply, financial loan option is finest finance service in Great britain promote for paid folks that Student loan consolidation loan calculator want cash inside an hour or speediest time-span.

    Underneath the preventative measure of this mortgage, consumer can avail amount in all the different Money100-Bucks1500 in line with the month to month profits drawn.

    How Do I Qualify for a Government Debt Consolidation Loan? mobile wiseGEEK #loan #repayments

    #government debt consolidation loans

    wiseGEEK: How Do I Qualify for a Government Debt Consolidation Loan?

    To qualify for a government debt consolidation loan, you will typically have to meet the criteria of the lending program in question. Usually, these programs are offered for students who have more than one loan and want to make repayment easier. You can likely qualify if you are not in default or delinquent on your payments. Depending on where you are located and the type of loan in question, you may not have to submit to a credit check as you would if you were hoping to consolidate other types of loans. In fact, when participating in a government debt consolidation program for student loans, you may not even need a job to qualify.

    Typically, you’ll need outstanding government loans to qualify for a consolidation loan. This means that, if you received a loan from a private institution and it was not backed by a government guarantee, it is unlikely that you will qualify. If you have two or more government-granted or -backed loans that are eligible for a loan consolidation program, however, you may qualify to consolidate your debts.

    The first step in qualifying for a government debt consolidation loan is usually learning the criteria of the program in which you are interested. In many jurisdictions, the only type of debt consolidation program available is for people who have student loans. In such a case, qualifying is often very easy. For example, government debt consolidation for student loans is often available without regard to credit history or current income. Likewise, you will not typically need any collateral or a cosigner .

    While your credit history and employment status may not figure in your ability to secure a loan, there is one factor that usually proves critical: payment history. Typically, you will be turned down for this type of loan if you are delinquent on your payments or in default on any of your government-granted or -backed loans. Often, however, government student loan programs have measures in place to allow you to catch up on payments and get out of default status. Once you’ve done so, you can typically apply for and receive a consolidation loan.

    How do used car loans work? carloan banks usedcars #ez #loan

    #used car loans

    How do used car loans work?

    I have some general questions about financing a used car

    My current car, a 1995 Volvo 850 with around 200,000 miles, has been giving me some trouble. First, the A/C died, which for someone who likes to keep their surroundings as cold as possible is pretty annoying. It sounds like that may simply be a relay that needs to be replaced. Second, there was a good amount of white smoking blowing out of my tailpipe this afternoon. I’m worried that it may be a headgasket or a gasket on my turbo. I’m going to see the mechanic tomorrow morning.

    Assuming that repairing my 15-year-old car will cost me many hundreds if not thousands of dollars, I’ve been looking into getting a replacement. I’ve tried my best to research various used car loans online. I’ve got $2000-$2500 to use a down payment. Ideally I’d replace this car with the same exact model, only with less miles. I love my Volvo.

    It seems like many lenders limit the model year they will loan money for to newer (within the last 5 or so years) models. Is this true of most lenders? Will it be tough to get a $3000-$5000 loan for a late 90s model?

    If I do get a loan, am I free to purchase the car wherever I want? Private seller? Dealership? Used car lot? How does this work? Does the bank give me a blank check with the stipulation that I can only spend up to $xxxx? Do I need to tell the seller/dealership to contact my lender to receive the money?

    I currently do the majority of my banking online with ING Direct. They do not offer car loans. There are several banks near me, including PNC and my employers credit union. Generally, do you need to have an account at the bank to get a loan from them?

    This is a tough situation for me, as I recently graduated from college and moved away from home. I don’t have any friends who can give me rides or help me look for a car. I’d like to be prepared if I need to start the process of finding a loan and then purchasing a car.

    I bank at a local credit union in the metro NY area (and have commented about using credit unions here in the past ) and recommend that route.

    My credit union will only give car loans for cars 10 years or younger. Why? Because the car is collateral in case you don’t pay back the loan. If the car stop working and you cannot afford to fix it, the credit union doesn’t want to repo a busted car.

    Want a car loan? Need an account. The minimum for a savings account there is $5. Get pre-approved for the loan in the amount so you know that you’ll be able to finance it when you start shopping around. You’ll have to use a bank if you buy from an individual. If you buy from a business, they will attempt to loan you the money as well. There’s tons written about financing cars at dealerships and car negotiating for you to read. Commonly, it is recommended that you do not walk in and announce that you’ve been pre-approved elsewhere or for what amount.

    Huh. I was not previously aware of the limitation on model years for car loans.

    Well, the issue with car loans is that they will take a security interest in your car, so the car is collateral on the loan and therefore the lender has to care about the quality/upkeep of the car (FYI, there is typically a minimum amount of comprehensive and/or collision insurance coverage required when you take out an auto loan).

    One potential alternative is a line of credit or personal loan. Discover has such a product, though I’m sure there are other, similar alternatives, possibly even one at your local credit union. This is different from a credit card in that 1) the interest rate tends to be lower, and 2) the monthly payment and payment term are fixed. For a small amount such as you are planning to borrow ($3-5K), it may be entirely feasible to get a personal loan.

    The upside is that they do not care at all what you spend it on, or require any particular level of insurance on your car. The downside is that the interest rate may be a couple points worse than that of a car loan, and your repayment term may well be shorter (24-36 months is common), so the monthly payments will be higher.

    posted by rkent at 8:00 PM on May 25, 2010

    What the others said reflects my experience too, but I will add one bit of advice.

    Last time I bought a car, I arranged for financing ahead of time with my credit union. I qualified for their very best rate, which turned out to be the lowest rate among about 10 banks and credit unions I checked. I wound up buying a very slightly used car from a dealer and the manufacturer had incentive financing which was about one percent lower than that. The finance guy at the dealership somehow wound up finding financing through the dealer services department at a major national bank which was even 1% lower than the manufacturer’s deal.

    The point is that you should come prepared with your own financing in place, but be open to the possibility of a better deal. Also be aware that some dealers try to simulate a better deal by giving you a lower rate but a higher overall price. For that reason, you should negotiate on the price and all other details before you even begin talking to the dealer about financing. You should also make it clear that you’re totally indifferent about the car and prepared to walk at the first sign of nonsense.

    How It Works – Instant Cash Online, Australia #free #grants #for #college

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    How It Works

    A Simple and Convenient Service When You Need Cash Fast

    Instant Cash Online provides a super-fast paperless application process that requires no filling out of personal, invasive, lengthy application forms that have to be faxed and take ages to approve. When you borrow money with Instant Cash Online, you can be sure that you go through a short and easy online process that keeps your information 100% secure.

    Step 1.

    Apply online it usually only takes a couple of minutes

    Instant Cash Online provides loans from $100 $1000 for a minimum period of 16 days to a maximum length of 50 days. You can check out how much your loan will cost by trying our online calculator.

    After you have applied online we will verify your details including income, expenses, transaction history and employment details. This information is verified using our simple automated system.

    Step 2.

    Receive your approval and confirmation online

    As soon as you have been approved for a loan with Instant Cash Online we will notify you by SMS and email so you can Digitally Sign your Contract Online.

    Step 3.

    Cash in Your Account within 60 minutes

    How Does My Auto Loan Refinance Affect My Credit? #debt #consolidation #loans #for #bad #credit

    #refinancing car loan

    Ask Credit Karma: How Does My Auto Loan Refinance Affect My Credit?

    The Question:

    Would you mind covering how or if a refinance on a car loan affects one s credit score? I am thinking of doing this, but can t find info about it anywhere. Thanks so much! Love you guys!!  Rebecca W.

    The Answer:

    Refinancing your auto loan can be a great way to save money, if you get approved for a lower interest rate. A good credit score is the way to get there.

    When you apply to refinance your auto loan, it will cause a hard inquiry on your credit report. A hard inquiry is when a lender, credit card issuer or other financial institution does a credit check to assess whether or not to approve you for a line of credit. Each hard inquiry generally drops your score by a few points and will lessen in impact after two to three months. However, it will remain on your credit report for two years.

    For that reason, you should avoid applying for several loan options at one time. Multiple hard inquiries will significantly decrease your credit score for a period of time and tell lenders that you may be desperate for credit. Instead, focus on building up your credit to better your chances for approval, finding the right lender, and doing your research to find your best loan option.

    More Credit Questions?

    Hash it out with other LearnVesters in LV DiscussionsAsk Away

    After you’re approved for refinance, the original lender will close out the old loan and the new loan will appear on your credit report. So, when it comes to your lines of credit on your report, you’ll come out even. The only other impact your refinance can have on your credit score depends on your monthly payments; as long as you pay on-time every month, your refinance can positively affect your credit score.

    In order to make sure you get the best rates possible, follow this checklist before applying to refinance your auto loan:

    • Get your credit report. If you haven’t gotten your free credit report from this year, get it and comb through it for any errors. The three most common errors are outdated personal information, mistaken or fraudulent accounts and incorrect account details. If you do find an error, dispute it with the credit bureaus and reporting company.
    • Take some time. The better your credit, the better your chance for approval and the more money you can save by landing the lowest interest rate. Spend the time to work on and improve your credit score by honing in on your credit card utilization rate. staying on top of payments and monitoring fluctuations in your score.
    • Research auto loans. Find the best loan for your auto refinance by comparing rates and terms with Credit Karma’s “My Savings” dashboard. My Savings gathers information from multiple lenders in one place, so you can do your research easily and see how much you can save based on consumer reviews and rate comparisons. Make sure you always read all of the details and fine print of an offer before taking it.

    Bottom Line

    People often refinance their auto loan to reduce their monthly payments, which extends their loan. But this approach can also mean paying more in interest over the life of the auto loan. The best reason to refinance is to get the lowest interest rate possible. Before applying to refinance your loan, do the math and make sure it’s the right move to make to save you money in the long run.

    Student Loan Consolidation: Pros and Cons – The Simple Dollar #cheapest #loan

    #school loan consolidation

    Student Loan Consolidation: Pros and Cons

    Combining all of your student loans into one may not taste as good as one-pot chili, but it could make your monthly payment easier to swallow. Photo: Jo

    Graduating from college comes with the acknowledgement of great achievement and, if you re like 70% of graduates, a burden on your back in the form of student loan debt.

    The average college grad leaves school with $40,000 worth of debt. But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe $50,000 and above, or the 5.6% who owe more than $100,000.

    Chances are if you re dealing with student loan debt. you re not just dealing with one loan. Each semester, you may have taken out a new loan. And if you couldn t cover the costs with federal loans, you very well may have turned to a private lender, such as a bank or other lending institution (e.g. Sallie Mae) to fund the rest of your expenses.

    One option you have when you begin tackling your student loan debt is to explore loan consolidation. But before you head down that road, here s what you should know.

    What is Student Loan Consolidation?

    If, like many college graduates, you have multiple student loans, you ve probably heard the term student loan consolidation thrown around more than once when talking about repayment options. Simply put, this is the process of combining your multiple student loans into a single, bigger loan, possibly with a new lender. 

    You’ll no longer owe the original loans, and since this consolidated loan is new, it will come with a new interest rate, a new payment policy, and new terms and conditions.

    There are both benefits and drawbacks to consolidating your loans, which we ll discuss in this article. Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans the types of loans, interest rates, balances, borrower benefits, and more as well as your current financial situation.

    Pros and Cons of Loan Consolidation

    It s important to remember that there are different types of loans most significantly, there s a big difference between federal loans (those issued by the U.S. government) and private loans (those issued by a bank, credit union, or other lending institution).

    Each has its own pros and cons, which we ll get into in a little bit. But in general, here are some of the benefits and potential drawbacks when considering student loan consolidation.

    Pros of Student Loan Consolidation

    • Simplicity. Consolidating your student loans can make dealing with them a little less unwieldy, with just one or two monthly payments and one or two accounts to keep track of. (Many sources advise against consolidating private loans with federal loans instead, they recommend that you consolidate your federal loans into one loan and private loans into another.) If you re forgetting to make payments and have difficulty keeping track of all of your different loans, this can keep you organized and help you to avoid missing payments which can result in late fees or damage your credit.
    • Potentially lower payments: Consolidation can potentially lower your total monthly student loan payment with either a lower interest rate or longer repayment period, but this depends on the interest rates and terms of your current loans. This is especially beneficial if you ve been struggling to make payments and can t qualify for a deferment or income based repayment plan.
    • Better credit, better rates:  If you ve graduated and gotten a (hopefully) great job, and have been making responsible financial choices such as keeping your credit card balances low and making payments on time, your credit score may have gone up. If your credit score has improved since you initially took out your loans, you may be eligible for a lower interest rate  on a new consolidation loan since lenders will consider you less of a risk than you previously were. This will obviously depend on your credit history, the rates on your existing loans, and the interest rates your new lender can offer you.
    • Dodge default: One in 10 borrowers has defaulted on federal loans, according to the Department of Education. If you re in default, loan consolidation can offer a solution, since it can possibly lower your monthly payment, depending on your loans. You may be required to get your loans into good standing before being able to consolidate them, though.

    Cons of Student Loan Consolidation

    • Loss of benefits: Depending on your loans, you may lose certain borrower benefits if you combine your loans. Examples include loan forgiveness where all or a portion of your loan debt can be cleared if you meet certain conditions flexible or income-based payment options, or deferments.
    • Potentially higher rates: Depending on your current interest rates and loan amounts, you can actually end up paying higher interest rates and increasing the overall amount you owe. You may end up paying more on your loans than you would have if you did not consolidate them.
    • Longer repayment period. While it can lower your initial payment, a consolidation loan can lengthen the duration of your debt, and you may end up actually paying more over time.
    • Beware of variable rates: When consolidating your private loans with a private lender, you may be offered a low but variable interest rate (as opposed to a fixed rate). That means the rate can increase over time sometimes dramatically so and therefore so can your payments.

    Consolidating Federal Loans

    Hopefully, you tried to take advantage of financial aid in college   specifically, federal student loans   before turning to private loans, which often carry a higher interest rate and come with fewer borrower benefits.

    If you did, you may want to learn how to specifically consolidate these federal loans. The Direct Consolidation Loan allows you to consolidate multiple federal student loans into one.

    How Do FHA Loans Work? (Pros and Cons) #loan #calculator #free

    #what is fha loan

    FHA Loan Basics

    By Justin Pritchard. Banking/Loans Expert

    Justin Pritchard helps consumers navigate the world of banking.

    Loans from the Federal Housing Administration (FHA) are popular options for borrowers because they allow you to buy a home with a relatively small down payment. Designed to promote home ownership, FHA loans make it easier for people to qualify for a mortgage. But they’re not for everybody, so it pays to understand how they work and when they work best

    What is an FHA Loan?

    In other words, the offers a guarantee to your bank: if you fail to repay the mortgage, FHA will step up and repay the bank instead. Because of this guarantee, lenders are willing to make large mortgage loans in cases when they’d otherwise be unwilling approve loan applications The FHA, an agency of the United States government, has plenty of dough to deliver on that promise.

    Why are They so Great?

    FHA loans are not perfect, but they are a great fit in some situations. The main appeal is that they make it easy to buy property, but don’t forget that those benefits always come with tradeoffs.

    Here are some of the most attractive features:

    Down payment: FHA loans allow you to buy a home with a down payment as small as 3.5%. Other loan programs generally require a much larger down payment.

    Other peoples’ money: it’s easier to use gifts for down payment and closing costs. In addition, sellers can pay up to 6% of the loan amount towards a buyer’s closing costs. You’re most likely to benefit from that in a buyer’s market, but those do come around from time to time.

    Continue Reading Below

    Assumable: a buyer can “take over” your FHA loan if it’s assumable. That means they’ll pick up where you left off – benefiting from lower interest costs (because you’ve already gone through the highest-interest years). Depending whether or not have changed by the time you sell, the buyer might also enjoy a low interest rate that’s unavailable elsewhere.

    A chance to reset: If you’ve recently come out of bankruptcy or foreclosure, it’s easier to get an FHA loan than a loan that does not come with any government guarantee (two or three years after financial hardship is enough to qualify with FHA).

    Home improvement: certain FHA loans can be used to pay for home improvement (through FHA 203k programs)

    Qualification: it’s easier to qualify for an FHA loan.

    How do you Qualify for an FHA Loan?

    The FHA makes it relatively easy to qualify for a loan. Again, the government guarantees the loan, so lenders are more willing to approve loans. However, lenders can (and do) set standards that are stricter than FHA requirements. If you’re having trouble with one FHA approved lender, you might have better luck with another.

    Note: you never know until you apply. Even if you think you won’t qualify after reading this page, talk with an FHA approved lender to find out for sure.

    Income limits: there are none. You’ll need enough to show that you can repay the loan (see below) but these loans are geared towards lower income borrowers. If you’re fortunate enough to have a high income, you aren’t disqualified like you might be with certain first time home buyer programs.

    Debt to income ratios : to qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. That means that the amount you spend on monthly payments needs to be “reasonable” when compared to your monthly income. In general, you have to be better than 31/43, but in some cases it’s possible to get approved with D/I ratios closer to 55%.

    Example: assume you earn $3,500 per month. To meet the requirements, it is best to keep your monthly housing payments below $1,225 (because $1,225 is 31% of $3,500). If you have other debts (such as credit card debt ), all of your monthly payments combined should be less than $1,505.

    To figure out how much you might spend on a mortgage payment. use our online calculator .

    Credit score: borrowers with low credit scores are more likely to get approved if they apply for an FHA loan. Scores can go as low as 580 if you want to make a 3.5% down payment. If you’re willing and able to make a larger down payment, your score can potentially be lower still.

    Loan amount : there are limits on how much you can borrow. In general, you’re limited to modest loan amounts relative to home prices in your area. To find the limits in your region, visit HUD’s Website .

    How do FHA Loans Work?

    The FHA promises to pay lenders if a borrower defaults on an FHA loan. To fund this obligation, the FHA charges borrowers a fee. Home buyers who use FHA loans pay an upfront mortgage insurance premium (MIP) of 1.75%. They also pay a modest ongoing fee with each monthly payment.

    If a borrower defaults on an FHA loan, the FHA uses those collected insurance premiums to compensate the bank.

    Why Not Use an FHA Loan?

    While they come with appealing features, you may find that FHA loans are not for you. They may not provide enough money if you need a large loan. But the main drawback is that the upfront mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance would cost.

    In some cases, you can still buy a house with a very little down using a standard loan (not an FHA loan). Especially if you’ve got good credit. you might find competitive offers that beat FHA loans.

    As always, you should compare offers from several different lenders – including FHA loans and conventional loans – before you agree to anything.

    How Do I Get the Best Mortgage? 6 Questions for Lower Rates #instant #loan

    #best home loan rates

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    How Do I Get the Best Mortgage Possible? 6 Questions to Ask for Lower Rates

    How consolidated student loans will appear in your credit report #emergency #cash #loans

    #consolidated loans

    How consolidated student loans will appear in your credit report

    Dear Experian,

    I recently consolidated my student loans with one vendor, but all my other accounts still appear on my credit report. It says it has been transferred, but I would like to know if I can remove those accounts from my report since they are counting as open installment loans.

    Dear SCB,

    As long as they are correctly reported as closed, they are a complete and accurate part of your history.

    Your credit report shows a history of all your accounts, even after they are paid off or closed. When you consolidate your student loans into one new account, both the new, open account and the prior accounts will appear. Closed accounts are automatically deleted after 10 years.

    A transferred account is a closed account, and no longer counts as an open installment loan. Once the accounts are transferred, they are considered closed with a zero balance; however, they remain in your credit report to show a complete history of the debt.

    Thanks for asking.

    The Ask Experian team

    How can I get credit if I have no credit history? 360 Degrees of Financial Literacy #buisness #loans

    #how to get a loan with no credit

    How can I get credit if I have no credit history?

    It’s the old catch-22. You cannot establish a credit history without having credit, and you cannot get credit without a credit history. But if you work at it, this problem can be overcome. While you create a history, be sure your efforts will be reported to the credit bureaus.

    Use the credit history of a family member or friend to leverage yourself into credit in your own name. If you are added as a joint party or authorized user to another person’s credit card, the lender may report the account’s payment history on your credit report.

    If you have a checking account, ask your bank for overdraft protection (or cash reserve) privileges. With this feature added to your account, you can create credit by writing a check for an amount greater than the balance in your account (but not greater than the limit of your cash reserve line!). Alternatively, ask the bank for a small personal loan. As you repay these debts, you establish a credit history. Make sure the bank reports that history to the credit bureaus.

    Secured credit cards are also a good way to get started. Your credit line is secured by your deposit in the bank, minimizing the creditor’s risk. For example, if you deposit $500 in the bank, you get a credit card with a maximum limit of $500. As you use the card and make payments, you establish a credit history. These cards have high interest rates, but your goal is only to charge what you can afford to repay. As you repay the debt, you establish a repayment pattern seen by other creditors.

    You may qualify for a department store charge card or gas card. Because these cards have lower credit limits and may be used only with the companies that issue them, the lending guidelines may be more liberal than those for major credit cards.

    If you still have difficulty obtaining credit in your own name, consider a collateralized or cosigned loan. With a collateralized loan, the item you pledge as collateral (such as a car) minimizes the risk to the credit grantor. With a cosigned loan, your cosigner is equally liable for the balance. Spreading the responsibility for repayment in this fashion minimizes the lender’s risk. Successful repayment of these types of loans can then be used to establish your own credit history.

    How Do I Calculate Yearly Interest on a Mortgage? #payday #loans #canada

    #how to calculate interest on a loan

    How Do I Calculate Yearly Interest on a Mortgage?

    by Susan Reynolds

    Find out how much of your money is paying interest.

    Gather the loan information you need to compute the yearly interest: loan amount, interest rate and loan length. As an example, use a $75,000 mortgage for 30 years at 6 percent interest. This would give you a monthly mortgage payment of $449.66.

    Trending in Your Area

    How Much of a Percentage Does a Real Estate.

    A real estate agent draws a fee based on a percentage.

  • When to Change to New Carpet for Tenants

    You should usually change to new carpet for tenants.

  • How to Install a Floor Register on Top of.

    Installing a floor register on top of the carpet will.

    How to Replace Destroyed Carpet

    Replacing destroyed carpet is a process that requires.

  • How can I get a loan if I am unemployed? #just #military #loans

    #loans for unemployed people

    Where can you get a same-day loan?

    Full Answer

    1. Find high-risk lenders

    Search online for multiple high-risk lenders. Before applying, compare each lender’s rates. There are many loan interest rate comparison websites available to help you judge what a fair rate would be for you based on your credit profile.

  • Apply only if you qualify

    Verify that employment is not a requirement before applying for a loan. The lender pulls your credit report during the application process, which lowers your credit score. Since qualification and interest rates for unemployed people relies heavily on credit scores, be certain not to harm your score with unnecessary credit pulls.

  • Make sure the payments are affordable

    Be sure to calculate your income from all sources, including unemployment, investments, Social Security income or disability income. Before accepting the loan, determine if the payments are affordable for you.

  • Make all payments on time

    Making your payments on time helps you to build a positive credit profile and makes borrowing easier in the future.

  • How Can I Get A Loan Bad Credit #1500 #loan

    #where can i get a loan with bad credit

    Nonetheless, it is advisable to first deposit house from the volume. To apply for personal loans payday with ideal provides and flexible How can i get a loan bad credit small print, you can create a complete on-line look for. A person s eye prices of these lending How can i get a loan bad credit options are certainly substantial as compared to the other personal loans.

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    Housing Loan interest rates in the Philippines #payday #loans #bad #credit

    #compare home loan rates

    Housing Loan interest rates in the Philippines

    Sponsored Links

    The battle for low housing loan rates in the Philippines is on. In the previous months, we ve seen a variety of advertisements by local banks aggressively promoting their discounted home loan rates.


    * BPI FB promo rates of BPI Family Savings Bank, valid until June 30, 2011

    ** BPI FB published interest rates of BPI and BPI Family Savings Bank, before the promo period

    *** Promo rate of Robinsons Bank, valid until June 30, 2011; no other fixed interest rates published for longer years

    Sponsored Links

    It s good to see banks fighting it out by driving down interest rates.

    Customers, however, must be wary of the terms and conditions of the housing loan agreement because the rates offered are usually just promo rates that are subject to repricing after a certain period.

    Repricing means the housing loan can have a new interest rate charged to it after a certain period. A one-year repricing option, for example, means that at the end of the first year, a new interest rate may be charged on the loan. Usually the new interest rate to be charged is higher than the original interest rate.

    Just a tip: Don t be lured by ultra-low housing loan interest rates that are subject to annual repricing. Choose that only if you believe the market will continue to have low interest rates in the next few years.

    But if you re not sure about the interest rate and you re also not ready for higher monthly payments, better to lock in a relatively higher interest rate for a longer period of time so you can have peace of mind as regards your monthly amortization in the coming years.

    Source: Inquiries with Philippine banks

    Housing Grants for Disabled Veterans – Home Loans #15000 #loan

    #housing loans

    Home Loans

    Housing Grants for Disabled Veterans

    VA provides grants to Servicemembers and Veterans with certain permanent and total service-connected disabilities to help purchase or construct an adapted home, or modify an existing home to accommodate a disability. Two grant programs exist: the Specially Adapted Housing (SAH) grant and the Special Housing Adaptation (SHA) grant.

    Specially Adapted Housing (SAH) Grant

    SAH grants help Veterans with certain service-connected disabilities live independently in a barrier-free environment. SAH grants can be used in one of the following ways:

    • Construct a specially adapted home on land to be acquired
    • Build a home on land already owned if it is suitable for specially adapted housing
    • Remodel an existing home if it can be made suitable for specially adapted housing
    • Apply the grant against the unpaid principal mortgage balance of an adapted home already acquired without the assistance of a VA grant
    • View and share VA’s SHA infographic to help spread the word

    Special Housing Adaptation (SHA) Grant

    SHA grants help Veterans with certain service-connected disabilities adapt or purchase a home to accommodate the disability. You can use SHA grants in one of the following ways:

    • Adapt an existing home the Veteran or a family member already owns in which the Veteran lives
    • Adapt a home the Veteran or family member intends to purchase in which the Veteran will live
    • Help a Veteran purchase a home already adapted in which the Veteran will live


    If you are a Servicemember or Veteran with a permanent and total service-connected disability, you may be entitled to a Specially Adapted Housing (SAH) grant or a Special Housing Adaptation (SHA) grant. The table below provides an overview of VA’s housing grant programs for Veterans with certain service-connected disabilities.

    Specially Adapted Housing (SAH) Grant

    Housing Loans: Home in on best rate: The Hindu Business Line – Mobile edition #money #loan

    #housing loan interest rates

    If you’ve taken a home loan, get ready to tighten your belt, for interest rates have begun to creep up once again. The base rates of leading banks (which decide lending rates), after falling by 50 basis points between April 2012 and May 2013, have risen by 25 basis points in the past one month.

    After the RBI’s liquidity tightening measures in July, short-term borrowing costs for banks have gone up by 1 to 2 per cent. This has resulted in banks raising their lending rates to safeguard their margins. So what should you, the home loan borrower, do? Shop around for the best deal, of course.

    Best deal for newbies

    But first, let’s get some background. While market interest rates have certainly shot up, it hasn’t affected all banks equally. That’s why more private sector banks than public sector banks have raised their rates in the last month. Four private sector banks have so far raised their base rates. ICICI Bank raised its base rate from 9.75 per cent to 10 per cent. HDFC Bank, which had the lowest rate among all banks, raised its rate by 20 basis points to 9.8 per cent. Axis Bank and Yes Bank have also raised their base rates.

    Most public sector banks, however, have held on to lower interest rates for their home loans. Only Union Bank and Andhra Bank have raised their base rates. SBI, which has the largest home loan portfolio among banks, has the lowest base rate of 9.7 per cent and is yet to increase it. As for housing finance companies (HFCs), HDFC increased its retail prime lending rate, on which home loan rates are benchmarked by 25 basis points to 16.65 per cent.

    After these tweaks, most banks and HFCs offer floating rate home loans in the range of 10.6-10.75 per cent. If rates are your primary consideration, SBI offers the lowest one at 10.1 per cent for loans above Rs 30 lakh. Therefore, it is SBI you must go to if you want the cheapest home loan. SBI hasn’t hiked its lending rates so far. Even if it does, with the next best rate at 10.65 per cent, SBI’s rates may still remain attractive after the hike.

    But it would be good for new borrowers to put off their home loan decision until the RBI’s next monetary policy review due on September 20. This would be critical to decide on the future direction of rates.

    If the central bank continues its tight liquidity measures, more banks could be raising rates, including SBI. But if the measures are rolled back, banks may put a stop to further rate hikes and loans from private banks may possibly get cheaper.

    Fixed or floating?

    But why go in for a floating rate loan at all? Why not avoid all this confusion and lock into a fixed rate loan, you may ask.

    That would be a particularly bad idea at this juncture.

    Interest rates in the economy are poised at fairly high levels today with the 10-year benchmark gilt yield at a five-year high. Given that interest rates too tend to go through up and down cycles like other variables, locking into fixed interest rate loans now is a losing proposition for the borrower. Especially so as interest rates are bound to cool off from these levels in a year or two. That is when you should take a call on fixed rate loans.

    Remember that banks and HFCs also charge a fairly steep premium for the predictability offered by those fixed rate loans. Most fixed rate home loans today charge 11.75 per cent per annum, almost 100 basis points more than floating rate loans. That’s Rs 3,500 more on your equated monthly instalment (EMI) on a Rs 50-lakh home loan for 15 years.

    Then there are banks and HFCs offering fixed rates of interest for the initial two or three years after which the loan gets converted into floating rates.

    If at all you are keen on some predictability in your EMIs, dual-rate loans may be one option. These loans offer fixed rates for the first couple of years which are then converted into floating rates. For instance, LIC Housing Finance offers an attractive scheme for women called Bhagyalakshmi which offers 10.35 per cent fixed for two years, after which the loan gets converted into a floating rate one.

    Switch or reset?

    The decision is easy for new borrowers, but what must borrowers with older loans do? Switching to a cheaper loan is an immediate option. But moving to a cheaper home loan will be futile if the new lender immediately pegs up rates.

    Hence we advise borrowers to consider switching only if the rate differential between their existing loan and the new one is at least 50 basis points. In this case interest savings will be significant and it will also insulate borrowers from future rate hikes.

    There are two ways of making the switch and reducing your EMI. One option is to reset your loan rate with the same bank. The other option is to switch to a new lender offering a lower rate. The decision has to be based on a cost-benefit analysis.

    Cost: When you try to reset your interest rate within the same bank, the bank will usually charge a conversion fee based on the nature of the loan. If you want to move from a fixed rate loan to a floating rate loan, then the charges are usually in the range of 1.75-2 per cent on the loan amount and also include service charges.

    For instance, ICICI Bank charges 1.75 per cent in case of conversion from pure fixed loan to floating rate loan, while Axis Bank charges 2 per cent. However, in case you want to convert your higher floating rate to a lower floating rate loan, then the charges are around 0.5 per cent in most cases.

    In case you switch between banks, prepayment charges for floating rate schemes have been done away with. But there is a charge in the case of pre-closure of fixed loans. In most cases, the penalty is around 2 per cent on the loan outstanding. Besides this, a processing fee, which ranges from 0.5 to 1 per cent of the loan is also charged. There could be an additional service charge too. Here again, SBI is the only bank that offers to take over your loan at a flat Rs 1,000 (valid till th September 30, 2013), an option you must certainly consider.

    Benefit: The benefit clearly is the interest savings you make on swapping your loan. The size of the benefit varies with the amount of loan outstanding (the higher the amount, the more you save), remaining term of the loan (longer the term, higher the savings) and the interest differential (bigger difference means more savings).

    What do you save?

    So how much exactly would you save for taking all this trouble? Let us assume that you had taken Rs 50 lakh home loan for 15 years at 10.4 per cent. After the recent hike you are now stuck with a home loan rate of 10.65 per cent. The lowest rate now offered by SBI at 10.1 per cent offers more than a 50 basis point reduction in your interest rate. If you decide to move to this scheme, then your EMI will come down by Rs 1,699 to Rs 54,036.

    This amounts to savings of Rs 3,05,868 in interest over the tenure of the loan. If you can manage to pay the higher EMI and reduce your tenure instead by one year, your savings will nearly double.

    Even if SBI increases the rates by say 25 basis points, you will still save Rs 930 per month on your EMI and Rs 1,67,385 on your entire interest outgo. Remember, in the case of SBI, the takeover fees (on switching from other banks) is capped at Rs 1,000. This makes it more attractive.

    However, in case of switching from a fixed rate loan to a floating rate one, remember there is an additional prepayment charge of 2 per cent which may shrink the benefit. In this scenario, only a rate differential of 1-1.5 per cent will make the deal worthwhile.

    The markets may wait with bated breath for the RBI’s September 20 review to decide which way interest rates will head. But as a home loan borrower, there’s no need for you to wait. It is best to do your homework now.

    Hike your EMI, save money!

    When you take a floating rate loan, you have no choice but to track the rates closely so that you don’t get a raw deal.

    But here’s another trick to save on those Equated Monthly Instalments (EMIs). When rates rise, ask the bank to increase your EMI rather than the term of your loan. That saves you big bucks.

    Here are the numbers.

    Let us consider what happened to your EMI when the rates went up. Suppose you had taken a floating rate home loan for Rs 50 lakh at 10.4 per cent for a tenure of 15 years.

    The EMI for this loan would work out to Rs 54,960, with total interest outgo at Rs 48,92,868 over the term of the loan. If your bank pegged up rates to 10.65 per cent, your EMI would increase to Rs 55,736 and interest over the tenure of the loan would go up by a total of Rs 1,39,579.

    However, when rates change, banks by default alter the tenure of the loan and not the EMI. In this case, the tenure would go up by 6 months, but thanks to the wonders of compounding, your total interest outgo over the tenure of the loan would have increased by Rs 3,38,738.

    You could have got away with half that amount had you opted to adjust for rates in your monthly instalment.

    Thus, as a ground rule, if interest rates go up, ask for an increase in EMI which, in this case, amounts to just an additional Rs 775 a month. When rates decline, though, it pays to reduce the tenure of your loan as then, your total interest outgo will be much less.

    Homeowner loan #low #interest #personal #loans

    #homeowner loans

    Homeowner loan

    • Loans provided by Freedom Finance. who have an agreement with Barclays to arrange home loans 2 for Barclays customers
    • The loan will be with a reputable lender from their panel and there may be a fee, which will be added to the loan amount. If you arrange a loan through Freedom Finance, Barclays will receive commission.

    To find our more about Homeowner loans, please call us on 0800 183 0513 1

    If you wish to review your existing mortgage arrangements, you can speak to a Woolwich Mortgage Adviser by visiting your local branch or calling 0800 316 5500 1

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

    A referral to Freedom Finance is not an indication that your subsequent application for credit will be successful.

    To be eligible for a Homeowner loan, you must be:

    • A homeowner residing in the UK
    • Minimum household income of 8,000 per annum
    • Minimum age of 18 years

    Home-Equity Loans: What You Need To Know #bank #student #loans

    #home equity loans

    Home-Equity Loans: What You Need To Know

    A home-equity loan. also known as a second mortgage, lets homeowners borrow money by leveraging the equity in their homes. Home-equity loans exploded in popularity in 1996 as they provided a way for consumers to somewhat circumvent that year’s tax changes, which eliminated deductions for the interest on most consumer purchases. With a home-equity loan, homeowners can borrow up to $100,000 and still deduct all of the interest when they file their tax returns. Here we go over how these loans work and how they may pose both benefits and pitfalls. (Learn more in Protect Yourself From HELOC Fraud . )

    Benefits for Consumers

    Home-equity loans provide an easy source of cash. The interest rate on a home-equity loan – although higher than that of a first mortgage – is much lower than on credit cards and other consumer loans. As such, the number-one reason consumers borrow against the value of their homes via a fixed-rate home equity loan is to pay off credit card balances (according to Interest paid on a home-equity loan is also tax deductible, as we noted earlier. So, by consolidating debt with the home-equity loan, consumers get a single payment, a lower interest rate and tax benefits. (Learn more in Mortgages: The ABCs of Refinancing .)

    Benefits for Lenders

    Home-equity loans are a dream come true for a lender, who, after earning interest and fees on the borrower’s initial mortgage. earns even more interest and fees. If the borrower defaults, the lender gets to keep all the money earned on the initial mortgage and all the money earned on the home-equity loan; plus the lender gets to repossess the property, sell it again and restart the cycle with the next borrower. From a business-model perspective, it’s tough to think of a more attractive arrangement.

    Home-equity loans can be valuable tools for responsible borrowers. If you have a steady, reliable source of income and know that you will be able to repay the loan, its low interest rate and tax deductibility of paid interest makes it a sensible alternative. Fixed-rate home-equity loans can help cover the cost of a single, large purchase, such a new roof on your home or an unexpected medical bill. And the HELOC provides a convenient way to cover short-term, recurring costs, such as the quarterly tuition for a four-year degree at a college.

    Recognizing Pitfalls

    The main pitfall associated with home-equity loans is that they sometimes seem to be an easy solution for a borrower who may have fallen into a perpetual cycle of spending, borrowing, spending and sinking deeper into debt. Unfortunately, this scenario is so common the lenders have a term for it: reloading. which is basically the habit of taking a loan in order to pay off existing debt and free up additional credit, which the borrower then uses to make additional purchases.

    Reloading leads to a spiraling cycle of debt that often convinces borrowers to turn to home-equity loans offering an amount worth 125% of the equity in the borrower’s house. This type of loan often comes with higher fees because, as the borrower has taken out more money than the house is worth, the loan is not secured by collateral. Furthermore, the interest paid on the portion of the loan that is above the value of the home is not tax deductible. ( Find out how to determine whether refinancing will put you ahead or even more behind. Read How Refinancing Affects Your Net Worth .)

    If you are contemplating a loan that is worth more than your home, it might be time for a reality check. Were you unable to live within your means when you owed only 100% of the value of your home? If so, it will likely be unrealistic to expect that you’ll be better off when you increase your debt by 25%, plus interest and fees. This could become a slippery slope to bankruptcy.

    Another pitfall may arise when homeowners take out a home-equity loan to finance home improvements. While remodeling the kitchen or bathroom generally adds value to a house, improvements such as a swimming pool may be worth more in the eyes of the homeowner than the market determining the resale value. If you’re going into debt to make cosmetic changes to your house, try to determine whether the changes add enough value to cover their costs.

    Paying for a child’s college education is another popular reason for taking out home-equity loans. If, however, the borrowers are nearing retirement, they do need to determine how the loan may affect their ability to accomplish their goals. It may be wise for near-retirement borrowers to seek out other options with their children.

    Should You Tap Your Home’s Equity?

    Food, clothing and shelter are life’s basic necessities, but only shelter can be leveraged for cash. Despite the risk involved, it is easy to be tempted into using home equity to splurge on expensive luxuries. To avoid the pitfalls of reloading, conduct a careful review of your financial situation before you borrow against your home. Make sure that you understand the terms of the loan and have the means to make the payments without compromising other bills and comfortably repay the debt on or before its due date.

    (For a one-stop shop on subprime mortgages and the subprime meltdown, check out the Subprime Mortgages Feature .)

    Student Loan Consolidation #personal #loan #bad #credit

    #student loan consolidation

    Student Zoom is Growing Fast Because

    We Do What We Say and Say What We Do!

    Since Jan 1st 2013 we’ve helped THOUSANDS of Clients improve their student loan payments obligations by helping them get approved for various payment reduction or consolidation programs.


    • We Are Not A Lender or Loan Broker.
    • We Do Not Manage Our Clients Money.
    • We Are Not Contracted By The Federal Government.
    • We Provide The Service Of Helping Consumers Research & Apply For Income Based Repayment Plans Provided By The Department Of Education.


    • 11% of Our Clients Have Referred Us To Their Friend or Family Member.
    • We Offer a Money-back Guarantee.
    • To Date We Have Helped Over 1000 Clients Enroll.
    • Upon Approval By Department of Education 60% of Our Clients Received A Payment of $0.00 Per Month. yes ZERO Dollars per month.

    In today’s competitive world many companies are offering similar services to ours however they may charge ridiculous fees, provide false promises, neglect to actually do what they sell to you…these are scams. Thousands of consumers are scammed everyday by these thieves so it’s critical before making a decision on whom to work with that you do your research. There is very valuable information to be found on the Department of Education’s website at

    Many consumers have mentioned to us that they can complete their own applications online through this site however after trying for themselves they call back to hire us because we make the process easier on them. We take the guess work out of the process and often times can reduce delays that many applicants experience by providing the wrong information to DOE. Having gone through this process so many times with clients you can imagine that we have the process done smooth.

    We are extremely proud of our Testimonials because there is no better way to show the quality of a company than by the expression of gratitude their clients are willing to share with others. All our Testimonials are verified by a third party that tracks the IP Address of each consumer so you don’t have to be concerned that we made them up, like many companies do.

    This is a term thrown around pretty loosely these days as if it is just another debt resolution program. The irony is this is so much more than just another reduce your payment program and you should know all the details before agreeing to it. There are consequences for accepting a Student Loan Forgiveness program that many people won’t tell you about. We will, so give us a call.

    When shopping around online you’ll quickly notice a gentleman by the name Michael Lux who refers to himself as the Student Loan Sherpa, this gentleman has somehow qualified himself as a so called protector of the public and student loan information guru but what he fails to provide is honest qualified information and research about the posts he writes. Unfortunately his negligence hurts those trying to do the right thing by helping others. Of course Mr. Lux has a lot to gain by using popular keywords and negative press because these items drastically help his page ranking on Google and various Search Engines. Sadly, what may attempt to be good is having a negative effect on others and could ultimately keep someone who needs help from getting help.

    Homeloans Ltd – Providing home loan solutions since 1985! #help #with #student #loan #debt

    #home loans australia

    About Homeloans

    Homeloans has been providing Australians with a refreshing alternative to the banks for their home finance since 1985. We specialise in home loans, and have a wide range of products to meet the needs of all types of customers, from first home buyers to investors.

    We pride ourselves on our service, which has seen us win a number of industry awards and achieve customer satisfaction levels of over 97%.

    As a benefit of having a Homeloans loan, our clients are entitled to our customer benefits program which provides a range of amazing offers from discounts on grocery shopping and fuel, to great deals on dining and entertainment.

    With an Australia-wide presence, we can manage your finance needs via our network of dedicated loans consultants and satellite offices. Our customer services team will help you through all stages of the loan application process and be there for you throughout the life of the loan.

    As we are listed on the Australian Stock Exchange, our customers and investors have the assurance that we are backed by nationwide strength and security. Being publicly listed also means we have to adhere to the ASX s strict standards on reporting and transparency in the way we run our business.

    Furthermore, we are a member of the MFAA, and live by the MFAA Code of Practice. This code ensures professional standards are set and maintained, and that we operate under ethical and fair business practices.

    Homeloans is proud to be Carbon Conscious™, whereby a tree is planted for every Homeloans loan settled.

    Homepage » 1-Hour-Cash-Advances #payday #loan #lenders

    #1 hour payday loans

    Cash Advances made simple!

    Getting a Cash Advance with our Lenders is Easy:

    Your information will be presented to our network of participating lenders. Upon acceptance, the lender will provide you with the exact loan amount they can offer you, along with the Fee Structure and Terms of repayment from that lender on their acceptance page. You are not obligated to continue if you do not agree with those terms.

    Stressed over short-term money problems?

    In need of cash NOW to pay for unexpected bills, urgent repairs, or other necessary expenses? Millions of consumers have found themselves in the same type of situation; and they have found instant relief through a Personal Cash Advance, courtesy of

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    There is no faxing necessary to apply for our loans, and your data is completely safe and secure. And, we completely respect your privacy. We will not re-market your personal information without your consent.

    What is a Personal Cash Advance?

    A Personal Cash Advance is an online payday loan designed to resolve your short-term financial needs. Our Personal Cash Advance loans are often far more appealing to consumers than credit card cash advances or other types of loans.

    First off, they are repaid within two weeks. In addition, it is much easier to apply for and qualify for our lender’s loans. And, because our Personal Cash Advances are processed securely online, your money is wired directly to your bank account for immediate access. Once our lender approves your application, your cash will be available as soon as the next today.

    We understand! We want to put your mind at ease.’s lenders accepts applications from those who have had some credit-related problems, such as: charge-offs, bounced checks — even bankruptcies.

    Home loans rates #loan #payments

    #home loans rates

    When you re just starting out, you may not have the recommended 10% — 20% for a down payment. That s why Mountain America offers the 100% First-Time Home Buyer Loan Program. It allows you to purchase your first home with as little as $1000 down

    Homeowners hoping to land a low mortgage rate in 2014 should act quick, but not in a hurry. With rates likely to climb in 2014, now is a good time to jump into the housing market, but homeowners need to Continue reading

    Prepayments and a Large Down Payment Can Cut Mortgage Interest

    The shorter the mortgage term, the sooner you will be able pay off your home. It s not rocket science, but it is something to consider for those who are in good financial standing. A shorter mortgage term also helps reduce Continue reading

    Finding the perfect home for raising a family can be tough. The next step, securing a mortgage approval, can be just as difficult. Since it can be a real challenge, you’ll most likely want to hold on to a mortgage Continue reading

    The home-buying season likely received a major boost as the nation s fixed mortgage rates has been declining. The average rate for a 30-year loan went from 4.21 percent to 4.20 percent in a mere week. The average for the 15-year mortgage Continue reading

    Owning a home can be a joy, but it can also prove to be a stressful endeavor if your finances aren t in order. If you recently purchased a home and are slated to pay a lot of interest over a long period of Continue reading

    Finding the perfect home for raising a family can be tough. The next step, securing a mortgage approval, can be just as difficult. Since it can be a real challenge, you’ll most likely want to hold on to a mortgage Continue reading

    The home-buying season likely received a major boost as the nation s fixed mortgage rates has been declining. The average rate for a 30-year loan went from 4.21 percent to 4.20 percent in a mere week. The average for the 15-year mortgage Continue reading

    Refinancing a home mortgage loan has become a daunting task for many in the past couple years, but there are still viable avenues through which to manage the process. One of the more widely publicized methods of refinancing is by Continue reading

    Many Utah homebuyers focus on mortgage rates, when it comes to saving money on their home loans. However, there are plenty of other strategies consumers can use to keep more green in their wallets. Go the shorter route It s true Continue reading

    Once a person leaves school, the last thing they want to do is take more tests. Unfortunately, filling out a mortgage application can often feel like taking a pop quiz. Mortgage lenders want to make sure any money they loan Continue reading

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    Home Loans

    Prairie Band of Potawatomi Nation Signs Monumental Agreement with VA

    An Important Public Health Notice: The VA recommends testing your new home for radon, which the government has determined can cause lung cancer. To learn more click here.

    About Home Loans

    VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

    VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.


    Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More

    Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. Learn More

    Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. Learn More

    Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More

    Other Resources: many states offer resources to Veterans, including property tax reductions to certain Veterans. Learn More

    Eligibility Requirements

    Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.

    Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE). Learn More

    Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan. Learn More

    Native American Direct Loan (NADL) Program: The NADL program helps Native American Veterans purchase, construct, improve, or re-finance a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program. You must have a valid Certificate of Eligibility (COE). Learn More

    Adapted Housing Grants: VA helps Veterans with certain total and permanent disabilities related to your military service obtain suitable housing with either a Specially Adapted Housing (SAH) or Special Housing Adaptation (SHA) grant. Learn More

    How to Apply

    Purchase Loan Cash-Out Refinance: VA loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits. by mail, and often through you lender. Learn More

    Interest Rate Reduction Refinance Loan: A new Certificate of Eligibility (COE) is not required. You may take your Certificate of Eligibility to show the prior use of your entitlement or your lender may use our e-mail confirmation procedure in lieu of a certificate of eligibility. Learn More

    Native American Direct Loan (NADL) Program: First, confirm that your tribal organization participates in the VA direct loan program. NADL loans are obtained through a lender of your choice once you obtain a Certificate of Eligibility (COE). You can obtain a COE through eBenefits. by mail, and often through you lender. Learn More

    Adapted Housing Grants: You can apply for an SAH or SHA grant by either downloading and completing VA Form 26-4555 (PDF) and submitting it to your nearest Regional Loan Center, or completing the online application. Learn More

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    Home Loans

    Interest Rates

    We pride ourselves on offering you competitive interest rates, with the flexibility to choose between fixed and floating rate options, or a combination of both – whatever suits you best.

    Payment Options

    You can choose from a range of flexible payment options. Ask us how we can make it easy for you with direct debit, automatic payment and Telephone Banking services.

    24 Hour Approval

    In most cases, we can let you know within 24 hours whether your loan has been approved (provided we have all the necessary information and our lending criteria have been met). In some cases, we can even pre-approve your loan, making it easier when it comes to buying your property. Just ask us whether it’s right for you.


    We appreciate that convenience is important in today’s busy world. When using your SBS chequebook, ATM/EFTPOS card or our Telephone Banking services, you have 24-hour access to your funds. You can manage your finances from any touch-tone phone or the network of ATM/EFTPOS machines around New Zealand and even overseas.

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    Apply for a loan


    If you run your own business, you may not have the proof of income documents usually required to apply for a home loan. However, you may be eligible for a low doc loan.

    With a low doc loan, you won’t need to supply as many documents to prove your income, assets and liabilities as you would with a full doc loan.

    What information needs to be supplied when applying for a low doc loan?

    Generally when applying for a low doc loan you’ll need to provide the following:

    • A signed Borrower’s Income Declaration
    • Your registered business name
    • Your ABN
    • Your Business Activity Statements for the last 12 months.

    What’s the difference between a Westpac ‘low doc’ and standard loan?

    Whatever features are available on the standard loan will also be available on the low doc loan. As the name suggests, the difference is in the documentation you need to supply when applying for the loan and the cost of establishing the loan.

    Also, any discounts offered off the standard variable interest rate for a low doc loan under Premier Advantage Package is sometimes less than on a full doc loan.

    Packaging a low doc loan

    You can package a low doc loan under our Premier Advantage Package if the loan amount is $150,000 or more. This package provides:

    Variable rate loans

    Special offer on new loans 1

    • 1% p.a. on loans of $750,000 or more
    • 0.9% p.a. on loans from $250,000 – $749,999
    • 0.3% p.a. on loans from $150,000 – $249,999.

    Premier Advantage Package is available on Rocket Repay Home Loan, Rocket Investment Loan and Equity Access Loan.

    1. Special offer conditions

    Special interest rate discounts are only available:

    • On the standard variable rate for Rocket Repay Home Loans, Rocket Investment Loans and Equity Access Loans
    • On loans which are included in a Premier Advantage Package.
    • Special limited time offer available from 3 February 2014 which may be withdrawn or varied at any time.

    Fixed rate home loans

    • 0.2% p.a. off fixed rates.

    Premier Advantage Package is available on Fixed Options Home Loan and Fixed Rate Investment Property Loan.

    Packaging your loan under our Premier Advantage Package also offers a range of other benefits.

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    With HDFC Home Loans Create your own space.

    Retail Prime Lending Rate (RPLR) is 16.30% w.e.f. 6th October, 2015

    The Board of Directors at its meeting held on April 29, 2015 recommended a dividend of Rs. 13 per equity share of Rs. 2 each, subject to the approval of the shareholders at the 38th AGM to be held on Tuesday, July 28, 2015 at Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai 400 020 at 3.00 P M.

    The Register of Members and the Share Transfer Books of the Corporation will remain closed from July 17, 2015 to July 28, 2015 (both days inclusive) for the purpose of payment of dividend for the financial year 2014-15.

    Shareholders who have not claimed their dividend for the F.Y. 2007-08, are requested to do so, on or before August 22, 2015, failing which it will be transferred to the IEPF and no further claim shall lie against the Corporation or the IEPF pursuant to Section 205C of the Companies Act, 1956.


    All Investors are requested to take note that ISD will be re-located from Tel Rasayan Bhavan, Ground floor, Opp. BEST Workshop, Gate No. 4, Tilak Road Extn, Dadar T.T. Mumbai 400014 to the registered office of the Corporation located at 5th Floor, Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai – 400020 with effect from September 1, 2014. Contact details of ISD will remain unchanged.

    We request you to send all correspondence pertaining to the securities of the Corporation held by you to the said new address.


  • Student Loan Consolidation #government #business #loans

    #student loan consolidation

    Student Consolidation Loans

    Student loan consolidation can save you a significant amount of money. The less interest you pay on your student loans, the faster you can get out of debt! Interest rates for student loan consolidation programs are at record lows, and it costs nothing to consolidate. Why wait?

    American Student Loan Consolidation Corporation is the nation s preeminent company specializing in Education Consolidation Loans. Working with the country s largest guarantors and lenders, our staff and management are thoroughly trained to answer your questions regarding Student Loan Consolidation Loans and to ensure that you obtain the best plan for your needs.


    • Lower your monthly student loan payments so they re more affordable for your budget
    • Historically lowest fixed student loan interest rate that will never increase
    • No fees or charges to consolidate
    • Fixed interest rates from approximately 2.875 to 4.25% for the life of the loan (if you have not previously consolidated any of your student loans)
    • No credit check or income verification
    • No prepayment penalty
    • Choice of payments: level or graduated
    • Deferments in case of financial hardship or unemployment
    • One convenient monthly payment
    • Increase home mortgage borrowing power by reducing debt to income ratio
    • Online Consolidation Loan calculator
    • A single company will service your loan for the life of the loan
    • Online and toll-free telephone application request
    • Online completion of student loan consolidation application
    • Personal assistance with our simple one page application

    For more information or questions please feel free to contact our Financial Resources Group at 1-800-435-1945 .

    I am $7,000 in debt (Slide below)

    Home Loans: Apply for Home Loan Online – Axis Bank #fha #loans

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    Axis Bank offers affordable and flexible housing loans that can turn your dream of owning a home into reality.

    If rising real estate prices have pushed the house you coveted beyond your budget, Axis Bank’s unmatched home loans will put it within reach. The attractive interest rates and minimal processing fees make our home finance products a first choice for savvy buyers. In addition, features such as flexible tenures, transparent processing and quick service have made our products stand out among the best home loans in India.

    We have products to suit every budget, taste and need. Whether you are self-employed or salaried, want a floating or fixed rate, Axis Bank will offer a loan that is just right for you.

    Features of Axis Bank Home Loans

    Axis Bank housing loans are designed for today’s home-hunter. Our easy home loans are rich in features and offer a number of benefits.

      Attractive interest rates: We offer attractive interest rates that make your housing loans affordable and easier on your pocket every month.
    • Flexible rates: Choose between fixed and floating rate options depending on which way you think interest rates are moving.
    • Balance transfer facility: Not satisfied with your existing Home Loan provider? You can transfer your Home Loan to us without any hassles.
    • Doorstep service: You don’t have to go the bank for Home Loans; the bank will come to your doorstep. Perfect for those leading busy lives.
    • Nil prepayment charges* : Come into some money and want to pay off your housing loan early? You can do that at Axis Bank without worrying about prepayment charges.

    * Valid only on floating interest rate Home Loans.

  • Quick and transparent processing:
    Special Benefits available for Premium Banking customers. To know more, contact your Relationship Manager today!
  • Longer tenure for smaller EMIs: You can avail a home loan with up to 30 years tenure, giving you the benefit paying less EMI per month
  • Earn eDGE loyalty points on Home Loans –

    When you take a home loan

    • Earn 500 points if your disbursal is less than or equal to 25 lacs
    • Earn 1000 points if your disbursal is greater than 25 lacs but less than or equal to 75 lacs
    • Earn 2000 points if your disbursal is greater than 75 lacs

    When you take a top-up home loan

    • Earn 250 points if your disbursal is less than or equal to 25 lacs
    • Earn 500 points if your disbursal is greater than 25 lacs but less than or equal to 75 lacs
    • Earn 1000 points if your disbursal is greater than 75 lacs

    On every anniversary year of your Home Loan

    • Earn 100 points on completion of the 1st year
    • Earn 200 points on completion of the 2nd year
    • Earn 300 points on completion of the 3rd year
    • Earn 400 points on completion of the 4th year
    • Earn 500 points on completion of the 5th year, 6th year, 7th year & so on until the closure of the loan

    Student loan consolidation #hard #money #loan

    #student loan consolidation

    What is Student Loan Consolidation?

    If you took out a combination of loans, you deal with multiple payments and keeping track of the loan amounts. This can get quite confusing quickly, especially if this is the first type of installation loan you ve ever had to deal with. The loans probably also have different payment schedules, interest rates, and payment methods. Instead of struggling to keep track of everything, loan consolidation combines all of these loans into one.

    The company you use for the loan consolidation pays off your original debts and gives you a new loan that combines all of your loans. You have one payment and one interest rate. This simplifies the process greatly. One potential complication is if you re trying to combine private and federal student loans under one consolidation loan. Not all lenders are willing to combine these two products, and you might need help finding your way through to the ones who do.

    In addition to lowering your interest rate and fixing any payment hassles, student loan consolidation is great for reducing your monthly payment. If you are having trouble making your payments and your lender doesn t have any options to help out, a loan consolidation can be the difference between making your payments and defaulting on your student loan.

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    Home Loans For Bad Credit

    Are you wondering how to buy a home with bad credit? Do you know how to acquire a bad credit home loan? Thanks to the fact that they are government insured, the FHA (Federal Housing Authority) and FHA backed Mortgages, allow people to get home loans with bad credit; so you buy the home you ve been wanting. These “Bad Credit Mortgages” are not as expensive as some other home loans, and their relaxed qualifications help people every day stop being renters and become homeowners.

    Most people consider owning a home at one point or another in their lives, but do not know what it takes to do so. What houses can I afford? How much is it going to cost? Do I have enough down payment? Will a bank lend to me? Perhaps you have gotten past that part and actually have gone to a bank to find you are not eligible for a home loan, but were not told why, or do not understand why. Then you re left with even more questions. Do I have bad credit? Do bad credit home loans exist? How can I get home loans for bad credit or even how to buy a home with bad credit? What is my debt to income ratio? What do I need to qualify for an FHA bad credit mortgage loan ?

    At Government Home Loans, we have answers and resources for every step in the home loan process, focusing heavily on FHA loans due to the relaxed guidelines and their ability to help the first time home buyer. Our goal is to give you a timeline and a plan to get you access to home loan that is both a safe, and responsible loan that you can succeed in.

    We have highly trained loan specialists available to you, and we are committed to sharing all of our resources to get you into your own home with an FHA Mortgage. Whether you are a first time home buyer and are looking for home loans for people with bad credit, or have owned before but have been recently turned down, our specialists as well as many online resources can provide you the tools you need to attain your goals. Things have changed a lot, you can buy a home with bad credit now. Talk to one of our bad credit mortgage lenders or find the information that may help you right here on the website.

    Home Loans Comparison – Home Loan Rates & loan comparison with Ratebusters Online Home Loans #installment #loans

    #home loans comparison

    Home Loans Comparison

    Interest rates shown in the table above were last updated 17th November 2015 and are updated weekly.

    This information is collected directly from the lenders official website.

    Home Loan Rates Comparison chart

    If your’e looking for one of the cheapest loans around take a look at our loan comparison chart below. Ratebusters standard variable home loan rate has proven to be consistantly lower than the big 4 banks.

    Home Loan Rates Compared – Including fixed rate

    When comparing home loan rates, Ratebusters standard variable rate proves it’s long term commitment to remaining highly competitive against the banks. Not only are our home loan rates competetive compared to the big 4’s variable rate, but we give their fixed rates a run for their money too! See our home loan comparison chart below.

    * Comparison rate calculated on a loan amount $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only.

    This Comparison rate applies only to the example or examples given. Different amounts and terms will result in different Comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison rate but may influence the cost of the loan.

    And remember, applying for a Ratebusters home loan is as easy as 1,2,3. Simply research yourself by reviewing the details of our award winning products, call a helpdesk consultant if you need help at any time, then apply online. It’s that simple!

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    Why Lend Financial Mortgage?

    Educated borrowers turn to LEND FM   when they are in the market for a low rate mortgage solution because they know they are working with experienced and knowledgeable loan originators while receiving the best rate the market has to offer. Mortgage financing simplified.

    Whether you are refinancing or purchasing a home, we honestly have the lowest mortgage rates and best service available and our past customer believe in us. We are able to offer the lowest rates by reducing the time a loan is in processing through technology and process automation while  minimizing overhead.

    We may advertise now and again but most of the time we receive referrals from past customers  and that is the best compliment a customers can ever give. Our loan originators have many years of experience when it comes to Conventional, Jumbo, FHA and VA loans. We also are understand reverse mortgages and can guide you on the benefits and drawback of the program.

    We offer mortgage options with and without closing costs, amortized and interest only loans.  We are a broker which means we have resources available of a variety of wholesale lenders.