Loan

Credit News

Home Loan Rates in 2015: Heres Your Guide. #boat #loan #calculator


#housing loan interest rates
#

Home Loan Rates in 2015: Here’s Your Guide

As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

  • SBI ( State Bank of India)
  • ICICI Bank
  • HDFC Bank
  • HSBC Bank
  • Axis Bank
  • PNB Housing Finance
  • DHFL
  • India Bulls ( Up to Rs 25 lakh)
  • Citi Bank
  • Tata Capital Housing Finance Ltd

EMI per lakh works out to be Rs 975.

Show Full Article

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent

This rate is being offered by the following banks:

  • Federal Bank
  • Bank of India
  • UCO Bank
  • Canara Bank

The EMI per lakh works out to be Rs 978.

Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent

This rate is being offered by the following lenders:

  • IDBI
  • Punjab National Bank
  • Allahabad Bank
  • Central Bank of India
  • Corporation Bank
  • Union Bank of India
  • United Bank of India
  • Bank of Baroda
  • Oriental Bank of Commerce
  • Kotak Bank
  • Dena Bank
  • First Blue Home Finance
  • Syndicate Bank
  • Indian Overseas Bank
  • State Bank of Travancore
  • Indian Bank

The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent

Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.

Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above

  • Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.
  • Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.
  • ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.
  • Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer

  • LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
  • HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
  • Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

Disclaimer: All information in this article has been provided by Creditvidya.com and NDTV Profit is not responsible for the accuracy and completeness of the same.

Story first published: Feb 14, 2015 13:46 IST


The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans – TSP Allocation Guide #auto #title #loan


#tsp loan
#

The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans

What are the advantages of Thrift Savings Plan loans?

(1) The interest rate is very low and you are paying it to yourself instead of to a bank. So the loan is essentially free to you, other than a small administrative charge.

(2) You avoid the 10 percent penalty on early withdrawals from retirement accounts. If you aren’t old enough, or are old enough but haven’t separated from federal service, you would have to pay this penalty if you withdrew the money outright.

(3) The fee charged for TSP loans is a very low, flat fee of $50.

(4) The TSP loan application is quick, easy and straightforward. No one is turned down for a loan assuming sufficient employee contributions and earnings. No credit check is required. Other types of loans require a more complex application process, a credit check and more fees.

(5) There is no negative impact on your credit score. A TSP loan does not appear on your credit report, because it is not really a loan (you are using your own savings). If a TSP loan borrower loses his or her job, retires or leaves federal service and is unable to pay off the loan balance, the unpaid balance will be classified as a distribution for which income taxes must be paid, but it will not show up on your credit report as a default.

What are the disadvantages of TSP loans?

(1) The most significant disadvantage is missed opportunity. The most powerful feature of a retirement plan like the TSP is the tax-deferred growth and compounding of earning. Removing funds from your TSP account can significantly affect its growth. The inevitable result will be a smaller TSP balance at retirement, which will impact the way that you live out your golden years.

For example, lets say you took out a $50,000 residential property TSP home loan at the current interest rate of 2.125% and paid it off over 15 years. At the end of those 15 years you would have paid back $58,500 (and earned an additional $950 in interest on the principal after you paid it back). Your nest egg would have grown by only about $9500 in 15 years, and nearly all of that money came out of your pocket. Compare that to $50,000 compounding at 10.6% (the stock market s average rate of return over the past 25 years). At the end of 15 years you would have $243,481.

(2) Potential tax penalty. If you fail to pay off a TSP loan, income taxes on the distribution will be due. An additional IRS early withdrawal penalty of 10 percent will be applied if the account owner is younger than age 59.5 at the time of the loan default.

(3) A TSP loan of either type is not a mortgage. Therefore, the TSP loan interest payments are not tax deductible, as they might be for a mortgage or home equity loan.

(4) If you leave Federal service, you must pay off the loan within 90 days of the date when your agency reports your separation to the TSP. Any unpaid balance will be reported as a taxable distribution

The Double Tax Myth of TSP Loans

In the Disadvantages section of most websites which address TSP loans, the authors usually blindly copy some original source which incorrectly stated that taking a TSP loan results in paying taxes twice because the TSP account holder is moving tax-deferred assets into the taxable realm and after-tax income must be used to repay the loan. Suze Orman popularized the notion while discussing 401K accounts (which have the same tax treatment as the TSP) and this myth is widely spread across the internet.

Let’s say you want to borrow $10,000 from your Thrift Savings Plan account for a year. The TSP G Fund interest rate at that time is 5%, which you must pay back to yourself. That $10,000 was a pre-tax contribution, so you never paid income taxes on it. You take it all out, leaving yourself with $10,000 in cash. You haven’t paid any taxes on that $10,000. You leave it under your mattress, and a year later pay back the same $10,000 plus $500 in interest. You still haven’t paid taxes on the $10,000. When you eventually withdraw the money, then you finally must pay taxes. So what was the only thing taxed twice? The part attributable to the $500. Not the $10,000.

Now, does it matter if during the year your brother took the original 10,000 and then later replaced it under your mattress with a different $10,000? The answer is no. As long as you pay back the $10,000, that is all that matters.

The only part that is taxed twice is the interest. And since you are paying yourself the interest, this small double-tax is really the only cost of doing this loan. Using the example above and assuming a 25% marginal tax bracket, that means you only got taxed an extra $125 on that $10,000 loan. This is the same as getting a regular loan with a 1.25% interest rate.


A Balloon Payment Car Loan Guide #mortgage #calculators


#car loan payment
#

A Balloon Payment Car Loan Guide

Contents

Typical balloon car loan schedule

Plan in Advance

It’s important to plan for your balloon payment in advance. Save monthly, or invest with this in mind. You should also know that refinancing a balloon loan can be difficult. It may be possible to extend the length of your balloon loan at the end of the term, but that isn’t guaranteed. And if you do refinance, you might end up stretching your original three-to-five year term to seven years, or even longer.

Not having the money for your balloon payment at the end of the loan is really the worst-case scenario for the lender — and for you. If you miss your payment, cannot make arrangements, or cannot refinance, you may lose the car even after you’ve paid the interest for all those years.

If you have the option to buy the car back, you still have to come up with the principal to do so. Under a normal loan, if you lost your car towards the end of the term you could buy it back for far less than you could with a balloon loan.

Dangers of a Balloon Car Loan

There are many concerns you should have about taking out a balloon payment car loan:

  • The first concern should be obvious, but many dismiss or overlook it. It is highly unlikely that you will be in a better financial position in three to five years, as much as you hope or would like to think that you will be.
  • You need to carefully consider what you will do if you are unable to refinance your car at a better rate and with better terms. How will you pay that loan off? You will still be obligated for the balloon payment. Are you prepared to let the car go? What will you do for transportation? Not making that balloon payment will damage your credit score.
  • Another concern is that since you are paying only interest on the loan through the end of the loan period, you will likely owe more on the vehicle that it is worth. This will cause you great difficulty in selling for the amount you owe or refinancing the loan.
  • Before taking on a balloon loan for a car purchase, carefully consider the value of the car, the expected value in two or three years when the balloon car payment will be due, and how much you are willing to sacrifice to own the vehicle. In many cases, a balloon loan is not the right financing option, and simply allows you to incur more debt that you can really afford.

See what kind of interest rates you can get

Benefits of a Balloon Car Loan

Here are some of the benefits of getting a Balloon Car Loan:

  • A balloon payment car loan buys time: The lower payments during the loan term allow for the borrower to collect the cash due to pay off the entire debt. Some scenarios include other investments that may mature during the loan term, or changes in income that will allow the borrower to pay off the entire debt.
  • A balloon payment car loan allows for a “sale option”: If the borrower holds the title in the interim, he or she has the option of selling off the vehicle and using the resulting cash to pay off the loan. It’s important to talk about this situation when taking out a balloon payment car loan, as liens or other types of restrictions may prevent or delay resale.
  • A balloon payment car loan is essentially “lump credit”: The lender carries much more of the deficit throughout the term of the auto loan, leaving more cash in the hands of the borrower.
  • A balloon payment car loan generally offers a lower chance of repossession: Because of the fact that the loan payments are smaller than they would be with a different type of loan, there is a lower chance that repossession agents will show up at the door looking to take a vehicle.

See what kind of interest rates you can get

Requirements for a Balloon Car Loan

There are two main requirements for getting a balloon car loan:

  1. In order to qualify for a balloon loan, you need to have a regular income — in other words, have proof that you are employed and can make payments on the car.
  2. You need to have a solid credit rating, although the exact number is flexible with some lenders.

Getting a Balloon Payment Car Loan with Bad Credit

How to Compare Balloon Car Loans

It is important to take the time to compare a balloon car loan against different loans. You do this to make sure you are getting the best deal possible. Taking the time to compare these types of car loans is very important, but knowing how to compare the balloon payment car loans is also important.

1. Understand the End Number

Every balloon payment car loan has a final number — this is the amount you will be making on your final payment. You should understand what that number is going to be, so ask.

2. Check out the Monthly Payment

Knowing you can afford the payment is also something you should know. During the course of the loan, the amount you pay each month could rise, making later payments much larger than when they started. Check this out by calculating the interest rate, and the total cost of what you are paying off.

Finding Balloon Loans with the Best Rates

3. Compare the Interest Rates

Knowing which interest rates you are going to be paying is crucial to your bottom line cost. Compare rates and compare the rates of how the loans will increase, or decrease over time. Check each lender and ask for a detailed amortization (or amount of projected time it would take to pay off the debt) of the loan. This will show you exactly where you will stand each month.

  • First, you can have a low interest rate which will make for a low initial payment that will rise over time for a higher ending payment.
  • Second, you can do the opposite. You can start with a higher interest rate which gives you a larger initial payment, but decreases over time.
  • See what kind of interest rates you can get

Balloon loans can be extremely beneficial to the right customer, but you should be aware of the dangers. More so than any other loan, you need to have a plan to take care of the balloon payment ahead of time. With careful planning and proper research you may be able to avoid any drawbacks.


A Servicemember’s Guide to Student Loan Interest Rates #short #term #cash #loans


#interest rates on student loans
#

A Servicemember’s Guide to Student Loan Interest Rates

ATTENTION: Many servicemembers now qualify to have their federal student loan interest rates reduced! Read more below.

The Higher Education Opportunity Act of 2008

Privately financed student loans have always been subject to the interest rate cap provision of the Servicemembers Civil Relief Act (SCRA).

Since August 14, 2008, the Higher Education Opportunity Act has also made it possible for servicemembers to use the SCRA to have their interest rate reduced to six (6) percent on federal student loans that were taken prior to their entry into active duty.

How Do I Know If I Qualify?

To figure out if you qualify you will need to know two things:

  1. When you took out the loan; and
  2. When you entered active duty.

Only loans that were taken out prior to your entering active duty will qualify. Also, the new rule on federal student loans only applies to your active duty service after August 14, 2008 .

In addition, the SCRA only allows you to have your interest rates reduced when your military service is “materially affecting” your ability to pay (such as a reduced income as a result of military service).

Therefore, you qualify to have the interest rates reduced on your student loans IF :

  1. You took out the loan before entering active duty.
  2. You are currently on active duty.
  3. Your military service is materially affecting your ability to pay the higher interest rate.

If all of these conditions are met, your lender must lower your interest rate to six (6) percent, and apply all of the past interest you have paid over six (6) percent, as far back as August 14, 2008, to the balance of your loan.

What Do I Need To Do To Get My Interest Rate Reduced?

If you think you qualify to have your interest rates lowered, you should send a letter to your lender telling them that you qualify and would like to have your interest reduced. Go here to create your Interest Rate Reduction Letter. You will also need to send a copy of your orders showing your activation date.

Upon receiving your letter, your lender should reduce your interest rate. However, if you encounter any problems, you should seek Legal Assistance .

Can I Still Get My Interest Reduced If I Already Got Out Of The Military?

No. The SRCA is only available to active duty servicemembers. It is designed to prevent financial troubles from interfering with a servicemember’s wartime readiness.

Do I Qualify To Have Any Other Interest Rates Reduced As A Servicemember?

Yes. The Servicemembers Civil Relief Act allows you to have the interest lowered on a variety of loans. For more information about the Servicemember Civil Relief Act go here. To see the other automated forms we offer for helping you to assert you rights under the SCRA, go here .


A Guide To Student Loan Forgiveness And Repayment Options #quick #loans #for #bad #credit


#student loan options
#

A Guide To Student Loan Forgiveness And Repayment Options

Getty

NEW YORK — Wish you could make your student loans disappear?

Student loan forgiveness programs can make it happen, but there’s a problem.

“There needs to be more awareness about these programs,” says Betsy Mayotte, director of regulatory compliance at American Student Assistance, a nonprofit that helps borrowers manage their student debt.

So the organization released a student loan forgiveness guide earlier this year on its website. The Consumer Financial Protection Bureau, a government watchdog, released its own guide last month to bring attention to the programs.

The programs are not a quick fix. Instead, they enable borrowers to erase their remaining student debt after several years of payments. Most of the programs are tied to certain low-paid professions, such as teachers or public defenders, and have other restrictions. Here’s a snapshot of several options.

PUBLIC SERVICE PROGRAM

This program is for those who work in federal, state or local government jobs, or at a nonprofit that’s been designated as a 501(c)(3) tax-exempt organization. The CFPB estimates that a quarter of the country’s workforce falls into those categories. Individuals must also have high student loan balances relative to their income.

The program works like this: anyone who makes 120 on-time monthly payments toward their student loans and works in a qualifying job for 10 years (they don’t have to be consecutive), can apply to have their remaining balance forgiven. The amount of the loans forgiven is not taxed, under current tax law.

Only those with federal Direct Loans will qualify for this program, but some loans, such as the Federal Family Education Loan (also known as FFEL) and the Perkins Loan can be consolidated into a Direct Loan. If you don’t know what type of federal loan you have, you can find out at nslds.ed.gov.

The program was established in 2007, so no one has received loan forgiveness yet. Those hoping to take advantage need to make sure their job qualifies with the Department of Education every year, says Mark Kantrowitz, publisher of Edvisors.com. Save the paperwork and annual income forms, in case you need to later prove your eligibility.

The Department of Education offers more guidelines. http://1.usa.gov/18sELJS

INCOME-BASED REPAYMENT

Under this program borrowers can qualify for reduced monthly payments, and after 25 years the remaining balance is forgiven. It is important to note that the forgiven amount is taxed as income, which means you will likely have to pay a sum to the IRS that’s lower than the amount forgiven.

The program is for those whose federal student loan debt is high relative their income and family size. Your lender will ultimately decide if you are qualified, but you can see if you would benefit from this program by using this online calculator. http://1.usa.gov/1bIO1yw

There are other rules, such as which types of federal loans qualify. The Department of Education has a helpful tip sheet. http://1.usa.gov/19JJVQA

PAY AS YOU EARN PLAN

Borrowers can apply to have their monthly payments reduced, and after 20 years of payments, the balance is forgiven. Any forgiven amounts are taxed as income. This program is for those with a high level of federal student loans compared to their income, and who took out their first federal student loan after Oct. 1, 2007.

Use the Department of Education’s online calculator to see if you qualify. http://1.usa.gov/194F7V0

OTHER PROGRAMS

Depending on your job, you may be able to get help with your loans.

Teachers, for example, should see if they’re eligible for the teacher loan forgiveness program. They must work at a qualifying school for five consecutive years to receive up to $17,500 in forgiveness on certain federal loans. For more details see. http://1.usa.gov/1bITqWq

American Student Assistance put a list together of over 60 programs. Some are based on type of job, others are state programs. You can see them here. Some state programs even help with private loans. Mayotte of ASA recommends an Internet search to see if your state or job qualifies for some sort of student loan help. She says it’s important to ask your employers or human resources department if student loan help is available. She says more employers are refunding a part their employee’s student loan payments. http://bit.ly/15xGpNs

Mayotte also warns that borrowers shouldn’t take jobs just to have their student loans forgiven, or take out too much debt because they assume their debt will be forgiven. Many of the programs are budget based, there’s a possibility that some could disappear or not be around by the time you graduate, Mayotte says.

_____

MORE INFORMATION:

Public service loan forgiveness: http://1.usa.gov/18sELJS

Teacher loan forgiveness program: http://1.usa.gov/1bITqWq

Consumer Financial Protection Bureau’s guide: http://1.usa.gov/1as4UK8

American Student Assistance’s guide: http://bit.ly/15xGpNs


Student Loan Guide: Learn About School Loan Options in Canada #military #loans #no #credit #check


#loans canada
#

A Guide to Student Loans

The average cost of post-secondary education in Canada can top $80,000, making financing a reality for most students. If you re unsure of where to start, use this guide to student loans and learn how to apply for federal, provincial and private loans.

Government school loan programs

The federal government has two programs which can help you fund your education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). Visit www.canlearn.ca to learn more and see how you can apply.

Canada Student Loan Program. Whether you re a full- or part-time student, you can apply for a loan through this program. If your application meets the established requirements for financial need, you could be eligible to receive up to 60 percent of the cost of your tuition in federal loans. There is also a maximum amount you can receive, and that is subject to change, so consult the latest literature to review this cap. When you graduate, you will owe the loan amount plus interest back to the government.

Canada Student Grants Program. This program combines all of the previously available federal grants into one plan. Again, you have to apply for a grant and demonstrate financial need. If your application is accepted, you could be eligible for grant money, which you do not have to repay upon graduation. There are also grants for individuals who fall into certain categories, such as those who are disabled or are supporting children while attending school.

Provincial and territorial school loans

When you max out your federal benefits or if you are denied federal financial assistance, you may be able to find support from the province or territory that you reside.

Alberta. The Alberta Learning Information Service offers scholarships, bursaries and school loans plus financial planning resources.

British Columbia. StudentAidBC provides loans, scholarships, grants and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.

Manitoba. You can apply for tuition loans and grants through Manitoba Student Aid. If you re a medical student, review the special section on medical grants.

New Brunswick. Apply for full-time or part-time student assistance through New Brunswick s Student Financial Services. You ll find all the information and forms you need for provincial aid.

Newfoundland and Labrador. Learn about your financial assistance options with Newfoundland and Labrador Student Aid. Start your full-time or part-time loan application, or read more about grants and other aid options.

Northwest Territories. Find student handbooks, policies, procedures and applications for aid from NWT Student Financial Assistance .

Nova Scotia. Visit the Nova Scotia Student Assistance department to view your student aid options. You can apply for student loans and find approved institutions.

Ontario. The Ontario Student Assistance Program seeks to provide financial support to its residents through student loans, grants, scholarships and bursaries. You may be eligible for aid whether you are a full-time or part-time student.

Prince Edward Island. Apply for provincial loans through PEI Student Financial Services. They offer both full- and part-time funding.

Quebec. Take advantage of loans and bursaries for both full- and part-time students from the Aide financiere aux etudes .

Saskatchewan. View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook, and then apply for loans.

Yukon Territory. See if you re eligible for aid from Yukon Student Financial Assistance. Learn about grants, loans, scholarships, awards and other funds you can take advantage of to help pay for your education.

Private student loans

If you’ve maxed-out government aid options, look into school loans and lines of credit from CIBC. For example, with an Education Line of Credit. you can get the money you need to pay for books, housing, tuition, transportation and more.

If you re a student working toward a professional degree in medicine, accounting, dentistry, law, business, pharmacy or other programs, you can take out larger tuition loans and lines of credit to accommodate the increased costs of these schools. CIBC offers the Professional Edge Student Program. which is a line of credit that comes with repayment options to fit your budget.

You can also use the equity in your home or your parents home to get a lower interest rate on a Home Power Plan that can be used to fund your education.

You can apply online or get your questions answered by talking to a CIBC advisor at 1-866-525-8622 .


FHA Loans – Complete Guide to FHA Loans #perkins #loan


#what is fha loan
#

FHA Loans: The Complete Consumer Guide

In this article:

What Is an FHA Loan?

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.

What Are the Advantages of FHA Loans?

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.

Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

What Are the Disadvantages of an FHA Mortgage?

You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan. it requires two kinds of mortgage insurance premiums: one is paid in full upfront -– or, it can be financed into the mortgage –- and the other is a monthly payment. Also, FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser.

Upfront mortgage insurance premium (MIP) — Appropriately named, this is an upfront monthly premium payment, which means borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. This sum can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.

Annual MIP (charged monthly) —  Called an annual premium, this is actually a monthly charge that will be figured into your mortgage payment. It is based on a borrower s loan-to-value (LTV) ratio, loan size, and length of loan. There are different Annual MIP values for loans with a term greater than 15 years and loans with a term of less than or equal to 15 years. Loans with a term of greater than 15 Years and Loan amount or =$625,000.

  • Loans with a term of greater than 15 Years and Loan amount or =$625,000
    1. LTV less than or equal to 95 percent, annual premiums are 0.80%
    2. LTV above 95 percent, annual premiums are 0.85%.
  • Loans with a term of greater than 15 Years and Loan Amount $625,000
    1. LTV less than or equal to 95 percent, annual premiums are 1.00%
    2. LTV above 95 percent, annual premiums are 1.05%
  • Loans with a term of 15 years or less and Loan amount or =$625,000
    1. LTV less than or equal to 90 percent, annual premiums are 0.45%
    2. LTV above 90 percent, annual premiums are 0.70%
  • Loans with a term of 15 Years or less and Loan Amount $625,000
    1. LTV less than or equal to 90 percent, annual premiums are 0.70%
    2. LTV above 90 percent, annual premiums are 0.95%

Example (for LTV less than 95 percent on a 30 year loan): $300,000 loan x 1.30% = $3,900. Then, divide $3,900 by 12 months = $325. Your monthly premium is $325 per month. The mortgage insurance will be in your payments for the entire loan term if your LTV is 90%. If your LTV is = or 90%, the Mortgage Premium will be for the mortgage term or 11 years, whichever occurs first.

Single family home mortgages with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt from the annual MIP.

FHA Mortgage Insurance Duration

  • The duration of your annual MIP will depend on the amortization term and LTV ratio on your loan origination date. Please refer to this chart for more information:

FHA Loan Requirements

  • Must have a steady employment history or worked for the same employer for the past two years.
  • Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.
  • New FHA loans are only available for primary residence occupancy.
  • Must have a property appraisal from a FHA-approved appraiser.
  • Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance ) needs to be less than 31 percent of your gross income, typically. You may be able to get approved with as high a percentage as 46.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Your back-end ratio (mortgage plus all your monthly debt, i.e. credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of your gross income, typically. You may be able to get approved with as high a percentage as 56.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants credit worthiness.
  • Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you ve managed your money in a responsible manner. See this page  for more details.
  • Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.

Property needs to meet certain standards: Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

FHA Loan Limits

There are maximum mortgage limits for FHA loans that vary by state and county. In certain counties, you may be able to get financing for a loan size up to $729,750 with a 3.5 percent down payment. Conventional financing for loans that can be bought by Fannie Mae or Freddie Mac are currently at $625,000.

How Do I Get an FHA Loan?


Commercial Mortgage Guide – #payday #loan #no #credit #check


#commercial loan
#

Looking for a Commercial Mortgage?

B2B Commercial Mortgages

When are commercial mortgages used?

Commercial mortgages generally take over where business loans finish. Business loans up to 25,000 are unsecured, but for larger amounts lenders need security in order to reduce the risk to themselves. Because of the legal and administrative costs of taking security on commercial property it is considered uneconomic to borrow under 50,000 this way, and some lenders have a minimum of 75,000 or more.

How to find the best deal

Because of the complexity we have teamed up with specialist commercial mortgage brokers, B2B Commercial Mortgages, who offer an online service and who charge no Broker fees. B2B are NACFB members who you can rely upon to find you the best deal, since they cover the entire market.

What can be offered as security?

Generally lenders take the property you are buying as the only security for the loan, which is typically 70% of the value of the property, and ask for a cash deposit for the balance of the purchase price. If you don’t have the cash you can offer the lender additional security, which is typically other property which you have considerable equity in, but could be a charge over other assets such as an insurance policy or shares.

Can I get a mortgage on a leasehold property?

Only if the lease remaining is more than 70 years, for most lenders, otherwise you will need additional security.

How long are commercial mortgages for?

Commercial mortgages are typically from 3 to 25 years. Shorter term finance is also available and this may be called a bridging loan or property development loan, which you may have from a few weeks up to 24 months.

Are all commercial mortgages variable rate?

No, but most are. Typically a rate will be quoted as X% over base or LIBOR, and this in residential terms would be called a tracker mortgage. Fixed rate mortgages are available and for amounts under 500,000, where the lender takes the rate risk themselves, they may be advantageous. But mortgages where the lender passes the risk on to the borrower by using a Swap contract are best avoided. These complex derivatives are not suited toSME borrowers.

Why can’t I find a definite rate?

The rates charged for commercial mortgages and business loans are not pre-determined like personal loans usually are. In each and every case when an application is made for a commercial mortgage a lending manager looks at it carefully to assess the risk level in making the proposed loan. A great deal of information is required for this decision. The lending manager will vary the rate offered to take account of the riskiness of the loan. Larger loans with a low risk will get the best rates. Lenders usually have a risk profile that they work to, so if your loan falls outside their risk profile it will be refused.

How much can I borrow?

For owner occupied property you can find a 70-75% mortgage. If it is an investment then the amount you can borrow will be determined by the rental income generated by the investment, but will not exceed 65% of the purchase price. If you are buying a business which includes goodwill, stock etc then the amount available will be further reduced.

Arrangement fees

Whilst arrangement fees are usually added to the loan when it completes, some lenders want some money to cover their work if you don’t accept their offer. In this case they may charge a commitment fee, which is part of the overall arrangement fee, but is payable with your formal application, and is non-refundable. Arrangement fees are typically 1% -2% of the loan amount for loans up to 1 million, with the smaller loans getting the higher rates.

Valuation Fees

Commercial properties are far more variable than residential ones, so a valuer will be required to visit the property and write a 20-30 page report about it to the lender. Typically residential properties are not visited by a valuer today, which is why they are much cheaper than commercial valuations, which start at around 500 for a simple case, but again because of variety are not done on a fixed price but from a bespoke quotation. This is payable to the lender after an initial indicative offer has been accepted.

Legal Fees

You will be required to pay both your own legal fees and those of the lender. Again because of the variety of property legal fees will vary with complexity, but start at around 500 for each party. Savings in cost and time can be made where it is agreed that both parties will use different partners in the same firm for representation.

Using a broker

It makes sense to use a specialist commercial broker who has the contacts and market knowledge to get you the best deal. The broker has to present your case to the lenders, so you must be truthful and fully co-operative in your dealings with your broker. Do not try to use several brokers simultaneously, you will be embarrassed and may end up empty handed. Brokers who are members of the NACFB can be relied upon to have Professional Indemnity insurance and to abide by a code of practice.

Broker fees

Many brokers charge for finding commercial mortgages, expect to pay a fee of up to 1% of the loan value, but don’t agree to pay anything until the broker has produced a loan offer at terms that you have pre-agreed with them.


Which laptop to buy 2015 – Tech Advisor #which #laptop #should #i #buy?,what #laptop #should #i #buy?,laptop,laptops,laptops #review,laptops #reviews,laptop #guide,what #laptop,buying #a #laptop,choosing #a #laptop,,laptop


#

Which laptop to buy 2015

We explain which laptop to buy. 2015 laptops buying advice – grab a bargain with the best budget laptops, best ultraportable laptops and more. Plus: laptop specifications explained.

There has never been more choice when shopping for a laptop. which can make purchasing the right laptop a difficult process. Do you want a netbook or an ultraportable. Or are you more concerned about price: looking for a budget laptop. mid-range laptop or a high-end laptop. Perhaps you need a Mac laptop or even a tablet ?

The first thing to do is to read our unrivalled laptops buying advice. explained in detail below. This explains all the relevant specifications, and shows you how to get to grips with the specs on offer and how to learn the bare minimum requirements for today’s portable computers.

Then check out PC Advisor’s laptops reviews reviews, which we’ve broken down into the relevant categories to help you make a selection. Comparing two or more similar laptops and working out which is the best laptop for you is, of course, a tricky task. And even though to an extent this is a subjective decision, we’ve tried to take some of the pain out of it with the laptops section of our unique, constantly updated best laptops charts .

We present the best laptops available in the UK, in a variety of product categories. And because we review more products than any other UK website, our charts are constantly updating, so you can be sure you’re getting good, up to date advice. (See also: Should I buy a Windows laptop or a Chromebook? )

Which laptop to buy: laptops buying advice

‘Which laptop should I buy?’ A simple question, and the question we are asked the most often. But ‘Which laptop should I buy?’ is also a deceptively difficult question to answer.

The fact is that the laptops market has become commodified. With the exception of the laptops made by a handful of high-end laptops makers – principally Apple – it is difficult to differentiate between the myriad laptops that flood the market. Indeed, the question is not which laptop to buy, but what specifications you should look for, what manufacturers you should consider, and how much you are prepared to pay.

A good laptop purchased in 2015 should last you for four or five years. But you have to make sure what you buy is fit for purpose. (See also: Should I buy a refurbished laptop? )

Which laptop to buy: what specs to look for

This depends on for what you will be using your new laptop. For the majority of people, a laptop is for web browsing, email and social media, and office work such as spreadsheets and Word docs. There may also be some photo- and video-editing.

The good news is that for such users the specification can be relatively light, and that will save you money. We would recommend that you focus your budget on the best possible processor, the most RAM you can afford (and use) and – a key consideration – that you invest in as much onboard storage as is possible.

So even at the budget end of the market you should be looking for an Intel Core i3 or higher processor. There’s nothing wrong with AMD chips, of course, but Intel truly dominates the PC market these days. Unless you are really strapped for cash avoid Intel Pentium or -Atom processors.

In terms of memory, you want as much RAM as possible. If you purchase a 32-bit Windows laptop you will be able to use a maximum of 3GB RAM. For a 64-bit install the more the merrier. You will never regret having too much RAM, as it will keep your laptop faster for longer.

Similarly, storage is critical. If you’re lucky it’s the aspect of your laptop that will run out the first. These days we all store myriad images and videos, and making sure you have sufficient space will keep your laptop useful for longer. A solid-state drive – or SSD – is always best, as it is much quicker than a traditional spinning hard drive. But an SSD will add significantly to the cost of your laptop and capacities tend to be lower. If you are at the budget end of the market go for a HDD.

Get those three specifications right and you will be off to a winning start. They will all impact on battery life, too. You want the biggest possible battery cell, and ideally it should be replacable. Other key considerations include the size and weight, and the display and graphics. We’ll also consider multimedia and connectivity.

With the former, you need to ask yourself for what you will be using your laptop – and where. If you want a laptop as your principal home computer, and it is unlikely to do all that much travelling, you can save money on thin and light and stretch out to a large 15in or 17in laptop. But if you need a laptop for work on the move, you will probably pony up more for a sleek and portable Ultrabook.

Size and weight directly impacts on display size, of course. Things to look out for here: it’s not just the physical size of the screen that matters, but the resolution. Ideally you should aim for a 720p or 1080p display, these days. And not all screens are made equal. You’ll find that a matte display is better than glossy if you work under strip lighting (or outdoors). Do you want a touchscreen? It can be nice but it will add considerably to the cost. Generally speaking the more you pay the better you get, in terms of richness of colour and flexibility of viewing angles, and so on.

Few laptops have dedicated graphics cards. Unless you are looking for a gaming rig you will be unlikely to need any more than the onboard graphics built in to many mmodern Intel chipsets. But if hardcore gaming is your thing, invest your money here. Finally, if you will be watching movies on your laptop, or listening to music, you may wish to get a laptop with decent front-facing speakers. In terms of connectivity 802.11ac/n Wi-Fi should be a given. Look for an HDMI port if you want to play content from your laptop to your TV. You can never have too many USB ports, and Bluetooth can be useful.

Which laptop to buy: what manufacturers to consider

We can’t in all fairness list only a few laptops makers and tell you to avoid all others. But I will say this: laptops are complex and expensive machines. Things go wrong all the time, and you want to know that if your laptop breaks you will be able to take it back to the manufacturer and get it fixed. So I would always err toward a manufacturer with history and a good reputation. There are great deals to be had online, but there’s nothing wrong with a physical store into which you can walk with your laptop if you need help.

Check out the reputation of your chosen manufacturer, although do bear in mind that all computer makers turn out the occasional lemon and customers tend not to post online with stories of a good PC delivered on time. And remember, if something looks too good to be true it probably is.

Which laptop to buy: how much should I pay?

Again: work out what you need, and work from there. These days it is perfectly possible to get an adequate web-browsing machine for 300- 350 inc VAT, if you don’t need the very best build or the latest spec. But if you want style, portability and performance you will need to shell out for it. Work out the specs you require, then look at what is available online and on the high street. Remember that at the lower end of the market even mainstream supermarkets sell decent laptops these days. But when you see a model you think would suit your purposes, be sure to check that spec against what you can get online to ensure you grab a bargain. For more, see: How to choose a laptop below 500 .

Which laptop to buy: best laptops of 2015

Still confused as to which laptop to buy? Fear not. Below are links to our regularly updated laptops group tests, featuring full reviews of the latest and greatest laptops in a variety of key categories.


Project host #boy #scout, #cub #scout, #venturer, #venturing, #scouting, #den, #crew, #cub #scout, #cubmaster, #advisor, #baden #powell, #knots, #ask #andy, #baloo’s #bugle, #eagle #scout, #merit #badge, #hiking, #camping, #wood #badge, #scout #camp, #scout #leader, #scouter, #scoutmaster, #scout, #scouting, #boy #scout, #scout #leader, #troop, #pack, #roundtable, #advancement, #tenderfoot, #second #class, #first #class, #star #scout, #life #scout, #boy #scout, #varsity #scout, #sea #scout, #venturer, #venturing #crew, #advisor, #boy #scout #program, #boy #scouts #program, #cub #scout #program, #cub #scouts #program, #venturing #scout #program, #venturing #scouts #program, #scout #jamboree, #scout #campfire, #scouters #online, #scouter #discussion, #boy #scouts, #scout #camp, #boy #scout #camp, #cub #scout #camp, #international #scouting, #wood #badge, #scout #cartoons, #cub #scout #program #guide, #scout #software, #scout #clipart


#

USSSP News Blog

Find out when the latest issues of Baloo s Bugle and Ask Andy have been published, see what s new on the site, and get the latest news from the U.S. Scouting Service Project. Visit http://usssp.blogspot.com

Forums

Discuss It – Online Forums at usscouts.org – You can participate in an online forum where you can discuss Scouting topics with other Scouts and Scouters.

Scouts-L Email Discussion List

Join over 2500 Scouters in the longest running Scouting email discussion list. Find out more .

More USSSP Email Discussion Lists

We sponsor several specialty email discussion lists on a variety of Scouting topics. Whether it is Cub Scouting, Philmont, or Venturing, you ll find great exchanges of ideas and information. Subscribe to a list .

Support Scouting in Your Community
Make a donation to support Scouting in your local area. There are other ways to help too. For more information visit http://www.scoutingfriends.org.

The U.S. Scouting Service Project websites have hundreds of feature areas. Below you ll find links to some of our features. For more features, please use the navigation menu to the left or our site-map.


Ask Andy is a frequently published advice column with answers to questions asked by front-line Scouters. Got a question that is stumping you? Check out the column or drop old Andy a line and see what he has to say.


Baloo s Bugle is a monthly collection of program helps for Cub Scout leaders. Each month a new edition is published with ideas for the following month s Cub Scouting theme.

The Scouting Activities Database features a number of activities submitted by visitors that you may want to try in your unit.

Scout Camp Search

Use the Scout Camp Database to find a Scout Camp and read visitor comments.

Scout Site Search


We track all of the changes in advancement requirements and have a listing of requirements for every rank in the Cub Scouting, Boy Scouting, and Venturing Programs and much more. Visit our Advancement area .


We track all of the changes to all merit badge requirements and offer requirements for each current merit badge.


Trying to find information on Awards? Visit our Awards area to find information on just about every known award.


Scouting s founder, Lord Robert Baden-Powell was a prolific writer and for more than thirty years from 1909 to 1941, he contributed notes to The Scouter. Those notes are captured in B.P. s Outlook.

Internet Scout Patch


The U.S. Scouting Service Project encourages Scouts and Scouters from around the world to learn about the Internet and how to use the Internet safely. Earn-It.


As a campfire gives way to embers or a meeting comes to a close, it is a Scouting tradition to take a moment with a thought that gives a lesson. Visit The MacScouter s collection of Scoutmaster Minutes.


Good grub makes a difference on an outing, so when it s time for Chow Call. be prepared with some great tips and recipes.


You can find thousands of images in the U.S. Scouting Service Project s Clipart collection including an assortment of animal clipart from the U.S. Fish and Wildlife Service. Get your critter clipart.

Knots and Ropework

Fact or Fiction


There are a lot of urban legends in Scouting that just aren t true. Visit Scouting: Fact or Fiction? to see some of the most often encountered urban legends in Scouting.