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How Do I Qualify for a Government Debt Consolidation Loan? mobile wiseGEEK #student #loan #consolidation #rates

#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.

FHA Mobile Home Loan – Manufactured Home Loans #hdfc #home #loan

#manufactured home loans

You can finance a manufactured home using the low rate FHA loan.

Getting a low interest rate mobile home loan is very possible using the FHA mortgage program. The reality is that in many areas, manufactured homes. also known as Mobile Homes. are the primary residence of choice and one of the most difficult types of homes to get a competitive low interest rate home loan on. Enter the FHA mortgage program. Learn more. Use our quick quote form!

In many instances, the actual purchase price for a mobile home with land is much lower than a conventional home and allows a wider range of prospective home buyers to become home owners. The FHA mobile home loan allows for both Double Wide and Single Wide manufactured home financing under FHA underwriting terms and conditions (which can be reviewed here ).

You’ll get a high quality low fixed rate. and in most instances, you will get a much higher loan-to-value (up to 96.5% financing) than you will ever find in the conventional or secondary loan market.

Best of all, the seller may contribute up to 6% towards the payment of your closing costs. Also, gifts from HUD qualified sources may be used to meet 100% of the minimum down payment requirements. Get started today with a low rate mobile home loan by using our quick quote application!

Mobile Home Lending Criteria

General Eligibility Criteria For Manufactured Housing By HUD:

  1. The home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing.
  2. Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
  3. The home must be classified and taxed as real estate (as applicable).
  4. The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins.
  5. The manufactured home must not have been installed or occupied previously at any other site or location.
  6. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation.
  7. The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier).
  8. The axles and tongue must be removed from the unit. The chassis must stay in place.
  9. The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Honda Cars Mobile Site: Estimate Payments #private #loans

#monthly car payment

[1] MSRP excluding tax, license, registration, $835.00 destination charge and options. Dealer prices may vary.

[2] MSRP excluding tax, license, registration, $900.00 destination charge and options. Dealer prices may vary.

[3] Subject to limited availability through September 2014 to residents of CA, OR, MA, RI, CT, NY, NJ, and MD on approved credit through American Honda Finance Corp. Closed end lease for 2014 Honda Fit EV for well-qualified lessees. Not all applicants will qualify. No purchase option at lease end. MSRP $37,415 (includes destination). Excludes tax, title, license, fees, registration, options and insurance. Total monthly payments $9,324. Lessee responsible for non-routine maintenance and excessive wear/tear. Lease includes collision coverage, routine maintenance, roadside assistance, unlimited mileage, and navigation system updates. Total due at lease signing is $259 plus tax and title and includes first month’s payment. Please see your authorized Fit EV dealer for complete details. For lessees who elect to install 240-volt charging equipment in their home, the charging equipment (hardware only) will be provided by Honda, the lessee remains responsible for installation and installation materials.

Omni Financial near Memphis, TN with Reviews – YP mobile #3 #month #loans

#omni loans

1. Cfh Financial Services Inc

2. Chartwell Financial Group

6363 Poplar Ave, Memphis, TN 11.69 mi Financial Planning Consultants, Insurance, Insurance Consultants Analysts, Life Insurance, Financial Services, Investment Advisory Service, Investments Services (901) 730-7464 Directions

3. Carman Financial Services

6800 Poplar Pike, Memphis, TN 12.57 mi Investment Advisory Service, Financial Planners, Investment Securities, Investments, Financial Services (901) 680-0448 Directions

4. Edward Jones – Financial Advisor: Julia San Roman

4515 Poplar Ave Suite 128, Memphis, TN 8.06 mi Financial Services, Investments, Mutual Funds, Retirement Planning Services, Investment Advisory Service, Annuities Retirement Insurance Plans, Investment Securities, Stock Bond Brokers, Financial Planning Consultants, Pension Profit Sharing Plans, Investment Management, Financial Planners, Financing Consultants, Stock Bond Transfer Agents (901) 684-2925 Directions

5. Edward Jones – Financial Advisor: Matt Wiseman

4515 Poplar Ave Suite 128, Memphis, TN 8.06 mi Financial Services, Investment Securities, Stock Bond Brokers, Investments, Mutual Funds, Pension Profit Sharing Plans, Retirement Planning Services, Financial Planning Consultants, Investment Management, Financial Planners, Financing Consultants, Investment Advisory Service, Annuities Retirement Insurance Plans, Stock Bond Transfer Agents (901) 684-2925 Directions

6. Edward Jones – Financial Advisor: Patrick Murphy

What is a Cash Advance? (with pictures) – mobile wiseGEEK #micro #loans

#cash advance

wiseGEEK: What is a Cash Advance?

Cash advances are essentially loans that are funded from the open balance in a credit card account or a line of credit. Many credit card providers include this feature as part of the services provided to customers. The maximum amount that can be borrowed and the frequency of the allowed advances will vary depending on the terms and conditions of the credit card or line of credit agreement.

How a Cash Advance Works

Along with the credit limit assigned to a credit card or line of credit, the issuer will also usually set what is known as a cash advance limit. This limit may equal the currently available credit limit, or be only a percentage of that amount. The cardholder can get a cash advance at an ATM using the personal identification number (PIN) assigned by the credit card issuer, or at the bank counter if that bank is the issuer of the card. Some credit cards also supply “convenience checks” on the account that can be used in some locations where credit cards are not accepted; these checks are typically considered cash advances.

As long as the requested amount does not exceed the current cash advance limit, a cash advance from an ATM should dispense real currency. If the amount does exceed the limit, the ATM may still dispense the money or the convenience check may still be honored but the exchange may be flagged. The advance might be handled in the same manner as a purchase over the credit limit, incurring a penalty or other fee.

Why Use a Cash Advance?

Even though debit and credit cards are accepted in most locations, there are still some services and vendors that require immediate payment by cash or check. Taking out a personal loan for a relatively small amount of cash could prove expensive, while debit cards can only supply what currently exists in a savings or checking account. During a cash emergency, such as paying an medical bill or a mortgage payment, taking out a cash advance against the balance of a credit card may be a good solution.

What Does It Cost?

Using a cash advance option can prove to be expensive, so it’s always best to explore other payment methods before incurring more debt. Credit card issuers often charge high fees for taking out a cash advance, on top of the high interest rates that are typically charged on the amount borrowed. Any money borrowed through an advance will be added to the balance owed on the card, along with any applicable interest payments and other finance charges.

The interest rate applied to advances is often much higher than the rate applied to card purchases, and monthly credit card payments are often credited toward the purchases with the lowest interest rates first. This means that a cash advance may stay on the account longer and continue to be subject to that high interest rate until the entire credit card debt is paid off. In addition, there is usually no grace period for cash advances. When a consumer makes a credit purchase, he or she typically has until the next payment on the card is due before any interest is charged on that purchase. Interest begins to accrue immediately on cash advances.

In addition, getting a cash advance at an ATM usually costs more than other methods. Most ATMs charge fees set by the machine’s owner, which must be paid on top of any fees that the credit card issuer charges for the service.

Cash Advance Payday Loans

In some cases, a payday loan may also be called a cash advance, since the loan is an “advance” on the borrower’s next paycheck. These small, short-term personal loans can be quite expensive, and often include high fees and interest rates. Payday loans are controversial in many places, and are even illegal in some jurisdictions.

Tips On Refinancing a Mobile Home Loan #3 #month #loans

#manufactured home loans

Refinancing mobile home loan at lower rate

Buying a mobile home, also known as a manufactured home, can be one of the most affordable ways to own.

One decision can make a significant difference in monthly payments: whether to finance the mobile home with a personal property loan or a mortgage.

Personal property loans, known as chattel loans, have much higher interest rates than mortgages. To some owners of manufactured homes, refinancing chattel loans into mortgages could reduce monthly housing expenses.

Refinancing a mobile home

To qualify for refinancing as a mortgage:

  • The home must be on a permanent foundation that meets standards set by the Department of Housing and Urban Development.
  • The manufactured home must be titled as real estate rather than as personal property.
  • The homeowner has to own the land that the manufactured home is on. An important exception to this rule is explained below.

Big difference in interest rates

In 2012, about 68 percent of all manufactured-housing purchase loans were considered higher-priced mortgage loans, and many of them were chattel loans, according to the Consumer Financial Protection Bureau.

More On Refinancing:


Interest rates on chattel loans range from 7 percent to 12.75 percent, says Ken Rishel, founder of Rishel Consulting Group in Chicago. The loans are usually for 15 or 20 years.

In contrast, the average rate for a 30-year fixed-rate loan has been well below 5 percent for all of 2014.

Rishel, whose company makes chattel loans of at least $5,000, says the interest rates are risk-based, and chattel loans are often the only choice for borrowers with poor credit. Chattel loans are the main option for owners whose mobile homes are not permanent foundations.

Converting to a new title

Some states have eased the process of converting a personal property title into a real estate title, making refinancing possible, says Marc J. Lifset, an attorney with McGlinchey Stafford in Albany, New York.

Lifset helped financial institutions lobby for the approval of that legislation in Alaska, Illinois, Iowa, Louisiana, Maryland, Missouri, Nebraska, North Dakota, Tennessee and Virginia.

“The legislation provides a clear definition of when the home is real estate and when it is not,” he says. “It makes the process more certain. In many states, the definition was murky.”

Getting a real estate title

A real estate attorney or title company can help with a title conversion as a first step to refinance. Owners of manufactured homes need to provide:

  • A certificate of title to the home or a copy of the manufactured certificate of origin.
  • The deed to the land where the home with the permanent foundation is located.

Once the owner has the real estate title in hand, the next step is to find lenders that provide mortgages on manufactured homes. The rest of the process is similar to closing a mortgage on any residential property.

Borrowing on leased land

Under some circumstances, owners of manufactured homes leasing a lot at a mobile home community can get mortgages — even if they don’t own the land beneath their feet.

The Federal Housing Administration offers a program known as Title I, designed for owners whose mobile homes are on a permanent foundation but are within a manufactured housing community.

Among the requirements for a Title 1 mortgage:

  • The mobile home must be the borrower’s primary residence.
  • The home has to be on a rental site in a manufactured home park that conforms to FHA guidelines.
  • The lease agreement must meet FHA standards.

It’s not easy to find mobile home communities that meet the FHA’s strict guidelines, says Rishel, whose company makes chattel loans in land-lease communities. “Not many landlords participate on the Title I program.”

Few lenders offer Title I mortgages. One is 21st Mortgage, which is owned by Clayton Homes, one of the nation’s largest manufacturers of mobile homes.

Costs of switching title

When a mobile home is titled as personal property, the owner pays personal property taxes. When it’s titled as real estate, the owner pays real estate taxes. In many states, property taxes tend to be higher.

“The consumer has to do the math on how much they are going to save by lower interest rates, compared to how much more taxes they may be paying and what the closing costs are going to be” in a refinancing, Lifset says.

Another potential downside: If the owner has to build a permanent foundation to refinance a chattel loan, that expense has to be taken into account. Building a new foundation could cost $10,000 to $15,000, Rishel says.

“Refinancing is a valuable thing but for a limited number of people who live in manufactured homes,” he says.

Mobile Home Loans – Capital Lending, Inc. Capital Lending, Inc. #government #business #loans

#mobile home loans

Low Down Payment!

* We finance SINGLEWIDES (14’ wide or larger), DOUBLEWIDES, and TRIPLEWIDES


* CHATTEL (Home Only) or LAND HOME combination loans available

* Up to 95% LTV before fees on Owner Occupied, Full Doc loans.

* Up to 80% LTV before fees on Alternative Income, Secondary Housing, and Investment Properties.

DEBT CONSOLIDATION and HOME IMPROVEMENT programs available (based on equity and customer qualification). Alternate income is not available on Equity Loan Programs.

* Permanent foundation not required.

* No surveys or inspections required.

* CLOSING COSTS can be financed.

Fixed Rates No Pre-Payment Penalties.

* Rates typically range from 7.99 to 18% depending on credit quality, ltv, loan amount and collateral type (CHATTEL HOME )

* 600 minimum credit score is required on all three major credit bureaus. Credit scores 600 or less requires a minimum down payment of 40%.


“We take pride in our exceptional programs and outstanding commitment to always put the client first and navigate all parties through the process of obtaining financing”

Mobile Home Loans – With or WITHOUT THE LAND, manufactured housing mortgages, Land Home Finance and Refinance #loans #with #no #credit #check

#manufactured home loans

We specialize in Mobile and Manufactured Homes – its all we do. Finance your singlewide, doublewide, or triplewide MH in a mobile home park, on your land, with a mortgage, or a chattel loan. Refinance today at low fixed interest rates whether you need to finance with or without land. Trailer financing, OK. Your good credit = Lowest internet rates. Manufactured Housing Mortgages nationwide! We also offer chattle mortgages. Some programs allow for modular homes at interest rates comparable to current mortgage rates.

Mobile home loans and manufactured housing lending is still available. Low FIXED Interest Rates on Purchases, Refinances, Debt Consolidation, or even Cash Out.

Get an Instant, Anonymous, and Hassle Free MH Loan Evaluation BEFORE you give any personal information! Simply CLICK HERE to use our Automated Answer System. You will be asked a series simple questions on exactly what you are trying to accomplish with this loan and then be directed to the most appropriate application to fit your individual needs.

You will know in the next few minutes if it there is a program available to fit your unique needs.

Get free quotes for mobilehome programs and start saving today.

Mobile Home Loans from AFR Mortgage #refinance #loans

#manufactured home loans

Mobile Home Loans from American Financial Resources

Finance the purchase of your mobile home, or refinance your existing mortgage with a mobile home loan from American Financial Resources. We focus on finding just the right loan program for you and your property, that will help you meet your financial goals. Our mobile home mortgage program is a specialized FHA loan allowing us to offer extremely low rates and the security of a fixed interest rate.

Will my property qualify for a mobile home mortgage from AFR?

To be eligible for this mobile home loan the following requirements must be met:

  • The home must be a minimum of 400 square feet.
  • The home must have been built after June 15, 1976, and in conformance with the Federal Manufactured Home Construction and Safety Standards. (There will be a certification label to signify this, and an American Financial Resources loan consultant can help you determine if you property is eligible. They can be reached at 800-316-9508.)
  • The loan must also cover the land that the manufactured home sits on, the home must be on a permanent foundation, and cannot be located in a trailer park or flood zone.
  • The borrower s credit score must be a minimum of 620 FICO.

Please note that this is only a partial list of guidelines and the guidelines may change at any time.

Request mobile home mortgage rates today!

Take advantage of today s low mobile home mortgage rates and this unique manufactured home loan program. You can Get Started Online or pick up the phone and call us today – 800-316-9508. Trust the financing of your home to the mobile home loan experts !

Looking for more information? Check out these resources.

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

#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.