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Mortgage Refinancing, Home and Mortgage Center, refinancing your home.#Refinancing #your #home


STAY IN YOUR HOME.

CHANGE YOUR RATES.

POPULAR REFINANCING OPTIONS

Your rate, payment, and costs, could be higher. Get an official Loan Estimate before choosing a loan. The following rates are based on a credit score above 740. Payment examples for fixed rate loans on this page include estimated amounts for escrow items, such as property taxes and insurance. Click on the Learn More button for more details.

5/5 ARM

Adjustable Rate Mortgage

*Payments shown do not include taxes or insurance, actual payments may be greater. Rates and offers are in effect as of , for new applications only, for a limited time, and subject to change without notice. Example based on $ loan. Other restrictions apply. Rate is variable and can increase by no more than 6 percentage points every 15 years (8.750% for this example). Since the index in the future is unknown, the First Adjustment Payments displayed are based on the current index plus margin (fully indexed rate) as of the date above.

30-YEAR

Your rate, payment, and costs, could be higher. Get an official Loan Estimate before choosing a loan. The following rates are based on a credit score above 740. Payment examples for fixed rate loans on this page include estimated amounts for escrow items, such as property taxes and insurance. Click on the Learn More button for more details.

Estimate your costs

REFINANCE PAYMENT CALCULATOR

Once you know how much you can afford to spend on a home, you can use this tool to see how different loan types can change your monthly payment. Different loans offer different features, such as a lower monthly payment or a faster payoff time. See how a typical mortgage payment breaks down, and get the loan that fits your needs best.

The application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.


Mortgage Refinancing, Home and Mortgage Center, refinancing your home.#Refinancing #your #home


STAY IN YOUR HOME.

CHANGE YOUR RATES.

POPULAR REFINANCING OPTIONS

Your rate, payment, and costs, could be higher. Get an official Loan Estimate before choosing a loan. The following rates are based on a credit score above 740. Payment examples for fixed rate loans on this page include estimated amounts for escrow items, such as property taxes and insurance. Click on the Learn More button for more details.

5/5 ARM

Adjustable Rate Mortgage

*Payments shown do not include taxes or insurance, actual payments may be greater. Rates and offers are in effect as of , for new applications only, for a limited time, and subject to change without notice. Example based on $ loan. Other restrictions apply. Rate is variable and can increase by no more than 6 percentage points every 15 years (8.750% for this example). Since the index in the future is unknown, the First Adjustment Payments displayed are based on the current index plus margin (fully indexed rate) as of the date above.

30-YEAR

Your rate, payment, and costs, could be higher. Get an official Loan Estimate before choosing a loan. The following rates are based on a credit score above 740. Payment examples for fixed rate loans on this page include estimated amounts for escrow items, such as property taxes and insurance. Click on the Learn More button for more details.

Estimate your costs

REFINANCE PAYMENT CALCULATOR

Once you know how much you can afford to spend on a home, you can use this tool to see how different loan types can change your monthly payment. Different loans offer different features, such as a lower monthly payment or a faster payoff time. See how a typical mortgage payment breaks down, and get the loan that fits your needs best.

The application of additional loan level pricing adjustments will be determined by various loan attributes such as Loan-To-Value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.


Manufactured Home and Mobile Home Refinancing, Loan, refinancing your home.#Refinancing #your #home


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Lend Your Money, Turn a Profit #monthly #payment #loans


#money to loan
#

Lend Your Money, Turn a Profit

By: BankingMyWay.com Staff

Your bank profits off money sitting in your savings account by lending it out at a higher rate than it returns to you.

So why not eliminate the middleman and lend your money to others yourself? That’s the proposition offered by financial Web sites ranging from Prosper.com and LendingClub.com to Zopa.com, which launched its U.S. site last week.

Though their models vary slightly, these social-lending sites aim to connect borrowers and lenders outside of traditional financial institutions.

The benefit? Both borrowers and lenders can get better rates than they might obtain from a bank, while the Web site makes money off of transaction fees.

Here’s how these sites generally work: A borrower posts a request for a loan, providing both the amount and the interest rate he’s seeking. Borrowers at LendingClub, for example, typically seek $5,000 to $7,000, most frequently to pay down credit-card debt.

A lender, meanwhile, decides how much money she has to offer and what interest rate she will accept. The site then offers what amounts to an online marketplace, where the lender can view various loan requests and decide which to accept.

A New Asset Class?

Once loans are made, the borrowers have the cash to pay down a debt or spring for that wedding. The lender, meanwhile, has a shot at a handsome return. LendingClub, for example, boasts an average return of 12.32% since May, when it launched on Facebook. (Facebook membership is no longer required in order to participate.)

Eric DiBenedetto, a professional angel investor in the San Francisco Bay area, invested “several thousand dollars” with LendingClub on the day of its launch. To date, DiBenedetto has achieved returns of 12% to 14%.

“Originally I did it as an experiment,” he says. “But it’s become a growing piece of my portfolio. It’s a great place to park some of my cash. And in this age of volatility, if I keep getting these returns I may actually move some of the money I have in equities over to these loans.”

Renaud Laplanche, CEO of LendingClub, says that so-called “person-to-person lending” — the industry is still hunting for the right moniker — is an entirely new asset class that deserves its own place in a diversified portfolio. “With this model, you get exposure to a kind of investment that you typically can’t access as an individual,” says Laplanche. “It also has less volatility than the stock market.”

Microlending isn’t without risk to the lender. That said, each lender’s cash is typically spread out across multiple loans, to reduce the impact of any single default. Borrower profiles on LendingClub and Prosper.com include the borrower’s credit score (or a rating derived from the credit score) and debt-to-income ratio. Borrowers who don’t pay face dunning by collection agencies — and notice of nonpayment is posted to their credit report.

While the model is in its infancy, the safeguards seem to be working so far. LendingClub has originated $2.9 million in loans spread across the 425 loans since May, and late payments represent just 0.08% of the portfolio. Prosper.com says it has originated more than $100 million in loans since its 2006 launch, with a default rate of 3%.

The Philanthropic Route

But not all the social-finance sites focus so directly on the opportunity to boost returns. While that’s the model Zopa.com, a British company, uses for its U.K. and Italian sites, CEO Douglas Dolton says for the company’s U.S. launch it wanted to do something aimed at Americans’ philanthropic tendencies.

So at Zopa’s new U.S. site, a borrower receives his loan directly from one of the credit unions with which Zopa is affiliated, and investors — not lenders — buy certificates of deposit, currently yielding 5.1%, directly from the same credit unions. Like other CDs, the Zopa CDs are FDIC-insured and penalize early withdrawals.

Here’s what’s different: Every investor must contribute at least 10 basis points (a basis point is one-hundredth of a percentage point) of her return to a borrower. The funds go directly to a borrower’s loan payment, thus reducing the amount for which he is personally responsible.

The idea behind this approach is that investors will accept slightly lower returns in exchange for the knowledge that their money is helping out aspiring entrepreneurs and people who are mired in expensive credit-card debt.

“We’re tapping into the desire of Americans to help people,” says Dolton “This is not a speculative environment; the investor gets a really spectacular return on a fully insured, very liquid CD. And without doing anything he’s helping a borrower.”

Apart from conventional safeguards for lenders, both Zopa and LendingClub hope that the personal nature of these transactions will reduce lenders’ risk because borrowers tend to be more accountable to individual lenders than to faceless financial institutions.

“This is like Facebook and MySpace meeting social finance,” Dolton says.

For more ways to save, spend, invest and borrow. visit MainStreet.com.


How to get the best loan deal for your dream car #apply #for #loan


#best loan deals
#

How to get the best loan deal for your dream car

The loan math

A loan deal becomes sweet only if there is some kind of incentive from the manufacturer or financier. Otherwise, it can be as good as any other loan deal in the market. Try and separate the loan purchase from other negotiations in order to maximise it. Even if you can’t maximise, you would know what exactly you’ve got.

For instance, a discount offered by a manufacturer can be clubbed in the loan calculation to make the loan deal look much better. Assuming that you take a Rs 4-lakh loan at 12% interest rate for 5 years. The EMI will cost Rs 8,810. Let’s assume that the dealer has got a discount of Rs 25,000 to be offered to you. He doesn’t tell this to you but reduces it from the loan amount, making the EMI as low as Rs 8,259. Or he may also choose to tell the customer that the effective interest rate he is offering is 8.8%. A discount of Rs 25,000 doesn’t sound as lucrative as an interest rate of 8.8% in the current scenario,” says Banwari Lal Sharma, AVP, CarWale Automotive Exchange.

Is it really a discount?

A car dealer offers a “good” deal only under the following circumstances. First, the dealer has a huge stock of a particular car and he wants to liquidate that at any cost. Second, the dealer has service issues, which has impacted his reputation. Hence he may design attractive deals to offset its impact.

If the dealer claims to give a good discount, you should first understand the nature of the offer. The dealer may be offering accessories, insurance, car loan etc. at a ‘discounted’ price. But it may not be the best and the lowest price in the market. “Car accessories such as music systems, Bluetooth are much cheaper in shops owned by the authorised dealers. If the dealer is giving a discount on the car cost or accessories, the dealer has already made his money by earning a good margin on accessories. Thus the dealer makes money by inflating the charges of the value-added services and the customer is usually unaware,” says Rupesh Rele, a Mumbai-based auto expert.

Hence you should cross-check the offer not just with other dealers but also with other industry players who specialise in selling accessories, insurance or loans.

Cash Discount the best bet

A dealer may entice you with a cheaper loan offer which may seem half of what the banks offer. But there are chances he may build it into the cost in some other manner. “A customer should ask only for cash discount. Most dealers say they will offer a lower interest rate instead of a cash discount. That will reduce the customer’s EMI. But car buyers should not fall for this pitch. If you are paying 1 lakh as down-payment for a Rs 5-lakh car loan, ask for a cash discount on that Rs 1 lakh. Then compare the discount offers from various lenders to identify the best deal,” says Harsh Roongta. chief executive officer of Apnapaisa.com .

Age of the car

This is as important while buying a new car. Car sales have plunged in the past two years because of rising petrol prices and higher interest rates. Typically, dealers also offer the best discounts on these “dated” cars. But if you are looking to sell the car in 3-4 years, the manufacturing date of the car will be the sole determinant of the resale value. Let us look at two cars of the same make and sub-type. One with a manufacturing date of December 30, 2011 and the other with a manufacturing date of January 5, 2012. Both the cars have a registration date of May 2012. “The car manufactured in 2011 will be sold for a cheaper price and at a better offer than the one made in 2012. But if you intend to sell this car after 3-4 years, you will get a far lower value for the 2011-car although it is only 7 days older than the 2012-car,” says Rupesh Rele.

Hence don’t forget to look at the age of the car while negotiating on the price and the discounts offered by the dealer.

One rupee and free insurance

The cheapest is not the best when it comes to insurance. You have to look at IDV (insured’s declared value), coverage of the policy and the tie-ups of the insurer before buying an insurance policy. IDV is the compensation you get in case of theft or total loss of the vehicle due to accidental damage. The IDV should not be less than 15% in the second year and 20% in the third year. Also opt for a comprehensive insurance coverage than third party liability. Compare the policy details with what the insurers offer and also the price and quotations.

Next time a dealer doles out the ‘best’ car loan offer, do your EMI math by getting separate quotations from banks based on your loan affordability. Compare those with the dealers’ quotations. And always negotiate on cash discount. This will lower your loan amount, EMI and the interest outgo, too.


How to protect your child’s credit – FOX 14 TV Joplin and Pittsburg News Weather Sports #credit #card #consolidation #loan


#how to apply for student loans
#

More from Bills.com More

By Andrew Housser

Identity theft is terrible when it happens to anyone. The consequences range from hassle to financial disaster. But what if someone stole your identity, and you had no idea, perhaps for years while the thief opened credit cards or secured vehicle loans, filed taxes and pocketed the refunds, or even took government benefits?

It is possible, particularly with children the group most at risk for this type of unrecognized theft. A 2011 study found that more than 10 percent of victims of identity theft were children. This makes children 51 times more likely to be victimized than adults. The tips below can help you protect the children in your life.

1. Know the warning signs.

Possible identity theft has warning signs. The most obvious is if a child begins to receive credit card or loan offers in the mail, or collection calls. Sometimes, a child receives a notice from the Internal Revenue Service about unpaid taxes. Others may be denied government benefits such as Medicaid because the Social Security number has been used. Sometimes, the theft goes undetected until a child applies for a driveR s license or bank account. A fraud victim may be denied because his or her Social Security number has been used with another name.

2. Check the child s credit reports.

Adults and minors older than age 14 can request free credit reports once per year from AnnualCreditReport.com or by calling 877-322-8228. Check your child s credit reports using his or her Social Security number. If no reports exist, the child s credit has never been used. This is an indicator that all is likely well.

3. Understand when a child might have a credit report.

Some minors legitimately have a credit report. In many cases, this is because parents have added a teen as an authorized user on a credit card account. Other minors may be joint account holders or have a small bill, such as a cell phone, in their names. In these cases, having credit reports is valid. Still, parents or guardians and teens should review the reports together to make sure they do not contain inaccurate information or errors. If you do spot an error, report it to the credit bureau in writing and request a correction.

4. Keep Social Security numbers secret.

Do not share your child s Social Security number, even with family members. If you receive information that any relevant data such as tax return, school or health insurance information has been exposed in a security breach, take necessary precautions with your child s information as well as your own. If you are asked for a Social Security number for identification purposes, ask if you can use only the last four digits, or see if you can identify the child in some other way.

5. Be especially careful regarding foster children.

Foster children are especially at risk of identity theft. This is because their information passes through many hands. Sadly, these children face even greater challenges if their identities are stolen. Fortunately, in 2011 Congress passed legislation requiring child welfare agencies to help foster kids check and repair their credit when they turn 16.

6. Handle fraud or identity theft quickly.

If you believe your child is a victim of identity theft, respond quickly. Contact each of the credit bureaus to report the fraud. Tell at least one of the credit bureaus to place a fraud alert on the account (one company will contact the others). You also should file a fraud report with the Federal Trade Commission (FTC) online or by calling 877-438-4338.

7. If a child already is a victim, consider a credit or security freeze.

A credit freeze shuts access to an existing credit file, making it impossible for anyone to open a credit card or loan using a Social Security number. If a child is a fraud victim, parents may opt to do this. You need to arrange the freeze individually with each credit bureau. See more details from the Identity Theft Network .

In addition, it s possible in some states for parents to proactively do a credit freeze for any child. If the child has no credit file, in these states, the credit bureau would create a file in order to place a freeze on it. Currently, legislatures have made these credit freezes available to parents or guardians in about 20 states. Be aware, however, that there is a downside to this option. Should someone try to apply for a loan using a child s stolen (but unfrozen) information, the lender will be informed that there is no credit history, and the applicant is a minor. This could result in the fraud being reported, and perhaps the thief s capture. With a freeze on the account, the lender would never be informed of attempts to use the number.

Fortunately, most children will avoid identity theft. For those who are victimized, the best defense is catching the situation early. By reporting the fraud, you can help salvage the child s credit profile in time for grown-up responsibilities such as a job application, student loan or car loan.

Andrew Housser is a co-founder and CEO of Bills.com. a free one-stop online portal where consumers can educate themselves about personal finance issues and compare financial products and services. He also is co-CEO of Freedom Financial Network, LLC providing comprehensive consumer credit advocacy and debt relief services. Housser holds a Master of Business Administration degree from Stanford University and Bachelor of Arts degree from Dartmouth College.


How to Find a Bad Credit Mortgage for Your Home #bad #credit #cash #loans


#getting a loan with bad credit
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How to Find a Bad Credit Mortgage

By Elizabeth Weintraub. Home Buying/Selling Expert

Elizabeth Weintraub has an extensive background in real estate spanning more than 30 years, including experience in related industries such as title and escrow. She is a full-time broker-associate at Lyon Real Estate’s midtown Sacramento office and is recognized as a top producer. She is also a Life Member of the Master’s Club, an honor bestowed by the Sacramento Board of REALTORS , and ranks in the top 1% of all the agents at Lyon Real Estate.

CA BRE License #00697006

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If you just completed a short sale. you might want to wait 2 years before applying for a mortgage because you ll get a much better rate if you wait. Fannie Mae guidelines say a short sale seller can qualify in 2 years for a loan as long as the seller maintains good credit after the short sale .

Even if you ve filed bankruptcy, as long as you keep your credit squeaky clean after the discharge, you can probably qualify for an FHA loan in a couple of years. FHA loans don t necessarily carry credit score minimums. but the lenders who fund the loans do want a minimum FICO score .

Tips for a Bad Credit Mortgage

Make sure you check out the mortgage broker with your state s licensing board and deal only with a reputable company. Do not get a hard-money loan through a loan shark. Following are some tips for taking out a bad credit mortgage:

  • Think of the bad credit mortgage as a temporary solution. Make it short term. This does not mean get a short-term loan, but plan on paying the loan no longer than 2 years before you build up your credit enough to get a decent refinance .
  • Consider an adjustable-rate mortgage. Your interest rate will be high for a fixed-rate amortized loan. much higher than the rates you will find advertised online at websites such as bankrate.com. You will most likely pay higher discount points. too. By getting an adjustable-rate mortgage, you should be able to keep your mortgage payments low enough to be somewhat manageable.

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  • Do not agree to a prepayment penalty. A prepayment penalty means you could pay as much as 6 months of additional interest if you pay off the loan early. Since most of your payment is interest and not principal, that s like paying an extra 6 months of payments. Don t do it.

Alternative Options to a Bad Credit Mortgage

Work with a mortgage broker to shop for the best loan available without having to resort to a bad credit mortgage. The first option is to work on repairing your credit.

  • Get a free copy of your credit report. Examine it. If you see a mistake, write to the credit bureaus and ask for a correction.
  • Ask your mortgage broker about submitting you for a rapid rescore. Your mortgage broker can help you to repair your credit or refer you to a reputable credit repair company. Then a rapid rescore through your mortgage broker might considerably increase your FICO score in a relatively short period of time. Rapid rescore is a mortgage industry secret tactic.
  • Consider a co-signer. For example, FHA guidelines will allow a co-signer on your loan. Maybe your parents or another relative could co-sign for you and you could avoid a bad credit mortgage.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.


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


#housing loan interest rates
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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.

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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


Get a Home Improvement Loan for Your Renovation Project #unsecured #bad #credit #loans


#home improvement loans
#

Did You Know a Home Equity Line of Credit (HELOC) can be used for Home Improvement Projects?

If you own a home, chances are that you’ve had several home improvement ideas in mind for some time. We want your dream renovation to become a reality, and now they can, by applying for a Nationwide home equity line of credit (HELOC) or home equity loan.

Using a HELOC for your home renovation

You can easily use a home equity line of credit (HELOC) to pay for your home improvement projects. As a type of home improvement loan, a HELOC is a line of credit extended to you based, in part, on the value of your home. With it, you’re approved for a total loan amount, but like a credit card you are only required to pay back the amount that you have used. You can use special checks or a Visa® card connected to your line of credit to pay for what you need, when you need it.

There are flexible repayment options when you reach end of draw, and often times the interest accrued can be tax deductible. Please consult your tax advisor regarding the deductibility of interest of your home equity line of credit. A HELOC from Nationwide Bank offers low variable interest rates, which means you’ll have more money, as compared to other financing options, for your planned projects.

Home equity loans can also be used for home renovation costs

If you need a specific amount of money for a larger, one time home renovation, a home equity loan is a great solution for you. You will get a lump-sum payment with a fixed interest rate, so your monthly payments stay consistent.

Whether you opt for a HELOC or a home equity loan depends largely on the scope of the projects you have in mind for your home. Ultimately, both home improvement loans feature attractive interest rates that consistently beat credit cards, as well as potential tax benefits on the interest that you pay. Sit down with your tax advisor to discuss these potential benefits in greater detail.

Neither Nationwide nor our agents or representatives give legal or tax advice, so you should consult your attorney or tax adviser for answers to your specific tax questions.

Home Equity Comparison Chart


Financing Your Collector Car #pioneer #loans


#classic car loans
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Lenders are making it easier than ever to get behind the wheel of your dream machine

Contrary to what members of the general public must think, most enthusiasts don’t build their collections by cruising the big-dollar auctions in search of only the most perfect and desirable cars, throwing greenbacks around in front of the television cameras. No, the majority of us just don’t have that kind of a budget for our hobby, if we have a budget at all. With our modest disposable income, we buy restoration candidates rather than finished cars–sometimes because we get great satisfaction out of the work, but other times because there’s no other financially feasible way in. Or we may learn to love that rusty six-cylinder, four-door sedan, though we lust in our hearts for the pristine V-8-powered convertible that lies far beyond the reach of our savings accounts.

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For most of the history of the collector-car hobby, that’s the way it’s been: Your choices have pretty much been shaped by the diameter of the bankroll in your pocket. But a growing number of collectors are turning to a new alternative, signing on the dotted line for loans of anywhere from five to 12 years to get into the driver’s seat of their dream cars right now. Over the past several years, a number of lenders have begun offering specialized collector-car financing, catering to the needs and interests of collector-car fans. You supply the good credit rating and your John Hancock, and they’ll do the rest.

“Americans like to leverage their credit,” said Mark Schechter, vice president of Woodside Credit of Newport Beach, California, which advertises itself as the fastest-growing collector-car lender in the U.S. “There are far more people who can enjoy the hobby with attractive financing. It’s fun to support the hobby. We’ve seen it grow tremendously.” Since the company began offering loans in the summer of 2003, “it’s been good. We’ve grown tremendously year after year,” Schechter said.

So, who’s doing the borrowing? The younger generation of car enthusiasts, apparently. “For older collectors, it was a cash hobby. They believe that if you can’t pay cash for something, you shouldn’t be in it,” said McKeel Hagerty, chief executive of Hagerty Classic Insurance of Traverse City, Michigan, which partnered with Woodside in July 2005, to offer financing to its customers. “People in their 30s and 40s are more comfortable making payments for everything, frankly. There seems to be a psychological difference.” Hagerty knows that at least 10 percent of the 500,000 vehicles his company currently insures are financed. “We know that it could be as high as 20 percent, and our guess is that the world is sort of changing.”

Companies like Hagerty and Woodside were reacting not only to this perceived shift in the attitudes of the nation’s estimated 3 million to 4 million classic car fans, but to the general unavailability of loans for collector cars, as well. Generally, in the eyes of traditional lending institutions, cars are things that depreciate as they get older, which means that the older the car, the shorter the term and the higher the interest. In fact, many flatly refuse to consider loaning money for the purchase of any car more than eight or 10 years old. “If you call your local bank and say, ‘I want to finance a 1932 Chevy,’ they’re not going to have any idea of what it’s worth, so they’re probably going to say no,” said Mark Hyman, whose collector-car dealership, Hyman Ltd. Classic Cars of St. Louis, Missouri, sells about 300 cars a year. “Most local banks aren’t prepared to loan against vintage vehicles.” The exception seems to be the small, local bank that knows its customer well, and will consider making the loan on the customer’s ability to pay, rather than the market value of the car.

Because banks so often say no, collectors who have needed to finance their purchases have generally turned to that great, gushing money fountain known as the home equity loan. Consumers have tapped the paper appreciation of their homes’ values to pay for everything from plasma TVs to laser eye surgery, so why not the occasional De Soto or Thunderbird? “Initially, business was quite slow,” Hagerty said. “We’re all fighting against the almost free money that everybody’s been given in the form of equity in their homes over the past few years. As interest rates have started fluctuating back up and getting more, shall we say, sober, we feel that the time is right for this (collector car) product moving forward.”

Home equity loans can offer attractive interest rates, as well as the benefit of tax-deductible interest. There are drawbacks, too. Using a home equity loan to buy a car ties up funds that might otherwise be used for a kitchen remodeling or other project that would add value back into the home. Then there’s the wisdom of using your greatest asset, your home, as collateral for your hobby. Default on a car loan, and the car is at risk; default on your home equity loan, and things get more serious. And home equity loans are often at a variable rate, compared to the fixed rate, simple interest loans that classic car lenders offer.

The kinds of cars these companies are writing paper for might surprise you. Though all offer loans of a half-million dollars or more, the average loan is solidly in five-figure territory. Hagerty estimated that most of his company’s loans are in the $30,000-$100,000 range; Albert Maranda, finance manager of J.J. Best Banc Co. of New Bedford, Massachusetts, one of the country’s leading classic lenders, puts the average amount at $20,000. In fact, J.J. Best and Classic Car Financial of Bedford, New Hampshire, will be happy to make loans of as little as $6,000, while Capital One Auto Finance of Plano, Texas, sets its minimum loan at $7,500. For Hagerty and Woodside, the minimum loan is $10,000.

Lenders are comfortable offering generously long terms, up to 12 years in the case of Woodside, Hagerty and J.J. Best. Why? Because, generally speaking, these companies know that collector cars increase in value over time, reducing the risk in lending. “A $50,000 loan with Woodside is $600 per month, because of the long term,” Schechter said. He noted that Woodside’s founder, Roger Kirwan, pioneered this type of loan in 1980, helping customers buy recreational vehicles with loans of up to 25 years. The extended terms don’t mean that borrowers are keeping their cars 12 years; because there’s no prepayment penalty, borrowers can sell their cars at any time and pay off the loan. Naturally, rates tend to vary from lender to lender. We heard quotes of 7 percent to 9.7 percent, depending on the health of the applicant’s credit, so it may pay to call around. Required down payments vary, too, from zero to 20 percent. Loans are made on a simple interest basis, so borrowers pay interest only on the outstanding amount, calculated each month. For a $25,000 loan at 8.2 percent interest over five years, for instance, the monthly payment works out to $510.33.

One thing you will find does not vary is the lenders’ insistence that all financed cars be titled and fully insured. In fact, J.J. Best’s Maranda noted that most repossessions occur not because the borrower has fallen behind in the payments, but because the owner hoped to avoid sales tax, and failed to have the car titled. Lenders need to be recorded as lien holders on the titles to protect their investments.

Most lenders will want to have a look at the car, at least to be certain that its VIN matches its title. J.J. Best employs a nationwide company whose inspectors verify each VIN, take photos, and even start and run the car. Woodside, which works primarily through collector-car dealers, expects them to vouch for the cars they’re selling. Buyers may be asked to have the car appraised, if its value deviates too much from the norm, but the cost of the appraisal can generally be built into the loan.

One caution: If you’re calling to ask for a loan to buy that decrepit Duesenberg your aged neighbor has finally agreed to sell, you may hear crickets chirping on the other end of the line. Neither Woodside nor Hagerty offers loans for restoration projects, although Hagerty is considering entering that business. J.J. Best will consider financing a project, with a number of caveats. “When it comes to something like that, credit is very important to us,” Maranda said. No one wants to see a project stall halfway through; “It’s very hard to repossess pieces,” he said. There are alternative ways to finance a project, though; for example, short-term, interest-only loans can cover until the car is completed, at which time they can be paid off through a collector-car loan.

Nor is every car eligible for financing. Take a late-model Corvette, for instance. If every driver in the house has his or her own car, and the Corvette is only to be used for pleasure driving, it’s likely to qualify. But if it’s the only vehicle in the household, or will be in use as a daily driver, the answer is going to be no.

There’s never been a better time to be involved in the classic-car hobby, and ownership of an older, interesting car has never been easier. Collector-car financing is yet another entry point into this wonderful hobby of ours. Only you know if it’s the right doorway for you.

J.J. Best Banc Co.

60 North Water Street

New Bedford, Massachusetts 02740

800-872-1965

Hagerty Finance

141 River’s Edge Drive, #200