I got approved to recieve money back for my student loan and It will be sent to my school Monday April 3. How long does it take for them to pay my classes for this quarter off to pay me the rest of the funds that are left?
How long does it take for you to recieve your student loan money?
if u are approved by the federal government, your schools approval comes next and they usually are the reason for delay because of accounting or other reasons - usually u should get the check before or after the first week of school - some schools will not send the checks until they are sure of student enrollment and attendance
Reply:In my neighborhood usually a week before classes start we receive our book money.
Then at approximately a month into the semester we receive the balance of our Financial Aid allocation for the semester. Jose
Reply:about 30 days
Reply:I usually get my loan checks sent to me about a week prior to the quarter starting.
Friday, November 6, 2009
Is there a good loan program with a low monthly payment and decent APR?
I want to pay off some things in one sitting and pay for one loan but I'm not for sure where to go. I've been trying to pay off these bills but I can't seem to catch up since I have more than one. And I know APR rates can be nuts. I'm not expecting to get a low APR since I have bad credit, but not something outragious. Does anyone know anything like that out there? Or another alternative I can take? Thanks.
Is there a good loan program with a low monthly payment and decent APR?
People-to-People Lending. It's an old idea that's new again.
People who need money request it, and other people bid for the privilege of lending it to them. Prosper makes sure everything is safe, fair and easy.
Until now, financial institutions have controlled who is able to obtain credit and the rates people pay, over time, this one-sided control has bred inefficiencies and excessive margins – leading to higher rates for borrowers, and restricting people who have money to lend from entering and generating income from this vital and lucrative market.
Prosper gives people the opportunity to take back the marketplace for consumer credit, Prosper aims to make consumer lending more financially and socially rewarding for everyone by letting the borrowers set the maximum rate they are willing to pay a lender, which prevents the loan from being funded at a rate higher than the borrower wants to pay.
http://www.prosper.com/join/GlobalFundin...
Reply:There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
Reply:Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop%26lt;!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You may find bad credit loans here,
http://badcredits.awardspace.com/
Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies--%26gt;and can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
Is there a good loan program with a low monthly payment and decent APR?
People-to-People Lending. It's an old idea that's new again.
People who need money request it, and other people bid for the privilege of lending it to them. Prosper makes sure everything is safe, fair and easy.
Until now, financial institutions have controlled who is able to obtain credit and the rates people pay, over time, this one-sided control has bred inefficiencies and excessive margins – leading to higher rates for borrowers, and restricting people who have money to lend from entering and generating income from this vital and lucrative market.
Prosper gives people the opportunity to take back the marketplace for consumer credit, Prosper aims to make consumer lending more financially and socially rewarding for everyone by letting the borrowers set the maximum rate they are willing to pay a lender, which prevents the loan from being funded at a rate higher than the borrower wants to pay.
http://www.prosper.com/join/GlobalFundin...
Reply:There is a great place to go with this. I was in a very similar situation.
This is getting help from real people without the use of banks or credit card companies. Good Luck!
http://www.prosper.com/join/lzc5wh
Reply:Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shop%26lt;!--around and compare interest rates on loans and the terms of repayment with several different lenders. You'll find many internet sites that let you request a loan rate quote from multiple lenders at once. You may find bad credit loans here,
http://badcredits.awardspace.com/
Once you've submitted a request for a loan quote, you'll be contacted by representatives from several companies--%26gt;and can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
If you qualified for Federal Student loan discharge due to disability,if you work again what is the procedure?
Once they initially discharge the loan, will they refund any money you paid, how does this affect credit rating? How is this to be handled if the applicant begins working again after qualifying for the loan discharge?
If you qualified for Federal Student loan discharge due to disability,if you work again what is the procedure?
when they discharge the loan, it means you will never be able to work so if you do go back to work, they will come after you for the amount of the loan plus interest. Credit rating will suffer some due to discharge but what do you need credit for anyway, especially being disabled? Save up for things you may want and pay cash. You will be far better off and you will never have to worry about what your credit rating is, as well as you will get a much better deal when you deal in cash. They do not refund any money paid in as it was paying down the loan amount.
Reply:NO, once it is discharged you can work as much as you like, the gov't can never come back to you to get the money. That's the loophole. Call the dept of ed conditional disb discharge dept they will tell you the same thing. Report Abuse
If you qualified for Federal Student loan discharge due to disability,if you work again what is the procedure?
when they discharge the loan, it means you will never be able to work so if you do go back to work, they will come after you for the amount of the loan plus interest. Credit rating will suffer some due to discharge but what do you need credit for anyway, especially being disabled? Save up for things you may want and pay cash. You will be far better off and you will never have to worry about what your credit rating is, as well as you will get a much better deal when you deal in cash. They do not refund any money paid in as it was paying down the loan amount.
Reply:NO, once it is discharged you can work as much as you like, the gov't can never come back to you to get the money. That's the loophole. Call the dept of ed conditional disb discharge dept they will tell you the same thing. Report Abuse
What is the best way to pay off an equity loan?
I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
What is the best way to pay off an equity loan?
The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest.
Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Reply:You picked a bad time for an equity loan. I would reconsider the loan and pay it all off now. What could you possible need the money for that you have to place your home at risk, and that will cost you double over 25 years.
calculate here
http://www.hsh.com/calc-amort.html
tanning
What is the best way to pay off an equity loan?
The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest.
Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Reply:You picked a bad time for an equity loan. I would reconsider the loan and pay it all off now. What could you possible need the money for that you have to place your home at risk, and that will cost you double over 25 years.
calculate here
http://www.hsh.com/calc-amort.html
tanning
What does preapproval of a home loan really mean?
Potential buyers of our parents home were "pre-approved" for a loan greater than the selling price, yet were denied approval of their official loan application.
What does preapproval of a home loan really mean?
Preapproval just states that if everything is exactly as the borrowers described to the loan officer they should get approved for a loan. It's nothing concrete, if their employment history is different, or income is less, or their debt ratios are higher, these are all reasons why it could then be declined later. preapprovals are granted without any documentation being provided or reviewed by an underwriter so even if only minor things change it can kill the loan. That is why sellers should requires a preapproval upon signing the contract and then make a contingnecy that they receive a loan commitment from the borrowers lender within 2 weeks to make sure they will be approved.
Reply:pre-approved means that the buyers had their credit checked and could afford up to a certain amount.
maybe the appraiser didn't appraise the house high enough.
maybe they bought a car and brought up their debt ratio.
they are a lot more maybes.
maaybe you parents can keep the earnest money.
Reply:IC-GLOBAL LOANS FIRM
Attention:To Whom It May Concern,
We are Financial Loan Consultant Company Base in United Kingdom, Affiliated with many micro finance firms and banks World wide.Our aim and objective are to help alleviates the suffering of the masses around the globe, by helping them to secure loans with little or no interest rates.
Due to poverty and hardship in the world, The Barclay's Credit and micro finance Bank of the United Kingdom is granting long-terms and short terms loans for small scale industries, medium scale, large scale industries, researchers, individuals / working person and Entrepreneur financial problems around the world with less than 2% interest rate in every loan.
Micro Finance" have different packages for home loans, investment loans, and commercial loans. Regardless of your situation:
(a) Your Tax Return are not prepared yet and we will give you a loan.
(b) Short term employment history we will give you loan.
(c) Divorce / separation you will get a loan.
(d)If Centrelink pension incomes preventing you from obtaining a loan? We will help you.
In most cases we can help save you and/or your businesses from being financially embarrassed or even bankruptcy.
Everyone deserves a second chance, or are you self-employed with poor financial. Don't despair, we have solutions. We aim to assist you with those nearly impossible to find loans. We may be able to help to consolidate your loans and debts - and possibly even a lower average interest rate than you are currently paying.
To access this loan is very simple and easy, you do not need to own a property in the United Kingdom or anywhere in the world to get this loan. Base on this development, contact us by forwarding your full contacts for further details on what to do next or you can contact us via email.
Yours Sincerely,
Mr.Clark Smith
Chief Consultant Officer
IC-GLOBAL LOANS FIRM
246/B Tideslea Path, West Phamesmead,
London SE28 ONH , United Kingdom.
E-mail: icgloballoansfirm@gmail.com
Reply:Dee they have to check your background and credit to se if it meets their standards or if you get pre approved.HOpe you got.Good luck with everything.
What does preapproval of a home loan really mean?
Preapproval just states that if everything is exactly as the borrowers described to the loan officer they should get approved for a loan. It's nothing concrete, if their employment history is different, or income is less, or their debt ratios are higher, these are all reasons why it could then be declined later. preapprovals are granted without any documentation being provided or reviewed by an underwriter so even if only minor things change it can kill the loan. That is why sellers should requires a preapproval upon signing the contract and then make a contingnecy that they receive a loan commitment from the borrowers lender within 2 weeks to make sure they will be approved.
Reply:pre-approved means that the buyers had their credit checked and could afford up to a certain amount.
maybe the appraiser didn't appraise the house high enough.
maybe they bought a car and brought up their debt ratio.
they are a lot more maybes.
maaybe you parents can keep the earnest money.
Reply:IC-GLOBAL LOANS FIRM
Attention:To Whom It May Concern,
We are Financial Loan Consultant Company Base in United Kingdom, Affiliated with many micro finance firms and banks World wide.Our aim and objective are to help alleviates the suffering of the masses around the globe, by helping them to secure loans with little or no interest rates.
Due to poverty and hardship in the world, The Barclay's Credit and micro finance Bank of the United Kingdom is granting long-terms and short terms loans for small scale industries, medium scale, large scale industries, researchers, individuals / working person and Entrepreneur financial problems around the world with less than 2% interest rate in every loan.
Micro Finance" have different packages for home loans, investment loans, and commercial loans. Regardless of your situation:
(a) Your Tax Return are not prepared yet and we will give you a loan.
(b) Short term employment history we will give you loan.
(c) Divorce / separation you will get a loan.
(d)If Centrelink pension incomes preventing you from obtaining a loan? We will help you.
In most cases we can help save you and/or your businesses from being financially embarrassed or even bankruptcy.
Everyone deserves a second chance, or are you self-employed with poor financial. Don't despair, we have solutions. We aim to assist you with those nearly impossible to find loans. We may be able to help to consolidate your loans and debts - and possibly even a lower average interest rate than you are currently paying.
To access this loan is very simple and easy, you do not need to own a property in the United Kingdom or anywhere in the world to get this loan. Base on this development, contact us by forwarding your full contacts for further details on what to do next or you can contact us via email.
Yours Sincerely,
Mr.Clark Smith
Chief Consultant Officer
IC-GLOBAL LOANS FIRM
246/B Tideslea Path, West Phamesmead,
London SE28 ONH , United Kingdom.
E-mail: icgloballoansfirm@gmail.com
Reply:Dee they have to check your background and credit to se if it meets their standards or if you get pre approved.HOpe you got.Good luck with everything.
What is the best way to pay off an equity loan?
I have taken an equity loan for 300 months with an interest rate of 8.24% and making a monthly payment of $197.07. Along with making the monthly payment I am also wanting to pay this off as early as possible by paying $400-500 monthly on the principal. How can I calculate how long this will take to pay off by paying this amount on the principal and is it better to pay on the principal weekly, bi-weekly or monthly. Thank you in advance for your responses!
What is the best way to pay off an equity loan?
The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest.
Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Reply:You picked a bad time for an equity loan. I would reconsider the loan and pay it all off now. What could you possible need the money for that you have to place your home at risk, and that will cost you double over 25 years.
calculate here
http://www.hsh.com/calc-amort.html
What is the best way to pay off an equity loan?
The calculator above is great. On the other hand you will be able to knock that loan out in no time paying $400-$500, you are going to save so much money in interest.
Since you can afford the payments and are able to pay it off. I think you did a great job by being able to use the equity in your home. Being able to make extra payments is even better. Interest rates are low and if you can get a good interest rate loan to get you through these times. Good for you!
Reply:You picked a bad time for an equity loan. I would reconsider the loan and pay it all off now. What could you possible need the money for that you have to place your home at risk, and that will cost you double over 25 years.
calculate here
http://www.hsh.com/calc-amort.html
Loan for my house went to the underwriter and now waiting?
I am first time homebuyer and i git pre approved. The loan already went to the underwriter and now my processor is saying that my loan has been submitted for a high level review to corporate. What does this mean?
Loan for my house went to the underwriter and now waiting?
When you are pre-approved, that is based on the credit report, and the income and asset information YOU provided on your application. When it goes to final underwriting, they verify that information with bank statements, paycheck stubs, and tax returns. It went to high-level review because there is some discrepancy that the regular underwriter wants a higher up (like an underwriter manager, or underwriting committee) to give a final approval on.
I know its a little nerve-wracking, but you just have to wait and see what they say.
Reply:Typically most lenders have loan committees to review the information of the people they are lending to. This is to make sure you are qualified, have a job, and pay what you are supposed to. If something raises a questions they may have you provide more information such as a letter from your employer, something saying why you have certain deposits, or explainations of late payments on your credit. This all depends on what your situation is. Keep in touch with your processer and your real estate agent. They will give you a more specific picture.
Reply:3 parts to loan approval...you, the house's value and the house's title. If you're pre-approved, they've looked at your income and credit history, and decided you're an acceptable risk. They can't approve the value or title yet, because there's no house yet.
Now they've looked at the house and something on either the title or the appraisal is not SOP. An underwriter at that lender doesn't have the authority to approve it, but wasn't ready to decline it. Someone with a higher level of authority is going to look at it and see if they can accept whatever is causing the concern. Call the processor on a regular basis. Be very polite (nice works a lot better than snarly) but persistent. Every time you call her, she'll call the underwriter who will call whoever her contact is. It's out of their hands so be patient with them. But don't let them forget about you. When they say, no word yet, you say, okay I'll talk to you tomorrow.
Reply:Basically, there is something that is spooking the underwriter, meaning something about the initial information submitted does not fit within their guidelines. How worried you should be about this? I really can't tell you and no one really can. Lenders are spooked as well and they are crossing every T and dotting every i. It could be something minor, and it could be something major. I would contact the processor to see if you can assist by presenting any further documentation, but let the bank work on it for a day or two as well
Reply:It means there is some kind of issue that they are reviewing with corporate. Something has turned up that cannot be approved by the underwriter and she had to get approval from her superiors. Call the processor back and ask what the issue is.
Reply:For some reason, your loan is a little "out of the box" %26amp; needs higher approval. For example, myself being in the industry, I needed to get corporate approval when I refinanced my home. It takes a little longer, but it sounds like it should be okay.
Loan for my house went to the underwriter and now waiting?
When you are pre-approved, that is based on the credit report, and the income and asset information YOU provided on your application. When it goes to final underwriting, they verify that information with bank statements, paycheck stubs, and tax returns. It went to high-level review because there is some discrepancy that the regular underwriter wants a higher up (like an underwriter manager, or underwriting committee) to give a final approval on.
I know its a little nerve-wracking, but you just have to wait and see what they say.
Reply:Typically most lenders have loan committees to review the information of the people they are lending to. This is to make sure you are qualified, have a job, and pay what you are supposed to. If something raises a questions they may have you provide more information such as a letter from your employer, something saying why you have certain deposits, or explainations of late payments on your credit. This all depends on what your situation is. Keep in touch with your processer and your real estate agent. They will give you a more specific picture.
Reply:3 parts to loan approval...you, the house's value and the house's title. If you're pre-approved, they've looked at your income and credit history, and decided you're an acceptable risk. They can't approve the value or title yet, because there's no house yet.
Now they've looked at the house and something on either the title or the appraisal is not SOP. An underwriter at that lender doesn't have the authority to approve it, but wasn't ready to decline it. Someone with a higher level of authority is going to look at it and see if they can accept whatever is causing the concern. Call the processor on a regular basis. Be very polite (nice works a lot better than snarly) but persistent. Every time you call her, she'll call the underwriter who will call whoever her contact is. It's out of their hands so be patient with them. But don't let them forget about you. When they say, no word yet, you say, okay I'll talk to you tomorrow.
Reply:Basically, there is something that is spooking the underwriter, meaning something about the initial information submitted does not fit within their guidelines. How worried you should be about this? I really can't tell you and no one really can. Lenders are spooked as well and they are crossing every T and dotting every i. It could be something minor, and it could be something major. I would contact the processor to see if you can assist by presenting any further documentation, but let the bank work on it for a day or two as well
Reply:It means there is some kind of issue that they are reviewing with corporate. Something has turned up that cannot be approved by the underwriter and she had to get approval from her superiors. Call the processor back and ask what the issue is.
Reply:For some reason, your loan is a little "out of the box" %26amp; needs higher approval. For example, myself being in the industry, I needed to get corporate approval when I refinanced my home. It takes a little longer, but it sounds like it should be okay.
How can I find out how big of a home loan I can qualify for?
Based on my income, credit rating, etc., how can I estimate how much I'll qualify for? What if there's two people? I don't want to be hounded by loan salespeople, it would just be nice to know what I'll qualify for so we know what we should plan to look for.
How can I find out how big of a home loan I can qualify for?
This website has some good advice. Most lenders will tell you that a 36% or lower debt to income ratio is good. http://financialplan.about.com/od/credit...
Here is a good mortgage calculator http://www.bankrate.com/brm/mortgage-cal...
If you are a first time home buyer without a lot of money to put down on the home, I recommend you go FHA. The debt to income ratio is a little stricter, but that means you actually have some cash at the end of the month.
If there are two people, banks usually prefer that the people be related (they prefer married although that is changing). They like to consider the person who makes the most money as the primary borrower. This person's mid score needs to be good, or you get stuck with a worse interest rate. The coborrower, or second person's income counts and their score shouldn't be bad, but doesn't have to be as high.
You will need to have been in your jobs, or at least your profession, for more than two years. You will need to have tax returns to prove you make the amount of money you say you do. You will need to be able to provide check stubs to show you are still employed.
If your credit is outstanding, they will waive several of the other items, and you can get loans that have no ratios or loans that require little documentation. These loans are rare, because the rates are higher. They are good for self-employed people, but even they have to have their accountant say that they have been in business for a couple years and that the accountant has been doing their taxes.
Good luck with your house buying experience. If you are well prepared it can be a lot of fun, if not it gets a little scarey.
----
I probably wouldn't shop my loan. Every time you go to a new broker to shop your loan, they pull your credit. Every time someone pulls your credit, it deducts points from you score. Therefore if you are hovering between good credit and great credit, those 5 to 15 points may throw you into a higher interest rate. Go with someone who has a great reputation. Also, before they pull your credit you can shop fees. The other thing that is really important is to go with a mortgage banker (not broker) that is local. I don't know how many times we have had a buyer who wanted to get their loan online and ended up not having money at closing, because the state the lender is in has different laws than the state they are purchasing in. Then the buyer ends up paying a daily fee for not closing on time.
Reply:Do you mean like a house loan? Try something like lendingtree.com. I think you could probably do it online and just be sure not to check the boxes for all the spam. Otherwise call a creditor and find out. You could also go to your bank and ask a loan officer to run your numbers.
Reply:Maybe you should approach it a bit differently.......
Why don't you figure out what your current fixed expenses are (car payment etc) and work up your budget and determine what you are most comfortable with leaving a buffer for savings for those expenses that will come up when owning a home? Dont forget about calculating taxes and insurance and figure them into the payment.
Finding out how big of a loan you can qualify for is a misnomer because quite frankly there are agents whose goal is to get you a loan regardless if you can handle the monthly load it will bring 3, 5 or 7 years later.... People are taking these huge loans because they have been shown a super low payment and thats all they remember....my payment is only_______! So they believe they can afford a more expensive home then they had hoped. Ofcourse human nature is to block out the part about you not only dont pay any principal down but you also may be adding a portion of deferred interest back onto the end of the loan. These loans serve a purpose but not for everyone. Their overuse is contributing to great opportunities though in foreclosures.
You really do need to talk to a mortgage broker eventually. Just be prepared with what you are comfortable with financially. Then they will take all of your info (income, credit, reserves, down payment etc) and let you know what they can get for you. You should recieve multiple loan scenerios and you should know ahead what you can handle making it easier to decide without persuasion. Know your goals. If you only plan to live in this first house a few years or if you plan to see your grandkids in this house will have some play into the type of loan you want too.
You've been told to go to lendingtree. Not sure that is the best advice based on your statement "I don't want to be hounded by loan salespeople" They are a lead generator for mortgage companies. "where banks compete you win......"? Banks compete without you having to enter your sensitive information online and have it sent out to lots of people you don't know who will then call you. Don't be surprised if you end up on data bases of each person who got your lead or if you hear from them 6 mos later.
Make sure you have someone working on your loan who has experience buying a home themselves and has good credit. Otherwise your paying for advice from someone who has yet to establish a record of positive financial decisions. Get their credentials.....they are going to ask about all of your info...know theirs. If you need a referral just shoot me an email. Postings of websites are against Answers rules.
Call 3 loan brokers. Let them know straight up you will be shopping. 1 will work their tail off to get you the best terms and tell you "I completely understand-Here's what I came up with....please let me know what the others have to offer and give me the opportunity to beat it" The others may not even return your call.
Good luck and congrats on taking a step many loan officers don't or can't do...........buying a home that is!
Reply:You can visit www.fivestarsmortgage.com. There you can do an online calculator to determine what your montly payments will be, you can apply online to get prequalified..without having to give your social security number.
You can brows the buyers toolkit and see exactly what to expect from the entire home buying process explained in detail. You can even sign up for a newsletter that keeps consumers informed and educated about home buying news.
Reply:Get an online quote from the website below:
floral
How can I find out how big of a home loan I can qualify for?
This website has some good advice. Most lenders will tell you that a 36% or lower debt to income ratio is good. http://financialplan.about.com/od/credit...
Here is a good mortgage calculator http://www.bankrate.com/brm/mortgage-cal...
If you are a first time home buyer without a lot of money to put down on the home, I recommend you go FHA. The debt to income ratio is a little stricter, but that means you actually have some cash at the end of the month.
If there are two people, banks usually prefer that the people be related (they prefer married although that is changing). They like to consider the person who makes the most money as the primary borrower. This person's mid score needs to be good, or you get stuck with a worse interest rate. The coborrower, or second person's income counts and their score shouldn't be bad, but doesn't have to be as high.
You will need to have been in your jobs, or at least your profession, for more than two years. You will need to have tax returns to prove you make the amount of money you say you do. You will need to be able to provide check stubs to show you are still employed.
If your credit is outstanding, they will waive several of the other items, and you can get loans that have no ratios or loans that require little documentation. These loans are rare, because the rates are higher. They are good for self-employed people, but even they have to have their accountant say that they have been in business for a couple years and that the accountant has been doing their taxes.
Good luck with your house buying experience. If you are well prepared it can be a lot of fun, if not it gets a little scarey.
----
I probably wouldn't shop my loan. Every time you go to a new broker to shop your loan, they pull your credit. Every time someone pulls your credit, it deducts points from you score. Therefore if you are hovering between good credit and great credit, those 5 to 15 points may throw you into a higher interest rate. Go with someone who has a great reputation. Also, before they pull your credit you can shop fees. The other thing that is really important is to go with a mortgage banker (not broker) that is local. I don't know how many times we have had a buyer who wanted to get their loan online and ended up not having money at closing, because the state the lender is in has different laws than the state they are purchasing in. Then the buyer ends up paying a daily fee for not closing on time.
Reply:Do you mean like a house loan? Try something like lendingtree.com. I think you could probably do it online and just be sure not to check the boxes for all the spam. Otherwise call a creditor and find out. You could also go to your bank and ask a loan officer to run your numbers.
Reply:Maybe you should approach it a bit differently.......
Why don't you figure out what your current fixed expenses are (car payment etc) and work up your budget and determine what you are most comfortable with leaving a buffer for savings for those expenses that will come up when owning a home? Dont forget about calculating taxes and insurance and figure them into the payment.
Finding out how big of a loan you can qualify for is a misnomer because quite frankly there are agents whose goal is to get you a loan regardless if you can handle the monthly load it will bring 3, 5 or 7 years later.... People are taking these huge loans because they have been shown a super low payment and thats all they remember....my payment is only_______! So they believe they can afford a more expensive home then they had hoped. Ofcourse human nature is to block out the part about you not only dont pay any principal down but you also may be adding a portion of deferred interest back onto the end of the loan. These loans serve a purpose but not for everyone. Their overuse is contributing to great opportunities though in foreclosures.
You really do need to talk to a mortgage broker eventually. Just be prepared with what you are comfortable with financially. Then they will take all of your info (income, credit, reserves, down payment etc) and let you know what they can get for you. You should recieve multiple loan scenerios and you should know ahead what you can handle making it easier to decide without persuasion. Know your goals. If you only plan to live in this first house a few years or if you plan to see your grandkids in this house will have some play into the type of loan you want too.
You've been told to go to lendingtree. Not sure that is the best advice based on your statement "I don't want to be hounded by loan salespeople" They are a lead generator for mortgage companies. "where banks compete you win......"? Banks compete without you having to enter your sensitive information online and have it sent out to lots of people you don't know who will then call you. Don't be surprised if you end up on data bases of each person who got your lead or if you hear from them 6 mos later.
Make sure you have someone working on your loan who has experience buying a home themselves and has good credit. Otherwise your paying for advice from someone who has yet to establish a record of positive financial decisions. Get their credentials.....they are going to ask about all of your info...know theirs. If you need a referral just shoot me an email. Postings of websites are against Answers rules.
Call 3 loan brokers. Let them know straight up you will be shopping. 1 will work their tail off to get you the best terms and tell you "I completely understand-Here's what I came up with....please let me know what the others have to offer and give me the opportunity to beat it" The others may not even return your call.
Good luck and congrats on taking a step many loan officers don't or can't do...........buying a home that is!
Reply:You can visit www.fivestarsmortgage.com. There you can do an online calculator to determine what your montly payments will be, you can apply online to get prequalified..without having to give your social security number.
You can brows the buyers toolkit and see exactly what to expect from the entire home buying process explained in detail. You can even sign up for a newsletter that keeps consumers informed and educated about home buying news.
Reply:Get an online quote from the website below:
floral
What is the lowest interest rate loan I could get that is common and easy to get?
when and if I graduate from college and get a job I should like to take out a loan to pay the down payment on a house so my father and I can get into a house and no longer have to live with his mother. My father cannot currently get a loan because he is unemployed and only gets $600/month from "retirement" and he also has bad credit. I myself see no reason why I should not have good credit if I wanted to apply, however I am unemployed and have no transportation from my college ( I can't afford the bus due to no income). So they would not give me the loan now since I have no income to pay it back. But if I wanted to get a loan when I graduate college/get a job, what would be the lowest income loan I could get that is very common? I want to make sure I am dealing with a reliable trusted company.
What is the lowest interest rate loan I could get that is common and easy to get?
Absolutely do not consider Kenneth Wallaces answer as valid. It sounds too much like a Nigerian 419 Advance Fee Fraud scam.
Everyone else who have highlighted FHA loans have very good answers. It is definately a good way to go for you once you graduate and become employed. Just make sure you gain employment in the field you majored.
Reply:Generaly you need a two-year employment history to qualify for FHA or FNMA low-interest loans. However if you graduate and get a job in your major, your time spent in school will count as work history.
For your current situation FHA is probably the best way to go. You MUST show income to qualify but that's about all you have to show. You will be able to use your father's income because FHA is NOT credit drivin. Currently you can buy a home under FHA guidelines with only 3% down.
The "HOUSE" is currently considering legeslation that will allow an FHA loan to finance up to 100% of the purchase price. Chances are that by the time you are ready to purchase this will become law.
Good luck. Don't rush. There are pleanty of rentals out there.
Reply:You can get an FHA low-down-payment loan for a house, FHA down payment is generally less than 5%.
Stay away from ARMs!!!!
You want a 30-year FIXED-RATE mortgage, ONLY!!!
There are low-interest loan programs for first-time buyers, a well-informed real estate agent can tell you about them- ONLY deal with a well-informed real estate agent.
There are also down-payment grants (don't have to be paid back) for first-time buyers. Hard to get.
Most mortgage underwriters won't approve a loan if the down payment is borrowed and has to be paid back.
Start saving your money now, unless you're a veteran you're going to need some cash ($2,000+) out of pocket regardless.
What is the lowest interest rate loan I could get that is common and easy to get?
Absolutely do not consider Kenneth Wallaces answer as valid. It sounds too much like a Nigerian 419 Advance Fee Fraud scam.
Everyone else who have highlighted FHA loans have very good answers. It is definately a good way to go for you once you graduate and become employed. Just make sure you gain employment in the field you majored.
Reply:Generaly you need a two-year employment history to qualify for FHA or FNMA low-interest loans. However if you graduate and get a job in your major, your time spent in school will count as work history.
For your current situation FHA is probably the best way to go. You MUST show income to qualify but that's about all you have to show. You will be able to use your father's income because FHA is NOT credit drivin. Currently you can buy a home under FHA guidelines with only 3% down.
The "HOUSE" is currently considering legeslation that will allow an FHA loan to finance up to 100% of the purchase price. Chances are that by the time you are ready to purchase this will become law.
Good luck. Don't rush. There are pleanty of rentals out there.
Reply:You can get an FHA low-down-payment loan for a house, FHA down payment is generally less than 5%.
Stay away from ARMs!!!!
You want a 30-year FIXED-RATE mortgage, ONLY!!!
There are low-interest loan programs for first-time buyers, a well-informed real estate agent can tell you about them- ONLY deal with a well-informed real estate agent.
There are also down-payment grants (don't have to be paid back) for first-time buyers. Hard to get.
Most mortgage underwriters won't approve a loan if the down payment is borrowed and has to be paid back.
Start saving your money now, unless you're a veteran you're going to need some cash ($2,000+) out of pocket regardless.
How can I get a guaranteed loan with bad credit?
I need a very small personal loan and can't get approved from anyone with out a co-signer and the only person who will co-sign has just as bad of credit, how can I get a small personal loan without a co-signer?
How can I get a guaranteed loan with bad credit?
You can try the following websites, www.lendingtree.com or www.prosper.com If those don't work, then you may have to get a payday loan. I hate telling people to do that, and it is only as a last resort. I would try talking to friends/relatives if you need that small of a loan.
Reply:It'll be much easier to borrow it from your family/friends than get a loan approval. However, if you have no one to turn to, try this site. Through this site, you may be able to find someone who is willing to lend you the money. Good luck!
http://www.prosper.com/prm/borrower_mvt1...
Reply:need a small personal loan with bad credit its better for you to try for an online loan.i think that th e below website will help you to find the right solution.
How can I get a guaranteed loan with bad credit?
You can try the following websites, www.lendingtree.com or www.prosper.com If those don't work, then you may have to get a payday loan. I hate telling people to do that, and it is only as a last resort. I would try talking to friends/relatives if you need that small of a loan.
Reply:It'll be much easier to borrow it from your family/friends than get a loan approval. However, if you have no one to turn to, try this site. Through this site, you may be able to find someone who is willing to lend you the money. Good luck!
http://www.prosper.com/prm/borrower_mvt1...
Reply:need a small personal loan with bad credit its better for you to try for an online loan.i think that th e below website will help you to find the right solution.
How can I buy a new car and get a loan with no credit?
I need to buy a car, but I never had credit before,I am thinking to get a secured credit.How can I get the loan ?
How can I buy a new car and get a loan with no credit?
Six years ago I was looking for two new cars (just moved to the US) and I had no credit, although I did have a decent salary. I got one car from a Chevy dealer, who granted me a loan with 13% interest (which I paid very quickly). I also went to a Saturn dealership, which had a 1.9% APR promotion. Saturn dealerships as a principle sell by sticker price, but they are sometimes willing to do other things to make a sale. I told them I will only buy if I get it with that promotion, and they granted it. So I guess you could try it - assuming you do have a good salary, and have the paycheck stubs to prove it. Also, don't do overboard. Buy a cheap car (Toyota Corolla, Honda Civic, Saturn Ion or something else) with one of the current low APR promotions, and limit yourself to no more than $15,000. It will be much easier that way.
Reply:The lowest interest rates are with 100% down, 0% a month. Folks who constantly buy on credit end up paying twice as much than folks who buy with cash.
Reply:Well many banks don't offer loans with co signers anymore. With all the incentives if you own a home or have a steady job there are many programs through the new car dealers that might help you. If your a student with a job for example. I would check with one of the domestic dealers, Ford, Chevy and Dodge. They need the business the most and if they can put you in a car they will.
Reply:You CAN get a decent car loan, even with bad or no credit. I've done it, but you'll have to look around. Shop around with lenders who specialize in bad credit car loans.
There are usually some nationally based car loan companies who specialize in bad and no credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-lo...
Reply:Get a co-signer. A car loan is generally a secured credit loan - talk to the dealer. Good luck
Reply:Most likely you will need a co-signer to cover you or them really. Either that or you will pay a high interest rate.
Start getting credit cards that do not charge an annual fee. Only charge small amounts on them and jpay the bill on time. This will give you a credit history and will start your credit record.
Reply:Get a responsible person to co-sign the loan for you.
Reply:BELONG TO A CREDIT UNION..THAT IS HOW I GOT MY FIRST LOAN WITH NO CREDIT...
Reply:pretty hard. dont get a cosigner if at all possible. best way to lose friends. why a new car. the minute you drive off of the lot, you have lost a pile. i have bought acouple of new ones, never again. unless of course, you are loaded,. if you are going to anyway, saturn ion is a very good car, i have a new one with 5000 mi on it. however, it doesnt get as good mileage as some of the older ones. gm took over and put their ecotech 2.2 engine in it. however, you dont have to put oil in tranny at all, and you cgange oil at about 6 or 7000 mi. has on=star and phone built. nice reliable car, though, thry will financr through chase auto loan, or one other. i forget.
Reply:Get a co-signer or bring in about half of the purchase price as a down payment. Sorry, but those are really your only choices. Hope this helps and good luck!
Reply:nearly impossible on your own.
Reply:Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com
How can I buy a new car and get a loan with no credit?
Six years ago I was looking for two new cars (just moved to the US) and I had no credit, although I did have a decent salary. I got one car from a Chevy dealer, who granted me a loan with 13% interest (which I paid very quickly). I also went to a Saturn dealership, which had a 1.9% APR promotion. Saturn dealerships as a principle sell by sticker price, but they are sometimes willing to do other things to make a sale. I told them I will only buy if I get it with that promotion, and they granted it. So I guess you could try it - assuming you do have a good salary, and have the paycheck stubs to prove it. Also, don't do overboard. Buy a cheap car (Toyota Corolla, Honda Civic, Saturn Ion or something else) with one of the current low APR promotions, and limit yourself to no more than $15,000. It will be much easier that way.
Reply:The lowest interest rates are with 100% down, 0% a month. Folks who constantly buy on credit end up paying twice as much than folks who buy with cash.
Reply:Well many banks don't offer loans with co signers anymore. With all the incentives if you own a home or have a steady job there are many programs through the new car dealers that might help you. If your a student with a job for example. I would check with one of the domestic dealers, Ford, Chevy and Dodge. They need the business the most and if they can put you in a car they will.
Reply:You CAN get a decent car loan, even with bad or no credit. I've done it, but you'll have to look around. Shop around with lenders who specialize in bad credit car loans.
There are usually some nationally based car loan companies who specialize in bad and no credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-lo...
Reply:Get a co-signer. A car loan is generally a secured credit loan - talk to the dealer. Good luck
Reply:Most likely you will need a co-signer to cover you or them really. Either that or you will pay a high interest rate.
Start getting credit cards that do not charge an annual fee. Only charge small amounts on them and jpay the bill on time. This will give you a credit history and will start your credit record.
Reply:Get a responsible person to co-sign the loan for you.
Reply:BELONG TO A CREDIT UNION..THAT IS HOW I GOT MY FIRST LOAN WITH NO CREDIT...
Reply:pretty hard. dont get a cosigner if at all possible. best way to lose friends. why a new car. the minute you drive off of the lot, you have lost a pile. i have bought acouple of new ones, never again. unless of course, you are loaded,. if you are going to anyway, saturn ion is a very good car, i have a new one with 5000 mi on it. however, it doesnt get as good mileage as some of the older ones. gm took over and put their ecotech 2.2 engine in it. however, you dont have to put oil in tranny at all, and you cgange oil at about 6 or 7000 mi. has on=star and phone built. nice reliable car, though, thry will financr through chase auto loan, or one other. i forget.
Reply:Get a co-signer or bring in about half of the purchase price as a down payment. Sorry, but those are really your only choices. Hope this helps and good luck!
Reply:nearly impossible on your own.
Reply:Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com
Can i get a mobile home loan with 6 months of good credit history?
Here is my situation:
I have 6 months of good credit card history, but nothing else
I own 2 acres of completely paid off land
I am 20 years old
Someone told me that i need 3 years of credit history to get a home loan. Is this true?
I am expecting to pay about 25% down payment, but I just want to make sure that i can get a loan without a co-signer.
Can i get a mobile home loan with 6 months of good credit history?
From what I have seen and read as long as you own the land that the trailer is going to sit on and budget for the payment you should have no problems getting the loan.
You will have to put up your land as collateral but that's how it works.
purchase flowers
I have 6 months of good credit card history, but nothing else
I own 2 acres of completely paid off land
I am 20 years old
Someone told me that i need 3 years of credit history to get a home loan. Is this true?
I am expecting to pay about 25% down payment, but I just want to make sure that i can get a loan without a co-signer.
Can i get a mobile home loan with 6 months of good credit history?
From what I have seen and read as long as you own the land that the trailer is going to sit on and budget for the payment you should have no problems getting the loan.
You will have to put up your land as collateral but that's how it works.
purchase flowers
What are the ramifications of walking away from a ARM loan?
After talking with a financial advisor, I've come to the conclusion that walking away from a owned condo in SoCal may be financially beneficial. Can I be sued? How long will my credit be ruined? (I'm not planning on buying again anytime soon and have two cars paid off so I wont need a loan soon). What kind of lawyer should I discuss this matter with?
What are the ramifications of walking away from a ARM loan?
you will be foreclosed upon, and probably get a deficiency balance judgment against you. It is better to sell the home for the balance owed, than to walk away.
Reply:Not only will they forclose on you, possibly sue you for the loss, there is a tax burden you will have to consider. I beleive that you can be taxed on the difference between what you owe as a payoff plus all fees/costs incurred by the mortgage company to sell your condo and the actual price the condo sells for. As an example, if you still owe 500K, and the mortgage companies fees for selling the property add another 50k, if the property sells for 400k you will owe taxes on the 150k "profit" you made on the sale.
Reply:If refinancing at the current 5.5% is not an option then you have to realize that a foreclosure is going to effect you for at least 7 to 10 years. In the future, if you want to own then you will have to either pay cash, assume a loan which is rare these days and limits your choices or do owner financing which is dangerous if the owner doesn't pay.
You won't be sued.
Reply:The fees keep adding up along with the interest - it goes into foreclosure and is auctioned off - most likely sold for less than the loan plus those added fees - then the loan company pursues you for that difference. It stays on your credit report till it is cleared - on Realtor friend said 7 years like a bankruptcy. Some people planning to do this will buy another house first because they will not be able to qualify for such a long time after. Won't the loan company renegotiate? They are supposed to try to work their own problems out - so give that a try.
Reply:The immediate ramification is foreclosure and a torpedoed credit record. You may find it difficult to rent, obtain consumer credit or even get employment. Have you tried to restructure the loan with your lender?
What are the ramifications of walking away from a ARM loan?
you will be foreclosed upon, and probably get a deficiency balance judgment against you. It is better to sell the home for the balance owed, than to walk away.
Reply:Not only will they forclose on you, possibly sue you for the loss, there is a tax burden you will have to consider. I beleive that you can be taxed on the difference between what you owe as a payoff plus all fees/costs incurred by the mortgage company to sell your condo and the actual price the condo sells for. As an example, if you still owe 500K, and the mortgage companies fees for selling the property add another 50k, if the property sells for 400k you will owe taxes on the 150k "profit" you made on the sale.
Reply:If refinancing at the current 5.5% is not an option then you have to realize that a foreclosure is going to effect you for at least 7 to 10 years. In the future, if you want to own then you will have to either pay cash, assume a loan which is rare these days and limits your choices or do owner financing which is dangerous if the owner doesn't pay.
You won't be sued.
Reply:The fees keep adding up along with the interest - it goes into foreclosure and is auctioned off - most likely sold for less than the loan plus those added fees - then the loan company pursues you for that difference. It stays on your credit report till it is cleared - on Realtor friend said 7 years like a bankruptcy. Some people planning to do this will buy another house first because they will not be able to qualify for such a long time after. Won't the loan company renegotiate? They are supposed to try to work their own problems out - so give that a try.
Reply:The immediate ramification is foreclosure and a torpedoed credit record. You may find it difficult to rent, obtain consumer credit or even get employment. Have you tried to restructure the loan with your lender?
If I apply for a student loan or a personal loan, does that affect my financial aid?
I'm thinking about getting a loan for personal issues, but was wondering if that will affect my financial aid award amount? Do I need to tell financial aid or it isn't necessary?
If I apply for a student loan or a personal loan, does that affect my financial aid?
A personal loan is not something that is reported as income--not on your taxes or FAFSA. This should not affect your student loan amount and you don't have any obligation to report it to your financial aid office as it is not income.
I actually got a loan for my honeymoon while I was still in school and I didn't report it to anyone! Honestly, what might be a better option if you can is take out as many student loans as you can and use the extra not needed for school to pay the other stuff. The interest rates on the student loans are capped (at least the ones issued by the government) and are usually better than the private ones.
Hope this helps.
Reply:I'm assuming you are talking about private/alternative loans because any federal loans would go through your school.
More than likely your school will find out about it. Once that happens, the financial aid staff will check your financial need. If you don't have any need, the school will not certify you for the loan. If you do have need, then chances are you will be certified for whatever need you have. There are still lenders out there that look for students who want to borrow money without the schools knowledge, but their rates and terms will not compare to a loan certified by the school.
If I apply for a student loan or a personal loan, does that affect my financial aid?
A personal loan is not something that is reported as income--not on your taxes or FAFSA. This should not affect your student loan amount and you don't have any obligation to report it to your financial aid office as it is not income.
I actually got a loan for my honeymoon while I was still in school and I didn't report it to anyone! Honestly, what might be a better option if you can is take out as many student loans as you can and use the extra not needed for school to pay the other stuff. The interest rates on the student loans are capped (at least the ones issued by the government) and are usually better than the private ones.
Hope this helps.
Reply:I'm assuming you are talking about private/alternative loans because any federal loans would go through your school.
More than likely your school will find out about it. Once that happens, the financial aid staff will check your financial need. If you don't have any need, the school will not certify you for the loan. If you do have need, then chances are you will be certified for whatever need you have. There are still lenders out there that look for students who want to borrow money without the schools knowledge, but their rates and terms will not compare to a loan certified by the school.
How do i go about applying for a new business loan?
I am starting a new business by buying and reselling consumer electronics, what do i need to obtain a new business loan or a grant.
What do the banks look at before getting you approved?
How do i go about applying for a new business loan?
Some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0... Their business line of credit can even be approved overnight,
However, if you're applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
- Equity investment - no bank will give you 100% of the amount you need. They want to see you put your own money into the business, even as much as 20% or even higher.
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/mic... and you can find SBA Accredited Microloan Providers here http://www.powerhomebiz.com/vol145/micro...
Forget about grant money. It is hard to find grants to start a business -- especially for the type of business you are thinking of. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.
Reply:Don't do it that way. You don't want to start out a business in debt because your first year will be the hardest. Banks look for equity to back the loan. Do you want to lose your house?
Do it like this: Work for someone who has a business like the one you want to start. Doing that will earn your start-up money and at the same time you will be "learning on the job:" and better able to do it right the first time.
Reply:friends your visit in this site best da flack
What do the banks look at before getting you approved?
How do i go about applying for a new business loan?
Some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0... Their business line of credit can even be approved overnight,
However, if you're applying for a loan and if it is a big amount, banks and even the Small Business Administration may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
- Equity investment - no bank will give you 100% of the amount you need. They want to see you put your own money into the business, even as much as 20% or even higher.
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/mic... and you can find SBA Accredited Microloan Providers here http://www.powerhomebiz.com/vol145/micro...
Forget about grant money. It is hard to find grants to start a business -- especially for the type of business you are thinking of. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for starting a for-profit business.
Reply:Don't do it that way. You don't want to start out a business in debt because your first year will be the hardest. Banks look for equity to back the loan. Do you want to lose your house?
Do it like this: Work for someone who has a business like the one you want to start. Doing that will earn your start-up money and at the same time you will be "learning on the job:" and better able to do it right the first time.
Reply:friends your visit in this site best da flack
How did Bush encourage the mortgage companies to develop exotic loan products for the subprime market?
Remember when Bush spoke of his "ownership society"? Did Bush give any incentives for those brokers and mortgage companies to create those exotic loan products, so many of which are now in default? Do you think that increased regulation could have mitigated this disaster?
How did Bush encourage the mortgage companies to develop exotic loan products for the subprime market?
You can't hang this on Bush. All the elements were created before he came into office. The R/E bubble collapse is not a "disaster." It is a perfectly normal end to the latest financial bubble. Everyone who got hurt voluntarily took the risk.
Reply:He didnt... neither did any other US president.
This was brought on by mortgage folks giving home loans to people who should NOT have had a home loan to begin with.
The createive loans were designed for investors but were given to homeownsers for the most part. Bad move.
Increased regulation could have prevented it but do we really need any more "big brothers" out there now?
I dont think so.
Reply:because hes bush ...................just like he convinces all them people to vote for him........................................ dont nobody realy care for american or the usa
Reply:Bush didn't actually do anything to encourage this loan mess, other than look the other way, when it was pretty obvious as to what was happening.
Of course increased regulation would have helped avert the seriousness of the situation, but then Bush would not have been able to make his claims that 'home ownership are at an all time high."
Now that the noose has tightened to the uncomfortable point, it appears that Bernanke will work to help institute tighter credit regulations for such loans.
This president claims to have a MBA from a prestigious university. I fear that, in his case, it stands for More Bungled Acts.
Reply:The loan products weren't so exotic... ARMs, interest-only, 110% financing... these aren't new.
The big problems were:
1) Making loans to unqualified borrowers (subprime)
2) Securitization of CMBS/RMBS/CDO with investment grade ratings that did not reflect their true risk
I don't like Bush or his economic policies, but I'd pin this one on the financial services industry and real estate players (including flippers).
Reply:First off, the mortgage standards were relaxed during the Clinton presidency. Second, the CONGRESS (especially democrats) mandated the banks and mortgage companies loan to low income families to promote home ownership. That make the congress a big bunch of hypocrites for trying to pin this on the president. Third, the banks and mortgage industry made alot of money during the past few years. Make them suck up all of the losses and not expect the taxpayers to bail them out. Unlike alot of the sub-prime folks who took out the loans, the banks KNEW what they were doing.
Reply:Bush did not have anything to do with it. The lenders came up with it all on their own. Also mortgage brokers dont have any money to lend, they just broker loans to the lenders and they sure dont create loans.
fruit gift baskets
How did Bush encourage the mortgage companies to develop exotic loan products for the subprime market?
You can't hang this on Bush. All the elements were created before he came into office. The R/E bubble collapse is not a "disaster." It is a perfectly normal end to the latest financial bubble. Everyone who got hurt voluntarily took the risk.
Reply:He didnt... neither did any other US president.
This was brought on by mortgage folks giving home loans to people who should NOT have had a home loan to begin with.
The createive loans were designed for investors but were given to homeownsers for the most part. Bad move.
Increased regulation could have prevented it but do we really need any more "big brothers" out there now?
I dont think so.
Reply:because hes bush ...................just like he convinces all them people to vote for him........................................ dont nobody realy care for american or the usa
Reply:Bush didn't actually do anything to encourage this loan mess, other than look the other way, when it was pretty obvious as to what was happening.
Of course increased regulation would have helped avert the seriousness of the situation, but then Bush would not have been able to make his claims that 'home ownership are at an all time high."
Now that the noose has tightened to the uncomfortable point, it appears that Bernanke will work to help institute tighter credit regulations for such loans.
This president claims to have a MBA from a prestigious university. I fear that, in his case, it stands for More Bungled Acts.
Reply:The loan products weren't so exotic... ARMs, interest-only, 110% financing... these aren't new.
The big problems were:
1) Making loans to unqualified borrowers (subprime)
2) Securitization of CMBS/RMBS/CDO with investment grade ratings that did not reflect their true risk
I don't like Bush or his economic policies, but I'd pin this one on the financial services industry and real estate players (including flippers).
Reply:First off, the mortgage standards were relaxed during the Clinton presidency. Second, the CONGRESS (especially democrats) mandated the banks and mortgage companies loan to low income families to promote home ownership. That make the congress a big bunch of hypocrites for trying to pin this on the president. Third, the banks and mortgage industry made alot of money during the past few years. Make them suck up all of the losses and not expect the taxpayers to bail them out. Unlike alot of the sub-prime folks who took out the loans, the banks KNEW what they were doing.
Reply:Bush did not have anything to do with it. The lenders came up with it all on their own. Also mortgage brokers dont have any money to lend, they just broker loans to the lenders and they sure dont create loans.
fruit gift baskets
How do you consolidate a private loan?
How do I consolidate a private loan when I have no co-signer and bad credit, to remove my current co-signer, that is already on the loan?
How do you consolidate a private loan?
What type of private loan? In what State?
How do you consolidate a private loan?
What type of private loan? In what State?
Where can I get a student loan to buy a laptop?
I do not have the best credit but in desperate need of a private loan to get a new laptop. (My other one just died.) Is there a way to get a student loan for my bad credit where the check will get sent to me and not my school and I can pay for a new laptop?
Thanks!
Where can I get a student loan to buy a laptop?
Probably not...however, Dell finances their own.. Try them.
Reply:see if someone you know has a walmart, target, best buy ,circuit city, etc. credit or store card. and you can pa them the money back. dont rent it from rent-a-center because you will be renting for 3x-4x the amount. hope this helps.
Reply:Not possible with out school cooperating with you.
Reply:rent a center
Thanks!
Where can I get a student loan to buy a laptop?
Probably not...however, Dell finances their own.. Try them.
Reply:see if someone you know has a walmart, target, best buy ,circuit city, etc. credit or store card. and you can pa them the money back. dont rent it from rent-a-center because you will be renting for 3x-4x the amount. hope this helps.
Reply:Not possible with out school cooperating with you.
Reply:rent a center
What is a loan modification and do you have to be behind on payments to get one?
I am facing some hardships by have managed to keep everything current. I am looking at contacting WAMU who owns my home loan and asking for a lower rate, but I am current on everything and wonder if I would just be wasting my time.
What is a loan modification and do you have to be behind on payments to get one?
some lenders will not take loan modification application if you are current on your mortgage. if you have right now arm rate your changes are better to do this without late payment on your mortgage. call them up and explain your situation - cost nothing to try.
Reply:If you call them and they are willing to consider your case, you would have to prove that you will fall behind on payments if they don't modify your loan...then they might work with you. If you just want better terms but have the ability to meet your current loan requirements, they won't modify the loan. Good luck.
Reply:You have to be late, have no assets and have suffered some hardship that effects your ability to pay. Death of one of the bread winners, unexpected disability, something along those lines, out of your control and not temporary.
What is a loan modification and do you have to be behind on payments to get one?
some lenders will not take loan modification application if you are current on your mortgage. if you have right now arm rate your changes are better to do this without late payment on your mortgage. call them up and explain your situation - cost nothing to try.
Reply:If you call them and they are willing to consider your case, you would have to prove that you will fall behind on payments if they don't modify your loan...then they might work with you. If you just want better terms but have the ability to meet your current loan requirements, they won't modify the loan. Good luck.
Reply:You have to be late, have no assets and have suffered some hardship that effects your ability to pay. Death of one of the bread winners, unexpected disability, something along those lines, out of your control and not temporary.
What is the best way to for college if you need a personal loan to pay tuition?
Evidently I'll need to get a loan to pay for tuition since my parents have run out of funds to help with my tuition. What is best way to apply for a college loan that I can pay back once I graduate from college?
What is the best way to for college if you need a personal loan to pay tuition?
go to www.fafsa.ed.gov and enter in all the required information. You might be required to put your and your parents income. This is the beginning process of taking out a student loan-the ones you don't have to pay back until you graduate or drop to less than half time. It takes awhile to get the paperwork processed.
Good Luck.
Reply:SCAM ALERT- BEWARE OF THE ADVANCE FEE SCAM. Never send $ up front via western union,money gram, bank/wire transfer to NIGERIA, UK,CANADA, or any foreign country in hopes of getting a loan(you won't).If they want up front fees IT'S 100% A SCAM ! STAY AWAY from ALL private internet lenders wanting up front fees of any kind. Go to http://www.ripoffreport.com and http://www.scam for more details on internet scams.REPORT these frauds to the IC3 division of the FBI,ATTY. GENERALS office ,FTC, and sites listed above. Don't be a victim of these scams. "BEWARE, BEWARE, BEWARE"!!!!!!
ginkgo
What is the best way to for college if you need a personal loan to pay tuition?
go to www.fafsa.ed.gov and enter in all the required information. You might be required to put your and your parents income. This is the beginning process of taking out a student loan-the ones you don't have to pay back until you graduate or drop to less than half time. It takes awhile to get the paperwork processed.
Good Luck.
Reply:SCAM ALERT- BEWARE OF THE ADVANCE FEE SCAM. Never send $ up front via western union,money gram, bank/wire transfer to NIGERIA, UK,CANADA, or any foreign country in hopes of getting a loan(you won't).If they want up front fees IT'S 100% A SCAM ! STAY AWAY from ALL private internet lenders wanting up front fees of any kind. Go to http://www.ripoffreport.com and http://www.scam for more details on internet scams.REPORT these frauds to the IC3 division of the FBI,ATTY. GENERALS office ,FTC, and sites listed above. Don't be a victim of these scams. "BEWARE, BEWARE, BEWARE"!!!!!!
ginkgo
How can I calculate the amount of interest on a loan using the ordinary interest method?
If the loan is $3,200 at 6% interest for 60 days.
How can I calculate the amount of interest on a loan using the ordinary interest method?
I would do it like this:
$3,200 x 6% = 192
192/365 days in a year to calculate daily interest
= .53/day x 60 days = $31.80
How can I calculate the amount of interest on a loan using the ordinary interest method?
I would do it like this:
$3,200 x 6% = 192
192/365 days in a year to calculate daily interest
= .53/day x 60 days = $31.80
How do i move my student loan from Sallie Mae to another company?
I ask this because they have the WORST customer service in the world. I've come to find that i'm not the only one with horror stories and I really didn't want them to be in control of my loan in the first place. They actually bought out my first loan company, ACS.
How do i move my student loan from Sallie Mae to another company?
do a search for "Student Loan Consolidation."
Reply:I don't think you can.
How do i move my student loan from Sallie Mae to another company?
do a search for "Student Loan Consolidation."
Reply:I don't think you can.
What happens when I pay above the minimum for my car loan?
Let's say I have a 60 month car loan and I pay 170 a month. If for the first couple months, I pay a thousand dollars towards my loan, will my monthly minmum decrease for the rest of the life of the loan or will my loan period simply become shorter while my monthly minimum stays the same?
What happens when I pay above the minimum for my car loan?
just your term lenght will decrease
Reply:Car Loan Guide: http://carloanguide.automobile... Report Abuse
Reply:I'm not really sure, try calling your bank. But, I did want to let you know that if you are going to add extra to your payments, make a little note on your check or something that says the excess payment is to be put towards the principle. If not, you will just be paying interest rather than for your car.
Reply:It depends on how it was set up when you got the loan. It could shorten the loan, or you might have the option to apply a certain amount towards future payments on the loan. Normally, it will just go towards the premium.
Reply:anything you pay extra on your payment is supposed to go towards the principle,or the amount you borrowed so that it shortens the life of the loan. but you need to watch it close and make sure they are putting the money towards the principle and make sure that the amount of the loan is dropping.
Reply:i do believe that the length of your loan will decrease
Reply:Car loans are simple interest loans, anything you pay over your payment goes towards the principle. Your monthly payment won't go down but your payoff and term will go down, adding equity, or minimizing inequity in your vehicle. Its a good idea!
Reply:i have done this before. If you have a $300 car payment and send $400 the next months due-amount will come in for $200.00.
If you send $200 the following month, that will cancel-out whatever advantages you made with the first over payments and your required monthly will return to normal after that.
If you're going to give a large amount ( a couple of thousand ) that is called "Refinancing" the loan. Refinancing the loan will lower your car payments for the REMAINDER of the loan's life but you have to go to the bank and tell them that you wish to refinance it as opposed to just "mailing it in"
What happens when I pay above the minimum for my car loan?
just your term lenght will decrease
Reply:Car Loan Guide: http://carloanguide.automobile... Report Abuse
Reply:I'm not really sure, try calling your bank. But, I did want to let you know that if you are going to add extra to your payments, make a little note on your check or something that says the excess payment is to be put towards the principle. If not, you will just be paying interest rather than for your car.
Reply:It depends on how it was set up when you got the loan. It could shorten the loan, or you might have the option to apply a certain amount towards future payments on the loan. Normally, it will just go towards the premium.
Reply:anything you pay extra on your payment is supposed to go towards the principle,or the amount you borrowed so that it shortens the life of the loan. but you need to watch it close and make sure they are putting the money towards the principle and make sure that the amount of the loan is dropping.
Reply:i do believe that the length of your loan will decrease
Reply:Car loans are simple interest loans, anything you pay over your payment goes towards the principle. Your monthly payment won't go down but your payoff and term will go down, adding equity, or minimizing inequity in your vehicle. Its a good idea!
Reply:i have done this before. If you have a $300 car payment and send $400 the next months due-amount will come in for $200.00.
If you send $200 the following month, that will cancel-out whatever advantages you made with the first over payments and your required monthly will return to normal after that.
If you're going to give a large amount ( a couple of thousand ) that is called "Refinancing" the loan. Refinancing the loan will lower your car payments for the REMAINDER of the loan's life but you have to go to the bank and tell them that you wish to refinance it as opposed to just "mailing it in"
What are the pros and cons of a simple interest loan on an automobile?
Our local salesman is trying to talk us into a simple interest loan on a new car. What are the pros and cons of going this way? I can't rely on him to give me any cons! :-)
What are the pros and cons of a simple interest loan on an automobile?
I don't really know what that means, but basically you should pay as much as you can each month (with the lowest interest rate). If you pay in small installments the interest is going to start adding up. Soon you'll be paying less than the interest each month and you'll be screwed.
azalea tree
What are the pros and cons of a simple interest loan on an automobile?
I don't really know what that means, but basically you should pay as much as you can each month (with the lowest interest rate). If you pay in small installments the interest is going to start adding up. Soon you'll be paying less than the interest each month and you'll be screwed.
azalea tree
Can you get a home equity loan while in a debt management program?
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
Can you get a home equity loan while in a debt management program?
he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Reply:It depends on what kind of DMP you are in....is it a consumer proposal?? or did you just get a debt consolidation loan at the bank?? It also depends on your credit rating. If both parties still have good credit and aren't in a consumer proposal then yes there is a good chance that you can still get a home equity loan. This is what I do for a living....I'm a mortgage broker. I hope this helped
Reply:In a lot of cases, being in a DMP may preclude you from getting additional debt because some lenders view it as a precursor to bankruptcy.
The fact that this is a secured loan might help, but you'd need to check with the lender.
If the home is in both of your names, the HELOC would need to be jointly titled as well.
One option to consider is exiting the program and increasing the amount of the HELOC to cover your debt as well - and use the equity in your home to pay down the debt instead of the DMP.
Can you get a home equity loan while in a debt management program?
he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Reply:It depends on what kind of DMP you are in....is it a consumer proposal?? or did you just get a debt consolidation loan at the bank?? It also depends on your credit rating. If both parties still have good credit and aren't in a consumer proposal then yes there is a good chance that you can still get a home equity loan. This is what I do for a living....I'm a mortgage broker. I hope this helped
Reply:In a lot of cases, being in a DMP may preclude you from getting additional debt because some lenders view it as a precursor to bankruptcy.
The fact that this is a secured loan might help, but you'd need to check with the lender.
If the home is in both of your names, the HELOC would need to be jointly titled as well.
One option to consider is exiting the program and increasing the amount of the HELOC to cover your debt as well - and use the equity in your home to pay down the debt instead of the DMP.
Where can I get a good deal on consolidation for my private student loan?
I have loans with the Student Loan Corporation through CitiBank, and I think they're too generous with themselves. I pay a whopping 8.250% on a 46,000 principal balance. Can I do better?
Where can I get a good deal on consolidation for my private student loan?
Sallie Mae can help you consolidate private student loans: http://www.salliemae.com/consolidate.
Your interest rate is based on your credit rating, so finding a co-signer with good credit can help bring the rate down.
Reply:Possibly. Contact http://www.studentaidlending.com and ask for Crystal when you call them.
Do you 100% have private loans or FFELP loans, Direct loans and a private loan? I'd need a little more information to help you. If you feel comfortable emailing me more of the situation I can assist you better. tory@toryforpresident.com.
Private loans do sort of screw you over for consolidation. You may want to consolidate all of your other loans and not your private loan. Like I said, I'd need more info to assist you better.
Reply:Look for loans through Sallie Mae. I'm not sure of the website-probably sallie mae.com or something close to that. That is how I consolidated my student loans.
Reply:You might check out: http://loanconsolidation1.blogspot.com They have good information about debt consolidation and student loan consolidation.
http://loanconsolidation1.blogspot.com
Reply:Yes. Collegiate Solutions has consolidation rates as low a 4%. Their # is 877-490-6639, or visit SchoolWork.org as they feature reviews, details and options for student loan consolidation programs. See link below:
http://www.schoolwork.org/student-loan-c...
Where can I get a good deal on consolidation for my private student loan?
Sallie Mae can help you consolidate private student loans: http://www.salliemae.com/consolidate.
Your interest rate is based on your credit rating, so finding a co-signer with good credit can help bring the rate down.
Reply:Possibly. Contact http://www.studentaidlending.com and ask for Crystal when you call them.
Do you 100% have private loans or FFELP loans, Direct loans and a private loan? I'd need a little more information to help you. If you feel comfortable emailing me more of the situation I can assist you better. tory@toryforpresident.com.
Private loans do sort of screw you over for consolidation. You may want to consolidate all of your other loans and not your private loan. Like I said, I'd need more info to assist you better.
Reply:Look for loans through Sallie Mae. I'm not sure of the website-probably sallie mae.com or something close to that. That is how I consolidated my student loans.
Reply:You might check out: http://loanconsolidation1.blogspot.com They have good information about debt consolidation and student loan consolidation.
http://loanconsolidation1.blogspot.com
Reply:Yes. Collegiate Solutions has consolidation rates as low a 4%. Their # is 877-490-6639, or visit SchoolWork.org as they feature reviews, details and options for student loan consolidation programs. See link below:
http://www.schoolwork.org/student-loan-c...
What are the most important questions to ask my banker before taking a loan?
I'm about to meet with the bank to get info on taking a business loan to open a restaurant. The loan is to buy an empty store and to start a restaurant business on it. What are the most important questions I should ask the bank?
What are the most important questions to ask my banker before taking a loan?
Here are some questions you need to ask your banker:
1. What do you need to see and what do you want me to give you to increase my chances of getting the loan? What are the most important factors I need to show to qualify for the business loan?
2. What have been your experiences in lending to this industry? Is this an industry you consider to be too high risk?
3. What types of collateral do you want me to provide?
4. What do you want to see in my business plan? How detailed do you want me to be in the business plan? (some bankers will just read the executive summary)
5. What are your loan products and can you provide and compare their features? Which loan product would be best suited for my situation?
6. Ask this if you have no management experience or experience in running a restaurant before -- How important is having prior experience in the industry? Would it help if I bring into my management team more experienced people than myself to help me run the business?
Reply:I wouldn't worry about it until you're approved, at this stage the more you say isn't really better, so just get the info and thank you.
Reply:I would ask the banker, if I am approved, what are the terms as far as down payment, percentage they will lend and interest rate over what period to repay.
At this point, I would be wanting to shop around for best terms before I was too concerned about getting approved.
Not all banks are created equal. They all have different criteria and programs so shop around.
Do not have any pull your credit until you have shopped around and decided you want to deal with that bank.
Good luck.
What are the most important questions to ask my banker before taking a loan?
Here are some questions you need to ask your banker:
1. What do you need to see and what do you want me to give you to increase my chances of getting the loan? What are the most important factors I need to show to qualify for the business loan?
2. What have been your experiences in lending to this industry? Is this an industry you consider to be too high risk?
3. What types of collateral do you want me to provide?
4. What do you want to see in my business plan? How detailed do you want me to be in the business plan? (some bankers will just read the executive summary)
5. What are your loan products and can you provide and compare their features? Which loan product would be best suited for my situation?
6. Ask this if you have no management experience or experience in running a restaurant before -- How important is having prior experience in the industry? Would it help if I bring into my management team more experienced people than myself to help me run the business?
Reply:I wouldn't worry about it until you're approved, at this stage the more you say isn't really better, so just get the info and thank you.
Reply:I would ask the banker, if I am approved, what are the terms as far as down payment, percentage they will lend and interest rate over what period to repay.
At this point, I would be wanting to shop around for best terms before I was too concerned about getting approved.
Not all banks are created equal. They all have different criteria and programs so shop around.
Do not have any pull your credit until you have shopped around and decided you want to deal with that bank.
Good luck.
What are the consequences for not paying a unsecure cash loan?
Have a $5000 loan at 57% interest paid it for 2 years. Have paid a total of about $6000 and still owe the $5000. Just mad. Want to stop paying it.Can I? If I do what shall I expect?
What are the consequences for not paying a unsecure cash loan?
They might sue you, but more than likley they will harrass you over the phone for many months; then they will write it off as a loss,
Reply:It mainly depends from whom you borrowed. I think you need some specialised legal advice. You have either left out a decimal point or been the victim of a loan shark.
lily
What are the consequences for not paying a unsecure cash loan?
They might sue you, but more than likley they will harrass you over the phone for many months; then they will write it off as a loss,
Reply:It mainly depends from whom you borrowed. I think you need some specialised legal advice. You have either left out a decimal point or been the victim of a loan shark.
lily
What is the procedure regarding Bank loan in Oman?
I'm planning on leaving my present company for better prospects in UAE. However, I still have pending loan in a bank in oman and paying it by salary deduction monthly. If I do get a job in UAE, will it be a problem for me as they will cancel my visa? I'm planning to move to UAE and still pay my Oman loan.
What is the procedure regarding Bank loan in Oman?
Its an answer from my friend. I am just pasting his answer and he is working in Dubai now.
Yes he will have problem. When Visa is cancelled the bank will be informed. If he has the loan, he will be caught at Airport for cheating the bank. If the same bank is available in UAE, he can transfer his loans to UAE branch or he can transfer his loans to credit card. Better to consult the bank before to avoid police issues at airport.
Hope the above answer helps you.
What is the procedure regarding Bank loan in Oman?
Its an answer from my friend. I am just pasting his answer and he is working in Dubai now.
Yes he will have problem. When Visa is cancelled the bank will be informed. If he has the loan, he will be caught at Airport for cheating the bank. If the same bank is available in UAE, he can transfer his loans to UAE branch or he can transfer his loans to credit card. Better to consult the bank before to avoid police issues at airport.
Hope the above answer helps you.
What are things banks look for when apply for a personal loan?
Hi..I'm 19 years old and I need a fast loan. My credit score is in the 700. Right now I don't work and is currently staying home with parent enjoying the summer. In a couple of weeks I should have a job and should be getting around $800 to $1000 a month. The loan amount that I'm interest is about 15K. I really just need about 12k but just in case. I have Bank of America as my local bank right now.
After telling me what banks look for when applying for a personal loan, can you also recommend suggestions to what banks I should look for to get this fast loan?
What are things banks look for when apply for a personal loan?
A personal loan is unsecured by real estate or another bank account/savings account, etc. Some banks call it a "signature loan", meaning it's your signature alone that backs it up. Therefore, your age may work against you - and also the income you anticipate from your job may not qualify you either. Banks like to have something they can grab onto if you default [fail to pay off, disappear, skip payments, etc.] like a piece of real estate, a handful of diamonds, OR a salary that would make paying off a personal loan of that amount easy-peasy for you. What your credit score is based on [paying off credit cards on time, etc.] will count also. You might want to find out from your bank just what the terms would be--personal loans generally have a shorter allowable pay-off time [not like house mortgages where you have around 20-30 years to pay it off] and thus your payments might be pretty high...which is where your expected salary might discourage them from making you a loan...UNLESS you have a trust fund or investment package somewhere. This is the Ultimate Dark View...would your parents co-sign for you and tie up THEIR real estate for your $15,000?
p.s., bankers are pretty nosy, too...because of your age, they might ask you what you need it for! "A Beautiful New Motorcycle" is not the answer they might be looking for. Inside every banker's heart is a Big Dad With Questions... [sigh].
Reply:Credit score - with a 700+, you are probably good on this
Income - If your income is $1k/month, and you are looking to borrow a minimum of $12k, you are trying to borrow a year's income. It is likely that the bank will decide that your income is insufficient for a personal, unsecured loan of this size.
Job stability - Not currently working, and applying for a loan immediately after you get a job will not help your chances of getting a loan. Banks like to see at least 2 years at the same company.
To get a loan of the size you are thinking of with your anticiapated income, you will likely need more income or a co-signer.
Reply:at 19 you probably have very limited credit and most banks are unwilling to make a loan that large to someone your age like the last poster said you'll need a co-signer
Reply:Good luck...you are going to need a co-signer!!
After telling me what banks look for when applying for a personal loan, can you also recommend suggestions to what banks I should look for to get this fast loan?
What are things banks look for when apply for a personal loan?
A personal loan is unsecured by real estate or another bank account/savings account, etc. Some banks call it a "signature loan", meaning it's your signature alone that backs it up. Therefore, your age may work against you - and also the income you anticipate from your job may not qualify you either. Banks like to have something they can grab onto if you default [fail to pay off, disappear, skip payments, etc.] like a piece of real estate, a handful of diamonds, OR a salary that would make paying off a personal loan of that amount easy-peasy for you. What your credit score is based on [paying off credit cards on time, etc.] will count also. You might want to find out from your bank just what the terms would be--personal loans generally have a shorter allowable pay-off time [not like house mortgages where you have around 20-30 years to pay it off] and thus your payments might be pretty high...which is where your expected salary might discourage them from making you a loan...UNLESS you have a trust fund or investment package somewhere. This is the Ultimate Dark View...would your parents co-sign for you and tie up THEIR real estate for your $15,000?
p.s., bankers are pretty nosy, too...because of your age, they might ask you what you need it for! "A Beautiful New Motorcycle" is not the answer they might be looking for. Inside every banker's heart is a Big Dad With Questions... [sigh].
Reply:Credit score - with a 700+, you are probably good on this
Income - If your income is $1k/month, and you are looking to borrow a minimum of $12k, you are trying to borrow a year's income. It is likely that the bank will decide that your income is insufficient for a personal, unsecured loan of this size.
Job stability - Not currently working, and applying for a loan immediately after you get a job will not help your chances of getting a loan. Banks like to see at least 2 years at the same company.
To get a loan of the size you are thinking of with your anticiapated income, you will likely need more income or a co-signer.
Reply:at 19 you probably have very limited credit and most banks are unwilling to make a loan that large to someone your age like the last poster said you'll need a co-signer
Reply:Good luck...you are going to need a co-signer!!
How can I convince these private loan companies I do need loans they keep turning me down?
My husband works part-time and is fighting to get disability. I am a full-time student with 18 credits and have no time to work. I have applied for a private loan with a co-signer who has a 720 credit score and I still got turned down. If anyone can advise me please let me know.
How can I convince these private loan companies I do need loans they keep turning me down?
Take out federal student loans through fafsa. You don't need to pass a credit check or have a cosigner.
PS. Your husband will not qualify for disability as long as he's working. People who get approved for disability do so because can't work.
Good Luck - school is worth it... but you have to stick it out and find a way.
Reply:Put yourself in the shoes of a potential lender: why should he/she lend money to you? What chance does he/she have of getting paid back?
How can I convince these private loan companies I do need loans they keep turning me down?
Take out federal student loans through fafsa. You don't need to pass a credit check or have a cosigner.
PS. Your husband will not qualify for disability as long as he's working. People who get approved for disability do so because can't work.
Good Luck - school is worth it... but you have to stick it out and find a way.
Reply:Put yourself in the shoes of a potential lender: why should he/she lend money to you? What chance does he/she have of getting paid back?
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won't touch her existing loan due to the fact that it is a USDA loan.
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
Reply:Sounds as if she is in a government program. A lot of banks won't touch these loans because they are risky. So the government makes tax payers flip the bill.
Check with other lenders.
http://www.fsa.usda.gov/FSA/webapp?area=...
myspaces.com
How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn't be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.
Reply:Sounds as if she is in a government program. A lot of banks won't touch these loans because they are risky. So the government makes tax payers flip the bill.
Check with other lenders.
http://www.fsa.usda.gov/FSA/webapp?area=...
myspaces.com
What was your credit score when you recieved a home loan?
I have a credit score of 618. Is this enough for me to apply for a home loan?
What was your credit score when you recieved a home loan?
Mine was 680 and I got approved with no problems. You will probably get a loan, though it won't necessarily be as good of an interest rate if you had had like 800 plus instead.
Reply:620 is the absolute minimum for a prime buyer rate. Even one point less, and you are in the "sub-prime" pool.
Be aware it's the middle score of the one pulled from three agencies. So if one is 640, the other is 620, and one is 580 - they don't average, they don't take the high or low - they take literally the middle score. So it's important to get all three agencies onto the same page - identical reports.
There is a way to bump your score the month before you go for a loan - the easiest - if you have credit cards and are carrying balances - pay them to zero. Of course you must be able to maintain this through closing, and then you can ratchet them up again.
Reply:Mine is 820 - and I am doing a loan right now.
Doesn't hurt to apply - they will let you know if its enough or not - I went through wells fargo - the no closing cost deal!
Reply:yes you can get 100 percent financing at a favorable rate. I would try to get it up to at least 640 to get an even better rate and you qualify for a construction loan with a 620 or better on your mid score. Make sure you check all three bureaus because they pull your middle score.
Reply:trying to get a house to
credit not good having a hard time
you could look for land contract
be sure to look around at different places
good luck hope you get a house
What was your credit score when you recieved a home loan?
Mine was 680 and I got approved with no problems. You will probably get a loan, though it won't necessarily be as good of an interest rate if you had had like 800 plus instead.
Reply:620 is the absolute minimum for a prime buyer rate. Even one point less, and you are in the "sub-prime" pool.
Be aware it's the middle score of the one pulled from three agencies. So if one is 640, the other is 620, and one is 580 - they don't average, they don't take the high or low - they take literally the middle score. So it's important to get all three agencies onto the same page - identical reports.
There is a way to bump your score the month before you go for a loan - the easiest - if you have credit cards and are carrying balances - pay them to zero. Of course you must be able to maintain this through closing, and then you can ratchet them up again.
Reply:Mine is 820 - and I am doing a loan right now.
Doesn't hurt to apply - they will let you know if its enough or not - I went through wells fargo - the no closing cost deal!
Reply:yes you can get 100 percent financing at a favorable rate. I would try to get it up to at least 640 to get an even better rate and you qualify for a construction loan with a 620 or better on your mid score. Make sure you check all three bureaus because they pull your middle score.
Reply:trying to get a house to
credit not good having a hard time
you could look for land contract
be sure to look around at different places
good luck hope you get a house
How is Income verified when you do a document income loan?
How do they verify your income? If you do a documented income loan for a home refi?
How is Income verified when you do a document income loan?
CIA is a baby. They know all about our life from 18 (adresses, everything)
I found The best info about your Question HERE:
(VERY good loans - c.cards - credit repair %26amp; score; info)
http://new-loans-center.blogspot.com
Good luck!
Reply:Depends on the bank. Usually last 2 years tax returns and the last 30 days pay stubs. Some banks will let you use the amount of all deposits made into your bank account for the last two years but you must be self employed.
How is Income verified when you do a document income loan?
CIA is a baby. They know all about our life from 18 (adresses, everything)
I found The best info about your Question HERE:
(VERY good loans - c.cards - credit repair %26amp; score; info)
http://new-loans-center.blogspot.com
Good luck!
Reply:Depends on the bank. Usually last 2 years tax returns and the last 30 days pay stubs. Some banks will let you use the amount of all deposits made into your bank account for the last two years but you must be self employed.
How do i register for a federal direct subsidzed stafford loan?
I recieved a federal direct subsidzed stafford loan for my financial aid package. Is the lender the gov't? Or do I have to pick a bank to borrow from?
How do i register for a federal direct subsidzed stafford loan?
The Federal Govn't is your lender. You will need to go to https://www.dl.ed.gov/borrower/BorrowerW... to complete entrance counseling and you will need to go to https://dlenote.ed.gov/empn/index.jsp to e-sign your Master Promissory Note.
Check with your financial aid office to see if you have to sign a Direct Loan Certification Form, if you have to do anything specific at your school to let them know you are accepting the loan.
Reply:Stafford Loans are backed by the government, which is why lenders love them. But it's an actual bank that disburses the funds. Every school has 'preferred' lenders, such as Citibank or Sallie Mae. I went with my credit union, Navy Federal, for mine, because they rock and give a 2% discount off the already low rate for on time payments. So if you're already a member of a bank of credit union and you like the way they work, check to see if they disburse stafford loans. Like I said before, most do because they're guaranteed to be paid even if you default on them. After you sign a Master Promissory Note (MPN), which you may be able to sign online, the bank will send a certification to your school. Once the school returns the certification, the bank sends the check straight to your school, who credits it to your student account. Now sometimes this whole certification process can take awhile. At my school it took next to forever. Hope this helps!
Reply:The money is coming from the govt instead of the FFELP system where private banks are involved. Go back and read your award letter. I will bet dollars to donuts it explains the process for you to setup your Stafford loans. If you do not find it there - Call your financial aid office. Each school may have slightly differing processes.
How do i register for a federal direct subsidzed stafford loan?
The Federal Govn't is your lender. You will need to go to https://www.dl.ed.gov/borrower/BorrowerW... to complete entrance counseling and you will need to go to https://dlenote.ed.gov/empn/index.jsp to e-sign your Master Promissory Note.
Check with your financial aid office to see if you have to sign a Direct Loan Certification Form, if you have to do anything specific at your school to let them know you are accepting the loan.
Reply:Stafford Loans are backed by the government, which is why lenders love them. But it's an actual bank that disburses the funds. Every school has 'preferred' lenders, such as Citibank or Sallie Mae. I went with my credit union, Navy Federal, for mine, because they rock and give a 2% discount off the already low rate for on time payments. So if you're already a member of a bank of credit union and you like the way they work, check to see if they disburse stafford loans. Like I said before, most do because they're guaranteed to be paid even if you default on them. After you sign a Master Promissory Note (MPN), which you may be able to sign online, the bank will send a certification to your school. Once the school returns the certification, the bank sends the check straight to your school, who credits it to your student account. Now sometimes this whole certification process can take awhile. At my school it took next to forever. Hope this helps!
Reply:The money is coming from the govt instead of the FFELP system where private banks are involved. Go back and read your award letter. I will bet dollars to donuts it explains the process for you to setup your Stafford loans. If you do not find it there - Call your financial aid office. Each school may have slightly differing processes.
Any advice on getting a business loan for a start up?
I have been working on my business plan and i am almost all set. But now i am worried about trying to get a bank loan. I quit my job because i wanted to concentrate on my business and because it wasnt for me. But now i have no income and no real assets. I am only 24 and have no real savings or anything. Will banks even concider me for a loan even though my business plan is really good?
Any advice on getting a business loan for a start up?
The first question is how much capital do you need before you reach positive cashflow? If it is very small, I would look to relatives/friends to invest or even possibly use a credit card.
Banks generally don't make loans against business plans since there are no real assets as collateral. Furthermore, there is no cashflow from a going concern to support debt repayment so the anticipation of being repaid is essentially 0 (from the banks perspective). Banks are not really in the business of assessing business plans.
What you are looking for is venture capital, but more specifically seed money. I would start looking for wealthy relatives and friends. Sometimes entrepreneurs leverage up with credit cards to get things going.
You should have your plan reviewed by several people who know business. You can also start sending it to venture capitalists.
Reply:Depends on how much you want to borrow. Most of the High Street banks would want some kind of security for large loans but if you're only after a few thousand then it's probably worth shopping around. Most banks will provide some kind of support for business start ups so just go and talk to them.
Some banks will allow a free overdraft facility up to an agreed amount. If you go down this route then you need to be totally confident in your business plan and be sure that you'll be in a position to pay it back.
Might be worth checking out your local Enterprise Agency as they can often have contacts for financing new businesses.
Good luck!
Reply:Banks will not consider a business plan. Banks look at Financial statements and credit scores.
Reply:You might need to check, but I think the Princes Trust gives loans for business start-ups for the under 25's. Or phone your local Business Link for free business advice.
Genealogy
Any advice on getting a business loan for a start up?
The first question is how much capital do you need before you reach positive cashflow? If it is very small, I would look to relatives/friends to invest or even possibly use a credit card.
Banks generally don't make loans against business plans since there are no real assets as collateral. Furthermore, there is no cashflow from a going concern to support debt repayment so the anticipation of being repaid is essentially 0 (from the banks perspective). Banks are not really in the business of assessing business plans.
What you are looking for is venture capital, but more specifically seed money. I would start looking for wealthy relatives and friends. Sometimes entrepreneurs leverage up with credit cards to get things going.
You should have your plan reviewed by several people who know business. You can also start sending it to venture capitalists.
Reply:Depends on how much you want to borrow. Most of the High Street banks would want some kind of security for large loans but if you're only after a few thousand then it's probably worth shopping around. Most banks will provide some kind of support for business start ups so just go and talk to them.
Some banks will allow a free overdraft facility up to an agreed amount. If you go down this route then you need to be totally confident in your business plan and be sure that you'll be in a position to pay it back.
Might be worth checking out your local Enterprise Agency as they can often have contacts for financing new businesses.
Good luck!
Reply:Banks will not consider a business plan. Banks look at Financial statements and credit scores.
Reply:You might need to check, but I think the Princes Trust gives loans for business start-ups for the under 25's. Or phone your local Business Link for free business advice.
Genealogy
What is the best way to apply for a student loan?
I'm already in college, and really interested in getting one b/c it would help a lot. I filled out my FAFSA, I'm not eligible for any other sort of financial aid so I'd really like to get a loan asap. What would be the best way to go about doing that? Everytime I talk to the financial aid office at my school, they really don't give me an answer, and pass me off to someone else. I'd really like to go directly to a lender, but I need to know the best way of going about this. Any advice would be appreciated, thanks in advance!
What is the best way to apply for a student loan?
Hi there....sorry your financial aid office isn't doing their job for you. As someone who works in a financial aid office that really irks me. :( I would try seeing a different counselor or asking to speak with a supervisor to get CLEAR answers. EVERYONE is eligible for student loans. Even Paris Hilton and Donald Trump! You are too. You can get a lower interest rate by going through the financial aid office or be an idiot like I was when I went back to grad school...I called up Sallie Mae who did my undergrad loan and told them how much I wanted...filled out a tiny form and had the money. The interest rate was HORRIBLE and HIGH. If I could do it over again..... 1. I would have gone through my financial aid office to get a lower rate. 2. I wouldn't have used Sallie Mae (poor service). 3. If I still wanted to be an idiot, :) I would have gone with CLC (College Loan Corporation) as they are a young and progressive loan company that is beating all their competiton for giving GREAT services to their customers. Our students LOVE them... Read the customer testimonies from their site...
Reply:try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying.
every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc
heres a link with a HUGE amount of some available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.
Also contact all mens, womens associations in your state, they almost always have grants %26amp; scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.
OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.
http://www.angelfire.com/nj4/njcomputerc...
MORE:
http://www.myspace.com/financialaidpodca...
http://www.FinancialAidPodcast.com
http://www.sfa.ufl.edu:16080/scholarship...
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/...
http://www.discovernursing.com/nursing-s...
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.uncf.org/
http://www.vfw.org/index.cfm %26lt;-do search for ‘scholarships’
http://www.finaid.org/
http://www.actstudent.org/finaid/scholar...
http://www.act.org/recognition/clients.h...
http://www.act.org/kfcscholars/index.htm...
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cf...
DEPENDENCY or NOT
http://www.salliemae.com/get_student_loa...
LOAN FORGIVENESS or NOT
(not sure about if valid, but worth a try)
http://www.pheaa.org/loanforgiveness/hea...
STATUS of your gov loan or aid:
http://www.nslds.ed.gov/nslds_SA/
if you don’t have a PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex...
ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scho...
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay....
http://www.princetonreview.com/college/a...
http://www.freschinfo.com/tips-brainstor...
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_ps...
LOANS
http://www.finaid.org/loans/educationlen...
http://www.alternativestudentloan.com/
DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/inde...
INTERNATIONAL STUDENTS
http://www.studyabroad.com/forum/financi...
http://www.internationalstudent.com/
http://www.internationalscholarships.com...
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtm...
http://www.abroadplanet.com/student-loan...
http://www.salliemae.com/international/
Reply:Sallie Mae is the nation's top paying-for-college company. Their website will walk you through the process of getting a student loan - how they work, what type of loans are out there, financial aid calendar, etc. http://www.salliemae.com
What is the best way to apply for a student loan?
Hi there....sorry your financial aid office isn't doing their job for you. As someone who works in a financial aid office that really irks me. :( I would try seeing a different counselor or asking to speak with a supervisor to get CLEAR answers. EVERYONE is eligible for student loans. Even Paris Hilton and Donald Trump! You are too. You can get a lower interest rate by going through the financial aid office or be an idiot like I was when I went back to grad school...I called up Sallie Mae who did my undergrad loan and told them how much I wanted...filled out a tiny form and had the money. The interest rate was HORRIBLE and HIGH. If I could do it over again..... 1. I would have gone through my financial aid office to get a lower rate. 2. I wouldn't have used Sallie Mae (poor service). 3. If I still wanted to be an idiot, :) I would have gone with CLC (College Loan Corporation) as they are a young and progressive loan company that is beating all their competiton for giving GREAT services to their customers. Our students LOVE them... Read the customer testimonies from their site...
Reply:try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying.
every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc
heres a link with a HUGE amount of some available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.
Also contact all mens, womens associations in your state, they almost always have grants %26amp; scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.
OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.
http://www.angelfire.com/nj4/njcomputerc...
MORE:
http://www.myspace.com/financialaidpodca...
http://www.FinancialAidPodcast.com
http://www.sfa.ufl.edu:16080/scholarship...
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://12.46.245.173/cfda/cfda.html
http://www.salliemae.com/
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/...
http://www.discovernursing.com/nursing-s...
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.jackierobinson.org/
http://www.uncf.org/
http://www.vfw.org/index.cfm %26lt;-do search for ‘scholarships’
http://www.finaid.org/
http://www.actstudent.org/finaid/scholar...
http://www.act.org/recognition/clients.h...
http://www.act.org/kfcscholars/index.htm...
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cf...
DEPENDENCY or NOT
http://www.salliemae.com/get_student_loa...
LOAN FORGIVENESS or NOT
(not sure about if valid, but worth a try)
http://www.pheaa.org/loanforgiveness/hea...
STATUS of your gov loan or aid:
http://www.nslds.ed.gov/nslds_SA/
if you don’t have a PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex...
ESSAY HELP
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scho...
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay....
http://www.princetonreview.com/college/a...
http://www.freschinfo.com/tips-brainstor...
http://www.freschinfo.com/tips-topic.php
http://essayedge.com/
GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_ps...
LOANS
http://www.finaid.org/loans/educationlen...
http://www.alternativestudentloan.com/
DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/inde...
INTERNATIONAL STUDENTS
http://www.studyabroad.com/forum/financi...
http://www.internationalstudent.com/
http://www.internationalscholarships.com...
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtm...
http://www.abroadplanet.com/student-loan...
http://www.salliemae.com/international/
Reply:Sallie Mae is the nation's top paying-for-college company. Their website will walk you through the process of getting a student loan - how they work, what type of loans are out there, financial aid calendar, etc. http://www.salliemae.com
What is the best way to market clients as a loan officer?
I am a new loan officer and and so far i'm doing pretty good with clients, but for future referance if someone experienced can give me some advised on what is the best way to get new clients.
What is the best way to market clients as a loan officer?
If you are already doing well it will just snowball w/o much needed from you. People like to use who they are familier with (agents) and word of mouth is the best thing going.
Reply:Cozy up to local Realtors who will refer people to you and vice versa. The first loan officer that comes to mind when people ask me are the ones that cater our sales meetings (with kolaches and stuff) and the ones that keep a snack basket filled for us in our lunch room.
What is the best way to market clients as a loan officer?
If you are already doing well it will just snowball w/o much needed from you. People like to use who they are familier with (agents) and word of mouth is the best thing going.
Reply:Cozy up to local Realtors who will refer people to you and vice versa. The first loan officer that comes to mind when people ask me are the ones that cater our sales meetings (with kolaches and stuff) and the ones that keep a snack basket filled for us in our lunch room.
Can personal loan interest be tax deductible if you use the loan to buy property?
If you get a conventional mortgage, your interest is tax deductible. If I take out a personal loan to buy my primary residence, can I deduct interest from that personal loan when I file my taxes?
Thanks.
Can personal loan interest be tax deductible if you use the loan to buy property?
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you're buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it's a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
Reply:If you're doing it as an investment you'll have to charge her market-based rent in order to deduct the interest. TFTP Report Abuse
Thanks.
Can personal loan interest be tax deductible if you use the loan to buy property?
No, you cannot deduct it, at least not for a personal residence. To be deductible the property must secure the payment of the loan. A personal loan fails that test as there is no security other than your signature on a personal loan.
Now, if you're buying the property for investment purposes the rules change. You are allowed to deduct interest on a loan for an investment, limited to the profit that you make on the investment. If it's a buy and hold purchase, you may deduct the interest paid when you sell the property fora profit, limited to the profit that you made. This is one of those cases in the Tax Code where an expense is carried to future years as opposed to being used in the year that the expense was incurred.
Reply:If you're doing it as an investment you'll have to charge her market-based rent in order to deduct the interest. TFTP Report Abuse
Can a mortgage loan be for more than the purchase price of the home?
If a person wanted to make some changes or remodel a room, could the loan be for more than the house to allow for that?
Can a mortgage loan be for more than the purchase price of the home?
Not anymore ..
It works like this .. you borrow money (Mortgage) against the value of the property (House). If you fail to pay the loan, they seize the property and sel it at auction to get their money back.
In the 'old days' that value of the property was going up ... so lenders were prepared to lend against the 'future value' of the house .. and you could get the famous "110% Mortgages"
Now the value is going down. Most lenders will only lend 90% of 'today's' value (some even less) because they expect the value to be drop ..
If you want to borrow to make changes that would significantly increase the value of the house, they may well agree = say, for example, you need say £20,000 for an Extension that would add £30,000 to the value of the House, I'm sure they will consider your application.
However £20,000 is usually the 'minimium' amount they will be willing to lend (anything less than this and the cost of administration etc make it not worth their while) - and a simple 'remodeling'; of a room is unlikely to add significantly to the value of the house ..
Indeed, some people who get 90% Mortgages on a 'special deal' 2 or 3 years ago and who are now trying to re-mortgage with another lender's 'special deal' have discovered that the value of their house is LESS than their Mortgage (this is known as 'Negative Equity') ..
As a result no other lender will touch them .. so they are stuck with their existing lenders 'standard variable rate' (which means in some cases their payments go up by 50%).
Reply:There's a lot more to know than that. Go talk to your bank, then go talk to another lender, go talk to an attorney and see if they have anyone lending money (especially an attorney that deals in real estate), just keep asking questions until you have a good understanding of what you are doing. Do not let anyone talk you into anything until you have the loan process and all the different types of loans and all the deals that are being offered-like for first time home buyers, and be sure you understand the difference of how much more you end up paying when you have a longer mortgage like a 30 year compared to a 20 year. There is a loan out there for everyone and there is always someone that will want to loan you money. If you need more than the price of the house, you don't have the $ to buy and not lose out. . .but trust me someone will be willing to give it to you and hope you go under and they get the house back and the money you paid. Only fools borrow more than they can afford. That's what's happened to a lot of folks these days and then interest rates went up, values went down and poof, they are losing their house. It one of the biggest investments and biggest loan you will ever make. You need to do it wisely.
lilac
Can a mortgage loan be for more than the purchase price of the home?
Not anymore ..
It works like this .. you borrow money (Mortgage) against the value of the property (House). If you fail to pay the loan, they seize the property and sel it at auction to get their money back.
In the 'old days' that value of the property was going up ... so lenders were prepared to lend against the 'future value' of the house .. and you could get the famous "110% Mortgages"
Now the value is going down. Most lenders will only lend 90% of 'today's' value (some even less) because they expect the value to be drop ..
If you want to borrow to make changes that would significantly increase the value of the house, they may well agree = say, for example, you need say £20,000 for an Extension that would add £30,000 to the value of the House, I'm sure they will consider your application.
However £20,000 is usually the 'minimium' amount they will be willing to lend (anything less than this and the cost of administration etc make it not worth their while) - and a simple 'remodeling'; of a room is unlikely to add significantly to the value of the house ..
Indeed, some people who get 90% Mortgages on a 'special deal' 2 or 3 years ago and who are now trying to re-mortgage with another lender's 'special deal' have discovered that the value of their house is LESS than their Mortgage (this is known as 'Negative Equity') ..
As a result no other lender will touch them .. so they are stuck with their existing lenders 'standard variable rate' (which means in some cases their payments go up by 50%).
Reply:There's a lot more to know than that. Go talk to your bank, then go talk to another lender, go talk to an attorney and see if they have anyone lending money (especially an attorney that deals in real estate), just keep asking questions until you have a good understanding of what you are doing. Do not let anyone talk you into anything until you have the loan process and all the different types of loans and all the deals that are being offered-like for first time home buyers, and be sure you understand the difference of how much more you end up paying when you have a longer mortgage like a 30 year compared to a 20 year. There is a loan out there for everyone and there is always someone that will want to loan you money. If you need more than the price of the house, you don't have the $ to buy and not lose out. . .but trust me someone will be willing to give it to you and hope you go under and they get the house back and the money you paid. Only fools borrow more than they can afford. That's what's happened to a lot of folks these days and then interest rates went up, values went down and poof, they are losing their house. It one of the biggest investments and biggest loan you will ever make. You need to do it wisely.
lilac
How do you apply for student loan for UC San Diego?
I am go to University of California San Diego. My parents are not paying for my college fees and i plan to make student loans.(i receive no scholarships) Can anyone tell me in details how to take out a full student loan. Is there any guarantees? How much is the interest?
How do you apply for student loan for UC San Diego?
go to the financial aid department, i'm sure they'll give you all the specifics
How do you apply for student loan for UC San Diego?
go to the financial aid department, i'm sure they'll give you all the specifics
What are the key factors in obtaining a home mortgage loan?
My credit isn't bad or fair. It's good, just below excellent. How good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?
What are the key factors in obtaining a home mortgage loan?
Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc., they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent!! As a thank you to me for answering your question!!! :)
Reply:Well getting pre-approved is the action you need to take. You need to go into any banking institution, fill out and application and let them determine how much you can afford.
From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford.
It's extremely easy.
Reply:Up until about a year ago all you needed was a pulse (seriously).
They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant
And now they wonder why our entire system is imploding.
But to answer your question...since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid...and that's just to buy a car! lol
Reply:I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank.
What are the key factors in obtaining a home mortgage loan?
Other Factors: With some lenders they require that your appraisal not be a significant amount less that your loan, because if something were to happen and your home went into foreclosure, they want to be sure they can sell the house and get what you owe them back. Credit Scores, the amount of debt that you have, ie credit cards, student loans, etc., they will require that you pay some of that off so that they will be your primary lender. If you are purchasing, lenders usuallly require a termite inspection, home owners insurance and if you have prior mortgages, they will want those paid off as well. Usually not a whole lot is paid upfront except maybe your appraisal. Hope this helps and if you live is SC or GA request that McLeod and Dowling be your closing agent!! As a thank you to me for answering your question!!! :)
Reply:Well getting pre-approved is the action you need to take. You need to go into any banking institution, fill out and application and let them determine how much you can afford.
From there they will tell you just how good your credit is, how much you need to pay down if any and how much of a house you can afford.
It's extremely easy.
Reply:Up until about a year ago all you needed was a pulse (seriously).
They wrote soooo many bad loans that they even made names for them. Ever hear of a NINJA loan? no, it's not a joke. NINJA stands for No Income No Job Applicant
And now they wonder why our entire system is imploding.
But to answer your question...since they fvcked up so bad they had to tighten their lending practices so much that now you need perfect credit, a six figure annual income, and a million dollars liquid...and that's just to buy a car! lol
Reply:I believe these days you need at least a 720 or a 760 score. You should have at least 2 years solid employment and some money saved in the bank.
Does a mortgage loan have to be a minimum amount when purchasing a house?
I'm looking for a house in the Ft Wayne IN area, probably in the less than $20,000 range. I am a first-time home buyer. Is it possible to get a mortgage for an amount this low, assuming the property is of course assessed for at least the amount of the loan? Why kind of down payment and closing costs should I expect to pay? Thanks for any help!
Does a mortgage loan have to be a minimum amount when purchasing a house?
for some mortgage companies- yes, they do have minimums and will offer a better rate when borrowing the average amount currently around $200,000. Others will charge extra large origination (closing) fees to start up the loan since they will not be making as much money off it in the long run. Also the smaller banks especially will not be able to offer a loan of that amount. You might want to try country wide- i recommended them to a couple freinds borrowing around 20-50k and they had luck with getting a approval for a decent price as where they were not hanving luck with the local banks. g luck
Reply:Most lenders do have a $40,000 min. for mortgages. You don't necessarily need a down payment, it would depend on your loan product (check with a mortgage consultant). Closing costs are a much about 1-3% of the purchase price. With only $20,000 you may be able to qualify for a personal loan intead but the interest rate may not be as competetive. Good luck
Reply:All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgages-finance.awardspace.com/
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
Reply:As a first time home buyer your best bet is probably a FHA loan, however, I'm not sure if they will loan for that small amount. Why not just get pre-qualified and hat way you'll not only know what you can afford but how much you can borrow.
Check the site below for additional answers.
Good luck.
Does a mortgage loan have to be a minimum amount when purchasing a house?
for some mortgage companies- yes, they do have minimums and will offer a better rate when borrowing the average amount currently around $200,000. Others will charge extra large origination (closing) fees to start up the loan since they will not be making as much money off it in the long run. Also the smaller banks especially will not be able to offer a loan of that amount. You might want to try country wide- i recommended them to a couple freinds borrowing around 20-50k and they had luck with getting a approval for a decent price as where they were not hanving luck with the local banks. g luck
Reply:Most lenders do have a $40,000 min. for mortgages. You don't necessarily need a down payment, it would depend on your loan product (check with a mortgage consultant). Closing costs are a much about 1-3% of the purchase price. With only $20,000 you may be able to qualify for a personal loan intead but the interest rate may not be as competetive. Good luck
Reply:All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgages-finance.awardspace.com/
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.
Reply:As a first time home buyer your best bet is probably a FHA loan, however, I'm not sure if they will loan for that small amount. Why not just get pre-qualified and hat way you'll not only know what you can afford but how much you can borrow.
Check the site below for additional answers.
Good luck.
What is the least amount of money a bank can loan you?
I need to borrow $200 from the bank but I'm not 18 yet, however I have an account but can someione tell me if they would loan me that money. My friend told me it's at least like $1000 no less.
What is the least amount of money a bank can loan you?
I work at a bank and you can apply for a college credit card for as low as $500.00. You can also do what's called a 'secured card', basically it's the same thing as a regular credit card except you open a savings account with like $500 and the secured card is linked to your savings account. You still make payments from spending. This is ideal for people with little or no credit because it helps them establish good credit. You usually have to be over 18 years old to do this
floral shops
What is the least amount of money a bank can loan you?
I work at a bank and you can apply for a college credit card for as low as $500.00. You can also do what's called a 'secured card', basically it's the same thing as a regular credit card except you open a savings account with like $500 and the secured card is linked to your savings account. You still make payments from spending. This is ideal for people with little or no credit because it helps them establish good credit. You usually have to be over 18 years old to do this
floral shops
Can you deduct interest froman auto loan on your taxes?
I have 20 % intrest rate on my auto loan. (Yes i had Credit troubles in the past) Anyway i paid nearly 2000.00 in interest last year is that deductable? I know i can use my mortgage interest. But i was curious about the auto loan.
Can you deduct interest froman auto loan on your taxes?
not any more. They cut that out a few years ago.
Reply:Not since Ronald Reagan was in office... He well reformed the income tax laws... Thanks Reagon!
Reply:No, not since 1986.
Reply:No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
Reply:NO...and in case you think you can...NO !
Reply:no... shame huh?
would be nice to be able to do that... I too have interest on my car.
Can you deduct interest froman auto loan on your taxes?
not any more. They cut that out a few years ago.
Reply:Not since Ronald Reagan was in office... He well reformed the income tax laws... Thanks Reagon!
Reply:No, not since 1986.
Reply:No, not for your personal car.
You can only deduct your mortgage interest if you itemize.
Reply:NO...and in case you think you can...NO !
Reply:no... shame huh?
would be nice to be able to do that... I too have interest on my car.
Where do I find buyers who cannot qualify for a loan to purchase a home?
I am an investor with a group of investors who have have real estate properties around the US, mostly single family, townhomes and condos. One of our investment strategies requires finding buyers who are not able to qualify for a traditional loan. With us, the only need 3 payments and closing costs to qualify to get into one of our properties and own a home. My question is how do I go about finding these buyers and/or establishing relationships with agents and lenders to work with their unqualified buyers to get them into a property and make it a win win for all parties involved?
Where do I find buyers who cannot qualify for a loan to purchase a home?
We get these potential buyers you described every day. Post your contact info, and we can consider you as an option on the next one. Once we see how that goes, we'll see if it makes sense for both of us to continue the relationship.
Reply:I have a few, I always have had some, I'll drop you a line. Report Abuse
Reply:What areas are your homes in?
Reply:Advertise in the local classifieds. Offer a 1% referral fee to Agents. Get someone to put one or two in the mls for you.
best of luck, this better not be another rip off of poor people!!
Or I'm gonna.............
Reply:E-mail me I have a link to send you. You will gain access to a large organization of real estate companies and mortgage companies. With the service that you are providing, you will be a main point for us to ask for help for our client. Just E-mail me on this system, click my icon.
Reply:There are a lot of people who can not qualify, there in a van down by the river.
Reply:My husband and I are retired and have fair credit but low income maybe we are the people you are looking for. We might consider relocating. Please e-mail me more info.
I guess this was a good place to look for "buyers who cannot qualify for a loan to purchase a home", huh?
Reply:I'd post things on craigslist.org. It's free, and heavily trafficked.
Or small classified ads :"been turned down for a mortgage? call ......"
Should be enough to get the phone to ring
Where do I find buyers who cannot qualify for a loan to purchase a home?
We get these potential buyers you described every day. Post your contact info, and we can consider you as an option on the next one. Once we see how that goes, we'll see if it makes sense for both of us to continue the relationship.
Reply:I have a few, I always have had some, I'll drop you a line. Report Abuse
Reply:What areas are your homes in?
Reply:Advertise in the local classifieds. Offer a 1% referral fee to Agents. Get someone to put one or two in the mls for you.
best of luck, this better not be another rip off of poor people!!
Or I'm gonna.............
Reply:E-mail me I have a link to send you. You will gain access to a large organization of real estate companies and mortgage companies. With the service that you are providing, you will be a main point for us to ask for help for our client. Just E-mail me on this system, click my icon.
Reply:There are a lot of people who can not qualify, there in a van down by the river.
Reply:My husband and I are retired and have fair credit but low income maybe we are the people you are looking for. We might consider relocating. Please e-mail me more info.
I guess this was a good place to look for "buyers who cannot qualify for a loan to purchase a home", huh?
Reply:I'd post things on craigslist.org. It's free, and heavily trafficked.
Or small classified ads :"been turned down for a mortgage? call ......"
Should be enough to get the phone to ring
Who thinks payday loan companies should be banned in every state?
I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction! I hate predatory lenders.
Who thinks payday loan companies should be banned in every state?
I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc.
Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren't educated in how to manage their income versus their expenses.
Reply:I don't understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.
But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc.
Reply:they dont trick you in to getting a loan from them... its your responsiblty to be responsible with your money... i have on occassion since my divorce needed one.... and it came it handy.... try using a budget
Reply:I don't think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob.
Reply:they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down.
Reply:yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal.....if they can do it then why cant the mafia
Who thinks payday loan companies should be banned in every state?
I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc.
Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren't educated in how to manage their income versus their expenses.
Reply:I don't understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.
But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc.
Reply:they dont trick you in to getting a loan from them... its your responsiblty to be responsible with your money... i have on occassion since my divorce needed one.... and it came it handy.... try using a budget
Reply:I don't think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob.
Reply:they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down.
Reply:yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal.....if they can do it then why cant the mafia
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