We're a military family, and I believe eligible for a VA home loan. We have about 30K in credit card debt, but are hoping to pay it off before applying for the loan. Just wanted some info on what to expect.
What are the steps to buying a home via a va home loan?
Got to get your VA certificate first, then apply like any other mortgage. I wouldn't use a VA home loan if you don't have to. You have to pay a funding fee ontop of your regular closing cost. But good luck.
Reply:Using your VA eligibility is best when purchasing a home. A lot less money is needed than an FHA loan (3% of purchase price) or a Conventional loan (5% of the purchase price is needed).
If you already know that you have a lot of debt you might as well wait til you have some paid off and are closer to buying a home. Only because they will pull your credit.
Once you are ready though go to a bank to see about getting pre-approved. Never use a broker. They charge WAY too much. After you go thru that process they will tell you how much you are eligible for then you can start looking =)
Good luck!!
Wednesday, October 21, 2009
How can you feasibly sell a car with a loan payment pending?
Dear Yahoo folks, I have 2003 Honda CR-V, outstanding and looks just as new, with low mileage. I might be moving or other personal reasons, otherwise I will not sell this great crv. I want to sell it, but I am still making payments on a car loan?. Any suggestions to go about?.
How can you feasibly sell a car with a loan payment pending?
The only way to sell this car to another party and get yourself out from the payments, is to sell the car for what you currently owe on the car. You call the lien holder and ask them what is the payoff on the car and they tell you. If for some reason you owe more than what the car is worth, your stuck as you cant sell an automobile you dont own.
Good Luck
Reply:You can see if your lender will be willing to transfer payments to a new buyer who would first have to qualify for the loan themselves. Or you can get a bank loan to pay off the auto loan so you can get the title before you sell the car because most people buying a used car will want to get their hands on the title to protect themselves.
Reply:You would have to get someone to pay for your car and be willing to wait until you send that money to the lender in order to get your title. Once you have the title, you will have to mail it to the buyer. Dealers are willing to do this, but as you said, they don't pay very much.
You'll want to check these guys out.....
http://www.123thebest.info/go.php?link=a...
Hope that helps.
floral
How can you feasibly sell a car with a loan payment pending?
The only way to sell this car to another party and get yourself out from the payments, is to sell the car for what you currently owe on the car. You call the lien holder and ask them what is the payoff on the car and they tell you. If for some reason you owe more than what the car is worth, your stuck as you cant sell an automobile you dont own.
Good Luck
Reply:You can see if your lender will be willing to transfer payments to a new buyer who would first have to qualify for the loan themselves. Or you can get a bank loan to pay off the auto loan so you can get the title before you sell the car because most people buying a used car will want to get their hands on the title to protect themselves.
Reply:You would have to get someone to pay for your car and be willing to wait until you send that money to the lender in order to get your title. Once you have the title, you will have to mail it to the buyer. Dealers are willing to do this, but as you said, they don't pay very much.
You'll want to check these guys out.....
http://www.123thebest.info/go.php?link=a...
Hope that helps.
floral
What is the best way to get a mortgage loan modified?
I am barely able to pay the minimum payment( I have
a negative amortization loan) My credit is bad. Is it
better to try to get a modification when we start earning more money? My property is worth less than what I owe.
What is the best way to get a mortgage loan modified?
Talk to your lender. With all of the mortgage problems in the nation, lenders are under pressure to fend off defaults. They may be willing to amend your mortgage rather than suffer another default.
Reply:Go through a local mortgage broker and see if they can qualify you for a FHA Secure loan.
I think the only qualifying credit used in the approval decision is your mortgage history. And from what I heard they are allowing some recent late history.
Best of luck
a negative amortization loan) My credit is bad. Is it
better to try to get a modification when we start earning more money? My property is worth less than what I owe.
What is the best way to get a mortgage loan modified?
Talk to your lender. With all of the mortgage problems in the nation, lenders are under pressure to fend off defaults. They may be willing to amend your mortgage rather than suffer another default.
Reply:Go through a local mortgage broker and see if they can qualify you for a FHA Secure loan.
I think the only qualifying credit used in the approval decision is your mortgage history. And from what I heard they are allowing some recent late history.
Best of luck
What is the best way to obtain a business loan for an Independent Music Label?
Looking to start my own label, and am very interested in obtaining a loan to get started. Can someone point me in the right direction please?
What is the best way to obtain a business loan for an Independent Music Label?
www.GOBIGNETWORK.com (not my website) has loans but only over $500,000.
You can talk to other entrepreneurs at www.YOUNOODLE.com which is a social networking site for business..
Reply: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 SBA http://www.sba.gov/services/financialass... 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 as banks want to see that you believe in your business enough to invest in it
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/services/financialass...
Reply:How much do you need before getting a loan think about where else you can borrow money from:
-Family
-Savings
-Friends
-Business angle
-Government grant
Good luck
What is the best way to obtain a business loan for an Independent Music Label?
www.GOBIGNETWORK.com (not my website) has loans but only over $500,000.
You can talk to other entrepreneurs at www.YOUNOODLE.com which is a social networking site for business..
Reply: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 SBA http://www.sba.gov/services/financialass... 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 as banks want to see that you believe in your business enough to invest in it
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/services/financialass...
Reply:How much do you need before getting a loan think about where else you can borrow money from:
-Family
-Savings
-Friends
-Business angle
-Government grant
Good luck
Do loan departmants have the authority to take money out of your checking account if you owe money to them?
Ok so the loan department took money out of my checking account about 700 dollars that i couldnt spare.
Well i wanted to know is it illegal for the loan department to take money out of my checking account if i owe them money for three loans?
Well some of my friends say its not and im undecided.
Were going to my bank tommorow to straighten this out but i needed to know some information to back my theory up.
By the way i live in Georgia.
Thanks!
Do loan departmants have the authority to take money out of your checking account if you owe money to them?
call a local lawyer
Reply:Do you mean the loan department of the same bank where you have your checking account, or do you mean some completely unrelated loan company?
In the first case, yes, they do, and I'm sure it says so in the documents that you signed when you got the loan(s) with them.
In the second case, I believe the loan company would have to get a court order before the bank would give them funds out of your checking account. You would have received a legal notice from the court if this were the case.
Reply:Many of them do. It's normally called a judgement. If you have a judgement against you, they have the ability through the courts to garnish your wages or accounts. The other consideration would be to look over your paperwork and make sure they didn't sqeeze in something like"if you have failed to pay timely, we will direct withdrawl from the checking account you pay us with"
Reply:Not only can your bank but if you give a loan company your routing # you can't stop them from taking it out even if you try to close the account. So never give anyone the #'s to take money electronically out of you accounts.
Reply:Regardless of the state you're in YES it is legal...however the company is legally obligated to inform you in writting what they did...and it doens't have to be beforehand!!
Well i wanted to know is it illegal for the loan department to take money out of my checking account if i owe them money for three loans?
Well some of my friends say its not and im undecided.
Were going to my bank tommorow to straighten this out but i needed to know some information to back my theory up.
By the way i live in Georgia.
Thanks!
Do loan departmants have the authority to take money out of your checking account if you owe money to them?
call a local lawyer
Reply:Do you mean the loan department of the same bank where you have your checking account, or do you mean some completely unrelated loan company?
In the first case, yes, they do, and I'm sure it says so in the documents that you signed when you got the loan(s) with them.
In the second case, I believe the loan company would have to get a court order before the bank would give them funds out of your checking account. You would have received a legal notice from the court if this were the case.
Reply:Many of them do. It's normally called a judgement. If you have a judgement against you, they have the ability through the courts to garnish your wages or accounts. The other consideration would be to look over your paperwork and make sure they didn't sqeeze in something like"if you have failed to pay timely, we will direct withdrawl from the checking account you pay us with"
Reply:Not only can your bank but if you give a loan company your routing # you can't stop them from taking it out even if you try to close the account. So never give anyone the #'s to take money electronically out of you accounts.
Reply:Regardless of the state you're in YES it is legal...however the company is legally obligated to inform you in writting what they did...and it doens't have to be beforehand!!
Is taking out a student loan as awful as people make it seem?
I, sadly, lost my scholarship and now I won't have enough to cover all my expenses for the upcoming school year. I don't want to worry my mother with it even though I know she would find a way to pay. I want to take out a student loan but I hear so many people say they are in debt now because of it. Does anyone have any experience with taking out a loan and how long it took to pay it back?
Is taking out a student loan as awful as people make it seem?
try to get grants first before you go about getting a loan.. and get a loan for the minumum that you need.
You dont start paying off student loans until after you graduate and some give you 3 months to find a job, and when you get your first paycheck, it usually gets deducted or you have to start paying it yourself.
Make sure you are going to school for a productive career, something that you will enjoy doing and that you can have a successful career in.
Some people take out loans, and then end up quitting school, these are the people most likely that you have been talking to. Or those who went to school for a major, graduated and find a hard time getting a job. Or often those who got a major, and didnt like the job choices out there.
I lost my scholarship also, stupid mistake of mine, and plan on going back to school pretty soon.
Grants are money the government gives you that you do not have to pay back. Try getting as much as you can out of this first, then see how much you need to take out a loan for.
Best of wishes.
Reply:yes, it is a bummer to take out student loans. BUT, education is so worth it!! Yes, you may have loans to pay back, but you should be able to make more money after your degree. If after you are in the payback part of your loan they do have hardship deferments.
Go for it and continue your education.
Reply:My son will be attending Le Cordon Bleu in Orlando soon and we just got his student loan accepted for the first fiscal year for $29,000. This includes 12 months of rent at $449 a month, with three other roommates. His tuition is almost $40,000 for basically 12 months of school and a three month externship. The payment just on this loan portion is going to be $255 a month. Keep applying for other scholarships. If you received one, you can get more. Most likely you won't qualify for a loan in your name alone and would benefit from having a co-signer for a lower interest rate. As for the length of the loan, a parent signature loan is for 10 years and a student loan goes for 15 years. Your school's financial counselor should be able to provide you a list of sites you can apply for more scholarships. Yes school is expensive, but you're learning something new that will get you a better paying job than if you just took the first job available to you because you weren't qualified for anything else. Good luck.
Reply:Most people who are in big debt from student loans are the ones who buy plasma tv's... If you get enough money to cover tuition and books, then that's all you need. You can also do work study and possibly get grants too...
Go to your financial aid office and talk to them, they got all the answers.
Reply:Ugh! I've been out of school for 10 years and I'm still paying off my loan. The problem is most people don't land that wonderful job just after graduating that lets them make the large initial loan payment. It's easy to get the payment lowered by consolidation and stretching out the time frame of the loan. That means you'll be paying longer but the payment will be much less. Also you can write off the interest of the loan so that helps a little. At this point in my life I now have so many other monthly bills (mortgage, car etc) I can't afford to shorten my payment period. I'll be paying for another 5 years or so. I don't know what you plan on borrowing- mine was about $25,000. Again, you can get your payment very low ( I only pay $109 a month) but in doing so you'll be paying it off forever! Good luck. :)
Reply:It normally takes 10 years to pay back - they won't let you take longer. You can pay it down faster than that, but often the interest rates on student loans are so low that you won't want to pay it off faster.
purchase flowers
Is taking out a student loan as awful as people make it seem?
try to get grants first before you go about getting a loan.. and get a loan for the minumum that you need.
You dont start paying off student loans until after you graduate and some give you 3 months to find a job, and when you get your first paycheck, it usually gets deducted or you have to start paying it yourself.
Make sure you are going to school for a productive career, something that you will enjoy doing and that you can have a successful career in.
Some people take out loans, and then end up quitting school, these are the people most likely that you have been talking to. Or those who went to school for a major, graduated and find a hard time getting a job. Or often those who got a major, and didnt like the job choices out there.
I lost my scholarship also, stupid mistake of mine, and plan on going back to school pretty soon.
Grants are money the government gives you that you do not have to pay back. Try getting as much as you can out of this first, then see how much you need to take out a loan for.
Best of wishes.
Reply:yes, it is a bummer to take out student loans. BUT, education is so worth it!! Yes, you may have loans to pay back, but you should be able to make more money after your degree. If after you are in the payback part of your loan they do have hardship deferments.
Go for it and continue your education.
Reply:My son will be attending Le Cordon Bleu in Orlando soon and we just got his student loan accepted for the first fiscal year for $29,000. This includes 12 months of rent at $449 a month, with three other roommates. His tuition is almost $40,000 for basically 12 months of school and a three month externship. The payment just on this loan portion is going to be $255 a month. Keep applying for other scholarships. If you received one, you can get more. Most likely you won't qualify for a loan in your name alone and would benefit from having a co-signer for a lower interest rate. As for the length of the loan, a parent signature loan is for 10 years and a student loan goes for 15 years. Your school's financial counselor should be able to provide you a list of sites you can apply for more scholarships. Yes school is expensive, but you're learning something new that will get you a better paying job than if you just took the first job available to you because you weren't qualified for anything else. Good luck.
Reply:Most people who are in big debt from student loans are the ones who buy plasma tv's... If you get enough money to cover tuition and books, then that's all you need. You can also do work study and possibly get grants too...
Go to your financial aid office and talk to them, they got all the answers.
Reply:Ugh! I've been out of school for 10 years and I'm still paying off my loan. The problem is most people don't land that wonderful job just after graduating that lets them make the large initial loan payment. It's easy to get the payment lowered by consolidation and stretching out the time frame of the loan. That means you'll be paying longer but the payment will be much less. Also you can write off the interest of the loan so that helps a little. At this point in my life I now have so many other monthly bills (mortgage, car etc) I can't afford to shorten my payment period. I'll be paying for another 5 years or so. I don't know what you plan on borrowing- mine was about $25,000. Again, you can get your payment very low ( I only pay $109 a month) but in doing so you'll be paying it off forever! Good luck. :)
Reply:It normally takes 10 years to pay back - they won't let you take longer. You can pay it down faster than that, but often the interest rates on student loans are so low that you won't want to pay it off faster.
purchase flowers
How do you become a loan underwriter?
Does anyone know how to get a job as a loan underwriter even though i have no prior experience in the mortgage industry whatsoever? Is there a entry level position that i have to get first before i can transition in to the job as a loan underwriter?
How do you become a loan underwriter?
You can't. You have to learn how the process works before you can actually start appoving loans.
I worked as a loan processor, then as a senior processor for a total of 4 years before I started underwriting.
Underwriting is actually considered a promotion, and not everyone that is good at loan processing, or that wants to be an underwriter, is given the opportunity by management to gain this authority.
How do you become a loan underwriter?
You can't. You have to learn how the process works before you can actually start appoving loans.
I worked as a loan processor, then as a senior processor for a total of 4 years before I started underwriting.
Underwriting is actually considered a promotion, and not everyone that is good at loan processing, or that wants to be an underwriter, is given the opportunity by management to gain this authority.
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