Finance, Loan, Debt and Credit.

September 30, 2014

Getting a First Time Home Buyer Mortgage

Filed under: Mortgage — Tags: , , , , , — admin @ 12:46 pm

Buying first property is not an easy decision to make. There is so much involved in getting your first property. For one, getting your 1st time home buyer mortgage is a huge commitment to make. However, when done correctly, you can have your dream home for life.

Buying first property can be one of the best decisions you make or it soon can become a decision you wish you never made. However, with the right information, you can go on to get the dream home you always wanted.

It is not as if desiring to buy your home is the hard part. In fact the hard part comes with getting a 1st time home buyer mortgage. It is a huge commitment to make, and you will need to research to find the best mortgage rate for your needs. There may be a few differences in obtaining a new home mortgage loan rather than simply obtaining a loan for an existing home you own, and this is primarily in the inspection process.

The biggest aspect with getting a 1st time home buyer mortgage is determined by your credit history. You see, from the mortgage loan lender point of view, it is a large sum of cash they will be entrusting to you. And because of this, the process to get your 1st time home buyer mortgage is going to be one that will require your time. The amount of cash usually involved in home mortgages makes many mortgage loan lender nervous especially if the loan is to purchase an existing home.

Getting the best mortgage rate will largely depend of your credit history. If you have a good credit history, then the process of getting your 1st time home buyer mortgage will be much easier, and you also will have access to many more mortgage products with the best mortgage rates.

There are many factors which determine how a lender chooses who to accept when giving a 1st time home buyer mortgage, and no two mortgage loan lender will reach the same result. They all use different selection processes who to give a 1st time home buyer mortgage to. It all boils down to how much risk the mortgage lender is willing to take. However, rest assured as there are many mortgage loan lender out their, and by researching mortgage mortgage loan lender, you will find a mortgage that is right for you.

Another point which comes to your aid is that mortgage loan lender are normally more comfortable with a new home mortgage loan because they can guarantee the quality of the property. And this is due to when buying your own home, there are many checks done which protects not just you, but also the mortgage lender. This is in the best interest of both of you, as it means you won’t be buying a property which has potential problems. After all, you would not want to buy your own home, only to find that there are structural problems with the building! That is why there are many parts involved in getting from seeing a home you want to buy, and finally getting the keys to move in.

Buying first property can be the best decision you could make. It is good practice to make sure that you make out it can take time, and don’t rush into anything. Let all the necessary steps take effect when getting your 1st time home buyer mortgage for your own home, and you will be a proud owner of a home for many, many decades to come.

Student Loan Consolidation Information – What Is The FFELP – Federal Family Education Loan Program

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:46 am

As part of any research when looking at your student loan consolidation information alternatives you need to consider the FFELP (Federal Family Education Loan Plan).
The FFELP is a Federal Government private lender partnership scheme and umbrella program that includes both Stafford loans, PLUS loans and Perkins loans, setup by an Act of Congress in 1965, it began operation in 1966 and since this time over half a trillion in money has been disbursed with over $50 billion alone in 2006.
Money for Stafford loans, PLUS loans and other FFELP loans are provided through a large national network of credit unions, independent banks and other financial institutions, lenders will feel confident loaning dollars to what otherwise may be high credit risks because the money is in the end guaranteed, at least in theory via the Federal Government, private guarantors could possibly get involved, however in the almost 5% of cases where the loan goes into default, guarantors then apply for funds to cover the loss with the Federal Government for at least a partial reimbursement of any lost money.
Over 90% of the funds are directed by the two types of Stafford loan, unsubsidized & subsidized, in the second circumstance the Federal government pays the interest on the loan accrued whilst the student is in school and for a further six months afterwards, unsubsidized loans requires the borrower to be responsible for any interest, if the interest is deferred as it most often until after the grace period, it is then added to the primary total.
The other major plan, the PLUS (Parent Loans for Undergraduate Students) loan plan, supplies over $8 billion per calendar year in money to parents and as of July 1, 2006 professional and graduate students are also eligible for PLUS loans, providing dollars to parents to assist cover expenses they would frequently pay for anyway, the PLUS program commonly forms part of the total financial aid package today.
Chiefly, all the services need a FAFSA (Free Application for Student Aid) application to be filled out, the data provided forms the core information that allows loan officers to make their funding decision, typically those decision makers are employed through the individual college at which the student is accepted, the financial aid department will make a suggestion for a package based in part on the EFC (Expected Financial Contribution) of the student and his or her parent(s), analyzing income they aim to supplement any unmet need with combinations of subsidized and unsubsidized Stafford loans and other sources.
Once the student and/or parent accepts the package the money is disbursed, in the main twice per year once each semester, ordinarily with the biggest share of the funds going directly from the private lender to the school to pay for tuition and the remainder is then provided to the student or parent, minus any charges, these fees may range up to 4% or more, several schemes will charge a 3% origination fee and a 1% insurance fee, which they assign to the requirements of the Federal government with fees as high as 8% not being unknown, it’s important to keep this information in mind when looking at any student loan consolidation information.

September 29, 2014

Using Car Loan Refinancing To Save A Bundle

Filed under: Loan — Tags: , , , , , , , — admin @ 12:46 pm

Using Car Loan Refinancing to Save a Bundle

Finding the best car loan refinancing options can often be confusing,Visit Here http://credit-cash-loan.blogspot.com

but there are some things you can do to make sure you’re getting the right car loan for your situation without paying too much.

Uncertain economic times mean that people begin searching for ways to reduce the cost of monthly bills. This includes considering whether your current outstanding loans are being charged at the best possible rates available.

So why consider car loan refinancing?

Let’s say you bought your car from a dealership a couple years ago. Your current car loan may have been taken out when your credit score was lower or you might have applied for your finance with only a small deposit or down payment.

Now you’ve built up a little more equity in your car by paying down your current car loan and perhaps you have also improved your credit score with on-time payments on this loan and others you have, so you might become eligible for lower interest rates.

Refinancing your car loan over to a loan through a different lender with lower rates means you could reduce your repayments. Lower repayments means you’re saving money on payments, which means more money in your pocket at the end of each month.

You might also consider extending the original term of the loan. If you took out your original car loan a year ago on a 3 year term, you could consider refinancing over to a lender with lower interest rates at a 5 year term. Not only would your interest rate be lower, but your repayments would drop significantly as the loan term is now spread over a longer period.

Be cautious if you’re thinking of extending your loan term too far. You still need to be sure the car is drivable at the end of the loan term. The last thing you want to be doing is making payments on a car that does not even run any more.

Another benefit of car loan refinancing over to a loan with a lower interest rate is that you might want to consider continuing with the same payments you were making at the higher rate. This means you’ll be paying more than the minimum payment the lender is asking for, but it has the benefit of the extra money being paid directly off the principal portion of the loan, which will reduce the time that it will take to get the car paid off entirely.

Applying for a car loan refinance is usually a quick easy process, taking around 24-48 hours with most lenders. Before you think this quick turn-around time might be a quick-fix solution to any cash flow issues, remember to take your time researching your options before you jump, because rates are drastically different amongst lenders in today’s very competitive lending market.

When considering car loan refinancing, it’s important to remember that not all loans are created equally. Many loan contracts are filled with convoluted terms and bank jargon, so it’s easy to miss any hidden fees or charges. You’ll need to look very carefully at the terms being offered, as you wouldn’t want to end up refinancing over to a loan that costs you more than your current one.

Car loan refinancing doesn’t need to be difficult and is done very day by smart consumers who understand how the lending and refinancing process works. Get an outstanding of how that can benefit you and then determine if it will save you money.Visit Here http://credit-cash-loan.blogspot.com

Student Loan Consolidation Information – How You May Obtain No Credit Loans

Filed under: Loan — Tags: , , , , , , , — admin @ 12:46 am

At the time of researching your student loan consolidation information options you might want to explore no credit loans.
Having a bad credit history is under no circumstances an advantage, luckily for students and his or her parents there are many loans and aid packages that don not look at credit status at all, considerable Federal loans look at only need or other components and ignore any credit history entirely either helpful or bad credit history.
Pell Grants are one of the oldest and disbursing these is based mainly on the economic status of the grantee, if the student and their parents are a reduced-wages family, Pell Grants are almost always automatic, nevertheless as with any system of Federal aid that economic circumstance must be demonstrated by supplying documentation and information, those in charge of disbursing Pell Grants apply a number know as the EFC (Expected Family Contribution), to decide whether to offer the dollars or not, other elements additionally come into play such as the overall cost of tuition and education.
The grant is a gift and not a loan and is currently a maximum of $4,050.00 per financial year, that could seem like a considerable sum and it decidedly assists a good deal of students, nonetheless with annual tuition upwards of $5,000.00 to $10,000.00 or more it does not cover all expenses.
A large majority of students, therefore may need to look for a loan in addition to a Pell Grant to fund their education, there are a range of loans that are need-based, one of the better general loans is a Stafford Loan, which comes in two products.
The first style of Stafford Loan and the most desirable is known as a subsidized loan, the term comes from the fact that the government pays any interest that accrues during the time the loan is not being repaid, that time is generally whilst the student is carrying a half-time or greater burden of classes and for the first six months following leaving school.
The next type of Stafford Loan is the unsubsidized loan, in which the student is responsible for any interest on the principle, if paid in installments whilst participating in classes it could be modest, a $4,000.00 loan paid over 120 months carries a monthly re-payment of $42.43 @ a 5% interest rate, the interest portion is roughly $9.00 per month, if it accrues unpaid over numerous years, it may add a large amount to the total re-payment after graduation with any unpaid amounts gets added to the principle and the rate then being applied to the total amount.
The benefit however of the second style is that they’re nearly always available to any student, in the large majority of cases they will not cover more than approximately 25% to 40% of the costs of tuition, so students may need to supplement the loan with other sources of money, limits variety from $3,500.00 as of July 1, 2007 in the initially year, rising to $5,500.00 for the 3rd year and 4th years for dependent undergraduate students and independent students are able to borrow up to $10,500.00 per year, graduate students could possibly borrow up to $20,500.00 as of July 1, 2007, with a total of $138,500.00 over the lifetime of the students education.
Perkins Loans are the other type of no credit necessary student loan with a reduced interest rate loan currently @ 5%, it lets dependent undergraduate students borrow up to $4,000.00 with a cap of $20,000.00, it’s important to keep this information in mind when considering any student loan consolidation information.

September 28, 2014

Energy Tax Credits

Filed under: Tax — Tags: , — admin @ 12:46 pm

Helping the Environment May Help Your Tax Bill

The American Recovery and Reinvestment Act provides incentives for taxpayers to purchase energy efficient appliances and upgrades to their homes.  The Act increases the energy tax credit for homeowners who make energy efficient improvements to their homes and taxpayers who purchase certain energy efficient equipment or vehicles.

How Much of an Energy Tax Credit Can I Get?

The amount of the energy tax credit depends on what you purchase.  The Act allows for a credit on 30% of the purchase price of all energy efficient improvements to your residence up to $1500.  This applies to improvements like adding insulation, replacing windows and installing energy-efficient heating or air conditioning systems.  Additionally, certain alternative energy systems, like solar hot water heaters and wind turbines, are eligible for a 30% energy tax credit for the cost of the equipment with no limit.

The Act also creates a special energy tax credit for certain plug-in, electric low-speed vehicles and two- or three-wheeled vehicles.  The credit for these vehicles is 10% of the purchase price, up to $2500.  Certain vehicle conversion kits also qualify.  These vehicles must have been purchased after Feb. 17, 2009.  The more credits you qualify for, the greater your chances of receiving a refund on your tax return.

How Do I Know if My Purchase Qualifies for the Energy Tax Credit?

For items purchased before June 1, 2009, you generally can rely on the manufacturers’ certifications and Energy Star labels that were available at the time for those products.  Not all Energy Star products qualify for an energy tax credit, though.  Visit the U.S. Department of Energy’s EnergyStar Web site to check on your specific products.  For alternative energy systems, check the IRS website for qualification guidelines.

How Do I Claim My Energy Tax Credit?

To claim your energy tax credit, you must file IRS Form 5695 with your personal income taxes.  Using an online tax preparation site, like www.efiletaxreturns.com, will help you tax as many deductions and credits as are allowable.  It will also help you take whatever multiple credits you may qualify for when claiming electric or hybrid vehicles.

What Other Credits are Available for Energy-Efficiency?

Many states also have energy tax credit or incentive programs for renewable energy and energy efficiency.  The Database of State Incentives for Renewables and Efficiency (DSIRE) website allows you to select your state and see what other credits may be available for you on your state return.  For example, California has a list of building incentives, local rebate programs and property tax incentives that may apply depending on your city or county.  Check the website to see what energy tax credits or incentives you qualify for.

Using Car Loans Refinancing To Save A Bundle

Filed under: Loan — Tags: , , , , , , , — admin @ 12:46 am

Using Car Loan Refinancing to Save a Bundle

Finding the best car loan refinancing options can often be confusing,Visit Here http://credit-cash-loan.blogspot.com

but there are some things you can do to make sure you’re getting the right car loan for your situation without paying too much.

Uncertain economic times mean that people begin searching for ways to reduce the cost of monthly bills. This includes considering whether your current outstanding loans are being charged at the best possible rates available.

So why consider car loan refinancing?

Let’s say you bought your car from a dealership a couple years ago. Your current car loan may have been taken out when your credit score was lower or you might have applied for your finance with only a small deposit or down payment.

Now you’ve built up a little more equity in your car by paying down your current car loan and perhaps you have also improved your credit score with on-time payments on this loan and others you have, so you might become eligible for lower interest rates.

Refinancing your car loan over to a loan through a different lender with lower rates means you could reduce your repayments. Lower repayments means you’re saving money on payments, which means more money in your pocket at the end of each month.

You might also consider extending the original term of the loan. If you took out your original car loan a year ago on a 3 year term, you could consider refinancing over to a lender with lower interest rates at a 5 year term. Not only would your interest rate be lower, but your repayments would drop significantly as the loan term is now spread over a longer period.

Be cautious if you’re thinking of extending your loan term too far. You still need to be sure the car is drivable at the end of the loan term. The last thing you want to be doing is making payments on a car that does not even run any more.

Another benefit of car loan refinancing over to a loan with a lower interest rate is that you might want to consider continuing with the same payments you were making at the higher rate. This means you’ll be paying more than the minimum payment the lender is asking for, but it has the benefit of the extra money being paid directly off the principal portion of the loan, which will reduce the time that it will take to get the car paid off entirely.

Applying for a car loan refinance is usually a quick easy process, taking around 24-48 hours with most lenders. Before you think this quick turn-around time might be a quick-fix solution to any cash flow issues, remember to take your time researching your options before you jump, because rates are drastically different amongst lenders in today’s very competitive lending market.

When considering car loan refinancing, it’s important to remember that not all loans are created equally. Many loan contracts are filled with convoluted terms and bank jargon, so it’s easy to miss any hidden fees or charges. You’ll need to look very carefully at the terms being offered, as you wouldn’t want to end up refinancing over to a loan that costs you more than your current one.

Car loan refinancing doesn’t need to be difficult and is done very day by smart consumers who understand how the lending and refinancing process works. Get an outstanding of how that can benefit you and then determine if it will save you money.Visit Here http://credit-cash-loan.blogspot.com

September 27, 2014

Credit Card Debt Consolidation Companies — Cut Your Monthly Payments By 50% Or More

Whether the economy is good or bad, those persons who owe money to several different credit cards will often find it hard to make real headway on their balances.

Even if the minimum payment is made to each card every month, it can take years to see any real reduction in the balance, and thousands of dollars can be wasted in interest payments when only minimum is paid.

Hector Milla Editor of the “Credit Card Debt Free” website — http://www.CreditCardDebtFree.org — pointed out;

“…Fortunately, there are businesses out there who exist to help consumers lower their credit cards payments and pay off their cards in a shorter amount of time than if they were to work on their debt alone. Debtors who hire credit card debt consolidation companies usually find that they can save 50% or even more on their debt repayment charges…”

People who are looking into hiring one of these businesses to help consolidate their debt should be aware of several things. First, they should be determined to pay off their balances and not rack up many more charges on their credit cards. Second, people must know that credit card debt consolidation companies do not actually erase their debt altogether. Simply put, they issue a loan that will cover all the outstanding credit card balances, and this loan is used to repay all the debt outstanding on the different cards.

The consumer is left with one loan to repay, and this loan will contain a substantially reduced interest rate. People who hire these companies routinely see their interest rate go from double digits to single digits, and as a result of such lower percentages, years are shaved off the payment schedule. Even getting a lower double-digit interest rate can help most consumers. Third, these companies that consolidate debt help consumers improve their credit score. Credit monitoring agencies often look favorably on customers who have several paid debts recorded on their credit report, especially if the consolidation loan is paid on time each month.

“…Credit card debt consolidation companies are experts at working with customers of every kind, and they will work with each individual to develop a payment plan and new loan terms that will most benefit every consumer’s particular situation. Anyone who is interested in checking out credit card debt consolidation should definitely contact one of these agencies in order to find out for themselves all the benefits they have to offer the consumer who wants to pay off their debt and save money at the same time…” H. Milla added.

Further information about trusted and reputable companies for credit card debt settlement by visiting; http://www.CreditCardDebtFree.org

New Year and New Loan Limits Mean New Opportunities in the Mortgage Business

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:47 am

With every year, come new opportunities. And astute loan officers are quick to capitalize on what the new year brings, raising their commission levels and catapulting to top producer status in no time.

I ask you one simple question, “Are you doing everything you can to maximize your income?”

Anyone who has been in the mortgage industry for at least a year, knows that as home prices increase, so do the conforming loan limits from both Fannie Mae and Freddie Mac. January is a great time to go through your existing customer base, and drill for hidden opportunities. It’s “found” money. And it’s waiting for you.

Here’s a quick and easy way you can start your new year off with a bang.

Go through your entire past customer base, and pull-out all the “JUMBO” loans you closed last year and before. As you know, the interest rates on these loans are typically half a percentage point or more above standard conforming loans.

With the yearly increase in loan limits, this is a great chance to refinance an existing customer from a JUMBO loan, into a regular conforming loan and cut their interest rate! Even a small percentage decrease can save a customer hundreds of dollar in their monthly cash flow as well as thousands of dollars in interest over the life of their loan. It’s simple math and the savings are black and white.

Refinancing JUMBO loans into conforming loans is easy money and your customers will love you for it! How many loan officers do you know that are proactive and actually look for ways to save their customers money? Not many, I’m sure!

And the ones who do, do this, certainly aren’t going to share their secrets with you. But, I will. This will be the easiest sales call you’ve ever made! Not to mention the referrals you’ll get in return. It’s a win-win situation. Don’t miss the boat.

Your past customers are your greatest asset. They know you, they have a relationship with you, and they trust you. Waste no more time!!! I beg you! Go through your customer database now and mine for the gold that awaits you. What are you waiting for?

Using the same old thinking and doing the same old things the same old way will get you nowhere. Think different. Be proactive. Add value to your relationship with your customers whenever you can. Uncover the opportunities that lie hidden all around you. Do this and you’ll quickly vault to top producer status in no time. Not to mention your income and lifestyle will increase as a result.

In closing, always remember that each new year brings higher loan limits–and with it—a chance to pull in some quick, easy refinance loans. Whether or not you take full advantage and raise your commission level, is entirely up to.

The gold is there waiting for you, ready to be claimed. But, will you reach out and take it?

September 26, 2014

New Types of UK Mortgages

Filed under: Mortgage — Tags: , , , — admin @ 12:46 pm

New Kinds of Mortgages in the UK

The UK mortgage business has recently changed. Not long ago, mortgages were only available to a man with family and a substantial income. Other people would rent.In recent years, however, the mortgage market in the UK has developed. New lenders have appeared who are providing mortgages designed for normal people that don’t fit the old description of a mortgage borrower. The following is a list of the new types of mortgage loans.

Another new mortgage type in the UK is known as the Muslim Islamic Mortgage. There are a growing number of Muslims residing in the UK. Under Islamic law, paying interest is not permitted. For British Muslims this has put them in a difficult position. They must either rent or they must compromise their beliefs to take out a traditional UK mortgage. To approach this matter Muslim Imams have agreed to set types of home loans which have been especially designed for devout Muslims.

Mortgages were originally designed to only be for people with families and reliable employment. They would entirely pay off the mortgage loan throughout their career. Usually a 30 or 25 year mortgage would extend to retirement at 60. Those over the age of 40 had difficulty taking out a loan. The system as it was could not accept that they may actually pay off their mortgage before they planned to retire. Those who had already retired would not be able to get a mortgage. But things are different. Now it’s very feasible for the elderly or mature people to buy a new home. Many lenders will now be more than willing to help them, and mortgages for the elderly are fairly common.Remortgages for people with poor credit records are not uncommon. Some people who have a home loan later find themselves with credit problems. They don’t realize it is a problem until they need to Remortgage. Previously, the mortgage lender would have rejected their request for an additional mortgage loan. Today a lot of lenders will be happy to offer them a new loan. The drawback is that the homeowner must pay extra due to the fact that they are high risk.

Equity release home loans are aimed at those that already own a house, but are in need of money. They’re perfect for elderly citizens who can’t afford retirement costs and nursing care. There are quite a few different types of equity release mortgage deals.

You need to be warned if you are thinking about taking out this type of mortgage. They aren’t often recommended by experts that say they’re inappropriate for a lot of homeowners. If you have money problems there are other ways to earn money.

Guarantor mortgages are becoming more and more common. Many people, such as first time buyers, have a hard time affording a mortgage payment. Their salary may not be high enough. Or they have surplus debt. A mortgage guarantor is someone that agrees to be responsible for the mortgage payment. If the person getting the mortgage can’t pay then the mortgage guarantor will continue with the payments. Usually the person who guarantees the mortgage is the parents of a young buyer. Or it can be another family member. Or perhaps a close friend.

About the writer:

Sam Enright writes on UK personal finance web sites and newspapers including MortgageSorter, a Website that makes Mortgages in the UK easy to understand.

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