Finance, Loan, Debt and Credit.

May 13, 2018

Shopping Around For The Best Possible Debt Consolidation Loan Rate: Beware Of Hidden Fees And Costs

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

If you are in the process of looking for a debt consolidation loan, you will want to consider the tips and suggestions that are pointed out in this article. Specifically, you will want to understand the “hidden fees” that can be associated with a debt consolidation loan. You will want to be aware of all of the fees that can affect a debt consolidation loan rate overall. As you’ve gone about looking for a debt consolidation loan, you may have questions about hidden fees that sometimes can be associated with a debt consolidation loan.
When it comes to debt consolidation loan advertisements, always read the fine print. The fine print associated with an advertisement associated with a debt consolidation and a debt consolidation loan rate usually contains vital information. It will be within the fine print that you will find information pertaining to hidden fees associated with a debt consolidation loan rate. By really taking a look at the hidden fees associated with a debt consolidation loan rate, you will be able to make far better decisions in regard to which debt consolidation loan is right for you.
When it comes to obtaining a debt consolidation loan, it is important to read the fine print in the agreement associated with the debt consolidation loan itself. As is the case with many debt consolidation loan advertisements, within the loan agreement itself there likely will be fine print and “hidden” information. In many instances, it is within the fine print that one will locate or find information pertaining to fees and costs associated with the loan, to information pertaining to the debt consolidation loan rate.
It is important for you to take the time to shop around when it comes to finding a debt consolidation loan. By taking the time to shop around for a debt consolidation loan you will be able to find the best deal when it comes to a debt consolidation loan rate. By shopping around, you will be able to find a debt consolidation loan with a debt consolidation loan rate that makes financial and economic sense for you.
In the end, by really exploring all of the costs and charges associated with a debt consolidation loan, you really will be able to get a decent overall debt consolidation loan rate and you will be on the road towards laying the foundation for a better and more stable financial future.

Find out how a low debt consolidation loan rate can get your finances under control. Visit to find out more about how you gain financial stability.

July 22, 2017

Home Mortgage Refinance Loan Costs

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


Save Big Despite Home Refinancing Loan Costs

Homeowners are increasingly looking to refinance their current home mortgage loans in order to lock in lower interest rates. When you refinance your home loan, you take out a new loan that replaces the current loan. This refinanced loan allows you to get a better rate and can help lower your monthly mortgage costs. Borrowers generally look to a refinance loan option to take advantage of falling interest rates, get rid of lingering credit card debts, to make home repairs or improvements and to make use of the equity in their homes in the form of a cash back refinance loan.

No matter the type of refinance loan you’re looking into, a refinance loan is still a loan and there will be costs associated with refinancing your current home mortgage. Here are some of the more common refinance loan costs.

Credit reporting fees: Before a lender will refinance your home he will pull your credit report. Though your credit report was originally examined when you received your primary mortgage this is a new loan and possibly a new lender. The lender will use your credit report to review your history of paying bills on time and if you’re able to meet minimum payments and stay updated on all bills. Major changes since your original mortgage was obtained could have an effect on the interest rate that you qualify for. Talk to your lender about emergency situations or any other reasons that affected your ability to pay in the past.

Loan Discount Points or loan origination fees: These are paid upfront to avoid having to pay higher interest rates. One point is equal to one percent of the total borrowed amount. Most borrowers allow lenders the option of deciding whether or not to pay for discount points, typically the more discount points you pay the lower your interest rate will be.

Appraisal Fees: Before refinancing your home, your lender needs an estimate of the value of your home. An appraiser is usually hired to come out and inspect your home, though your lender may use other methods to find your home’s value.

Administration Fees: Both brokers and banks typically charge a fee for providing refinance loans to you. Banks set their own fees; brokers normally charge a fee of 1 to 1.5 percent of your loan amount. The bank usually pays this for the broker bringing your business to the bank.

Processing Fees: Someone had to take the time to arrange and gather all the loan documents needed for your home refinance and a fee will be needed to cover the cost.

Pre-payment Penalties: Penalties for paying your mortgage early may be part of your current mortgage agreement. If that is the case, the cost may be able to be covered with your refinancing loan or handled out of pocket by you.

These are only a few of the potential fees that you could be required to pay in refinance loan costs. Every mortgage lender is different. Other common fees include local taxes, notary services, attorney fees, inspection fees, mortgage insurance and escrow services. Some refinance loans are offered at no cost, though you may not pay anything up front, the lender typically rolls the cost over into your new home mortgage or they are recouped for a slightly higher interest rate. You may also choose to pay for the refinance loan costs through the use of investment, stocks or with money you’ve already saved up to keep monthly payments as low as possible.

Before deciding between no-cost and regular refinance loans find the difference between the monthly payments of the old loan and the refinanced loan, add in the fees to find the break even point. For example, your new loan offers you monthly savings of $150 and your loan fees add up to $3,000, in only 20 months you will have reached the break even point. If you plan to continue staying in your home for at least this long than there is no reason not to take advantage of refinancing loan options. Dinkytown offers a breakeven point refinance calculator that can help you find out how long it will take you to start saving money when you refinance your current home mortgage.

Loan refinance calculators can be used to help you determine refinance costs and how they impact your overall savings. Compare multiple refinance loan options to get the best deals. Ask lenders or brokers about all possible fees, as some fees are negotiable, but lenders won’t volunteer that information. You will need to ask for the information.

When you refinance your home, your interest rate decreases, but you may pay more over time. For most homeowners, this is reasonable since it allows them to lower high monthly payments that they can’t afford to make. If you have recently increased your annual salary consider refinancing your loan to shorten your loan term from 30 years to 15. Doing so would mean paying more per month but allow you to pay less in interest over the term of your loan and get rid of the debt much faster.

Home mortgage refinance loan costs don’t have to be unreasonable. Write down all the fees associated with refinancing your loan; speaking to several lenders and comparing fees can save you thousands. You may even want to consider a mortgage broker in this situation, as mortgage brokers work with several lenders at once to get you the best possible quote on your mortgage refinance. Read your loan agreement and address any questions or concerns you have. Check with your current mortgage lender first, since you have already completed the mortgage process with them. Some fees may be avoided and save you several hundred dollars on the cost of refinancing the loan. If you are willing to investigate your refinance loan costs you will be able to save more money over time.

Home Refinancing Loan – Get expert help & advice with us to find the best mortgage rates for your home financing needs to fit every situation. Contact us now at 1.866.852.8363 & Apply now online for your lowest home purchase & refinancing home equity mortgage loans program.

December 23, 2016

Mortgage Refinancing – Tips to Reduce Your Costs and Fees

Filed under: Mortgage — Tags: , , , , , — admin @ 12:47 pm

If you are a homeowner in the process of mortgage refinancing, there are a number of fees you will be required to pay for the new loan. These fees include origination fees, points, title search, survey, and closing costs. There are steps you can take to reduce your expenses from mortgage refinancing. Here are several tips to help reduce your out-of-pocket expenses and benefit from mortgage refinancing in less time.

Saving money on your new mortgage depends on more than qualifying for a better interest rate. Many homeowners that focus solely on interest rates overpay for every other aspect of he loan. You can reduce your mortgage refinancing expenses by choosing the right loan structure, avoiding costly Private Mortgage Insurance, and negotiation for lower fees and closing costs. Here are several tips to help get you started.

Clean Up Your Credit First

One step you can take to improve the interest rate on your new loan is to clean up your credit history. Credit reports are prone to errors and having erroneous information in these records can significantly damage your credit score. You should request credit reports from each of the three credit agencies and carefully review these records for errors. If you find errors in your credit reports you will need to dispute the errors and have them removed prior to applying for a new mortgage.

Avoid Private Mortgage Insurance

Many homeowners cash out equity in their home when refinancing. If you cash out too much equity, most lenders do not want you to borrow more 80%, the lender could require Private Mortgage Insurance. Private Mortgage Insurance is expensive, it could add hundreds of dollars to your payment amount, and does nothing to protect the homeowner. This insurance only protects the lender against certain losses in the event of foreclosure. Avoiding the temptation to cash out equity in your home will protect you from Private Mortgage Insurance.

Pay Points for a Lower Interest Rate

If you plan on staying in your home for a long period of time, you could benefit from paying points. Points or “Discount Points,” are prepaid interest you pay at closing in exchange for a lower interest rate. A simple cost/savings analysis will help you determine if paying in your points is beneficial. You will need to determine how much the points save you per month on your mortgage payment and how long it will take you to recoup the expenses.

Negotiate Mortgage Fees and Closing Costs

Many of the fees associated with your mortgage are subject to negation, including closing costs. Negotiating works best if you have excellent credit. Your credit is a useful bargaining chip for negotiating in exchange for your business. Carefully review all of the fees listed on the Good Faith Estimate and Hud-1 statement. If there are fees you do not understand or recognize, question the lender as to purpose and amount of that fee. When you are shopping for a new mortgage loan it is important to compare all aspects of the loans you consider, not just the interest rates. You can learn more about mortgage refinancing, including common mistakes to avoid by registering for a free mortgage guidebook.

October 16, 2016

How to Refinance With No Closing Costs

Filed under: Loan — Tags: , , — admin @ 12:49 am

How to Refinance With No Closing Costs

No closing cost refinance loans, this is an excellent deal if you are you aren’t planning to stay in the same home for very a long time. The trade-off when getting a no-cost refinance loan relative to an ordinary refinance is an additional 2% to 1% on the interest rate. If you’re planning a longtime borrowing, this is a poor deal, very good for the short term; it can save you substantial amounts of money.



Apply for no closing cost refinance loans from banks and other mortgage providers. Refinance loans without closing costs are slightly more difficult to be approved because of the lower up-front cost to the borrower. Compare the interest rates offered to you compared to those who have regular closing costs. These loans are not the same as “no-cost” refinance loans, which cover all fees related to the refinancing, including settlement fees for the original mortgage.


Evaluate the loan agreement carefully. Look for other additional costs besides closing costs that may make the refinancing loan less attractive. Just because the loan has no closing costs attached to it doesn’t mean that there are no settlement fees, appraisal fees or other additional costs. Check specifically for terms, such as loan origination fees, which can add 1 percent or more to the total cost of the mortgage.

If you are considering a No Closing Costs Refinance take a moment to educate yourself and see if these loans are right for you. By investing just a few minutes of your time to study.

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March 10, 2016

Appraisers lower costs for federal tax savings

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

Tax savings through cost segregation is no longer out of reach for investors in small and medium size properties. With appraiser expertise, fees for analysis are often one-third to one-half lower than those charged by traditional preparers.
Several years ago a definitive court case ruled that tangible personal property included in an acquisition or in overall costs should be depreciated as personal property for asset recovery, using the old Investment Tax Credit principles to classify personal property.

This meant that owners of improved properties could distinguish between real property and personal property to depreciate component costs over varying useful lives. Basically, instead of depreciating an entire commercial property over 39 years, or residential roperty (single-family rentals or multifamily) over 27.5 years, certain components are correctly identified as depreciating in much less time. For about 135 items, useful life periods can be 5, 7 or 15 years. This is known as cost segregation.

The result of increasing depreciation is lower taxable income (which would have been taxed at 35%) and more income taxed at the capital gains rate (15%) when the property is sold. Furthermore, it works for any type of improved property.

Until recently, primarily large accounting firms or engineering firms implemented cost segregation studies, addressing large and newly built properties and sometimes outsourcing the analysis.

Prices for those analytical reports, usually in the $10,000 to $40,000 range, were out of reach for owners of small properties, especially those holding less-than-new assets. Unfortunately, those owners representing the largest segment of real estate investors in the country were mostly overlooked by previous providers of cost segregation services.

Now a revolutionary paradigm shift is opening the door to very significant savings for owners of small properties. Much of the change is based upon introducing the efficiencies of highly knowledgeable real estate appraisers who often apply industry-accepted cost estimation techniques before determining remaining asset life. By not “over-engineering” the staffing or production process, professional fees are lower. Yet, results can usually meet or exceed those of far more expensive reports. This approach has been successfully field-tested by IRS auditors.

Changes that appraisers are introducing to cost segregation analysis and reporting are addressing: 1) the size of the property being analyzed, 2) the age of the property, and 3) an affordable price point. O’Connor & Associates, a nationwide real estate service firm, is taking advantage of such techniques to effect these beneficial changes:

Income producing properties worth as little as $500,000 can achieve a 3:1 payback ratio of tax savings over the modest price of a cost segregation report. If owned for 3 or more years, the typical payback ratio is 10:1.

In late 2005, O’Connor’s pipeline of cost segregation work was up more than 100%. As owners are preparing for 2005 federal tax filings, many are tapping into this opportunity to lower their federal taxes. Even general partners who are not paying federal income taxes should use this depreciation method since K-1s will reflect lower taxable income to benefit their limited partners.

March 9, 2016

What Are the Costs to Refinance a Car Loan

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

The idea of the costs to refinance a car loan stop a lot of people from moving forward with this plan, but the truth is that the costs are basically nothing but your time, and this will actually save you money if you have a high interest plan right now.

Refinancing is the act of obtaining new financing and using it to pay off the amount you still owe your original lender. This has high fees associated with it for people who are doing this for their homes because getting a new mortgage has a lot of fees, such as home appraisals, relatively large application fees, and more. Finding auto financing doesn’t have these problems.

If you have improved your credit score, or the market has changed, or you just didn’t spend enough time looking the first time around, you can save a lot of money by finding a lower rate. The costs to refinance a car loan are basically nothing, so even a small drop will be worth it financially.

If you decide to look online you’ll want to find at least five lenders and compare rates and terms, luckily this shouldn’t take you too long and will give you a good idea of what you’re looking at. This is so easy in fact that I generally recommend doing this before heading out to in person stores as well, just to give you an idea of what to expect and what your options are.

Before going out and getting new financing I recommend calling your current lender and asking for a pay off amount to confirm that you know how much you still owe on your vehicle.

And that’s it, this is really how simple it is. The costs to refinance a car loan are basically nothing but your time, and a lower rate will save you a lot of money over time.

March 31, 2015

Refinance Home Mortgage – How to Secure Lower Costs and Fees

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


Are you into mortgage refinancing? The practice of getting a mortgage refinance scheme in restructuring existing home loans has been popular for many years now. Many borrowers end up securing mortgage refinances, regardless of refinance home mortgage rates. For such borrowers, it is important to restructure and lengthen the maturity of their existing mortgages.


Mortgage refinancing is strategically designed and made to help consumers become more capable of repaying mortgage loans. Such refinance home mortgage loans have become very in demand and sought after, just like regular home loans. It is not surprising that as a sector, mortgage refinancing has truly grown and progressed.


Do you know that as consumers, you could still secure better pricing and generate more savings from taking refinance home mortgage schemes? If you would be more strategic, you would not be far from securing bigger savings when repaying mortgage loans through refinances. Here are several tips that would serve as guidelines as you aim to lower costs and fees from such loan services.


Strive To Avoid Incurring PMI Or Private Mortgage Insurance


Generally, home equity mortgage incur PMI if the borrower lends more than 80% of the overall home equity. If you would limit your home loan equity, you could avoid PMI. Doing so would translate to savings of about several hundred annually. That could be a small amount, but for practical consumers, small savings could be considered as huge cost reductions.


Prefer To Take Short-Term Refinance Home Mortgage Products


Surely, you would be lured and attracted to the smaller monthly amortizations or payments required in long-term loans. However, if you would be more analytical, you would certainly realize that long-term refinance of mortgages would only lead to bigger costs in the long run. Wise borrowers know that short-term facilities could cost bigger monthly amortizations, but because the tenor is much shorter, interest rate payments would definitely and logically be smaller.


Enquiring About The Fees


Many borrowers fall on the error of neglecting fees when taking mortgage-refinancing loans. You should make a difference. Before taking any refinance home mortgage, ask the lender about all the costs coming with the product. Usually, there are three types of costs that are always included in such loans, namely, courier fees, document preparation fees and administrative fees. It is the responsibility of lenders to disclose such fees to potential customers. To do a comparison, add all costs of a product, together with interest rates. Do not be surprised to find that mortgage refinance products with very low interest rates could sometimes cost more than competing products with higher rates.


Improve Your Credit History


These times, lenders are more wary about lending money to clients. Of course, good paying consumers would be prioritized. Many people complain of difficulties in securing mortgage refinance loans. However, you could avoid such problems by maintaining a good and reputable credit record. How do you maintain a good credit history? Simply pay all your bills and dues, especially credit card purchases. Many consumers are not aware that banks share networks containing records of how consumers use cards and repay amounts due.


Shoulder Upfront Fees When Getting Any Refinance Home Mortgage


Such charges would enable you to pay points for lower interest rates. The fees serve as guarantees for low rates for the entire duration of the loan you secured. Many consumers avoid paying upfront fees because they think doing so could help them save money. Initially, they surely do save money on lower fees, but in the long run, they are made to pay more. Most mortgage refinancing companies do not explain this very well to clients.







October 21, 2014

The Truth About Owner Builder Loan Closing Costs

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

After owner builders work their way through the maze of owner builder construction loan qualifying, it will be time to close on the loan. This is essentially where you sit down and sign a huge stack of documents that you will never read, or understand if you try.
Basically, this is where the owner builder loan promises to give you the money, and you promise to repay it. Sounds simple, but it will take a hundred or so pages to accomplish it.
Owner builders are typically free to choose any closing agent to conduct the closing. In most states, owner builders can choose either an attorney or a title company to perform this function. Some states require you to use an attorney.
Once you sign all the documents, the closing agent still must record them with the county registrar, making the owner builder construction loan official. This is usually the day after your signing.
During construction, as an owner builder requests specific loan draws, the lender will most likely request the closing agent to do periodic updates of the title to make sure no liens have been filed to date.
Most good owner builder construction loans are one-time-close, construction to permanent loans. Once you are finished building, there are no more closings to convert to your permanent mortgage. At this point most lenders simply send you a final loan agreement with the final loan amount and interest rate and terms for your signature. There should be no need to go back to the closing agent again for a second round of document signing if the owner builder loan is set up properly.
Owner builder loan closing costs typically consist of three components: broker/lender fees, loan fees, and third party fees. Remember two things about closing costs when considering owner builder financing.
First, closing costs for construction loans, in general, and owner builder construction loans, especially, are going to be slightly higher than costs for a plain purchase or refinance mortgage. Accept this and shop for the loan that best fits your needs. Do not waste your time looking for an owner builder construction loan that has the same terms as the refinance loan you did two years ago. Do not try to compare apples to pineapples.
Second, just because an owner builder construction loan has slightly higher costs does not mean that it is not a great deal. Remember the big picture. You are considering being your own contractor to build the exact home of your dreams and save tens of thousands of dollars doing so.
If your research shows that you can save, for example, $65,000 by being an owner builder, is it no longer a great deal if you only save $63,000? How about $58,000? $53,000? Realize that you are still saving a ton of money while building your dream home, despite the slightly higher financing fees that come with owner builder loans.
Brokers earn their income on owner builder loans by charging origination fees for their service. This is a percentage, called “points,” of the loan amount. One point equals one percent of the loan amount. By charging an origination fee, the broker is able to give you access to a lender’s wholesale rates. The broker is also able to represent you and your best interests by offering access to a variety of loan programs.
Working directly with a lender is also occasionally an option. Direct lenders are typically compensated the same way as a broker; by charging points.
Perhaps the best option is working with an organization that has expertise in owner builder loans, that is a direct lender, and that also has the option of acting as a broker when needed. This will give you the best of both worlds while ensuring you are working with a specialist.
The number of points you should expect to pay will vary by loan program and lender. For very specialized loans such as owner builder construction loans, it is common to pay approximately two to three points in total fees. This is a small price to pay for access to a program that will allow you to save tens of thousands of dollars while building the home of your dreams.
In addition to broker or lender fees, your loan’s closing costs will include loan fees. These fees include items such as underwriting, document preparation, draw administration, loan processing and a variety of the other small fees. For a construction to permanent loan (remember you are getting two closings in one), expect to pay approximately a half to one percent of your loan amount in total for these fees. Most of these fees are fixed amounts, so the percentage will be higher for lower loan amounts.
The third component of your owner builder closing costs are made up of things the lender or broker has no control over, hence the name “third party” fees. Third party fees are also, for the most part, not affected by the type of loan you choose. They are, however, influenced by the size of the loan. Third party fees consist of your closing agent’s fees, title search and title insurance fees, recording fees to the state, county or locality and any state or local taxes. Most of these items are set by the state and local governments and are simply the price of buying or owning a home in that area.
All told, owner builders can reasonably expect to pay approximately two and a half to four percent of their construction loan amount in closing costs. Some states may have high transfer taxes, excessive title insurance fees or other high state or local fees that will increase your costs.
Overall, the total closing costs are not bad when you consider you are closing on two loans in one and being given a loan to undertake a process most lenders consider extremely risky. Plus, owner builders get to build their dream home while saving tens of thousands of dollars.

December 31, 2013

5 Proven Mortgage Refinance Tips For Lower Fees And Costs

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

By handling these costs wisely, you can make your mortgage refinance tips even more effective and save remarkable sums in your monthly payments.
The structure of your mortgage refinance loan, PMI avoiding and an ability to buy lower interest rates are the ways.
1. Mortgage Refinance Tips, Close Credit Card Accounts.
What credit cards have to do with your mortgage refinance tips? A lot! When you close inactive credit card accounts, you can improve your credit score, which means lower interest loans possibilities to you.
This is wise to do by a letter to the credit card company. In this way you will have a document, if there is a need to handle the issue later on.
As a second step you have to check your credit report after 30 days to make sure, that it includes the comment that your credit card accounts have been closed by Customers Request.
This is important, because this report can be seen by other lenders later on, so they see that you have done the closing and not the company. Remember to correct all the mistakes, which can affect your future possibilities to get a loan.
2. Mortgage Refinance Tips, Avoid Hidden Cost Of PMI.
PMI, private mortgage insurance, can hit you, if you do not do the refinancing right. Why? Around 30 % of the people, who will refinance their home loan take certain part of their home equity as a cash to pay home improvement or paying some other big costs.
By paying off credit cards or improving your home, this can be extremely smart, but if you borrow more than 80 % of the home equity, you must pay PMI, private mortgage insurance, which can be hundreds per every year.
3. Mortgage Refinance Tips, Short Term Loan.
Usually short term mortgage loans offer lower interest rates than the long term ones.This means lighter monthly payments but also shorter payment time. The result is a larger monthly payment, but you can still save thousands later on.
4. Mortgage Refinance Tips, Ask About Fees.
Every mortgage refinance case includes fees, which are costs you do not necessarily remember to ask. They have several fancy names: document prep fees, courier fees, administrative fees etc. And lenders must disclose these costs, fees, within three business days of a mortgage loan application.
Now you can do the following. Request an official list of these fees from every company, you have asked an offer. When you have them all, add the fees to the interest rate of the mortgage loan. You will be surprised, when you notice that the cheapest offer has not the lowest interest rate.
5. Mortgage Refinance Tips, Pay Points.
When you plan to live in your home for many years, you can save money by paying points for lower interest rates. This happens by paying upfront fees by which you guarantee that the interest rates are lower during the rest time of your loan.

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