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 www.your-debt-consolidation-loan.com to find out more about how you gain financial stability.

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.

November 24, 2016

Credit Card Fees and Interest Rates

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

You open your credit card bill and you see that the bank has increased your finance charge. You’re concerned, but you’re not even clear on how the charge is calculated. How do they do it? This article reveals the secrets behind credit card finance charges.

Today in the United States 640 million credit cards are in circulation. That’s two for every man, woman, and child. The average American adult has four credit cards, representing an increase from 3.2 cards each in 2004. On average, 40% of Americans pay their bill each month while 60% carry a balance. Based upon Federal Reserve figures, total U.S. credit card balances are $ 800 billion.

A credit card is basically a short-term loan from a bank to the card user. Banks are in business to make a profit, and credit cards have traditionally been very profitable. Aside from membership or annual fees, banks make money on cards by charging interest. The interest rate is represented by a percentage of the principal owed, and is calculated periodically. The result is the finance charge that appears on the cardholder’s monthly bill.

The Annual Percentage Rate (APR) can vary greatly among different cards. Currently, APRs average 14.41% for cards with rewards, and can go as low as 8.9% and as high as 36%. There is no federal limit on the interest rate a bank can charge.

How do lenders calculate finance charges? Finance charges are calculated by applying a Periodic Interest Rate to the outstanding balance of the account. Because the balance changes every time a customer makes a purchase or sends in a payment, there are many methods that banks use to calculate average balances. The periodic rate is calculated by dividing the annual percentage rate (APR) by the number of billing periods in a year, which are generally twelve. An APR of 21% would convert to a periodic rate of 1.75% (21 divided by 12 = 1.75) per billing period when finance charges are calculated monthly. The periodic interest rate is then multiplied by the balance to determine the dollar amount of the finance charge.

The balance can be computed in a variety of ways. Say a customer has a balance of $ 3,000 at the end of the month on a card with an APR of 22.5%. If the bank used a simple end-of-month calculation the interest charge would be $ 3,000 x 1.875% = $ 56.25. This means that aside from other charges and fees, the customer will pay the bank $ 56.25 on the $ 3,000 that he or she has borrowed during the month.

How can you lower your interest rate? The best way is to be a good credit risk. Card issuers have recently begun to calculate a customer’s interest rate not only on the customer’s history with the company, but also the customer’s overall credit rating. This practice is called the “universal default” clause, and it’s becoming a standard clause in credit card contracts. Even if you make your payments on time, the card issuer can raise your interest rate if you’re late on payments elsewhere. If your payments are late with another credit card company or  with your phone, car, or house payment, the bank can raise your rate.

Your credit score–known as a FICO score-is critical to determining how much you can borrow. It is a major factor in determining the interest rate you pay on a credit card. Your bank can hit you with expensive fees, too. In 1996, the U.S. Supreme Court in Smiley vs. Citibank lifted restrictions on late penalty fees. Consequently, there is virtually no limit on the amount a card issuer can charge a cardholder for being even an hour late with a payment. You have nothing to lose if you call your bank and ask for a lower rate. Always read the fine print on your credit card agreement. Above all, whatever rate you have, never charge more than you can pay off in full each month.  

July 31, 2015

Adverse Credit Mortgage Broker Fees

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

Just because you suffer from adverse credit, it does not mean that you will automatically need to use the services of a mortgage broker who will charge a large fee when helping you apply for an adverse credit mortgage. Although the fees targeted at adverse credit mortgage applicants are normally high when compared to applicants with clean credit, some brokers choose to not take advantage of the situation and do not charge excessive fees to their adverse credit clients.

Mortgage brokers have been known to charge up to 5% as a brokerage fee for adverse credit mortgage applications simply because the client has a poor credit history and will have little choice but to accept whatever mortgage they can get. Such mortgage brokers justify their excessive fees by suggesting that it is more difficult and time consuming to source and process an adverse credit mortgage application than it is for a clean credit mortgage. This is not necessarily true, and buyers should be aware of this.

Although there is some extra work involved when a client has adverse credit, it is probably not enough to justify such a large increase in fees, which usually ranges from 0% to 1% for clean credit mortgage applications. The extra work may involve an evaluation of the applicant’s credit file and some extra research into the market to locate the particular lenders who will consider the case.

In addition to excessive client fees, many adverse credit mortgage products provide large procuration fees to mortgage brokers for successful applications. This may be due to the high level of competition in the adverse credit mortgage field. Mortgage brokers may tend to favour lenders who pay the highest procuration fees despite the fact that they are supposed to ignore this factor and focus solely on the client’s needs.

By combining the increase in client fees with the large procuration fees that can be earned on successful adverse credit mortgage applications, it is clear to see that this type of mortgage is lucrative for mortgage brokers. It is for this reason that some mortgage brokers specialise in finding home loans for people with impaired credit files. It can be quite a lucrative endeavour.

If you suffer from adverse credit, it may be necessary for you to employ the services of a mortgage broker to help you find an adverse credit mortgage to suit your needs. Be aware, however, that it may not be necessary to pay excessive fees in order to secure such a mortgage. Although most mortgage brokers will charge excessive fees for adverse credit mortgage applications, some will not, so it pays to shop around.

If in doubt it may be a good idea to conduct some initial research on your own. This can be done through any one of many mortgage comparison sites which display best buy tables for adverse credit mortgages. By conducting research on your own and becoming familiar with the market you may not be at the mercy of brokers who think they know it all and charge hefty fees.

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.

 

 

 

 

 

 

July 10, 2014

Students Guide To Making Money To Pay Student Fees Without Student Loan Consolidation

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

Student loans are a major factor in making students get in debt, just to have a good education. Student debt consolidation can make the problem worse, as you keep adding debts. Another alternative is to use your own initiative by bootstrapping and making your own business to pay for your tuition fees.
So, you want to leave the student loan consolidation, and find alternatives to pay for your tuition fees. Paying your student tuition fees without the need of student loan consolidation is possible, when you take a look at what is available to you. As you are reading this likely online, then I will focus on online methods, as the internet is a great place to start a project which can pay your student tuition fees, your student loan, and hopefully provide you a long term nest egg.
Now you may be thinking that starting your own business would be a costly venture marked with loads of risk. You are absolutely right, if you want a McDonald’s franchise, but what we are looking for is something small that has potential to grow, depending on how much time you invest into this.
Even with only a few hundred dollars, you could soon be on your way to not needing a student loan consolidation loan; you could even start with no money! Now, you may be wondering how is it possible to not get a student loan consolidation loan and be able to pay your student tuition fees.
First we need to take stock of your abilities, and here is where an important key will come in. Consider what you are good at, maybe it is a subject you are studying, maybe it is your passion or your hobby.
The areas we will focus on are eBay, Affiliate Marketing, and Freelancing. All these options are easy to get into, and with consistent effort, can bring you many rewards. Let us begin by looking at an example – a student who likes to DJ. In this example this person could sell on eBay DJ products, music or many other items. As an affiliate marketer you could do the same thing, but with your own web site, and with freelancing, you could make music or mix music for people who need music made.
You may be wondering what is all of these different options, you may have heard of eBay or you may not, you may have heard of affiliate marketing or you may have not. I will cover these so you can get a firm grip of how important they can be to pay student tuition fees, and also cut out the need to get a student loan consolidation program in effect.
eBay to cut out getting student loan consolidation loans:
eBay is an online auction platform. Each day millions of dollars worth of products are sold all across the world through eBay’s auction platform. The best way to cut out the need to get a student loan consolidation just to fund your new venture, is to look at old things you no longer need. You could sell old things you do not need, then you could find wholesalers or suppliers selling what you want to sell. You make a mark up (your profit – costs), and continue to do, and increase profits (part of which can be used to mitigate the need of student loan consolidation loans).
Affiliate Marketing to cut out getting student loan consolidation loans:
Affiliate marketing is similar to selling on eBay, the only difference, is that you are promoting a product which someone else sells and delivers, and pays you commission. This makes starting this project very easily to cut out the need for extra student loans or student loan consolidation loans. Though be aware that you will need to learn about online marketing and find the right formula that works for you.
Freelancing to cut out getting student loan consolidation loans:
Freelancing is pretty easy to get started in. For one, you do not need to have money in most cases to get started. If you have an experience or are studying a subject, you may have knowledge and skills which others would be willing to pay you for your time. eLance and other websites allow you to put up your details, and bid for jobs. These jobs can easily be worked around your busy student life schedule! It can also be a great way to earn money, some people even find that it pays a full times salary, depending on how much time you put in.
There are many ways to get started to earn money, and reduce the need for student loan consolidation loans. So many students today get into debts which could take over a decade to pay back. By taking your own initiative, and with calculated risk, you could easily get into a position that gives yourself a life long enjoyable career. Debt into wealth!

April 6, 2014

SBA SMALL BUSINESS LOAN PROGRAM FEES SUSPENDED

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

It is a great time to apply for an SBA 7(a) Loan. The SBA announced this week that it is suspending 7(a) Loan Guarantee Fees, which means it will cost thousands less to get a business loan. The government estimates that this policy will only be in place through the end of 2009, so now is the time to apply for a loan

The SBA 7(a) program is the primary loan program provided by the Small Business Administration. This program was designed to help small businesses that otherwise could not obtain a conventional bank loan. The SBA minimizes the risk to lenders by guaranteeing a portion of the loan. The SBA can guarantee as much as 80% on loans up to $100,000 and 75% on loans of more than $100,000  

Uses Of The 7(a) Loan Program

You can use the SBA 7(a) business loan to purchase equipment / machinery, business acquisitions, expand or renovate business facilities, leasehold improvements, working capital (only a portion of an SBA loan can be used for working capital, generally you will also need to provide receivable to collateralize the loan), refinance some debts, seasonal lines of credit, the purchase of commercial land or buildings (not to be used for investment purposes ( your business must occupy a portion of the building / land) , & finance seasonal lines of credit.

(a) Loan Terms, Fees & Collateral Needed

Repayment terms on the SBA 7(a) loan program is usually up to 25 years for real estate, the purchase of large machinery / equipment (fixed assets) and 5 to 10 years for working capital.

The interest rate is generally between prime+1% to prime+ 2.75%. On loans below $80,000 the rates can be higher.Interest rates can be variable or fixed (depends on your lender). 

Lenders like to see fixed assets (equipment, machinery, real estate) as collateral. They will usually ask for personal guarantees from the principals of the loan and may place liens on personal property & assets

  Recommended SBA Loan Sources;

Provision Capital Corporation

 

Tel: 609-844-7615

Fax: 609-844-7756 

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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