Tag Archive | “Payments”

Loans For The Self Employed Home Buyers

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A large number of business opportunities have come up during the last few decades. People prefer the self employed business options because of its numerous comforts. The biggest comfort is working at own hours and being a boss himself.However, such self employed persons face problems when they are applying for the loans for their houses. These loans can be for their domestic needs or may be obtained in order to mortgage their home.

Self Employed Persons

The term ‘Self employed persons’ means the group of people owning and running small businesses and working at their own will. Most of these small businesses operate out of their homes and are not linked with any credible company that can vouch for them. In addition, the risks involved in such cases are too great for the lending companies and they are mostly reluctant to offer loans for them.

Loan Options For Self Employed Person

Mostly the companies have strict conditions for allowing loans to the self employed persons. One of the major condition or constraint is the tenure of business. The companies do not allow the loan until the applicant has been operating his business for at least two years time. In addition, the companies require a two years income return from the self employed person. This is used to evaluate the financial standing of the applicant.

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Refinancing With Zero Payments

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It has become quite difficult to meet the daily expenditures due to inflation. As a result, people have to resort to leasing and financing from the debt companies. Although these companies offer the debts at attractive rates but there are occasions when you have to get the debt refinanced. This is an expensive matter as the refinancing charges are quite high and to be paid by the borrower.

Zero Cost Refinancing

In order to facilitate the borrowers in getting their loans refinanced, a large number of companies offer the zero cost lending option. The zero cost lending or refinancing means that the charges and fees for refinancing of the loans shall be paid by the lending firm. This means that the borrower can apply for the loans without worrying for the fees and additional expenditure on account of processing fees for loans. This new option of zero cost refinancing has revolutionized the refinancing offered by the companies.

Need For Refinancing

There are numerous reasons that lead to one applying for refinancing of his loans. They may arise due to inability to pay back the loans. Similarly one may opt for another loan and therefore needs to refinance his existing loan.

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Refinancing Mortgage – Low Interest Loans

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Refinancing a mortgage means to replace an existing mortgage loan with a new mortgage loan. Consumers can do the same with their Home Loans and replace them with such a loan that favors them. One of the benefits of refinancing the Home Loan includes that consumers have to pay a lower interest rate as compared to the original loan. Home owners will search for options where they can obtain a lower interest rate, rather than sticking to an unaffordable loan.

Refinancing Home Loan – Better Mortgage Deals

Internet has served as a tool for increasing competition amongst mortgage companies. Online companies compete amongst themselves to offer the consumer something out of the box. With little research and investment of time, consumers can actually find a very reasonable deal. In a time of opportunity, it is best that consumers begin to look for a good Home Refinance Loan.

Home Loans with Low Interest Rates

If a consumer`s home loan is becoming unaffordable to pay, then he/she may want to refinance their Home Loan. Even those consumers who possess an adjustable interest rate loan may consider this option if their monthly repayments are getting bigger. It is on the discretion of the consumer to take any path they wish for.

Low Interest – More Money in Savings

Home Refinance Loan is also beneficial for consumers who need immediate cash for emergency situations. They may decide to use the cash for an emergency and repay it later in installments.

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Where to Get No Credit Check Credit Cards?

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If you are searching for credit cards with bad credit rating that do not require credit checking, then you can easily find them out via searching the market. According to the Bank of America, the charge-off rate peaked in August 2009 when a change from 13.81 to 14.54 was recorded in these rates. In past recent years, lending institutions and lenders have become more careful regarding lending money to borrowers. If you are facing earlier bank default then bad credit rating credit cards are perfect for you. These credit cards enable you to pay freely for the services and other items you buy. Moreover, these credit cards also help you to raise your credit rating.

Credit Cards without Credit Checking

Credit Cards without Credit Checking

You can take out bad credit rating credit cards that are available without credit checking only if lender can provide protection to its legal business interest. In the current economic recession, lenders do not provide unsecured credit cards without credit checking. This is because the risk of not getting repayments is very high. When it comes to guaranteed bad credit rating cards then it mean secured credit cards and other prepaid credit cards. The worth of these cards depends upon the retailers concern to these cards. However, the ways by which these cards are funded are quite different from normal cards.

Secured Bad Credit Rating Cards

These credit cards are of great help of earlier defaulters, as these credit cards offer a considerable credit limit that depends on the provision of the type of collateral. This condition allows lenders to recover the lending money from the borrower who becomes default. Cash deposit or property, these two are the commonest types of collateral that are most widely used.

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Bank of America Mortgage Settlements

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Bank of America is one of the leading banks in the US and has been working for decades now. But currently it is going through its worst crisis which is caused mainly due to its own mismanagement and mishandling of the mortgage loans. In order to meet the challenges, they are trying to do some settlement deals with major investors in order to get out of the reigning crisis.

Background of the Story

Bank of America

After being accused of mishandling billions of worth funds in mortgages last year, Bank of America started negotiating with major consortium of investors to settle these major charges. The group has asked for an explanation from Bank of America for mishandling these funds and given them a time frame of two months.

The Accusations

The charges contains the allegations of doing a poor job in the collection of mortgage payments and also poor service provided to borrowers who were having trouble making their payments. They further said that the Bank has not lived up to the underwriting criteria and did a poor job in providing quality mortgage services.

Questions were raised over the warranties provided by the bank on the loans which were offered to the investors in shape of bonds. Moreover, this mishandling of warranties and poor management has lead to the reigning financial crisis and put the bank in deep trouble.

Bank of America purchased Countrywide a while back to avoid bankruptcy during the recent crisis. But the investors wanted to have the same loans issued by Countrywide to recoup their losses. Bank of America initially resisted these allegations and tried to fight for it but soon realized that it was its own poor management and mishandling that lead to the crisis and they agreed to go into the settlement plan.

Settlement with two Giants

As a result of the Bank’s efforts to settle things down, they managed to fix a deal with two of the market giants, Freddie Mac and Fannie Mae. Both these giants themselves were on the verge of collapse last year and were bailed out by the government.

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0% Down Payment Era Has Come to an End

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Currently, the facility of availing the option of zero percent down payments on home formally does not exist anymore or virtually has shown a very sharp decline. This has raised the cost of purchasing home tremendously. In this regard, a research report has unearthed the fact that in the nine main cities of U.S, on average the banks have enhanced the down payment of the house by twenty two percent in the year 2010.

Down Payment

The Down Payment is Significantly Higher than the Past

The amount of down payment for home is significantly higher now than that of the amount charged few years back. In fact, there has been an increase of around four times in down payment in comparison to same couple of years ago.

Statement by Stan Humphries

It has been stated by an Economist; Mr. Stan Humphries of Zillow (Real Estate Company) in his interview to the Wall Street Journal, “The middle ground buyer is the one having to fight to get a conventional mortgage”. It does mean that now the option of mortgage has not been in the range of people who belong to middle income strata. So far, Zillow has not offered any comments on the statement of Stan Humphries.

There is no doubt about the fact that currently with the considerable increase in down payment has made it pretty difficult for people to purchase a home. This has also posed threat to people who would like to sell their homes.

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Reverse Loan Rates

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If you as a senior is willing to refinance your home with the reverse home loan than you should know about the two different interest rates on that loan. The only available loan variant at the current time is the HECM reverse home loan. You may already be aware that usually the HECM loans are supported by the Federal Housing Administration. This feature of HECM loan provides great protection to seniors. There are certain facts about reverse mortgage loans, which you should be aware of and some of these facts are given below.

First Reverse Loan Rate

First Reverse Loan Rate

These rates are also referred to as the Current or Initial Rate. The HECM loan requires its senior borrowers to the buy the mortgage coverage. This insurance has its cost that is eventually added to the senior’s account. A senior has to select between a monthly and annually interest rate adjustment period for his/her loan. This adjustment period is non-variable and borrower cannot request to change it later.

Expected Interest Rate

In the reverse mortgage loan, expected rates are used in the event when the maximum amount of the loan that is being borrowed is calculated. The expected rate is inversely proportional to the borrowing amount. In other words, lower expected means that there will be bigger borrowing amount available for the borrower. The expected are equally to the ten years US Treasury Rate that are added by the lenders margin.

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FACTS to Know about Home Loan Modification Program

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If you are willing to avail the mortgage modification program that is offered by the federal government then you have to know about some important facts about it. Understanding of these facts will help you to take right decision about whether you should avail this program or not and many other things related to it. Let’s have a look on these important facts.

Who is Eligible for Home Loan Modification?

eligibility for home loan modification

It is important to find out whether you are eligible to apply for this modification plan or not. Basically, borrowers having mortgages that are behind on their mortgage payments are eligible to file for loan modification plan. In other words, it is for those home loan borrowers who have not missed their payments, but they are having payments of more than 31 per cent on their total monthly earnings. This modification program is only designed for Freddie Mac or Fannie Mae mortgages. Borrowers having difficulty in repaying their loans can take help from this modification plan.

Amounts of Payments

With the new program of home loan modification, payments for mortgage cannot be lowered more than 31% of your total monthly earnings. To meet this particular requirement, loan authorities are bound to apply the lower interest rate. The limit for the minimum interest rate is 2% that is applied on the total amount of mortgage loan. Alternatively, if lenders fail to lower the interest rates, then they have to extend the term of loan and that can be extended for up to 40 years.

The interest rate will be fixed at 2% for 5 years. After five years, interest rate will rise 1% each year until it returns to its original position where it was started at first.

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Low Credit Score? Not a Worry Anymore

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Maintaining an appropriate credit score is very important for every individual. The reason for this is that credit score serves as the basis of how your applications for loans are reviewed and whether you are eligible for credit cards or not. The credit score also goes onto play a vital role if you apply for a mortgage or auto loan. Due to this reason there has been increased demand for guaranteed acceptance credit cards.

Credit Cards

The most common reason for this is that U.S. citizens are not being able to manage a decent credit score and meeting their credit obligations.

Declining Credit Scores

Credit scores have recently decreased as mentioned above, as during the third quarter of 2008 and the first quarter of 2009, the average Trans Union credit score fell by 6 points to 651 points. In places such as Arizona and California, the credit score fell by 11 points and 10 points respectively. The most common reason for could be late payments or not paying off your previous balances. Therefore, an offer such as the guaranteed approval credit cards would mean that any person could now be eligible despite having a low credit score.

Low Credit Score? Not a Worry Anymore

If you have a low credit score and are worried about your future expenses, then you would either be required to hand in a collateral to the lender or they would charge you a very high interest rate. This means that even if you do not make the payments on time, the lender would have the collateral as a security or high amounts of debt could be accumulating in their books which you might have to pay later on.

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Loan with No Credit Checks

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Today the financial crisis, high inflation rates and unemployment have compelled people to borrow money for their survival. But where to get a loan with a bad credit? The common saying, “I have bad credit but need a loan” better describes one’s financial position. If you are applying for a bank loan, you need to be a job holder, have sufficient funds in your home and can prove your affordability of the debt; otherwise it would be just a waste of time.

No Credit Check Loans

There are many kinds of secured and unsecured loans for those people who have been rejected in some other places.  Lenders do not focus on your credit scoring; they are more interested in your identity and your capability to repay the amount borrowed. So it is the easiest way for you to get an urgent loan.

How Can You Get A Loan With Poor Credit?

There are lots of organizations, specialist lenders providing loans with a poor credit. They are discussed briefly as under:

1. Family Loans

If your financial problem is not permanent, the best option is to start from your own family. Hopefully, there may be some beloved relatives in your family who can be ready to lend you money for some time. The key advantage of this loan is that you will not have to pay interest or any other charges. Also, it would not be so difficult to talk to him if you are unable to repay at the specified time.

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November 2012
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