Tag Archive | “Amount”

Tips for Home Equity Loan Comparisons

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

A Home equity loan comparison offers the best interest rates, takes various choices and compares them with the needs of a borrower. Comparisons can be done with mortgage brokerage offices, several lenders or online. Online method is the reliable source of gathering accurate information through different sources. Comparison of fees, terms, rates and lenders will help a borrower to choose a right program.

Home Equity Loans

For home equity loans, a borrower uses the equity as collateral for their home. These loans provide funding for the major expenses like home repairs, medical bills and college education. Home equity loan creates a lien against the house of a borrower and reduces actual home equity.

There are two types of home equity loan. One is a fixed term (home equity term) and second is variable (home equity line of credit). Key feature is to choose between a fixed rate loan, line of credit, and a combination of both.

Home equity Loan Comparison

There is a distinction, among comparison of loans and a line of credit, in home equity loans. The borrower has a large amount of money available with a fixed interest rate. The borrower can get a sum of money through a line of credit as and when they need it. Initially, an interest rate is often low, but the rate varies with the monthly outstanding balance.

Private Mortgage Insurance

Home equity loan comparison of two options discussed above, determine the need of money. Combining of two options with first mortgage is also an option to have the one monthly payment.

Read the full story

How to Make ATM Deposits?

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

With the ATM withdrawals, now the ATM deposits are also a convenient way for the customers to deposit the funds without the hassle of going to banks. Of course the deposits can also be making round the clock like withdrawals. In fact, the facility of depositing cash through ATM has made the customers lives easier.

Some People are Not Comfortable with the Idea


Few of the individuals are not aware of its use or they don’t feel at ease for depositing the cash through ATM machines. Prior to making use of it, you must have a thorough knowledge of using ATM machines for deposit purposes. You will find here fundamentals of using ATM machine to deposit the cash or checks.

Procedure to Make ATM (Automatic Tellers Machine) Deposits

In this regard, you must be geared up and organized well in advance, particularly if you do require an envelope or a deposit slip. You must comprehend the purpose of these prior to sliding your ATM card in the machine and engaging the line.

Read the full story

0% Down Payment Era Has Come to an End

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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.

Read the full story

Reverse Loan Rates

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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.

Read the full story

What is Home Mortgage Interest Deductions?

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

The main benefit of mortgage finance, at very first instance is the tax benefit which you can draw by deducting the amount of interest being an admissible deduction. The interest may be on the finance you acquired to buy your home, the successive mortgage or the home equity finance. The following criteria must be fulfilled to avail tax benefit:

  • There is solid collateral against the mortgage debt normally the home you purchase against the mortgage finance.
  • You acquired the finance being an eligible fiancée.
  • The association of between the lender and the debtor exists.

Admissible Tax Deductions for Mortgage Debt

Tax Deductions for Mortgage Debt

All the mortgage interest charges are deductible commonly but the amount of deduction depends on three factors namely the date of mortgage, the total amount of mortgage and the way the mortgage amount is utilized. If the mortgage falls in any of the given below groups, the whole interest amount is tax deductible:

  1. The date of mortgage is 13 October 1987 or earlier than this date. The complete interest cost on such mortgages is deductible.
  2. The mortgage was acquired after 13 October 1987 to buy, build or renovate the home (refer to acquisition debt by the IRS) and in entire year 2010 the mortgage amount and grandfathered debt amounted not more than $ 1,000,000 ( the limit is reduced to $ 500,000 or less if you are married and filing separate)
  3. The mortgage was acquired after 13 October 1987 and not to purchase, construct or renovate the home (refer to home equity loans) and in the entire year 2010 the debt amounted not more than $ 100,000 (the limit is not more than $ 50,000 if married and filing separate) and the total is less than fair market value (FMV) minus the amount calculated in above points 1 & 2.

The entire amount of mortgage interest is deductible if the aggregate mortgage amount for major and the next home remains within the limits defined above in points 2 & 3.

Admissible Tax Deductions for Home Equity Loans

The home equity is calculated by deducting mortgage amount from the fair market value (FMV) of home. The owners tend to use the equity to settle higher interest loans like automobile loans and personal or credit card loans. The practice benefits the owners with respect to tax deductions. The interest paid on mortgage is tax deductible while the interest paid on credit cards, personal loans or automobile loans are not deductible.

Read the full story

DSS Crisis Loan Alternative for Low Income

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

In our daily lives, the most common issue which almost most of us face is how to manage our funds. The basic reason for this is that we do not maintain or follow a particular budget which would provide some direction of where the money needs to be spent. The consequence of this is that most of us then borrow from the private sector, public sector, family members, friends etc.

DSS Crisis Loan Alternative for Low Income

DSS crisis loan is one type of loan which has been specially designed to cater to the needs of those who are in urgent need of funds to deal with their short term monetary issues.

Loan Application Criteria

Often most people have the false impression in their mind that their application for the loan would be accepted. This is not true as the loan is provided on case to case basis. Each and every application is processed and reviewed and those applicants who are most eligible for the loan are granted with a particular amount.

As mentioned above, almost all of us face this problem of funds. Therefore, the rules have been set in a very strict manner so that not everyone is eligible to quality for such a loan. If your application has been rejected then do not feel dejected as there are several private sector alternatives which you could consider to deal with your short term problems.

Read the full story

Loan with No Credit Checks

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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.

Read the full story

How to Negotiate Credit Card Debt Settlement Yourself?

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Each of us is now practically surviving on electronic money rather than paper money. The reason for this is the number of credit card one individual holds. This allows people to spend money where ever they wish to. This is an inappropriate method of going about things in daily life as it would only add up to our previous debt.

Considering Settling Your Debt?

Credit Card  Debt

If we go onto assume that we owe more money than we can pay, we lose our job, have no way of paying out debt, even the business fails and there is nothing left we can do to do pay off your credit card debt. In such a situation, the answer to your problem would be that you don’t really have to pay the whole debt. This does not mean that you are claiming bankruptcy but it means that you are opting for debt settlement.

When you consider opting for debt settlement, credit card companies know that they would have to cooperate with you because if you opt for bankruptcy then all their money is lost. Therefore, to keep the hopes alive that you would pay, they tend to revise the terms and conditions of the amount which is owed by you.

Approach of Credit Card Companies

The reason for this is that if bankruptcy is claimed then credit card companies are last in the line and would receive no payment at all. Therefore, the strategy of something is better than nothing is considered to be better by the companies. The revised terms could be that if you owe a dollar then they could settle for fifty cents or less. With this, eventually over a period of time, your debt would start disappearing.

Process of Debt Settlement

The process of debt settlement may sound as an easy process but this is not the case in real. For debt settlement, you need to have really good negotiating skills. The reason for this is that you might have to negotiate the terms of your contract over the phone and be persistent about what you are arguing about.

Read the full story

The Good And Bad Of Credit Cards

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Prepaid Credit Cards have been used for a long time by people who are conscious about their expenditures and have a considerable credit history. There are no such limits arranged in the use since the cash is what the user loads on it him/herself. Despite there are certain differences between the prepaid credit and other cards but it counts same as a credit card for a retailer at times of bad credit.  Based on the differences how credit is being handled off-screen and the regular use among customers, certain advantages and disadvantages have been columned which are as follows:

Prepaid Visa Debit Card

Pros of Prepaid Credit Card:

  • The best part is one can maintain a monthly budgeting. User can load certain amount of money for expenditure and credit facility can be used for extra money used.
  • Since there is no credit limit, there is no tension of credit scoring as well. It is for sure that the application will be approved, no matter how worse the credit score is of the user.
  • One more great facility of reservations is realized when the user needs a hotel reservation or repairing of car, this prepaid credit card is helps most, by no credit check.
  • Read the full story

What to Look for in Prepaid Credit Cards?

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Fundamentally, a prepaid credit card is synonymous to that of a debit card. For both these cards, owner of card loads the finances prior to making any buying. He/she deposits the cash in the account from where the money could be pulled out by the prepaid card. There are certain pros and cons of making use of a prepaid card:

 Prepaid credit card

Prepaid Cards Benefits

The foremost benefit of using prepaid credit card is that the candidate who applies for card does not have to go through a credit evaluation. Everybody who owns an account can be befitted with the prepaid credit card. There are no monthly or yearly charges and it is without any rate of interest. Besides that, individuals will also not receive any credit card bill.

When you make buying of merchandise on internet and personally at various retail shops, the use of prepaid credit card is very convenient and practical. Though the prepaid card is akin to a conventional credit card in many aspects, but there is a major divergence; the owner of card is not able to spend more than loaded amount in card. Hence, it keeps one within his budget constraints.

Cons of Using Prepaid Credit Cards

These cannot really do anything in perking up the credit position of the owner of card. In view of the fact that use of prepaid credit card details are not advised to credit referencing agencies, hence those people who aspire to revamp their credit followed by liquidation must look for other options.

Read the full story


subscribe to our blog


November 2012
« Aug    
  1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30