Taking the Confusion Out of Car Loans

When it came time to finance my new car, I had options. I needed to find the best interest rate and the best all-around deal. I knew it would be difficult to obtain a car loan without good credit. While I was certain my credit score wasn’t “poor”, I wasn’t sure about the numbers, so I researched it.

My advice to others looking to finance a new car is to obtain your credit report and credit score first. You can do this online free. If your credit score is poor, your interest rares may be higher, or you may not be able to obtain a loan at all. Conversely, good credit may entitle you to a low interest rate from your car dealership. Otherwise, check with local credit unions and banks. Compare interest rates as I did and nab the best one. Good luck!

Tips For Financing Your First Home Purchase

The process of buying a house can be a very stressful task to go through. In particular, the financing of this purchase may be one of the aspects that cause you the most concern. Sadly, you may not have the experience necessary to know how to get the most from your mortgage. To help you with this aspect of home buying, you will want to keep the following few tips in mind. Consider The Total Cost Of The Mortgage When comparing mortgage offers from different lenders, it can be easy for you to focus almost exclusively on the interest rate of the loan. However, this will not provide you with the true cost of the mortgage as it can be common for there to be a number of fees associated with originating these loans. As a result, you will want to calculate the total cost of each mortgage offer you receive. While it may take some time to review the offer and calculate the possible fees, this can be an essential step for making sure that you are getting the best price possible on your mortgage. Additionally, if the loan contains an early payment penalty, this is a factor you should consider as it may make it more difficult for you to refinance the loan in the future. Lower Your Ratio Of Debt To Income It is often advised for individuals to review their credit history and score prior to applying for a mortgage. However, you may assume that this is only to ensure that you have no negative payment histories. Unfortunately, this is not the only factor that...

VA-Assumable Mortgages: Another Financing Option for Homebuyers

While conventional mortgage loans generally aren’t assumable, VA mortgages guaranteed by the U.S. Department of Veterans Affairs are assumable. If you are an active-duty servicemember, a veteran, or the surviving spouse of a veteran, assuming an existing VA mortgage may be to your advantage, providing you have a Certificate of Eligibility (COE) showing the lender that you are eligible for a VA home loan. Still, it’s important to understand how an assumable mortgage works before deciding if getting one is the right choice for you. What is an assumable mortgage? If you are interested in buying a home for sale that the seller financed with a VA home loan, assuming the seller’s mortgage instead of applying for a new mortgage may be an option to consider. An assumable mortgage allows you to assume the terms of the seller’s mortgage, including the interest rate, length of repayment period, and outstanding current principal balance on the loan. When can you benefit from assuming a VA mortgage? A major advantage of an assumable mortgage is the benefit of paying a lower rate of interest on the loan. Going with an assumable mortgage rather than a new mortgage can be a practical option when current interest rates are higher than the rate the seller is paying. Assuming a mortgage can involve fewer closing costs as well. For instance, since many lenders don’t require a new appraisal when assuming a VA home loan, you can save money and cut the time it takes to close. But you still have the choice of hiring an appraiser on your own to find out how much the...

Steps To Take If You Can’t Get A Traditional Home Loan

There are a number of reasons that can make it difficult to qualify for a home the conventional way. Some people will not qualify for a mortgage due to having large amounts of debt due to starting a business and becoming an entrepreneur. Those who work for themselves may find it difficult to qualify for a mortgage without a lot of documentation for the business and several years worth of tax returns that show the same as your current income. Others may not be able to qualify because of past late payments or defaulting on student loans even though they are being paid off currently. If you cannot get a home loan due to any reason, there are still some steps you can take to buy a house.  Look for a personal loan Though it can be difficult to get a personal loan for a high amount, it is possible depending on your credit and the type of collateral that you are able to put up. If you have a bank that is willing to work with you as someone with prior bad credit or as a business owner, you may be able to get enough of a loan to purchase a home in your city. You will need to go through the typical application process and you may need to offer collateral (which can include your business), but you can get approved for a personal loan more easily than a home loan in some situations.  Loan through the home builder Sometimes you can make an arrangement with the builder of a home to purchase the home and lot from...

3 Reasons To Consider Buying A Mobile Home

Some people think that buying a mobile home is a negative thing, but it does not have to be. Mobile homes have changed a lot over the years, and buying one can be a good option for many people. These are a few reasons why you may want to consider buying a mobile home. 1. Save a Lot of Money Some people worry about buying a mobile home because they assume (or have heard) that they can’t finance the home through a traditional mortgage company. However, depending on the mobile home, this does not have to be the case at all. Although there are certain restrictions in place — such as in regards to the age of the mobile home — that mean you can still get a mortgage on a mobile home in some cases. For example, you can qualify for an FHA loan with a mobile home if the home has a permanent foundation. In the event that you can’t, you can also look into financing through a finance company. Either way, you’re sure to spend a lot less on your home. The average cost of a single-family site-built home is about twice as much per square foot as a mobile home, so it’s a good option if you’re on a budget and want to get as much square footage as possible for your money. 2. Enjoy Customization If you purchase a brand new mobile home, you can typically customize things like the flooring, plumbing fixtures and more, similar to how you would be able to if having a stick-built home built. However, you don’t have to...

Top 4 Financial Benefits When Obtaining The Right Home Refinance Program

Whether it’s not the right market for selling your home or you simply want to remain in your home for a long period of time, a home refinance offers multiple financial benefits to homeowners. In fact, refinancing can free up money for other things, such as a vacation. It can also help you with your long-term savings goals. Below is a list of four financial benefits associated with this type of loan.  Lower Monthly Payment Homeowners who have paid down their mortgages over the course of several years will find that a home refinance leaves them with a lower monthly payment. This is because the new loan is based on the lower principle amount. That lower figure is also spread out over the course of 30 years, unless you wish to opt for a shorter term.  Improve The Value of Your Home When you refinance your home, you have the option of taking cash out. Homeowners can use these funds to make improvements, such as adding an extra bedroom on to the home, updating the kitchen with a more modern design, or installing solar panels on the roof. Then the home will be worth much more years down the road when you decide to sell it, which is one way to meet your long-term financial goals.   Convert to a Fixed Rate Anyone with an adjustable interest rate can also save over the long run by refinancing to a fixed rate. This is especially a good idea when interest rates are low because you’ll be able to lock in a great fixed rate. If you wait, your adjustable interest...

3 Things To Do If You Want To Keep Gold And Silver As Part Of An Emergency Fund

If you’re trying to add precious metals to your emergency cash stash, you have to plan your strategy. Gold and silver are good forms of emergency currency and don’t require massive amounts of thought, but they’re not forms you can approach haphazardly. Here are three strategies you should add to your gold and silver buying and selling plans. Add Jewelry Don’t rely solely on gold coins, or even silver coins. Add some jewelry to your stash in the form of small gold and silver chains. These are easier to find than gold coins and often much cheaper because of their lighter weights. That does mean that the jewelry won’t get you as much cash as a gold coin would, but if you don’t have a lot of purchasing power to begin with, a chain can at least get you started. Another reason to add jewelry is that, historically, it hasn’t been treated like gold coins, which have been subject to government confiscation in the past. You may want to stay away from obvious alloys like rose gold (a mix of mostly gold with copper). Even though rose gold is valuable, it’s easily mistaken for pure copper by people who aren’t paying attention. And while copper is valuable, too, it’s not as valuable as gold — you wouldn’t want to spend lots of money buying rose gold only to have people pay you the copper price instead. Get Unofficial Appraisals Don’t just throw gold and silver into your filing cabinet. Find out the weights, karats (for gold), purity (for silver), and other information like country of origin. Keep a record...

3 Reasons You Shouldn’t Skip Out On Bail

Now that you have been bailed out of jail, you might be panicking and thinking about your upcoming court date. It’s certainly understandable that you are concerned, and you might even be feeling so concerned that you are thinking about skipping out on bail and hiding from the law. Even though this might seem like a good idea right now, it’s only going to make things harder for you. These are a few reasons why you should never skip out on bail, no matter how scared you are about going to court.  1. You’ll Only Face More Charges If you go on the run, there is a good chance that you will get caught. Then, along with making your current situation worse, you have to worry about facing new charges for failing to appear in court. This isn’t going to make you look very good in front of the judge and can lead to other consequences, such as added jail time. On top of all of that, you’ll have to worry about being caught by a bounty hunter and having to pay out a lot of money to a bondsman, if you used one to get out of jail. 2. The Person Who Posted Bond Could Be Held Accountable You have to think about the person who was willing to put their name and money on the line to bail you out of jail. The person who worked with a bondsman (such as one from All Night & Day Bailbonds) or who otherwise got you out of jail could be held accountable for you skipping out on your bond...

Two Tips For Getting An Installment Loan Approved If You Have Bad Credit

Whether it’s a large loan to pay for a home or a small loan to get you through next payday, installment loans are simply loans that have a predetermined payback schedule. But for people who have bad credit, obtaining a loan can be tough. Having poor credit can be a sign to lenders that you might have trouble repaying a loan, so you may need to put a little more work into a loan. Here’s a look at two of the best ways you can increase your chances of getting an installment loan approved even if you don’t have the best credit. Have substantial collateral If you don’t have the best of credit, having collateral can greatly increase your chances of having an installment loan approved. What works best as collateral? Almost any major asset that has financial value. Loan collateral can be a car that’s paid off (or a motorcycle or boat), equity in a home, jewelry, or more. When you put up collateral for a loan, it makes the lender more likely to loan money, as they’ll take possession of whatever you’ve put up as collateral if you don’t make payments on the loan. Having collateral gives the lender assurance that you’re serious about paying the loan back. Consider your debt-to-credit ratio One of the biggest factors that can cause a loan to not be approved is the presence of a lot of debt relative to available credit. This is known in financial circles as a debt-to-credit ratio, and it’s one of the biggest factors in lowering your credit score (and increasing your credit risk). It sounds...

What’s The 4-1-1, Soldier?: Special Qualifications On VA Loans

While interest rates continue to remain low on VA (Veterans’ Affairs) loans, the special qualifications change regularly and change from state to state and lender to lender. If you put aside the variations from each state and lender, the VA’s actual qualifications are quite clear. If you are a veteran or you are on active duty in any branch of the service, you have already met the number one qualification. Here are some of the other special qualifications not afforded to civilians and their families. No Credit Score or Check Needed The VA does not ask for or require a credit score or credit check. It is one way that your country thanks you for your service; it does not “punish” you and yours for being away from home and on duty while leaving your bills and financial responsibilities at home with your family. You may run into a few lenders that will still ask for it, but if you do not want to provide that information or you suspect you will be denied your loan based on your credit, you do not have to give those lenders your information. Your Active Duty Pay Is Sufficient Proof of Income Chances are, if you are married (with or without children), then your pay is direct-deposited into a joint account so that your spouse can manage the bills while you are away. He or she can provide bank statements showing your proof of income, and you can request paper paystubs to be sent home or you can use the previous year’s tax forms to prove income. Usually, all it takes to...

Why Payday Loans Are The Most Convenient

Are you currently in a financial struggle? If you need money fast to pay off debt and to put food on the table, then you may want to consider getting a payday loan. You will find that payday loans are very accessible, convenient, and a faster process than most traditional loans and credit cards. To be certain you get money fast and conveniently, you will want to receive a payday loan, as you can receive benefits like the following: Same Day Cash: Many traditional loans and credit cards can be a time-consuming process to receive, as there is the application process and the time it takes to actually receive your credit card or the loan. By the time you wait and receive the loan or credit card, you may have already put yourself in a bigger financial stress. Well, rather than wait days and even weeks to receive your loan or credit card, you may find that a payday loan is the best option for receiving money fast. Many payday loans offer same day and next day cash, which will be deposited into your checking account. This gives you access to your money quickly, so you can begin paying off debt and buying your household essentials. No Long-term Payments: With a payday loan, you won’t have to worry about payments, as you will pay off your loan with the next scheduled paycheck that you receive from your employer. This is because your payday loan lender will give you a loan in the amount of your average pay stub, which instead of you getting paid on your next payday, it will...