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Having a little facial hair is common and normal. But in some cases, dark, coarse hair may appear on your face, and you might find yourself reaching for the tweezers on a nearly daily basis. This unpleasant condition is called hirsutism, and it’s often caused by a hormonal imbalance. Although waxing and laser hair removal can help to get rid of unwanted hair, there are some natural ways to reduce it that might be just as effective.

We at Bright Side searched the Internet to find ways to slow the excessive growth of unwanted facial hair.

1. Drink spearmint tea

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Spearmint tea smells and tastes great, and in addition to calming your nerves, it can reduce the number of male hormones flowing through your blood. Because male hormones are responsible for unwanted dark facial hair, lowering their levels may decrease unwanted hair growth. Studies have shown that drinking 2 cups of spearmint tea a day can slow the growth of facial hair.

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When applying for college aid, dependent students – those students who are claimed on someone else’s tax return – may be eligible, depending on their and their parent’s income, for federal grants and student aid, state-funded grants, and school loans, and a school’s institutional student aid.

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Graduate students and non-dependent undergraduates may also apply for federal, state, and institutional financial aid.

PLUS Parent Loans

In many cases, a financial aid package may not be enough to cover what your school expects you and your family to pay for college, even when combined with any scholarships and savings you’re bringing to the table.

If you’re an undergraduate and a dependent of your parents, and if your parents are willing to help you pay for college, they may be able to take out a federal parent loan – known as a PLUS loan – that can be used to pay for the cost of attending college.

PLUS parent loans are available in loan amounts that cover up to 100 percent of your certified cost of attendance.

PLUS Graduate Student Loans

PLUS loans, however, are no longer just for parents and their dependent undergraduates.

Beginning in 2006, the federal government opened up the PLUS program to graduate students as well. PLUS graduate student loans, known as Grad PLUS loans, can be used, like PLUS parent loans, to pay up to 100 percent of your certified cost of attendance.

Under federal rules, graduate students are automatically regarded as non-dependents and are thus ineligible for PLUS parent loans, which are only available to parents of undergraduates.

Grad PLUS loans offer graduate students an additional college financing option to scholarships, grants, fellowships, and federal Stafford graduate student aid.

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PLUS Loan Eligibility

Eligibility for PLUS parent loans and graduate loans is determined, in part, by the information you submit on the FAFSA, the Free Application for Federal Student Aid. All students, both graduate, and undergraduate, who are looking for federal financial aid for the school must complete a FAFSA each year.

PLUS and Grad PLUS loans, unlike federal Perkins college loans and federal Stafford student loans, are credit-based loans that require a modest credit check.

In order to meet PLUS credit requirements, parent and graduate student applicants must be free of serious adverse credit items, such as a recent foreclosure or bankruptcy, significant delinquencies (defined as 90 days or more) on credit accounts, or default on another federal parent or student loan.

Undergraduate students whose parents fail to qualify for a PLUS loan are eligible to receive additional money in federal student aid to help meet their expected family contribution to their college costs

PLUS Loan Interest Rates

Loans made through the federal PLUS program allow you to borrow money for college at a fixed interest rate.

PLUS loans, both for parents and graduate students, currently carry a fixed interest rate of 7.9 percent. For graduate students looking at their graduate loan options, this rate is slightly higher than the fixed 6.8-percent rate available on federal Stafford graduate student aid.

PLUS and Grad PLUS loans are also subject to a 4-percent servicing fee, which is deducted from the loan proceeds at the time the loan is issued.

Repaying Your PLUS Loan

Until 2008, repayment on PLUS parent loans would begin 60 days after the loan funds were disbursed. However, under new legislation passed in 2008, parents may now defer repayment of their PLUS parent loans until their student graduates or leaves school, and for an additional grace period of six months following graduation.

The rules for PLUS graduate student loans are slightly different. As a graduate student, you may defer repayment on your Grad PLUS loans while you’re still in school at least half-time, but there’s no six-month grace period once you leave school. This timetable should be an important consideration and puts additional pressure on you to have a repayment plan in place before graduation.

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Unlike some federal student loans, PLUS and Grad PLUS loans are not subsidized, so interest accrues on the loan balance from the time the loan is made, even if you’re currently deferring your loan payments.

The standard repayment term for PLUS and Grad PLUS loans is 10 years. You may, however, be able to extend your repayment term in order to lower your monthly loan payments. You can call the Department of Education to discuss repayment and extension options.

Loans issued under the PLUS program can be consolidated into a single federal consolidation loan, although parent loans must be consolidated separately from student loans. Parent loans can’t be commingled with student loans into a single account for the purposes of repayment.

Conventional loans are typically the hardest to obtain for real estate investors. Some lenders don’t allow income from investment properties to be counted toward total income, which can make global underwriting a problem for certain investors, especially those who already have several existing conventional, conforming real estate loans reporting on their credit. In these cases, the investor must look outside conventional funding for their investments. Two of the more popular choices for alternative financing are portfolio loans and hard money loans.

Portfolio Loans

These loans are loans made by banks that do not sell the mortgage to other investors or mortgage companies. Portfolio loans are made with the intention of keeping them on the books until the loan is paid off or comes to term. Banks that make these kinds of loans are called portfolio lenders and are usually smaller, more community-focused operations.

Advantages of Portfolio Loans

Because these banks do not deal in volume or answer to huge boards like commercial banks, portfolio lenders can do loans that commercial banks wouldn’t touch, like the following:

  • smaller multifamily properties
  • properties in dis-repair
  • properties with an unrealized after-completed value
  • pre-stabilized commercial buildings
  • single-tenant operations
  • special use buildings like churches, self-storage, or manufacturing spaces
  • construction and rehab projects

Another advantage of portfolio lenders is that they get involved with their community. Portfolio lenders like to lend on property they can go out and visit. They rarely lend outside of their region. This too gives the portfolio lender the ability to push guidelines when the numbers of a deal may not be stellar, but the lender can make a visit to the property and clearly see the value in the transaction. Rarely, if ever, will a banker at a commercial bank ever visit your property, or see more of it than what she can gather from the appraisal report

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Disadvantages of Portfolio Loans

There are only three downsides to portfolio loans, and in my opinion, they are worth the trade-off to receive the services mentioned above:

  • shorter loan terms
  • higher interest rates
  • conventional underwriting

A portfolio loan typically has a shorter loan term than conventional, conforming loans. The loan will feature a standard 30-year amortization but will have a balloon payment in 10 years or less, at which time you’ll need to pay off the loan in cash or refinance it.

Portfolio loans usually carry a slightly higher than market interest rate as well, usually around one-half to one full percentage point higher than what you’d see from your large mortgage banker or retail commercial chain.

While portfolio lenders will sometimes go outside of guidelines for a great property, chances are you’ll have to qualify using conventional guidelines. That means acceptable income ratios, global underwriting, high debt service coverage ratios, better than average credit, and a good personal financial statement. Failing to meet any one of those criteria will knock your loan out of consideration with most conventional lenders. Two or more will likely knock you out of running for a portfolio loan.

If you find yourself in a situation where your qualifying criteria are suffering and can’t be approved for a conventional loan or a portfolio loan you’ll likely need to visit a local hard money lender.

Hard Money and Private Money Loans

Hard money loans are asset-based loans, which means they are underwritten by considering primarily the value of the asset being pledged as collateral for the loan.

Advantages of Hard Money Loans

Rarely do hard money lenders consider credit score a factor in underwriting. If these lenders do run your credit report it’s most likely to make sure the borrower is not currently in bankruptcy and doesn’t have open judgments or foreclosures. Most times, those things may not even knock a hard money loan out of underwriting, but they may force the lender to take a closer look at the documents.

If you are purchasing property at a steep discount you may be able to finance 100% of your cost using hard money. For example, if you are purchasing a $100,000 property owned by the bank for only $45,000 you could potentially obtain that entire amount from a hard money lender making a loan at a 50% loan-to-value ratio (LTV). That is something both conventional and portfolio lenders cannot do.

While private lenders do check the income-producing ability of the property, they are more concerned with the as-is value of the property, defined as the value of the subject property as the property exists at the time of loan origination. Vacant properties with no rental income are rarely approved by conventional lenders but are favorite targets for private lenders.

The speed at which a hard money loan transaction can be completed is perhaps its most attractive quality. Speed of the loan is a huge advantage for many real estate investors, especially those buying property at auction, or as short sales or bank foreclosures which have short contract fuses. Hard money loans can close in as few as 24 hours. Most take between two weeks and 30 days, and even the longer hard money timelines are still less than most conventional underwriting periods.

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Disadvantages of Hard Money and Private Money Loans

Typically, a private lender will make a loan of between 50 to 70 percent of the as-is value. Some private lenders use a more conservative as-is value called the “quick sale” value or the “30-day” value, both of which could be considerably less than a standard appraised value. Using a quick sale value is a way for the private lender to make a more conservative loan, or to protect their investment with a lower effective LTV ratio. For instance, you might be in contract on a property comparable to other single-family homes that sold recently for $150,000 with an average marketing time of three to four months. Some hard money lenders m lend you 50% of that purchase price, citing it as value, and giving you $75,000 toward the purchase. Other private lenders may do a BPO and ask for a quick sale value with a marketing exposure time of only 30 days. That value might be as low as $80,000 to facilitate a quick sale to an all-cash buyer. Those lenders would therefore make a loan of only $40,000 (50% of $80,000 quick sale value) for an effective LTV of only 26%. This is most often a point of contention on deals that fall out in underwriting with hard money lenders. Since a hard money loan is being made at a much lower percentage of the value, there is little room for error in estimating your property’s real worth.

The other obvious disadvantage to a hard money loan is the cost. Hard money loans will almost always carry a much higher than market interest rate, origination fees, equity fees, exit fees, and sometimes even higher attorney, insurance, and title fees. While some hard money lenders allow you to finance these fees and include them in the overall loan cost, it still means you net less when the loan closes.

Weighing the Good and the Bad

As with any loan you have to weigh the good and the bad, including loan terms, interest rate, points, fees, and access to customer support. There is always a trade-off present in alternative lending. If you exhibit poor credit and have no money for the down payment you can be sure the lender will charge higher interest rates and reduce terms to make up for the added risk.

When dealing with private lenders make sure to inquire about their valuation method.

Also, with hard money lenders, you should be careful in your research and background checking. While hard money loans are one of the more popular alternative financing options, they are often targets for unscrupulous third parties. Before signing any loan paperwork make sure to run all documentation by a qualified real estate attorney and/or tax professional. If you suspect fraud or predatory lending contact the state attorney general office.

For more information on loan scams and stories of predatory lending read the article listed in the resource box below or visit http://www.directlendingsolutions.com.

Examples of Loan Scams – http://www.directlendingsolutions.com/scams-using-western-union.htm

Craig Grella is an author and contributor to Direct Lending Solutions, a website dedicated to personal and small business finance and credit education. Mr. Grella holds a degree in Civil Engineering, teaches entrepreneurship classes through city community centers, and is a visiting lecturer at many national investment clubs.

College students are often cautioned to avoid private loans unless absolutely necessary, urged instead to take advantage of all other financial aid options first.

The advice is sound. Generally speaking, private student loans, which are offered by banks, credit unions, and other private lenders, don’t offer the same level of borrower protections and benefits that government college loans do.

As a student, you should seek out grants and scholarships first — money for college that you won’t have to repay — before taking on college loan debt. Then, if you’re still going to need college loans, you should, in general, make sure you’ve maximized all your available government loans before you consider taking out a private student loan.

Interest Rates & Repayment Options

Federal education loans have fixed interest rates and more flexible repayment terms than private loans. The Department of Education offers income-based repayment options that keep your monthly payments at a figure you can afford, repayment extensions to give you more time to repay, and loan deferments and forbearances that can temporarily postpone your college loan payments if you’re facing financial hardship.

If you go to work in the public sector, you may also be eligible for the discharge of some or all of your government loan debts.

With private student loans, on the other hand, your interest rate is almost always variable, and private lenders aren’t required to provide the kind of repayment flexibility that comes standard on federal college loans.

The current foreclosure crisis that began mushrooming, in part, because of adjustable-rate mortgages should be enough to make anyone leery of adjustable-rate loans on anything.

But it’s worth keeping in mind that when interest rates are low, as they are now, adjustable-rate private student loans can have a lower interest rate than their fixed-rate federal counterparts.

If you have excellent credit, or if you have a parent or co-signer with excellent credit, you may qualify for the lowest-rate private college loans, which currently carry interest rates that are as much as 3-percent to 6-percent lower than the rates on federal student and parent loans.

Interest rates are destined to rise as the economy continues to recover from the recession, so private loan rates won’t always be this low, but if you or your parents are in a position to pay that private student loan off relatively quickly, you may be able to save money over a government-issued college loan.

Covering Your College Costs

So why take out a private student loan at all?

Private student loans are meant to “fill the gap” in college funding that may be left after you reach your federal student borrowing limits. In many cases, families find that scholarships and federal financial aid simply aren’t enough to cover the rising cost of college.

Without private student loans, you may not be able to pay for college or continue your studies.

Statistically, college graduates have a better chance of being gainfully employed than non-graduates do, and college graduates, on average, earn more money in their jobs than workers who don’t have a college degree. For you as a college student, better job and salary prospects may make the burden of a reasonable amount of private student loans easier to bear.

Working With Private Student Loan Lenders

College loan companies aren’t deaf to the economic realities that college graduates are facing. Recently, some of the largest private student loan lenders have instituted new guidelines for the repayment and forgiveness of college loan debt.

Wells Fargo and Sallie Mae, for example, both announced this year that they would begin discharging private student loans upon the death of the borrower. Beforehand, that debt was being left to the co-signer to repay.

And as the recession and large swaths of unemployment among recent college graduates has led to higher rates of delinquency and default on college loans, some private lenders have shown a slight uptick in their willingness to work out modified repayment plans with troubled borrowers who are unable to repay their private student loans.

Being a Smart Student Borrower

For students who must turn to private education loans, it pays to shop around. Interest rates are always important, but they aren’t the only factor worth considering. Repayment policies, payment deferral options, default and late-payments penalties, interest-rate caps, and other terms may give some private student loan programs a clear advantage over others.

Always be mindful of the total amount of your debt from all sources, school loans and otherwise, and aim to limit your reliance on college loans, both federal and private.

The Department of Education’s National Student Loan Data System can help you track all your federal loan debt. Additionally, if you’re carrying debt from multiple federal college loans, the Education Department’s student loan debt consolidation program can help simplify the repayment process and may lower your monthly loan payments.

As you begin to repay your school loans, make it a priority to pay off the higher-interest loans first.

By taking advantage of college scholarships, using all your federal financial aid options, and minimizing the amount of debt you take on to pay for school, you can benefit from the careful and limited borrowing of private student loans to help pay for your college education.

private college loans [http://www.nextstudent.com/private-loans/private-loans.asp], scholarships [http://scholarships101.com/]

Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.

Article Source: http://EzineArticles.com/5724789

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Going to College costs a great deal of money. Not only do you have to consider your tuition, but you also need to pay for textbooks, room, and board. Students use student loans to pay for a number of their college needs. The majority of these students have multiple student loans. Each loan has a different billing cycle, creditor, and interest rate. One way to make paying these loans easier is loan consolidation. Loan consolidation is having all your student loans turn into one new loan. This one loan is handled by one creditor. There are two methods of loan consolidation: Federal and Private loan consolidation. When looking for a loan consolidation company that’s right for you, you need to consider their interest rates. Interest rates are a major part of any loan.

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Federal loan consolidation is funded by the U.S. Government or the U.S. Department of Education. Either the Government or the Department of Education combines your multiple student loans into one new loan. The interest rate on Federal Loans changes according to the 91-day Treasury bill or T-Bill. This may vary each year, each May. Federal Loan Consolidation rates are set on the US Treasury and by Congress. The Federal interest rate is the weighted average of student loan interest rates. The interest rate for Stafford loans will be the T-Bill plus 1.7%, while for federal PLUS loans, the rate is the T-Bill plus 2.3%.

Federal loans are currently at a fixed rate, but that can change. Originally, the federal interest rate was a fixed rate, later turned into a variable, but on July 1, 2006, it returned back to a fixed rate. With federal loans, there is a possibility it may change in the future. Federal loans include Stafford Loans and PLUS Loans.

Stafford Loans are fixed-rate loans. For Stafford Loans you have subsidized and unsubsidized Stafford Loans.

For Subsidized Stafford loans that are paid out to graduate and professional students, the interest rate is fixed at 6.8%. Interest rates for subsidized Stafford loans, for undergraduate students, are:
– For loans first paid out between July 1, 2006 – June 30, 2008, is fixed at 6.8%.
– For loans first paid out between July 1, 2009 – June 30, 2010, is fixed at 5.6%.
– For loans first paid out between July 1, 2010 – June 30, 2011, is fixed at 4.5%.
– For loans first paid out between July 1, 2011 – June 30, 2012, is fixed at 3.4%.
– For loans first paid out between on or after July 1, 2012, the interest rate is fixed at 6.8%.

For Unsubsidized Stafford loans, the interest rate is fixed at 6.8%. This is disbursed to undergraduates and graduate students.

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The interest rate for PLUS loans first paid out beginning July 1, 2006, is fixed at 8.5%. The rate on PLUS loans first paid on or after July 1, 1998, but before July 1, 2006, is variable and may change annually on July 1 but will never exceed 9%. The current interest rate is 3.28%.

A private loan consolidation company is a private creditor or company. Their interest rates vary. Interest rates are based on either LIBOR (London Interbank Offered Rate) or the prime rate. The credit history is also considered for the student and co-signer. These loans are variable or have a fixed rate that changes according to the agreement in the promissory note. In some cases, some private student loan consolidation loans could be the same rate as federal to compete with federal low-interest rates.

Student loan consolidation is a way for graduates to have all their student loans combined into one loan. This loan is handled by one creditor. The creditor pays the multiple loans in full, leaving the student to pay for one new loan. Students no longer need to pay multiple student loans with separate billing cycles, dates or interest rates. They now have one loan and one interest rate, to be paid to one creditor.

There are Federal and Private Student Loan Consolidations. Federal Student Loan allows a student to have all their Federal loans combined into one new loan.

The government provides Federal programs such as:

o The Federal Family Education Loan Program (FFEL). FFEL will soon be replaced by the Direct Loan program Pell Grant and the Federal Direct Student Loan Program (FDLP). These programs allow students to have their loans from Stafford Loans, Federal Perkins Loans, and PLUS Loans combined into one Federal loan. These are fixed-rate loans backed up by the U.S. Government, offered to students and parents.

The Federal Direct Student Loan Program (FDLP) was created by the U.S. Department of Education in an effort to assist parents and students with their loans.

Private Loan Consolidation is combining private student loans into one new loan. Before considering private loan consolidation, apply for a federal loan, the reason for this is to better maximize federal loans that are available. Private companies such as Sallie Mae recommend it.

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Here are several Federal Loans:
o Perkins Loans are funded by the government. They carry a very low-interest rate but are need-based, a financial officer would determine if a student is eligible.

o PLUS Loans are for parents of undergraduate students. There are also PLUS loans for students as well. Payments on this plan will begin once this loan is approved. PLUS loans allow you to take up to 10 years for repayment. Commercial banks and online lenders offer PLUS Loans for both parents and students.

o Stafford Loans offer a low-interest rate. They do not raise their interest rates any higher. Stafford loans do not require a student to pay any interest while at school and are not required to pay the loan in the six months after graduation. It offers 10 years for repayment.

Here are a few private companies that offer loan consolidation:

o Loan Approval Direct offers interest rates as low as 3 percent. Reducing a student’s monthly loan to as much as 60 percent.

o SLM Corporation commonly named Sallie Mae. Sallie Mae offers a range of options depending on the type of school or what education program a student would have. Such programs include Federal Stafford Loan, Parent PLUS Loan, Graduate PLUS Loan, Sallie Mae Smart Option Student Loan, Continuing Education Loan, and Career Training Loan.

o Citibank provides programs such as CitiAssist Undergraduate and Graduate Loans, CitiAssist Health Professions; CitiAssist Residency, Relocation, and Review Loans; and the CitiAssist Law and CitiAssist Bar Exam Loans. Students receive a 0.25% interest rate reduction in their auto-debit payment program. These programs take up to 20 to 25 years to repay.

o EdFed is another private company. By selecting one of their plans a student can lower their monthly payment by as much as 60 percent. They also provide interest-only payments. The fixed interest on EdFed is the weighted average of the interest rates of the loans a student consolidated, rounded to the nearest 1/8th percent.

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Refinancing student loans is a decision that approximately 2 out of 3 college graduates face each year. After your graduation, you have approximately 6 months to begin a repayment program of some kind for your student loans, and it is always a good idea to consider refinancing student loans as a way of reducing your monthly payments and your overall cost of the loan. You reduce your overall loan ownership cost when you find a consolidation loan that has an interest rate lower than the loans you currently have. It is important to understand the process of refinancing student loans before you set out to actually get involved in signing a loan agreement.

There are a lot of reasons to consider refinancing student loans. Each loan carries its own service charge each month and consolidating those loans will eliminate the multiple service charges and bring it down to just one service charge. If you can find a consolidation loan that has an interest rate lower than the lowest interest rate of the multiple student loans you currently have, then you will lower your monthly payments as was mentioned before. A couple of interest points can make a huge difference in how much you wind up paying each month, and how much interest you are responsible for paying back throughout the life of the loans. It is possible that you graduated college with multiple loans that you have to pay back and it is just easier to have only one loan to pay versus having to administer several loans each month.

The process of consolidating student loans varies depending on what kind of student loans you have. If you have loans that are guaranteed by the federal government, then there is a program you can get involved in after graduation that will allow you to consolidate those loans at the lowest available interest rate. Many students have what are called Stafford loans, and these are loans backed by the federal government. Getting a consolidation loan for government back student financing is not a difficult process, and it can be done at any bank that participates in the Stafford program. In most cases government-backed student loans do not cover the costs of going to school; so many people are forced to get private student loans. Unfortunately, these loans are not backed by the federal government, and in order to consolidate these loans the student must work out a loan program with the financial institution directly.

When you consolidate your student loans you have the potential to lower your monthly payments, and you make life a lot easier by only having to worry about having one loan payment as opposed to multiple loan payments. You have been accruing interest all throughout school, and depending on what kind of loan you have you may be responsible for paying that interest back as part of your student loan repayment. Consolidation could make those payments lower by offering a lower interest rate. If the numbers match up, then consolidation becomes a good choice.

Sometimes the numbers do not match up and getting a consolidation loan is not a good business decision. If you secured all of your student loans back when interest rates were very low, and you are considering consolidating at a time when rates are high then a consolidation loan could cost you more than paying them off individually. It is also smart to consider the size of the loans you are looking at before you group them all together into one loan. If you take a relatively small loan and group it into a consolidation loan you have then added more interest to it and extended the amount of time it would take to pay that loan back. Look at each loan individually and determine which ones you can pay off relatively quickly, and which ones need consolidation due to the size of the loan.

A payday loan is a small short-term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases, the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application.

A payday loan is an unsecured loan, so it is not dependent on collateral, such as you own a house or car, etc.

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Generally, when you make your first application you can borrow any amount up to £300, depending on your take-home pay. You are more likely to be approved the less you want to borrow, so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.

Payday loans can provide a useful solution for short-term cash flow problems.

Who can apply for a Payday loan?

In order to be eligible for a payday loan you must be over 18 years old and in employment with a take-home wage of at least £750 per month. You must also have a bank account with a valid debit card.

Even if you have a bad credit history you should still be able to obtain a payday loan as long as you fulfill the above criteria.

How do you get a Payday loan?

The majority of payday loans are available online, so there is no delay with faxing or posting of documents. The application process is quick and easy to complete. You will be asked for your name, address, details about your monthly income and employment, when your next payday is, along with the amount you wish to borrow and your bank account details.

Once you have submitted your application you should hear back from the payday loan provider within minutes. They will email you with their decision to the email address you have registered with your application.

Payday loan providers partly make their decision as to whether to lend you money depending on the amount you want to borrow compared to the amount you earn. Only borrow what you need, the less you borrow the more likely it is that your application will be accepted and the smaller the amount of interest you will accrue.

If your application is successful you will be sent, by email, your loan agreement showing the amount that will be lent to you, the repayment date, and the amount of interest you will pay on the repayment date. Along with the loan agreement you should also be sent loan conditions. These loan conditions should outline your rights under the Consumer Credit Act 1974 along with details about repaying the loan, canceling the loan, and the use the personal information you supply when applying for the payday loan.

If you are happy to proceed you sign online by providing details of your name and answering a security question such as your mother’s maiden name. Then, email this back to the loan provider and the money will be deposited into the bank account you registered at the application process. The money can be deposited in your bank account on the same day you make the application, so this is a very fast and efficient way of borrowing money short term.

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How do I repay the loan?

You will need to repay the loan amount and the interest accrued on the repayment date as specified in the loan agreement. The repayment date is usually your payday, hence the name payday loan.

The repayment will be collected by the loan provider by debiting the bank account you registered at the application process, which is the bank account into which you get your wages paid.

Repayment over a longer period

Payday loans may be extended if you find yourself in a position to be unable to satisfy all or part of the amount due on the repayment date. If this happens it is recommended that you contact your payday loan provider as soon as possible and explain your circumstances to them. They will then be able to explain your options and how to go about extending your loan.

Even if you are not able to fully settle the repayment amount, it is advisable to pay off as much as possible on the repayment date. This will help to keep the amount of interest you owe to a minimum. Some companies may charge you additional fees for extending your loan, you should check if this is the case before you sign your loan agreement.

Regulation of Payday Loan Companies

Properly regulated payday loan companies must adhere to strict laws governing the finance industry.

As with any financial product you apply for it is always advisable to check that the company offering the loan is properly regulated. The payday loan company you are applying to should show its Consumer Credit Licence number within its loan conditions and it should also be authorized by the Office of Fair Trading. If you are in any doubt as to whether the payday loan company you are considering applying to is fully regulated then you are within your rights to contact either of these bodies for further information.

As long as the payday loan company you are applying to is properly regulated, there will be a recognized body to make any complaints you may have to and you can be assured that you will not be subject to any unfair practices.

What are the benefits of a Payday loan?

Fast

One of the main benefits of a payday loan is the speed at which the cash can be credited to you. The money you need can be available to you in your bank account on the same day that you make the application. This can provide valuable assistance if you have a short-term cash-flow problem and need money in an emergency.

Simple

The application process is very simple, it takes just minutes to apply for a payday loan and you do not have to waste time posting or faxing documents to the payday loan provider, as you would with other more traditional high street loans.

Poor Credit History

Payday loans are available to people with a poor credit history. This is because payday loan companies do not solely make their decision to lend based on a person’s credit history. As long as you fulfill the application criteria you have a good chance of obtaining a payday loan. For many people a payday loan may be the only way they are able to obtain credit, especially in the current financial climate where the majority of lenders are unwilling to provide loans altogether, never mind to a person with a poor credit history.

Use of the Loan Money

You do not have to tell the payday loan provider what you need the payday loan for. You can use the money for whatever you want. You may need money in an emergency which can not wait until payday for instance; emergency medical or dental treatment, to settle a bill quickly, extra spending money on holiday, or even for a romantic weekend away. The choice is yours as long as you make the repayment due on the repayment date.

No Upfront Costs

There are no upfront costs associated with a payday loan. You do not pay anything back until the repayment date you have agreed to in the loan agreement.

Why does the APR appear high on payday loans?

The APR applied to payday loans appears at first glance to be high. This is very misleading, but there is a simple reason why this figure looks so high. APR is an Annual Percentage Rate, and as such is calculated over a whole year (365 days). However, a payday loan is taken usually only over a number of days or weeks.

The APR calculation was not designed to apply to very short-term loans such as payday loans. It was designed to apply to long-term loans in existence for a year or more. It is really a theoretical figure that enables people to compare similar longer-term loan products, like mortgages or ongoing credit balances.

Rather than relying on the APR rate, it is more advisable to look directly at the loan agreement to see exactly how much interest you will be charged for the period of your payday loan. Some companies have a standard interest charge for the amount you wish to borrow regardless of the duration of the loan. It is then up to you to decide whether you will be able to repay both the cash advance you receive initially and the interest amount on the repayment date.

To Conclude

Many people do not have savings or access to credit cards or more traditional loans and so the convenience of a regulated payday loan provides peace of mind should the occasion arise that they need some money quickly.

If you need money in a hurry, can not wait until payday, and are confident that you can make the necessary repayments on the repayment date, this could be the ideal solution for you.

Overall, payday loans are convenient, easy to access, and offer a viable option for people who require money quickly for whatever reason.

Learn more about Payday Loans at www.paydaypower.co.uk [http://www.paydaypower.co.uk]

Payday Power brokers same day payday loans in the UK. Visit us online for more information. Payday Power is a Reset Finance company

Article Source: http://EzineArticles.com/2550921

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In each state, there are thousands of mortgage brokers. How do you know which one to choose so that you will end up at the closing table on time with the interest rate, loan terms and fees promised to you? Here are some tips and data that hopefully will give you the information and tools needed to find the right mortgage broker, how to work with them, and to help minimize the risks before you get to the closing table.

First, let’s eliminate some of the ways borrowers typically choose a mortgage broker. This may just remove most of the problems before they occur.

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How Not to Shop for a Mortgage

As a lot of people do, you could go to the Internet and call the first few mortgage brokers that pop up, check the local Sunday Real Estate Section to see who has the best rate, or call someone from out of the Yellow Pages. However, these should be defined as ways NOT to shop for a mortgage:

Searching On-Line

Almost every mortgage broker is listed on the Internet. While it is a great resource, it is not the best way to shop for a mortgage. It may be obvious to some, but just because a mortgage broker’s Web site shows up high on search engine listings does not mean they have the lowest rates or have the best service, or are even reputable. High search engine rankings do not speak to these factors, but rather to the fact that the webmaster who built the Web site probably spent hundreds of hours building and fine-tuning their site to show up on the Internet listings when you type in certain mortgage “keywords”. Search engines do not rank listings by the quality or reputation of a broker but more by the amount of other similar Web sites that link to that Web site, the number of visitors it receives, how much the broker may have paid to be listed there, and many other factors.

Once I had a customer call me and say “You must be reputable as you showed up #1 in Google.” Yes, I am reputable, and I do like to think we offer very good service and low rates, but that is not why my broker was listed at the top. (Number one out of over 275,000 listings for the term “Atlanta mortgage”.) It was because the webmaster spent hundreds of hours building and fine-tuning all of the pages within the site to show up with high rankings.

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There are many Web sites that list mortgage company’s rates online. I don’t put too much stock in sites that list these company’s rates online. Typically mortgage brokers pay to be listed on those sites and some are “affiliate” sites. This means they are charged a fee when the visitor goes to the link that was clicked on. To find out if you are on an “affiliate” site, click on the link it takes you to and examine the web address. If it has a code at the end of the domain name, such as “http://www.anybroker.com/source=2519” it is generally an affiliate. There is nothing wrong or illegal about this, just realize some of the sites may be biased by the companies that pay or give an incentive to be listed on their site.

Another tip is not to waste time clicking on sponsored links. On Google, they are listed in the right column, (and recently at the top of every page in a shaded box) while AOL’s links are lightly colored boxes at the top and bottom of the page and on Yahoo, they are listed in the column on the right side and at the bottom of the page in a colored box. As the name implies they are “sponsored” links which means to be listed the broker has paid to be there.

Be aware that if you complete a form on a mortgage Web site concerning wanting more information prepared to be flooded with calls or emails from mortgage brokers wanting your business. There are a lot of Web sites that are only “lead” sites. They get your information and then sell that information to mortgage brokers across the nation. Only submit information on the Web site of the mortgage broker that you know you will be working with.

The bottom line is the Internet is a great way to find out more about a mortgage broker that you are considering using but it may not be the best way to find one you can trust.

Choosing a Mortgage Broker Based Solely On Rate
The interest rate obtained on a mortgage is one of the most important factors of a loan, but it is not everything. There can be over 30 separate closing fees that can factor into the total cost of obtaining a mortgage loan.

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Don’t be fooled by brokers advertising that they have the lowest rates. Most mortgage brokers and lenders have about the same rate on comparable programs on any particular day. They may quote them with or without Loan Origination fees and/or Discount Points, which makes it even more confusing. When selecting a mortgage broker the interest rate is an important factor but let’s take it a step further to get a better picture of the total cost to you.

Sometimes when a prospective client calls me asking “What’s your rate?” I ask them what they would like 6%, 5%, or even 4%. The fees to obtain such a low rate may be exorbitant, but we offer it. So again, the rate isn’t everything. It is the total cost that the borrower ends up paying that makes the difference.

You have probably seen mortgage brokers advertise rates at 1%. Do you really believe that 1% money is available? The answer is No. This is what the monthly payment is based on. Don’t be deceived by just rate.

The Liar’s Rate Sheet

Another way some borrowers shop for a mortgage broker is by comparing rates in the Sunday Real Estate section of their local newspaper. In the industry, this is referred to as the “Liar’s Rate Sheet”. Here is how it works. Mid-week the mortgage companies forward rates and APR (Annual Percentage Rate) to the newspaper for the different loan programs. They may quote the actual rate for that day or they may be quoting what they think it will be on Monday. All mortgage companies know you can’t call them until the first business day of the week so they may hedge the rate a little to get the phone to ring on Monday. I am not suggesting that all or even a majority of the mortgage companies that list their rates in the newspaper do this. Most mortgage brokers and loan officers that I have met over the last 20 years are honest and ethical. But this is a very competitive business and there is a lot of money to be made on every loan.

Another flaw in Liar’s Rate Sheet is in the APRs that are listed. A simple definition of APR is the true cost of the loan including certain designated closing costs. There are some loan officers that do not know how to calculate APR correctly. So do not base your decision on choosing a mortgage broker solely on the APR quoted.

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If you were trying to make a decision as to what mortgage broker you may want to contact based upon the note rate (interest rate) or the APR you would not only be terribly confused, you would also be misled. The only way you can accurately compare rates and fees among mortgage brokers is with an accurate and complete Good Faith Estimate and complete Truth in Lending forms.

It is also important to remember that many, if not all of the mortgage companies and brokers listed typically pay to be listed there each week.

If you want a partial list of mortgage brokers in your city use the Sunday paper for that reason. Utilizing the phone book or Internet will give you a bigger list. If you want a full list go to your state’s Web site that lists all licensed mortgage brokers in your state.

Where to Start

When you are looking for any type of professional service person, accountant, dentist, etc, who do you turn to? People typically ask the opinion of someone they trust, be it family, friends, neighbors, co-workers, attorneys, accountants,s or other professionals. The referral method can also be used to help find a mortgage broker.

Make a list of 10 people (who have a mortgage) and ask the name of the broker they worked with. Be sure and get the name of the person they worked with. Keep in mind that service between one broker or loan officer and another can vary widely so you will want to contact that specific person, not just anyone in that broker. Also, be sure to ask if they were happy with the rate and service they received.

Collect at least three names of loan officers or brokers or maybe even up to seven or eight. Why so many? Because it may have been a few months or years since your referral source last used this individual and it is possible that they have moved to a different company or even changed careers. In addition, not every mortgage broker is going to want to work with you concerning items that we are discussing. Also, list any broker or loan officer that you have used in the past and were happy with.

A wise businessman once told me. “Know who you are dealing with”. Now that you have a preliminary list of names let’s try to find out a little more about whom you are dealing with. To help with this I have put together two simple approaches:

1. Background checks

2. Making contact (Parts A and B).

Step 1 – Simple Background Checks

Don’t worry, there is no need to hire a private investigator or do any “dumpster diving” to gain secret information. I do, however, suggest that you do a little investigative work. It should only take about 30 minutes and it will not cost you anything. In fact, it may save you a bundle of money and stress later in the process.

Visit the government Web site for the state in which the mortgage broker is located that you are researching. Locate the page that has a list of mortgage brokers or lenders. If the company you are researching is not listed they may be listed under a different name. Also, you may be able to search by the individual or loan officer’s name.

If they are listed on the State’s Web site, it may also list how long the broker has been licensed (you should do business with them only if they have been in business for a minimum of two years), how many loans they have closed in the previous year, how many employees they have, and if they have had any consumer complaints made against them, administrative fines levied or regulatory orders (such as “cease and desist” orders) placed on them, any of their employees or broker. Be sure to search under the individual broker or loan officer’s name, keeping in mind that some states do not license loan officers so that person may not be listed. Checking with the Better Business Bureau may give you some additional information but in my experience, most mortgage brokers and lenders are not members of the BBB.

Find their Web site and read about them. Do they post their rates and update them daily? Do they offer informative articles or information? Read their bio’s, Mission Statement, and Privacy Policy to try to get a sense of what they are about, what they stand for, and their vision of how they conduct their business. In addition, look for membership in professional associations, awards, etc. If they do not have a Web site I would not deal with them.

Check to see if they are a member of the National Association of Mortgage Brokers. http://www.namb.org. I highly recommend working only with a broker or loan officer that has such designation because it shows a higher degree of professionalism and dedication to the industry.

Another organization to check with is the Association of Professional Mortgage Women. http://www.napmw.org Members of this association are made up of individuals in all aspects of the mortgage industry, however, you typically will not find many brokers or loan officers as members. This is a great resource for finding mortgage professionals in affiliated services in the mortgage industry such as title insurance brokers, appraisers, closing brokers, and real estate attorneys.

There are also local mortgage associations that are not affiliated with a national association and I would still give credit to the broker or loan officer for being a part of a group that offers ongoing education and sets goals of ethical standards to their members.

Look on the company Web site to see if they are a member of any of these mortgage organizations or other trade associations. However, keep in mind that just because you see one or all of these logos or references on their Web site, does not mean that the person you are working with holds the designation or is a member of that association.

Here is a recap of information to research as you are narrowing down your top candidates:

o, Broker or Lender?

o State Web site for complaints?

o How long in business?

o BBB complaints?

o Has a Web site?

o Rates are posted daily?

o Member of any national or local mortgage association?

o Professional designations?

STEP 2 – MAKING CONTACT

The next step is to contact the mortgage broker or loan officer to whom you were referred.

Part A – Approaching the Broker

If you were referred to a specific loan officer try to stay with that person. If you just have a broker name or if the individual you were referred to is no longer there and you still wish to check out the broker, ask for the broker or manager of the company and not just any loan officer who gets the phone. While this may not always be possible or practical, unlike a loan officer, the broker does not have to split the income with anyone else. In a larger broker, the broker may not be able to give your loan the full attention it needs. But always start with the broker or manager and work down.

Many years back I received a phone call from a gentleman stating he was looking for a mortgage broker to “establish a business relationship with.” That struck me as a professional way to do business. I ended up doing a couple of transactions with him and felt we had a good working relationship. He approached me as a professional and I treated him as such. The point is, when you contact the person you are considering working with, let them know you are looking for a mortgage broker to establish a business relationship with.

Here is a suggested way to start the conversation:

“My name is _________ I am shopping for a mortgage and am calling a few brokers that have been recommended to me to see who I would like to establish a business relationship with. I was recommended to you by __________.

Do you have a few minutes to speak?

Great, I have just a few questions:

If they agree to speak to you, briefly lay out what you are doing, including if you are looking for financing for a purchase or refinance and the loan amount. In addition, mention your credit scores or credit history, the percentage of down payment. Then ask, if they offer the type of financing you need. If the person starts to offer rates, terms etc. politely let him know that you are not shopping for the rate and program now, rather you just want to get some basic information.

Ask if they are a broker or lender. If you are speaking with a loan officer then ask if the broker is a broker or lender. If they are a lender, try to politely end the conversation or tell them you need to work with a broker. (I recommend only using a mortgage brokerage broker, not a mortgage lender for your transaction.

Another good question to ask is how long they have been in business. (If speaking with a loan officer – how long they have been with this broker as well as how long they have been in the mortgage business.) I suggest you work with someone that has been in the mortgage business for at least two years.

It is important not to commit to a meeting on the phone or let them send you a Good Faith Estimate. The most important information is if they are a broker or lender, how long they have been in the business, and maybe if they offer the type of financing you are looking for.

Part B – The Interview

Once you have narrowed down your list of potential mortgage brokers that you may want to deal with, it is time for the interview.

Start by calling them back and letting them know you may be interested in working with them and you would like to get more information. I always suggest that you meet face-to-face at their office to get a feel for them and their broker. If you can’t meet with them at their office you can do it over the phone. Be prepared with your list of questions listed below, as they may want to do the interview immediately.

When you speak with them, again mention what type of loan you will need, (purchase or refinance, conventional, construction, investment, etc.) and be prepared to go into some detail about your financial situation, including employment status, credit history, down payment amount and the source of it and a rough idea of your financial assets. Do not let them start taking an application on you. You are there to interview them, not the other way around.

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Do not give out your social security number during this interview. There is no need to do this yet as you are not going to decide on what broker to deal with until you have interviewed everyone on your list.

Questions to Ask the Mortgage Broker
Here is a list of suggested questions to ask the broker or loan officer.

Application Questions

o Will I get a signed Good Faith Estimate?

o Will you guarantee your estimate of closing costs? If not all at least yours?

o Who will pay for any extra charges that are over and above your Good Faith Estimate?

o Will you update the Good Faith Estimate as we move through the process?

o Is there an extra cost if I do not set up an escrow account (commonly called waiving escrows) providing the loan program allows that to be done?

o If my credit score affects the interest rate and/or program is it possible that you will help me raise my score to obtain a better rate and program?

o Does your credit reporting system offer a Credit Score Analyzer so we can work on raising my score?

o What is your approximate closing ratio for loan applications taken?

Service Questions

o Do you have in-house or contract processing? (If you are scoring these answers then in-house processing gets an extra point.)

o Will it be okay if I speak directly with your loan processor?

o How often can I expect to be updated on the progress of my loan?

o (If purchasing). My contract has a date to get approved for financing Can you make that deadline?

o What will you provide me to give to the seller to satisfy that stipulation?

o Will I get a copy of the appraisal, title commitment, and credit report? Note: Some, but not all states require the mortgage broker to give you a copy of the credit report that they have pulled. If they are not allowed to give you a copy they must at least give you a form that shows the credit scores on your report.

o Do you utilize Automated Underwriting?

oMay I pick my own title or closing broker or attorney?

o Will I have a Preliminary Closing Statement 24 hours prior to the closing so that my attorney and I have time to review it?

o Will you be present at the closing?

Fee Questions

o Do you charge an application fee? (Be aware that some brokers charge a non-refundable up-front loan application fee. Is the fee applied towards the appraisal and credit report? Ask if you will receive a refund of the unused portion).

o What is your typical Loan Origination fee on a loan of this size?

oI s there a separate broker fee? If so, how much is it?

o What is your processing fee?

o Is there an admin fee or any other fees that will be paid directly to you?

o, Will, you refund any overage on the credit report or courier fees?

Note: Do not mention the word or imply that there are any junk fees. It may be construed as offensive to a broker or loan officer. Be specific when addressing the fees or charges.

Rate Questions

o Do you have a rate float down policy?

o What if I lock a rate and the rate goes down? Will you lower the rate?

Privacy Questions

o How will you secure my private financial information?

o Do you have written information and privacy plan?

Note: The Gramm-Leach-Bliley (GLB) Act requires financial institutions to ensure the security and confidentiality of all personal information collected from potential customers and to have a written policy and plan in place that all employees must abide by. Ask for a copy of their privacy policy (If they don’t have one, you may not want to give this broker all your personal and financial information, including data needed for someone to steal your identity).

Miscellaneous Questions

o How long have you been in the business?

o About how many lenders are you approved with?

o What professional associations are you a member of?

o Do you have any professional designations?

o Tell me about your broker and why I should choose you to handle my loan transaction?

Loan Program Question

If you are unsure or if you would like more input ask: What loan program would you suggest?

Cost Estimate Question

Would you mind preparing a Good Faith Estimate and Truth in Lending statement?

Broker Questioning Opportunity

Do you have any questions about me?

When the interview is complete, thank them for their time and let them know that you will get back with them. If at this point you feel comfortable with working with this broker or loan officer you may ask that he forward a Good Faith Estimate and Truth in Lending to you so you can review these forms and estimates.

EVALUATING THE BROKER

After your interview, you may want to ask yourself some other questions to help determine or grade the mortgage broker regarding how you think they will handle your loan.

Consider these points:

Did the mortgage broker have any questions for you?

Did you feel he wanted to know more about your overall financial goals and how this mortgage fits with those goals?

Take time to evaluate which broker you wish to work with. Do not make a commitment to anyone until you have reviewed the Good Faith Estimate and Truth in Lending disclosures closely.
When you do receive the Good Faith Estimate, and hopefully, the Truth in lending statement, it should look professional and be complete have accurate dates and other information disclosed.

Hopefully, after you have done all of your homework you will be able to find a broker you feel comfortable with and that you believe will give you honest and ethical service.

To learn more, go to [http://www.secretsofmortgagelending.com]

Excerpted from the e-Book, Secrets of Mortgage Lending. Available at [http://www.secretsofmortgagelending.com]

About The Author – Adrian Skiles, GML, began his career in the mortgage business over 20 years ago. He has held the title of a loan processor, loan officer, and branch manager. In 1997, Mr. Skiles opened his own mortgage brokerage firm in Atlanta, Georgia where he is currently located, and offers mortgage services for both residential and commercial lending.

He is a long-time member of the National Association of Mortgage Brokers and the National Association of Professional Mortgage Women. Mr. Skiles’s broker and employees have achieved awards for continued success in the mortgage industry including Georgia Mortgage Broker Association “Top Gun” Mortgage Broker and the Atlanta Business Chronicle “Top Mortgage Broker Performer” for the last five years.

You may contact Adrian Skiles, GML at Adrian@SecretsOfMortgageLending.com

Article Source: https://EzineArticles.com/expert/Adrian_Skiles/27608

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Many people are confused by the different types of loans available. Here is a helpful loans guide of the most common loans available today.

Bad Credit Personal Loan

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A Bad Credit Personal Loan is a loan designed for many people with a bad credit rating. However created, your past record of County Court Judgements, mortgage, or other loan arrears can live on to deny you access to finance that other people regard as normal. If you are a homeowner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you really wanted. With a Bad Credit Personal Loan, you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases.

Bridging Loan

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A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold. Bridging loans are short-term loans arranged when you need to purchase a house but are unable to arrange the mortgage for some reason, such as there is a delay in selling your existing property.

The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold. A bridging loan can also be used to raise capital pending the sale of a property. Bridging loans can be arranged for any sum between £25000 to a few million pounds and can be borrowed for periods from a week to up to six months.

A bridging loan is similar to a mortgage where the amount borrowed is secured on your home but the advantage of a mortgage is that it attracts a much lower interest rate. While bridging loans are convenient the interest rates can be very high.

Business Loan

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cosigner loans or credit cards for bad credit loans right now loans 8500 loans usa loans with car as collateral loans up to 5000 loans or grants loans zoopla loans up to 10000 loans 2021 loans payable loans and credit loans using car as collateral loans 600 credit score loans hub loans and interest rates loans you don't pay back loans 4 bad credit loans you can get online loans like speedy cash loans you can pay back monthly loans near me no credit loans 550 credit score loans 365 loans direct deposit loans nz loans vs investments loans you can get today loans 580 credit score loans unlimited 0 loans for home improvement loans with poor credit loans guaranteed bad credit loans easy to get loans monthly payments loans def loans 35000 over 10 years loans help build credit loans after bankruptcy loans against stocks loans no credit needed loans with no income verification loans va loans right away loans 45 loans everyone gets approved loans based on employment loans 100 online loans in 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A business loan is designed for a wide range of small, medium, and startup business needs including the purchase, refinance, expansion of a business, development loans, or any type of commercial investment. Business loans are generally available from £50,000 to £1,000,000 at highly competitive interest rates from leading commercial loan lenders. They can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on the status and length of the term.

They are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client. A business loan can be secured by all types of UK business property, commercial and residential properties.

Car Loan

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The main types of car loans available are Hire Purchase and Manufacturer’s schemes. Hire purchase car finance is arranged by car dealerships and effectively means that you are hiring the car from the dealer until the final payment on the loan has been paid when ownership of the vehicle is transferred to you.

A Manufacturers’ scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not be the owner of the vehicle until you have repaid the loan in full, and the car will be repossessed if you default on repayments.

Cash Loan

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Cash Loans also known as Payday Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

A Cash Loan can assist you in this situation with short-term loans of between £80 and £400.

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a Cash Loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem

Debt Consolidation Loan

Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one – giving you one easy to manage payment, and in most cases, at a lower rate of interest.

Secured on your home debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment – one calculated to be well within your means. With a Debt Consolidation Loan, you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases. It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.

Home Loan

A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan.

The loan can be used for any purpose and is available to anyone who owns their home. Home loans can be used for any purpose such as home improvements, a new car, luxury holiday, the pay of store card or credit card debt, and debt consolidation.
With a Home Loan, you can borrow from £5,000 to £75,000.

Home Improvement Loan

A Home Improvement Loan is a low-interest loan secured on your property. With a Home Improvement Loan, you can borrow from £5,000 to £75,000 with low monthly repayments. The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan.

A Home Improvement Loan can help you with a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden, or new furniture. You can even use it on non-house expenditures like a new car or repaying credit cards or other debts.

Home Owner Loan

A Home Owner Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose and is available to anyone who owns their home. Homeowner loans can be used for any purpose such as home improvements, new car, luxury holiday, pay of store card or credit card debt, and debt consolidation. With a Home Owner Loan, you can borrow from £5,000 to £75,000.

Payday Loan

Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

A Payday Loan can assist you in this situation with short-term loans of between £80 and £400.

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.

Personal Loan

There are two categories of personal loans: secured personal loans and unsecured personal loans – See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan.

Remortgage Loan

A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property. You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.

Secured Loan

A secured loan is simply a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances.

Secured Personal Loan

A Secured Personal Loan is simply a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years.

Student Loan

A student loan is way of borrowing money to help with the cost of your higher education. Applications are made through your Local Education Authority. A student loan is a way of receiving the money to help with your living costs when you’re in higher education. You start paying back the loan once you have finished studying, provided your income has reached a certain level.

Tenant Loan

A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank, or building society willing to give you an unsecured loan.

Unsecured Loan

An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. The amount you are able to borrow can start from as little as £500 and go up to £25,000. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans to £25,000.

The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains. An unsecured loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

Unsecured Personal Loan

An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments.

The amount you are able to borrow can start from as little as £500 and go up to £25,000. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

Bill Stone writes for Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk [http://www.directonlineloans.co.uk/] website.

Article Source: https://EzineArticles.com/expert/Bill_Stone/199517

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At times it becomes difficult to finance education from your own pocket or via scholarships. For that purpose, you must go for student loans. There could be many choices of getting a student loan, depending upon your status and type of education. So, you should check all options available and choose the best one.

Student loans are of three main types:

o Federal student loans

o Private student loans

o Consolidation student loans

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Federal loans are the main source of educational loans. Private financial institutes provide these loans. They are better than private loans, due to their assurance from the government and their lowest interest rate.

Credit scores are not accountable for this so almost all students can apply for them before going for any other loan. You can make delayed payments, flexible credit requirements and they have longer refund terms. Federal loan is further divided into three major types. i.e.

o Federal Stafford loans

o Federal Perkins loans

o Federal Parent PLUS loans

o Federal Graduate PLUS loans

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In the further categorization of Federal loans, Perkins is better than Stafford due to their lowest interest rate (i.e. 5% interest rate). Federal Perkins loans are only for those who are facing acute financial crises. They have no fee, a lengthy grace period.

On the other hand, Federal Stafford loans are more suitable if you need a college loan. It has six month grace period and flexible repayments with no fine. You should be declared poor by your school.

Stafford loan can be taken in case you already owe an educational fund. Its interest rate is 6.8%. There is the classification of Stafford loan, i.e. if you need a long-term and need-based loan, and you want the government to pay your interest during the school time or you want to request a grace period. In such a case Stafford loan will be terminated as a subsidized federal Stafford loan.

In another case, if you need long term and you don’t fall under need-based, with a low-interest rate, or you want additional financial support, then an unsubsidized federal Stafford loan is best for you. Here interest will be paid by you. And if you are an independent student then you should go for an Additional unsubsidized federal Stafford loan.

There is another kind of federal loan termed as federal parent plus loans, they are better for the parents of undergraduate students, who depend on their parents, and parents of independent students can’t apply. For this kind of loan, it is necessary to check credits, they have flexible repayment options and can be used for saving money during repayments of another loan. Prepayment fine is not charged, no wages or security required, repayments can be postponed till 60 months along with the school time period of your dependent child

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For graduates and professional students, Federal Graduate Plus loans are the best selection and these loans are better than Stafford loans and Private loans for them. You can borrow the complete cost of education, but credits are checked, they offer flexible repayments, no prepayment fine is charged, the interest could be tax-deductible. They could also be helpful to save money for repayments and could be taken with Stafford loans. You can borrow full educational expenses until you receive some other aid. The fee is charged but you could get help from lenders and sponsors.

If you are attending a community college or a 4 – 5 year college and you are heading for your degree with adequate credits, then you can go for Signature Student Loan. In this type of loan interest rate and the fee is variable depending upon the student credits, standard repayment duration is 15 years but can be extended up to 30years.

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Now if you have good credits and you are a parent or working adult, graduate or even undergraduate and you own social security numbers then you are suitable for Tuition Student Loan. You should give the poof that you are already registered as a student at a licensed institute.

In case your need is not fulfilled by a federal Stafford loan or any other aid or scholarship then Signature Student Loan for Community colleges could help you. These loans have a variable interest rate, no prepayment fine, and a grace period of six months.

If you are a part-time student looking forward to a degree or postsecondary student and not looking forward to a degree, then Continuing Education loan is best for you. In this loan repayments can be done up to 15 years, interest rates are variable and change every month.

For technical training, some sort of continuing education, and online courses, a Career Training loan is best. Its terms and conditions are almost the same as Continuing Education loan only difference is that its fees are from 0% to 6.5%.

If you are about to enter into college and are looking for information about federal student loans [http://www.astudentloanconsolidation.net/How_do_the_Federal_Student_Loan_Programs_Work.asp], private student loans

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Article Source: https://EzineArticles.com/expert/Steve_Morin/159382

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A payday loan is a small short-term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases, the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application.

A payday loan is an unsecured loan, so it is not dependent on collateral, such as you own a house or car, etc.

Generally, when you make your first application you can borrow any amount up to £300, depending on your take-home pay. You are more likely to be approved the less you want to borrow, so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.

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Payday loans can provide a useful solution for short-term cash flow problems.

Who can apply for a Payday loan?

In order to be eligible for a payday loan you must be over 18 years old and in employment with a take-home wage of at least £750 per month. You must also have a bank account with a valid debit card.

Even if you have a bad credit history you should still be able to obtain a payday loan as long as you fulfill the above criteria.

How do you get a Payday loan?

The majority of payday loans are available online, so there is no delay with faxing or posting documents. The application process is quick and easy to complete. You will be asked for your name, address, details about your monthly income and employment, when your next payday is, along with the amount you wish to borrow and your bank account details.

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Once you have submitted your application you should hear back from the payday loan provider within minutes. They will email you with their decision to the email address you have registered with your application.

Payday loan providers partly make their decision as to whether to lend you money depending on the amount you want to borrow compared to the amount you earn. Only borrow what you need, the less you borrow the more likely it is that your application will be accepted and the smaller the amount of interest you will accrue.

If your application is successful you will be sent, by email, your loan agreement showing the amount that will be lent to you, the repayment date, and the amount of interest you will pay on the repayment date. Along with the loan agreement you should also be sent loan conditions. These loan conditions should outline your rights under the Consumer Credit Act 1974 along with details about repaying the loan, canceling the loan, and the use the personal information you supply when applying for the payday loan.

If you are happy to proceed you sign online by providing details of your name and answering a security question such as your mother’s maiden name. Then, email this back to the loan provider and the money will be deposited into the bank account you registered at the application process. The money can be deposited in your bank account on the same day you make the application, so this is a very fast and efficient way of borrowing money short term.

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How do I repay the loan?

You will need to repay the loan amount and the interest accrued on the repayment date as specified in the loan agreement. The repayment date is usually your payday, hence the name payday loan.

The repayment will be collected by the loan provider by debiting the bank account you registered during the application process, which is the bank account into which you get your wages paid.

Repayment over a longer period

Payday loans may be extended if you find yourself in a position to be unable to satisfy all or part of the amount due on the repayment date. If this happens it is recommended that you contact your payday loan provider as soon as possible and explain your circumstances to them. They will then be able to explain your options and how to go about extending your loan.

Even if you are not able to fully settle the repayment amount, it is advisable to pay off as much as possible on the repayment date. This will help to keep the amount of interest you owe to a minimum. Some companies may charge you additional fees for extending your loan, you should check if this is the case before you sign your loan agreement.

Regulation of Payday Loan Companies

Properly regulated payday loan companies must adhere to strict laws governing the finance industry.

As with any financial product you apply for it is always advisable to check that the company offering the loan is properly regulated. The payday loan company you are applying to should show its Consumer Credit Licence number within its loan conditions and it should also be authorized by the Office of Fair Trading. If you are in any doubt as to whether the payday loan company you are considering applying to is fully regulated then you are within your rights to contact either of these bodies for further information.

As long as the payday loan company you are applying to is properly regulated, there will be a recognized body to make any complaints you may have to and you can be assured that you will not be subject to any unfair practices.

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What are the benefits of a Payday loan?

Fast

One of the main benefits of a payday loan is the speed at which the cash can be credited to you. The money you need can be available to you in your bank account on the same day that you make the application. This can provide valuable assistance if you have a short-term cash flow problem and need money in an emergency.

Simple

The application process is very simple, it takes just minutes to apply for a payday loan and you do not have to waste time posting or faxing documents to the payday loan provider, as you would with other more traditional high street loans.

Poor Credit History

Payday loans are available to people with a poor credit history. This is because payday loan companies do not solely make their decision to lend based on a person’s credit history. As long as you fulfill the application criteria you have a good chance of obtaining a payday loan. For many people a payday loan may be the only way they are able to obtain credit, especially in the current financial climate where the majority of lenders are unwilling to provide loans altogether, never mind to a person with a poor credit history.

Use of the Loan Money

You do not have to tell the payday loan provider what you need the payday loan for. You can use the money for whatever you want. You may need money in an emergency which can not wait until payday for instance; emergency medical or dental treatment, to settle a bill quickly, extra spending money on holiday or even for a romantic weekend away. The choice is yours as long as you make the repayment due on the repayment date.

No Upfront Costs

There are no upfront costs associated with a payday loan. You do not pay anything back until the repayment date you have agreed to in the loan agreement.

Why does the APR appear high on payday loans?

The APR applied to payday loans appears at first glance to be high. This is very misleading, but there is a simple reason why this figure looks so high. APR is an Annual Percentage Rate, and as such is calculated over a whole year (365 days). However, a payday loan is taken usually only over a number of days or weeks.

The APR calculation was not designed to apply to very short-term loans such as payday loans. It was designed to apply to long-term loans in existence for a year or more. It is really a theoretical figure that enables people to compare similar longer-term loan products, like mortgages or ongoing credit balances.

Rather than relying on the APR rate, it is more advisable to look directly at the loan agreement to see exactly how much interest you will be charged for the period of your payday loan. Some companies have a standard interest charge for the amount you wish to borrow regardless of the duration of the loan. It is then up to you to decide whether you will be able to repay both the cash advance you receive initially and the interest amount on the repayment date.

To Conclude

Many people do not have savings or access to credit cards or more traditional loans and so the convenience of a regulated payday loan provides peace of mind should the occasion arise that they need some money quickly.

If you need money in a hurry, can not wait until payday, and are confident that you can make the necessary repayments on the repayment date, this could be the ideal solution for you.

Overall, payday loans are convenient, easy to access, and offer a viable option for people who require money quickly for whatever reason.

Learn more about Payday Loans at www.paydaypower.co.uk [http://www.paydaypower.co.uk]

Payday Power brokers same day payday loans in the UK. Visit us online for more information. Payday Power is a Reset Finance company.

Article Source: https://EzineArticles.com/expert/Michael_D_Valentine/360179

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There have been countless changes in the loan modification industry since it began to enforce circa 2007. Most importantly was the systematic weeding out of fraudulent service providers who set up shop to take advantage of distressed homeowners by charging a fee upfront and never doing any work. I’ll say this now and repeat it again as it’s the single most important bit of information you should know when seeking a loan modification: NEVER PAY UPFRONT FOR A LOAN MODIFICATION!

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Who can negotiate a loan modification?

  • You – that’s right. Although it can be to your benefit to have a professional help you through the process, there is nothing preventing you from attempting a loan modification on your own.
  • Foreclosure Consultant – These individuals are typically non licensed professionals and can either be for profit or non-profit companies. After July 1, 2009 in the state of California, all foreclosure consultants must be registered with the Attorney General’s office and post a bond in the amount of $100,000 (California Civil Code section 2945.45).
  • Attorney – Any attorney licensed in the state where your pending foreclosure is located. You can find all registered attorney’s by searching martindale.com
  • Real Estate Broker or Agent – The most common source for advice and help negotiating a loan modification or short sale. Although not all real estate agents have the experience to qualify as experts in the field, they are allowed to help if they hold a current real estate license. You may find out if your agent or broker is licensed at the California Department of Real Estate website dre.ca.gov
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Protect yourself from loan modification scams. How to spot foreclosure fraud.

In case you didn’t catch this in the first paragraph, NEVER PAY UPFRONT FOR A LOAN MODIFICATION! In California this practice is illegal. It’s also important to remember that if it sounds too good to be true, it probably is. Just like a stated income loan with a “starting” interest rate that is unexpectedly low, a loan mod with terms that don’t pass the sniff test is also unlikely to prove true.

I’ve listed below some of the more common loan modification scams for you to review and catalog:

  • I’ll again start with the loan modification counselor who asks you to pay a fee BEFORE you’ve successfully obtained a PERMANENT loan modification. I’ll say it again, NEVER PAY UP FRONT FOR A LOAN MODIFICATION!
  • The foreclosure consultant who tells you to make your monthly payments to him/her rather than your bank during the loan modification process. This should never happen.
  • The consultant who poses as a government affiliated entity. Often using names that sound like they are government related and asking you to pay them up front to qualify for one of the special government related programs like HAMP or HAFA. These groups will suggest that their company is directly linked to the program and they charge you to confirm you are eligible. Your lender will tell you if you are eligible for HAMP free of charge. You may also see the HAMP waterfall below.
  • Bait and switch “rescue loans.” It is imperative that everyone read and fully understand what they are signing. Bait and switch rescue loans will ask the homeowner to sign over title to their house to a third party in exchange for a new modified loan with a lower loan balance. Again, if it sounds too good to be true…
  • Rent to Own and leaseback schemes. Be aware of who you are dealing with and take care not sign over title to persons or companies who ask you to sign over title promising to sell the property back to you once the process is complete. These schemes may also include asking the homeowner to move out during the process, allowing the “consultant” to collect rent until the house ultimately goes to foreclosure sale. In this case the consultant never completes the modification, rather, they just postpone the foreclosure allowing them to collect rent for a longer period.
  • A late add to this list, from the CA Attorney General press release, beware of forensic loan audits. In this scenario the consulting company uses the forensic loan audit as a means of getting the homeowner to pay up front for the tools needed to complete their modification; in this case a forensic loan audit. Once the fee is paid, no work is done and the loan modification never happens.
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What to be aware of going in. What are your chances of success?

The foreclosure process is stressful and often times overwhelming. In many cases, homeowners are willing to suspend reality, try anything and trust anyone who promises to allow them to stay in their home. Fueling additional confusion in the loan modification process is the fact that many defaulting homeowners used stated income loans to refinance or make their purchases. Every homeowner should know before going into the loan modification process that you must have the income to qualify for a loan modification.

This is worth repeating: If you cannot document income sufficient to pay your mortgage (that is a new lower mortgage payment), you will not get a loan modification! Further, although the bank may have taken your word for it when you qualified to take out the loan, they will require your to document and will definitely confirm your income before agreeing to modify your loan. Generally speaking, the goal of a loan modification is to lower your monthly payments to an amount equal to 31% of your current gross income.

Banks also require you have a hardship before seeking a modification. Examples of generally accepted hardships are divorce, death of an income provider, loss of job or income, forced relocation for a job, or pending interest rate increase. They are not going to modify your loan because you’d like to refinance if your current income supports the monthly payment.

Next, the banks expect you to spend your savings before they consider modifying your loan. Two things to note here; first some of your retirement accounts are off-limits thanks to the ERISA laws, meaning the banks cannot go after or require you to liquidate them in order to make mortgage payments. Second, it is generally accepted that the banks will expect a homeowner to have less than two and one-half times their current monthly payment before they modify a loan. For example, if your monthly mortgage payment was $100 and you had $250 in your savings account (2 1/2 times your payment), the bank would expect you to use that money before they modify your loan.

One final note on this subject, think twice about applying for a loan modification simply to postpone foreclosure or short sale. Almost anyone can get a temporary modification through their bank. The suggested reasoning here is that the bank is attempting to collect a bad debt, in order to evaluate their ability to collect banks will attempt to gather any and all financial information you provide to later collect on that bad debt. If you are falsely or hopelessly building a case for a modification by showing income and assets, that information may ultimately prove detrimental to your short sale negotiations.

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The unsolicited loan modification from JP Morgan Chase

A few things in history have reached mythical status; the Fountain of Youth, the contents of Al Capone’s vault. Our current depressed housing market has the unsolicited loan modification from Chase / WAMU. Ladies and gentlemen, I’m here to tell you it does exist. Accompanied by a letter from Steve Stein, head of the Chase Homeowner Assistance Department (I couldn’t find a link to the department on the Chase website, however, the phone number listed is: (888) 368-5524) the offer was received, and accepted by one of my clients in Southern California.

According to the Chase documents, her “loan is eligible for (the) special program developed as part of Chase’s announced effort to preserve home-ownership in America.” According to my client, she never contacted Chase requesting a loan mod, nor had she ever missed or been late on any of her mortgage payments.

In reviewing the offer with her, I noted she was more than 100% underwater on her loan (previous balance approximately $600,000, estimated fair market value less than $300,000) and her interest rate was going to reset the following month. This is also an owner-occupied property on a stated income, option arm, variable rate loan. The Chase modification set her interest rate to a fixed 5% for the life of the loan, reset the amortization period at 30 years from the modification date, and wait for it…. reduced her principal balance by approximately $250,000.

My point in bringing this to everyone’s attention is threefold: First, pay attention to the letters and phone call offers sent to you by your current lender, although most are just collection calls, some lenders are proactively attempting to help homeowners modify their loans. Second, I’ve received several phone calls from clients regarding similar offers yet found very little information on such offers over the Internet or from any other sources. I wanted to share a story of success to inform you all that these possibilities do exist.

Finally, I wanted to stress the importance of principal reductions as a solution to the current housing crisis (just in case any influential bankers or politicians are reading). In the example above, my client is in her early sixties, educated, has perfect credit, and was fully aware of the current market value of her home. Like many homeowners in similar situations, she is responsible and proud of her attention to financial obligations. As such, she was reluctant to ask for help while she could still pay, and felt morally opposed to strategic default.

After the process was complete she shared the fear and anxiety that accompanied two years of waiting for her payment to increase, realizing she had no hope of refinancing into a fixed-rate loan and knowing she couldn’t sell or find another property to purchase. Her loan modification took one hour to review with an attorney, fifteen minutes to complete the paperwork that was enclosed in the packet sent by Chase, and was processed and completed before her next payment was due 15 days after she received it.

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Finding the Greater Good

It seems to me there are two ways to address an obstacle. One is to brace yourself and move to minimize the negative impact you may individually encounter; the other is to proactively seek solutions for removing the obstacle and move to the collective good. In fact, anyone who’s seen the movie A Beautiful Mind realizes that John Nash won a Nobel Prize for his game theory suggesting that such strategies lead to the best possible outcome.

Like millions of Americans currently underwater in their home, my client was reluctant to address the problem until it was immediate and one she had little chance of resolving. Banks must minimize losses and increase revenue. While Chase and other institutions grow their loss mitigation and REO departments by the thousands to manage short sales, foreclosures, and deluge loan modifications that may not work, it took one form letter by certified mail to complete a loan modification that required no documentation of income, no explanation of hardship and required no back and forth negotiations. President Obama and our current political administration are determined to help homeowners stay put, while preventing fraud, putting predatory foreclosure scams out of business, and finding an expeditious end to the housing slump. This was accomplished overnight for one customer by Chase’s proactive response to the obstacle before them and a mutually beneficial strategy benefiting the greater good.

This modification would not have been possible without reducing principle. By doing so the bank minimized their loss and positioned a loan for greater chances of repayment, further they avoided one more foreclosure mitigating the negative impact on the neighborhood and their loan portfolio – a positive move for the overall housing crisis.

Like any financial matter, a loan modification should not be taken lightly and the prospects of success should be considered before you start. Banks are debt collectors and they will use the information you provide in order to collect that debt. If you provide false information to present an ability to pay which you don’t really possess it will work against you if you later decide to pursue a short sale. And finally, one last time, NEVER PAY UP FRONT FOR A LOAN MODIFICATION!

Article Source: http://EzineArticles.com/4779945

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There are two offices in Washington that work together to put out a comprehensive report on mortgages in the United States. These are the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

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Their report is the Mortgage Metrics Report. In this report, they track closely the number of loans where people are facing foreclosure and who are offered loan modifications, and how successful these modifications are.

They look at the mortgages of nine national mortgage companies and three large thrifts. These twelve are responsible for 64% of the mortgages in the United States.

Their report is a quarterly report. Because the volume of loans is so great their report normally is finalized and released three months after the end of a quarter. Their most recent report was released in September of 2009 and covered the second quarter of 2009 which ended June 30, 2009.

There are numerous charts in this report. One interesting chart in the report for the second quarter of 2009 focuses on the percentage of people who default again on their loans after a loan modification was made. These are people who had their loans modified and were facing foreclosure again because they did not continue to make their modified payments.

The chart monitors 5 investors – Fannie Mae, Freddie Mac, Government Loans, Private loans, and Portfolio loans. The nine national mortgage companies and three large thrifts service loans for Fannie Mae, Freddie Mac, the government (FHA and VA), and Private investors. Portfolio loans are those that the mortgage companies and thrifts have put up the money for from their own funds. They keep these in their own portfolio rather than selling them to one of the other four investors.

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Here are some interesting items from the chart:

· Anywhere from 27.7% to 34.4% of people whose loans were modified for the other investors had failed to continue to make their mortgage payments 3 months after the loans were modified. Only 14.0% of the people whose loans were in the portfolios of the mortgage companies and thrifts had failed to continue to make the payments after the loans were modified.

· 40.2% to 49.8% of the people whose loans had been sold to the other investors and whose loans were modified had failed to continue to make their payments on time after 6 months. Only 28.7% of the people whose loans were in the portfolios of the mortgage companies and thrifts had failed to continue to make the payments after the loans were modified.

· The percentage of people whose loans had been sold to other investors and who had failed to continue to make their payments after nine months was between 49.8% and 58.3%. Only 38.7% of the people whose loans were in the portfolios of the mortgage companies and thrifts had failed to continue to make the payments after the loans were modified.

· The percentage of people whose loans had been sold to other investors and who had failed to continue to make their payments after twelve months was between 52.4% and 59.1%. Only 42.4% of the people whose loans were in the portfolios of the mortgage companies and thrifts had failed to continue to make the payments after the loans were modified.

None of the loans being tracked in this chart are loans where modifications were made under the Making Home Affordable Modification Program.

For each investor, the percentage of people who fall behind on their payments and face foreclosure again increases the further they are from the date their loans were modified. A closer look at this shows that the percentages are fairly close and consistent for each of the investors except the Portfolio investor.

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The percentages of people who are facing foreclosure again in the Portfolio category after 3, 6, 9, and 12 months are significantly lower than the percentages for the others. In the Mortgage Metrics report, it is suggested that this may be due to differences in modification programs and the investor’s flexibility to modify the terms of the loan.

There May Be a Totally Different Reason

Portfolio loans are those kept by the mortgage companies and Thrifts studied in this report. These are loans in which these companies and thrifts invested their own money. The other loans they have sold to Fannie Mae, Freddie Mac, the Government (FHA, VA, etc.), and Private Investors on Wall Street. While the monthly payments are made to the mortgage companies and thrifts, they just pass it on to the end investor.

These mortgage companies and thrifts lose more money on loans in their own Portfolio that end up in foreclosure than they do on the loans they have sold to everyone else. It looks like modifications they are making on the loans in their own portfolios are more favorable than the modifications they are making on the loans of other investors.

Is There Anything in the Report to Support This?

There just happens to be another chart in the report which implies that the mortgage companies and thrifts are doing this. This chart shows the types of loan modifications that were done during the second quarter of 2009. Here is what that chart reflects:

· The mortgage companies and thrifts reduced the interest rate on the loans they modified in their own portfolios 84.1% of the time. This was higher than any other group. The interest rates were modified 77% of the government loans. Interest rates were reduced on 43.6% of the Fannie Mae loans modified, 51.3% of the Freddie Mac loans modified, and 63.6%of the private investor loans modified.

· The mortgage companies and thrifts extended the duration of the loan to recover any reductions in payment on 72.4% of their own loans. They extended the term on 77.6% of the Freddie Mac loans. The percentages of the rest were lower – 47.8% of the Fannie Mae Loans, 46.4% of the Government loans, and 13.1% of the Private Investor loans.

· The mortgage companies and thrifts reduced the principal balances on 30.5% of the loans they modified in their own portfolios. They did not reduce the principal balances on any loans for other investors.

· The mortgage companies and thrifts deferred a portion of the principal due on 4.7% of the loans they modified in their own portfolios. They only did this 0.1% of the Fannie Mae loans. There were no principal deferments on any loans for any of the other investors.

· The mortgage companies and thrifts only froze the existing interest rates on 5.5% of the loans they modified in their own portfolios. The percentages on loans where they froze the interest rates on loans for the other investors ranged from 5.9% to 16.6%.

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Let’s define these terms.

· Rate Reduction – The interest rate on the loan is reduced.

· Rate Freeze – The interest rate on the loan is frozen at the level it was at.

· Term Extension – The length of the loan was extended to recover any reductions in payment.

· Principal Reduction – The amount still owed on the loan was reduced.

· Principal Deferral – Some of the money owed was deferred to the end of the loan.

This chart clearly indicates that during the second quarter the mortgage companies and thrifts took action to give more favorable modifications on the loans in their portfolios than on the loans they sold to the others. This is clearly indicated by the fact that they reduced the interest rates by 84.1% and extended the terms on 72.4% of their loans. They also reduced the principal by 30.5% and deferred the principal on 4.7% of their loans.

The surprising thing here is the 30.5% principal reduction on the loans in their own portfolios. The mortgage industry has consistently fought against legislation proposed in congress to give judges the power to do this. Yet they are doing it on their own loans.

The mortgage industry has been lobbying that loan modifications don’t work. They regularly say that while modifications may temporarily postpone a foreclosure, the majority of people will fall behind on their payments and face foreclosure again. Yet these charts don’t show that. They show that almost 60% of the people facing foreclosure whose loans are in the portfolios of the mortgage companies and thrifts have been able to stay current on their modified mortgages twelve months after they have been modified.

It looks like more pressure needs to be placed on mortgage companies to modify all loans in the same manner as they are modifying those loans in their own portfolio.

As a real estate investor since the 1980s, Mark Elkins has seen the devastating impact foreclosure has had on common ordinary people. This has led him to study and gain much knowledge and insight into how to help people in foreclosure to take the offensive, reverse the process, save their homes and minimize their losses. Please visit his website, http://www.stopforeclosureanswer.com. Please check out his blog at http://www.stopforeclosureanswer.com/stopforeclosure.

Article Source: https://EzineArticles.com/expert/Mark_Elkins/311534

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Today’s economy is very different from the economic state of our country five years ago, and with drastic changes in the real estate market as well, choosing the right mortgage is a crucial decision. There are numerous mortgage options available for prospective buyers at the current time; however, figuring out the pros and cons of each mortgage alternative can be a little overwhelming. In an attempt to simplify the process of choosing a mortgage, this article will explain some of the benefits and drawbacks associated with the 5 year ARM, 15 years fixed mortgage, and the 203 FHA mortgage.

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Adjustable-rate mortgages (ARM’s) are quite popular for buyers looking to purchase a home, without breaking their bank account. An adjustable-rate mortgage basically means that the borrower is obtaining a loan with an interest rate that is initially lower than the average interest rate offered in fixed-rate mortgages. Where this type of mortgage gets a little risky, is in relation to the future of the loan. This type of loan can be a bit of a risk, in that as interest rates increase, so can the monthly mortgage. Adjustable-rate mortgages are really a better option when interest rates are predicted to decrease in the future, not increase. Also, lenders can offer interested home buyers an initial interest rate discount to choose ARM. It is important for the borrower to do their homework to ensure that they will be paying enough of a mortgage to cover the monthly interest due. If the initial mortgage is too small, borrowers can end up causing their mortgage balance to increase, since their additional interest is accruing during this time period.

Though some of the drawbacks sound a little scary, there are benefits of ARM’s. The benefits of obtaining an adjustable-rate mortgage all center around the lower initial mortgage while the interest rate remains stable. This can oftentimes help a borrower qualify for a higher loan than they would be able to obtain with a fixed-rate mortgage. Borrowers also choose ARM’s with the sole purpose of paying off other bills, such as credit cards debts, during the period of time prior to the interest rate changing. This can be a great way to get debts paid, as long as the borrower does not incur more debt during this time.

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Though borrowers have numerous options when choosing adjustable-rate mortgages, the 5 year ARM is often one of the wisest options. The 5 year ARM is a good balance between the 1 year ARM and the fixed-rate mortgage. 5 year ARM’s are beneficial because the interest rate only changes every 5 years. After this time, the interest rate is recalculated and the mortgage is adjusted accordingly. Keep in mind that the interest rates are regulated by the federal government and there are limits as to how much an interest rate can increase in a given period of time. Also, borrowers always have the option to consider refinancing their mortgage after the initial ARM period is completed, should they decide the change in interest rate is too high.

This brings up the topic of fixed-rate mortgages. Fixed-rate mortgages are popular because of the stability of the interest rate. There is no risk involved in a fixed-rate mortgage, as the borrower understands that their interest rate will remain the same during the duration of their loan. This means that the borrower will have a fairly consistent mortgage, and will only see changes if they have their home insurance or taxes escrowed into the monthly payment. Changes in the cost of home insurance and home taxes will cause changes in the monthly mortgage amount for these individuals. Fixed-rate mortgages are much more popular when interest rates are currently already low. One of the main drawbacks with fixed-rate mortgages, however, is that borrowers cannot benefit from decreases in interest rates without refinancing, and this can be costly.

Of course, like other loan options, there are numerous types of fixed-rate mortgages. Though the 30 year and 15-year mortgages are the most popular, there are 25 year and 20-year mortgages as well. Often times it can be difficult to decide the length of the loan that is best for you. Usually, interest rates on 15-year mortgages are slightly lower than with 30-year mortgages, which can really add up to a lot of money when an additional 15 years of monthly payments are added into the picture. 15 year fixed rate mortgages can also be beneficial for individuals looking to build equity in their home at a rapid rate. Also, many borrowers choose 15-year mortgages because they want to have their homes paid for before they retire from their employment. Of course, the obvious benefit is the financial freedom that comes with paying one’s home off faster, which is an important factor when choosing a 15-year mortgage over a 30-year mortgage.

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Just as obvious, however, is the main drawback of a 15-year mortgage. Though the mortgage gets paid off faster, the monthly payment is a great deal more. This can cause strain on the monthly budget and leave less room for recreational spending.

When making a decision about a 15-year mortgage versus a 30 mortgage, an example is often beneficial. If a borrower plans to have a mortgage of $200,000 and uses a 5% interest rate for both 15 and 30 years, the interest paid more than doubles as the life of the loan increases from 15 to 30 years. Instead of paying approximately $84,000 in interest, with a 15-year mortgage, borrowers pay approximately $186,000, with a 30-year mortgage. Also, keep in mind that we used the same interest rate for both loans in this example, and as mentioned previously, interest rates are generally lower for 15-year mortgages. It really comes down to whether or not the borrower is willing to sacrifice now, in order to benefit later in life, and delayed gratification is not something everyone enjoys.

Another mortgage option that is increasingly more popular is the 203 FHA mortgage, and it is unique, in and of itself. The 203 FHA loan is special in that it can be obtained as a fixed or adjustable-rate mortgage. The key point here is whether or not the borrower qualifies for this mortgage. The borrower needs to have reasonable credit and stable employment in order to qualify for an FHA loan. Normally, the employment has to have been stable for at least two years, and the borrower’s credit score must be a minimum of 620. But please do not become discouraged if your credit is less than perfect. Borrowers can qualify for FHA loans even if they have had a past bankruptcy or foreclosure, though there has to have been a sufficient length of time between these incidents and the new loan approval.

Of course, like other types of loans, there are multiple types of 203 FHA loans as well. There is the 203b loan, which is a fixed-rate mortgage. Generally, the borrower must be able to put down a minimum of 3.5% of the home cost in order to qualify for the loan. One good thing is that closing costs can often times be added into the mortgage, alleviating the borrower from having to come up with additional monies for closing. Also with FHA loans, the interest rate may be slightly higher than with conventional loans, yet like conventional loans, borrowers can choose to set up their mortgage to be paid back in time spans from 15 to 30 years.

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The 203k FHA loan is different from the 203b loan in a couple of major ways. First of all, a borrower can choose an adjustable or fixed-rate mortgage with the 203k loan. More importantly, is the option for the borrower to obtain additional loan monies to fix broken things within the home. Because the Federal Housing Administrations (FHA) has such a strong commitment to the revitalization of various communities throughout the country, it allows borrowers to obtain money to make needed repairs in the home. This is extremely rare in that other loans often require the homeowner to take out a second mortgage to make repairs. The 203k loan actually lends the borrower money based on the price of the home after the needed repairs have been made, making it a truly unique loan.

In searching for a 203 FHA loan, borrowers will also see the 203c FHA loan, which is for borrowers looking to purchase a condo and the 203h FHA loan for individuals who have lost their home due to a natural disaster. Individuals looking to qualify for the 203h FHA loan need to make sure that the area in which their home was destroyed was designated a disaster area by the President. This loan is special in that it can be used to rebuild the home involved in the natural disaster or to purchase a new home.

Though this article only touches on a few of the many mortgage options out there, hopefully, it will be a good starting point for individuals looking to purchase a home. A key deciding factor in choosing a suitable mortgage relies mainly on the financial situation of the borrower. There is a large inventory of affordable homes to choose from in today’s real estate market, many of which are foreclosures. However, it is the borrower’s responsibility to look at the current state of their finances and make a wise decision about how much of a mortgage they can afford. This will ensure the borrower’s stability in repaying their own loan, and subsequently, help them to avoid foreclosure themselves.

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