Free Money Saving Auto and Home Loan Tips

By Tim Gorman

Free Auto Loan Tips

The following tips should help increase your chances of getting a car loan at a better rate.

Tip #1 - If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan.

Tip #2 - If you have currently have bad credit then repair it before applying for an auto loan.

Tip #3 - If you've recently moved then wait until you have lived at your new address for 6 months before applying for a loan.

Tips #4 - If you have had a previous auto loan or home mortgage on your credit report then your chances for a new loan improve greatly.

Tip #5 - Try and pay off all of your credit card balances or at least lower them. You may want to consider finding the best debt consolidation loans to erase all of your credit card bills. The bottom line is don't keep a high debt load or credit card balances.

Tip #6 - You must have a stable job or occupation.

Tip #7 - Other examples of credit extended to you should appear on your credit report. Verify this with a quick and easy online credit report. Also avoid charge off's on your credit report.

Tip #8 - If you've filed bankruptcy before then you should wait 3-4 years before trying to get an auto loan.

Free Home Loan Tips

Tip #1 - Make Bi-Monthly Payments: Instead of paying your mortgage with one monthly payment switch to paying half of your loan payment every 2 weeks. The savings comes from the 26 half payments you make which add up to 13 monthly payments versus the regular 12 payments you would normally make in a year. The end result is you save a large sum of money on the interest owed and you'll own your home a lot sooner!

Tip #2 - Choose a 15 year mortgage instead of a 30 year mortgage: You'll end up with a higher monthly payment but in the long run you also save tens of thousands of dollars in interest charges, especially if you shop for the best home loans you can afford.

Tip #3 - Mortgage Refinancing: Currently this is the most popular trend. You refinance your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more.

Tip #4 - Buy down the rate: The seller or builder, or through innovative pricing, can help you buy down your mortgage rate for one, two, or three years.

Tip #5 - Consider an adjustable-rate mortgage (ARM): If you think you will be in your house for less then 5 years then perhaps you should consider an ARM. An adjustable-rate mortgage (ARM) starts with a considerably lower interest rate, but then adjusts every year. This type of loan moves a little bit of the risk away from the lender, and the lender rewards you with a lower rate. Usually these mortgages are capped to rise not more than two percent in any year, and not more than five or six percent for the life of the loan for your protection.

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Effortless Car Finance Credit

Cars are something of requirement in today’s world. Finished are the days when you may possibly just walk to your area bakery or post office to accomplish what you wanted. With the exponential growth of the world’s population, native land has developed into something of a luxury, and nothing is close by anymore.

You need a car to move to the supermarket, go to a shopping center or go to job. But owning a car is not inexpensive. It comes with its own set of demands and so car financing can be an extreme help.

If you are having difficulties involving folks of citizens who earn a low wages, subsequently purchasing a brand new car will be somewhat of a challenging and problematical task.

You apparently won’t take part into the required financial capability. This does not permanently allow being a hindrance in making your dreams to come true. Obtaining a car finance credit is one of the superlative options with the intention of welcoming during our time.

Applying on behalf of financing for the car of your dreams is furthermore something with the aim of requires lots of precise and correct planning. Whether it is your primary car, or whether it is completely with the intention of exact model you have wanted to own all your life, car financing intended for it has to be ended in a well thinking and considered manner.

Financing may possibly be fulfilled by a bank, economic corporation otherwise even by a supporter of yours. Either way financing a car would mean you are under debt on behalf of a selected amount of time and will come up with to continuously shell out an amount of money until it sums up to a greater amount than the price of the car.

The profits of getting your car financed by an online financially viable institute are with the purpose of you can compare your rate with other rate. Plus it will expand up to date than a financial service provided by a bank or a dealership. These are not as competitive as an online car finance credit. But there are a number of frauds to be take care of on behalf of when you deal online.

There are leases and loans that can be taken out in place of the principle of car financing from banks and other economic institutions, but interest rates of those loans and leases need to continue checked carefully.

If you decide to acquire a car financing made accurately, so therefore it is valuable to opt for a car finance credit which comes in short and extended conditions. A lengthy interval car finance credit comes with very extreme significance rate. However, if you are able to take part in a conversation with a car dealer, you might be able to attain the same credit at a much lesser interest rate, assuring you of the most excellent deal taking part in your area.

Additionally, getting the help and information from a dealer it means that you would take better knowledge about bargaining and attain extra power. If you really arrange your exploration, you will notice that a small number of car dealers who can offer you a car finance credit take part in constructive and informative business - related relationships with several financial institutions. Concerning situations like this, your car finance credit obviously permitted without much effort.

A car finance credit in no way comes with very low interest rates. It does not be important if you indicate to purchase a brand new car or a used one, the same goes on behalf of both.

Experts in the industry believe that purchasing the car and furthermore getting the car financing credit from a reputable dealer is the best option, equally use instead of getting it fulfilled from the company. Reputable and authorized dealers not completely provide car financing credit by reasonable rates they moreover provide car insurance and car refinancing.

Pay your loans with lower rate, save money, live an easier life. Get more hot tips about Car Finance Credit

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Chase Loan Modification - How To Get A Chase Loan Modification

Are you in need of a loan modification with Chase? This article will give you some insights on what you can do.

First off, Chase owns EMC. So, if you are fortunate enough to have an EMC statement, you can actually get this loan modified in one day. There is a company that can do this for you. They will get authorization to speak with your lender on your behalf, contact them and get the modification done in about a day if you qualify. You must have a financial hardship to get accepted. They do all this for you with no upfront fees and you get to find out your new rate and payment before you pay as well.

For other homeowners, there are other options out there for you. If you have not tried to get a Chase loan modification, you should contact your lender and give it a shot. If you are denied, you might want to consult a professional. The only thing bad about this option is that you will give Chase all your financial information during this process, which is crucial to getting approved. It may be difficult if you get denied to go back and re-apply with completely different financial information...

That is the key to getting a modification approved, with any lender. You have to have the right balance of income vs. your expenses. You do want to appear dirt poor and you can't make too much money either. It's a fine line between acceptance and denial.

If you'd like some help with your Chase loan modification, just visit the links below. This company can perform the instant loan modifications as well as traditional Chase modifications with no upfront fees.

www.articlesbase.com

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When to Turn Your Back on Cash Loans.

By Brendan Heins

Cash loans are very attractive. You can avail of them at no hassle: no extensive requirements, no credit checks, no mortgage needed and even no time to wait for your money. This is because cash loans are your fast and easy access to needed cash. However, there are moments when it's not really advisable for you to avail of these cash loans and other forms of payday loans. Here are a few instances when it's best for you to turn back on these tempting instant cash offers: 1. If your reason for getting a loan does not constitute an emergency. Canadian payday loans - and other payday loans - are specifically created to address an immediate need for cash. For example, one of your family members got sick and you need funds to cover for the medical expenses. If you don't have enough savings, then of course you must find a way to generate the needed funds. In this case, availing of cash loans is a great idea. However, if you are borrowing money because you simply want to reward yourself with a designer dress or an expensive watch, then you are clearly misusing cash loans. This is not an emergency. As such, you should learn to turn the other cheek, walk out of that shop, forget about that dress, and forget about the thought of getting a cash loan. 2. If your take-home pay is low. If you are using your monthly income to pay off salary-deductible loans and other financial responsibilities, then you may want to stay away from cash loans first. Stay away from this attractive option at least until all your other loans are completely paid off. Otherwise, you end up availing of cash loans every payday. In the end, you become so dependent on them that you are practically living in debt. Even before payday, you already know that all of your monthly income is used up. If you are in this situation, then you would not be looking forward to payday - or worse, to work anymore... which brings us to the next item. 3. If you are planning to leave your job. Do not avail of cash loans if you are unhappy with your job and are planning to resign. As you know, your eligibility for this type of loan is dependent on your job. Without a job, there will be no payday. Without a payday, there will be no money to pay off your cash loans. In addition, if you are unhappy with your job, you may need to save because you may just end up being unemployed. Sometimes, it's better to be without a job than to stay in one that makes you miserable. Availing of cash loans is clearly not a superb way of saving money. Cash loans are a rational answer to your immediate financial needs. However, you must know when to welcome them with open arms, and when to turn your back on them. You must have the discipline to say no; otherwise, you would be starting to live your life through other people's money.

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Top 10 Ways to Avoid Loan Fraud

Every year, misinformed homebuyers, often first-time purchasers or seniors, become victims of predatory lending or loan fraud. Below you'll find the top ten ways to avoid becoming a victim yourself.

1. Take your time and shop around. You should be able to compare prices and houses. If a lender or broker tells you they are your only chance to get a loan or owning a home, don't do business with them.

2. Do not sign a sales contract or loan documents that are blank or that contain information which is not true.

3. Be certain that the costs and loan terms at closing are what you originally agreed to.

4. Do not be talked into lying about (or choose to lie) about your income, expenses, or cash available for downpayments in order to get a loan.

5. Watch out for higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties.

6. Be careful about disclosing things like your need of cash due to medical, unemployment or debt problems. You are very vulnerable in these cases.

7. Don't strip your home's equity by refinancing again and again when there is no benefit to you.

8. Beware of false appraisals.

9. Do not let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.

10. Get several quotes from multiple brokers or lenders so you know you're being charged a fair interest rate based on your credit history, not your race or national origin.

woopidoo.com

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125% Equity Home Loans

By Levetta Rivera

If you are a homeowner in need of a home equity loan but you have not yet built up any equity in your home, don't despair. A 125 percent equity home loan may be the answer.

A 125 percent equity home loan is a second mortgage loan that allows you to borrow up to 25% more than the value of your home. For example, if your home is worth $100,000 and you owe $100,000 on the mortgage, this loan program would allow you to still borrow up to $25,000.

The 125 percent equity home loan is offered by various online lenders. Each lender has their own qualification and loan term guidelines but generally this is a credit score driven loan program. Credit score driven means that you have to have a certain credit score to qualify for the loan. In addition, your credit score usually determines the maximum loan amount you may qualify for and the maximum cash in hand you may receive. Also, some 125 percent equity home loan lenders may require seasoning on the length of time you have lived in your home. Three months is normally the minimum.

When it comes to a property appraisal, most 125 percent home equity loan lenders do not require you to obtain one. They generally will use the purchase price of your home as the value if you have lived in your residence for 12 months or less. If you have lived in your home over 12 months, a recent tax assessment, simple drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated assessment of your home's value which is based on recent home sales of comparable houses in your neighborhood.

For more information on 125% home equity loans, or to compare rates and programs of 125% home equity loan lenders visit http://www.equityloansource.com

Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com

www.topequityloan.com

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No Income Verification Home Equity Loan

By Levetta Rivera

A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document income.

The majority of borrowers with hard to document income are either self-employed or commission based employees. Consumers who fall under these categories may have high income but have a lot of business related deductions that they write off on their taxes. This is good on the one hand as it reduces the taxable income and thus the amount of taxes owed, however, when it comes to getting a home loan it can hurt as most lenders use the average of your last 2 years taxable net income (the amount left after all of your deductions) to determine your income figure for qualifying purposes. This may cause you to have a debt to income ratio problem if you have a high debt load and thus keep you from qualifying for the loan. With a no income verification home equity loan, however, your gross income can be used for qualifying purposes as opposed to the net income.

In order to qualify for a no income verification home equity loan you will, in most cases, need good credit and a high credit score. Expect to pay a higher rate for this type of loan as opposed to a traditional loan in which you have to document your income. Also, even though a no income verification loan does not require you to document your income, some lenders may require that you have a certain dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a program called NINA which stands for "no income no assets" meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.

For more information on no income verification home equity loans, or to compare rates and programs of home equity loan lenders visit http://www.equityloansource.com

Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com

www.topequityloan.com

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Lending to businesses falls for second consecutive month

by Kay Murchie

In its latest “Trends in Lending” report, the Bank of England said the flow of credit to British businesses fell to £3.4 billion in May and followed a drop of £6 billion the previous month.

During 2007, the normal levels of lending were £7 billion per month and £4 billion in 2008 - when the credit crunch was well and truly in full swing.

The latest figures are certain to cast doubt over whether the quantitative easing (QE) programme is effective. QE (also known as printing money) is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving them extra capital.

So far the Bank of England has injected £125 billion into the economy via the QE scheme and is to review the programme early next month.

The news comes as the Council of Mortgage Lenders (CML) announced a surge in home loan lending for the month of June.

Lending reached £12.3 billion for the month, up from £10.5 billion the previous month, according to the CML.

However, the organisation points out that the June rise is attributed to a seasonal increase and the gross lending figure is still 48% lower when compared with June last year.

Meanwhile, the news also comes as the National Audit Office revealed that the Government’s tax take slumped by £32 billion last year.

In other news today, it has been reported that public sector borrowing has reached £13 billion, according to figures from the Office for National Statistics.

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Graduates too poor to pay back student loans

by David Masters

Half the university students who graduated since tuition fees were introduced are too poor to pay back their student loans.

Of the 1.4 million graduates who started university after 1998, 702,000 are earning too little to pay back debt accrued whilst studying.

Repayments are triggered when graduates start earning at least £15,000 per year; over half a million graduates have never reached this threshold.

One in ten students were unemployed after leaving university last year, it has emerged, with an increasing number working in low-paid jobs such as bar-staff, labourers, cleaners, shelf-stackers, and parking attendants.

www.financemarkets.co.uk

Stephen Williams, the Liberal Democrat higher education spokesman, said: “It’s depressing that so many graduates are earning far below what would usually be considered a graduate salary.”

“Thousands of them are going to be carrying a huge debt burden for many years to come.”

A government spokesperson said a degree stands graduates “in good stead for a long a successful career”.

The number of people applying for university increased 7.8% this year.

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Loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

Types of loans

Secured

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.

A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.

In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.

A type of loan especially used in limited partnership agreements is the recourse note.

A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.^{[citation needed]}

A pre-settlement loan is a non-recourse debt, this is when a monetary loan is given based on the merit and awardable amount in a lawsuit case. Only certain types of lawsuit cases are eligible for a pre-settlement loan.^{[citation needed]} This is considered a secured non-recourse debt due to the fact if the case reaches a verdict in favor of the defendant the loan is forgiven.

Unsecured

Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages:

• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds

The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.

Abuses in lending

Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her. Where the moneylender is not authorised, it could be considered a loan shark.

Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous "extra charges". ^[1]

Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender.

wikipedia

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