Archive for the ‘Mortgages’ Category

Home Mortgage Refinance: Choosing The Best Deal

Sunday, September 2nd, 2007 Don’t delay
as this could make a REAL difference in your life. Act today !!!

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Secured Home Equity Loans – Using Your Home As Collateral

Sunday, September 2nd, 2007 to find a
good Home Equity Loan Company online.

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Federal Student Loan Forgiveness

Sunday, September 2nd, 2007 devoted to
providing debt relief advice.

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What You Need To Know About Applying For An International Student Loan

Sunday, September 2nd, 2007

Before you get all excited about the thought of obtaining an
international student loan so that you can attend college at
some exotic university in Beijing or Paris, hang onto your
laptop. There are rules and regulations when it comes to these
types of loans, and they are also extremely difficult to obtain.
However, for the determined and the focused, there are ways to
achieve the seemingly impossible. First, know the rules and
regulations, and there’s a ton of them.

First, in order to obtain an international student loan, you
must be enrolled, or in the process of enrolling, at a foreign
university or college program that is approved by the Education
Resources Institute. Log onto their website for additional
information that pertains to your needs. Then, keep in mind that
you must be a United States citizen in order to have your
application even accepted, let alone approved. And if you
thought there was a lot of paperwork for your typical
neighborhood college or university, just wait until you get the
packet of paperwork for this type of student loan!

A peek into what will be needed is full contact information,
full financial information, and that means don’t keep any
secrets. Parents are likely to groan when they see what needs to
be done. The approving authorities are going to want to know
about your mortgage, your credit history, present and past
occupations and employer information for verification purposes.
They’re also going to want to know your gross yearly income and
references. Students will be asked to provide proof of
enrollment, most likely in the form of an acceptance letter or
class schedule from the school they plan on attending.

In addition, a co-signer is often asked for. They must be able
to verify a credit history for at least 21 months prior to the
time of application, as well as proof of citizenship or
permanent resident status. They also will be required to provide
proof of income as well as a two year employment history,
whether they’re self-employed or not. That’s just the beginning,
and by the time you’re done filling out the necessary papers and
forms, there will be no such thing as a private aspect of your

However, balance all that with the benefits of attending a
foreign university, and you may just have gotten yourself a
deal. Oh, but don’t forget that credit ratings for that
international student loan are going to be based on your credit
history rating, and that fees will depend on how much of a loan
you’re asking for. Nevertheless, the look in your son or
daughter’s eyes when that loan is finally approved makes it all

When applying for such a student loan, try to fill out the
initial application as soon as they become available for the
school year or semester that the student is accepted for. The
red tape, processing and waiting times can be excruciatingly
slow, so try to get a jump on the thousands of applications that
are filed every year.

About The Author: Need more information on applying for an
international student loan? Find out more at .

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Overlooked Benefits Of Refinancing Car Loans

Sunday, September 2nd, 2007

Hearing about refinancing mortgages is common, but you may not
have thought about refinancing your car loan when interest rates
drop. Refinancing an auto loan can be a good idea for several
reasons, and it is easier than refinancing a mortgage.

Refinancing could save thousands of dollars over the life of
the loan, even if you received a decent rate. Anyone who didn’t
get a car loan below 3% APR should consider refinancing. More
than likely, however, your APR was much higher than that.

If you had a few dings on your credit report when you bought a
car, the lender may have quoted you 20% to 25% APR. Despite what
you might think, you aren’t stuck at this rate. Once you have
held the loan for about 6 months and paid on time, lenders are
more willing to take a chance on you. You can also change a few
things to raise your credit score in that period.

Let’s say you received a loan for $16,500 for 60 months at 21%
APR. If you refinance at 7% APR, your monthly payments will drop
from about $446 to $330. Those savings over the life of the loan
totals about $6,945. As you can see, refinancing is key.

Refinancing will not only save you money, but it can also be
the only way to help get you out of debt. If you are paying 25%
APR, there is no way you will ever be able to get out of debt
while making these payments. Since you pay most of the interest
early in the life of the loan, the earlier you refinance the
better, and the more money you will save

One of the differences between car loans and mortgages is that
lenders will not refinance car loans that they originally
loaned. You will have to find a different lender to refinance
your loan. You can find lenders at banks, credit unions, or even
online that will refinance an auto loan. Remember to shop around
for rates for refinancing to get the best deal. It usually only
takes 5 to 10 minutes to fill out an application, and there is
generally not any risk involved in applying for a refinance.

About The Author: Lauren Armstrong is an industry professional
and expert author at Shop for a
loan, compare rates, and get instant approval online with our
recommended lenders and services at

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10 Secrets To Better Mortgage Rates In A Changing Mortgage World

Sunday, August 5th, 2007

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Title: 10 Secrets To Better Mortgage Rates In A Changing Mortgage World
Word Count: 925
Author: Scott Pasinski
Category: Finance & Investment
Article URL:

The article is preformatted to 60CPL.

10 Secrets To Better Mortgage Rates In A Changing Mortgage World
Long gone are the days of the 100% stated income mortgage
loans with a 620 credit score. Some high powered Wall
Street executives took advantage of us all by promoting
loans that inherently placed people in tough financial
positions. We all see where that has taken us now. In
fact, everyone sees it all over; there are a record number
of delinquencies and foreclosures, millions of them. Why,
because a percentage of these borrowers should never have
received the loan they did. Our ’10 Secrets to Better
Mortgage Rates’ can change a lot of things for a lot of

Maybe some people could afford a home, but just not the
$350,000 one. The mortgage industry has a responsibility
to educate our customers and build strong lifetime
friendships. We must look at the long term goals of owning
a home, rather than owning what we want now. Build
yourself in the `Best Borrower’ so you can get the home
that you have always wanted, it is really not that
difficult. If you make your mortgage payment a struggle,
it will only hurt you in the end.

There is something to be said about the years of `buyer
education’ our parents went through to buy their first
home. It created financial strength. Often times it took
years to accumulate enough money to buy the American Dream.
Imagine both the financial commitments and attention to
credit that must have had? Did you know that the subprime
mortgage industry is really less than 20 years old? It was
only recently that the birth of the `not so perfect’ credit
mortgage and `now you need less that 20% down’ mortgages
were born

Ironically, it’s these new ideas that have allowed many
more people to own a home. The United States has recently
achieved its highest percentage of home ownership in our
history. Obviously home ownership is great; however, it can
show it’s ugly face with foreclosures and all the stress it
causes as well.

So we would like to offer you the `10 ways to be your best
borrower in a changing mortgage world’. These may sound
simple, but absolutely everything in this world has
fundamentals and building blocks that we can apply if we
are to get the most out of them. This guidance will make
you a stronger borrower and will get you better mortgage
interest rates.

1) Pay your rent/mortgage on time with checks. Lenders
want to see a consistency in major payments. None are more
important than your current rent or mortgage. Even if
their landlord lives next door, pay by a check. Days of a
private Verification of Mortgage have gone away. This
stability in payment shows a stronger borrower.

2) When building credit, pay on time and avoid high
balances. We are looking at buying a home twelve months
from now. Pay a little extra every month. Stay away from
the specialty finance programs that say “18 months same as
cash”. Most likely these programs will give you a credit
line for the amount of the unit you are purchasing. Fore
example, that large screen TV for the big game. The line
is maxed when you buy the unit. New credit opened and then
it’s maxed. This has many negative effects.

3) Stay in that car for a couple more months. Get in the
home and then go after the car. This can really drive your
score down.

4) Buy a home within your means. This will allow you to
keep the home and get the home that they want when they can
afford it. This benefits all of us.

5) For cash paying incomes =96 Deposit your money first!
Many banks have 12 months bank statement programs. This
can allow you to avoid stated income products and higher
rates. We all love our extra part time bartending job.
Showing this income to a lender will help as well.

6) When paying down credit lines, keep them open. Don’t
pay them off. Credit lines that are paid off negatively
affect credit

7) Educate yourself. Stay up to date on programs and
industry trends. For example, right now a 40 yr mortgage
is better than an interest only or a 50 yr program. The
secondary market, which drives mortgage programs and rates,
looks negatively on 50 yr and interest only products. When
this happens your rates become higher.

8) Look at the benefits on refinancing. Most lenders use
these guidelines called Net Tangible Benefits. This is
there to protect you as a borrower. Are you getting 10%
cash out? Are you lowering their payment by 10%? Are you
moving from a Adjustable Rate to a Fixed Rate? If there
is no benefit, think again. This is probably not the
lender for you.

9) Know what payment will affect your credit the most.
Your home and your car can affect you the worse. It can
take 12 months to repair this damage. Don’t ever think one
payment won’t hurt.

10) Before you refinance, can you take out a Home Equity
Line of Credit? Most HELOC’s do not have a prepayment
penalty. Take one out to repair the credit and pay off
debts and then refinance. Over time a borrower will save
more then the costs of the HELOC because their mortgage
interest rates are lower. 40 to 100 points in your score
can make a lot of difference to your rate.

If you know the 10 Secrets to obtaining your best mortgage
terms before you buy a home, you definitely will saves
thousands of dollars.

About the Author:

Scott Pasinski is a Senior writer for as well as a
profession mortgage broker.
philosophy is to provide valuable information to homeowners
throughout the United States.

Refinance After Bankruptcy – How Does Your Bankruptcy Affect Home Mortgage Refinancing?

Sunday, August 5th, 2007

There are a few basic concepts one should know when looking
into refinancing a mortgage after a bankruptcy. Most
importantly, you need to know the two different types of
personal bankruptcy that you can declare.

Chapter 7 Bankruptcy, often called “straight bankruptcy”, is an
attempt for someone financially overextended to liquidate most
of their assets to satisfy creditors, keeping only a few
personal assets needed for the basic necessities of life such as
an economical car, personal clothing, etc.

In Chapter 13 Bankruptcy, your assets are not liquidated.
Instead, you come to an agreement with an appointed trustee
where late charges and other penalties are eliminated and you
start a payment plan to repay much of the debt owed. This
process can take over a year or two, but will allow you to
retain belongings (and property). Also, it is looked at more
favorably by lenders because you are attempting to repay your
debts, not just write them off. Lenders will look at both the
date the bankruptcy was filed and when it was discharged.

A Chapter 13 Bankruptcy “buyout” is a refinance loan, taking
out a new loan to cover the existing mortgage and some or all of
the other debts. This is basically considered a “cash-out”
refinance. Most Chapter 13 Bankruptcy refinance loans are
limited to roughly 85% of the value of your home.

When refinancing out of a Chapter 13 Bankruptcy, or soon after
a Chapter 7 or Chapter 13 Bankruptcy, you will almost certainly
be working with a sub-prime or “non-prime” lender. These lenders
specialize in helping borrowers with blemished credit histories.
Often, borrowers refinancing near the time of a bankruptcy will
seek the assistance of a mortgage broker, many of whom have
experience with this type of loan. If possible, it is best to
wait at least two years after the discharge of your bankrupty to
refinance your mortgage. This will help you to receive a better
interest rate. Start now to pay your bills on time and in full.
This will help to repair your credit and give you even better
chances of a lower rate.

About The Author:
– We maintain an updated and current list of mortgage companies
online who service borrowers with credit problems.

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Personal Debt Consolidation Loans – Can You Qualify?

Sunday, August 5th, 2007

If you are faithful to pay the minimum payment on each of your
bills each month, you still stand the chance of never getting
out of debt. By making the minimum payment, you are simply
lining the pockets of your creditors with endless interest
payments and very little of your money is applied to the
principle of your debt. There is a way to get out of the cycle
you find yourself in. To decide if a personal debt consolidation
loan is the solution for your situation, it is important to
determine whether or not you can qualify for a consolidation

Your credit counts.

When you apply for any loan, the condition of your credit will
determine whether or not you qualify. It is important to monitor
your credit on a regular basis to make sure it doesn’t contain
any mistakes that could hurt your chances of getting a loan.
Your credit score is also affected by your potential for debt,
so if you have several unused but open accounts on your credit
report, close them so that they don’t affect your credit score.
It is also important to make sure that you are making all of
your payments on time. Late payments show up on your credit
report and that can also determine whether or not you can
qualify for a loan. Even if you qualify for a loan, bad marks on
your credit can change the interest rate a company is willing to
offer you. The lower your credit score, the higher the rate of
interest you will qualify for.

What kind of collateral do you have?

Most consolidation loans require you to own a home that has
accrued enough equity to cover the loan. If you don’t own a
home, chances are you won’t qualify for a debt consolidation
loan. If you do qualify for a home equity debt consolidation
loan, remember that you are risking your house to pay off your
personal debts. It is important that you stay current on all of
your payments.

About The Author: Visit Debt Sanity to view our online. Also, visit Debt Sanity for
more information on qualifying for a

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Home Mortgage Loans For People With Bad Credit – Finding The Best Low Rate

Sunday, August 5th, 2007

Getting a low rate mortgage with a negative credit rating is
challenging. When people finance a home, obtaining a good
finance package is a top concern – and for good reason. The
mortgage rate received on a loan may significantly increase or
decrease a monthly mortgage payment. If you have good credit,
getting the best low rate is simple. However, if you have bad
credit, you may have to exert a little energy and search for a
good rate.

Compare and Contrast Mortgage Rates and Terms

Smart buyers will stress the importance of shopping around for
the best deal. This rule applies to any purchase – cars,
clothes, shoes, etc. Homes are our biggest expense.
Unfortunately, many home buyers do not devote much time to
searching for the best financing package. This is a big mistake.
When shopping for a mortgage, it is important to get quotes from
several lenders and carefully review their offers. Those who are
eager to buy a home make the mistake of accepting the first
offer. However, comparing mortgage rates, terms, and services
may save you thousands, and in effect lower your mortgage

Apply for Loan with a Sub Prime Lender

Many financial institutions specialize in home mortgage loans.
These include banks, mortgage companies, credit unions, etc. If
you have good credit, you may be able to obtain a low rate
mortgage using these financial institutions. However, if you
have bad credit, these lenders may charge you additional fees
and an extremely high rate. Because of your bad credit status,
you are more likely to default on the mortgage. Thus, lenders
increase the interest rate. This allows them to recoup their
money sooner.

If you were to acquire a loan using a sub prime lender, your
interest rate may be comparable to current market rates. You can
expect to pay about one or two points higher than a person with
great credit, however, you avoid paying an interest rate three
points or more above current rates.

Working with an online mortgage broker is the best way to
locate a reputable sub prime lender. Based on information
provided on your application, brokers will match you with a
lender who specializes in mortgages that fit your circumstances.

About The Author: Visit ABC Loan Guide for advice about View
all of our

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Things To Avoid When Getting Your New Car And Auto Loan

Sunday, August 5th, 2007

Buying that new car at the dealers can often be filled with a
number of mistakes that tip off the car salesman as to the
ignorance of the buyer. He or she will often then proceed to
take advantage of unsuspecting customers (victims). By being
informed, though, as to things that should be avoided, you can
come away knowing that you got the deal on your car loan that
you wanted. Here are some things you want to avoid.

1. Dressing Up For Car Shopping

If you come into the car dealership with a lot of fancy
clothes, jewelry and gold, you really can forget about being
offered a good deal. They certainly will look for clues as to
what kind of deals to offer their clients, and will gear the
deal to what they perceive the people can afford. Also, if you
drive in with a Porsche – expect to pay a higher price than
others on your next car.

2. Buying At End Of Season

Every year, when it comes time for the new cars to arrive, all
the older models are reduced in order to make room for the new
ones. Sometimes, however, the dealer may not advertise the
reduced prices in order to see if there is someone who will walk
in and buy it at the original price. Sure enough, there often
will be somebody who has not done some homework and found out
that the same model was reduced $6,000 a month earlier. Or,
possibly, worse yet, he or she could have bought the new model
for just $1,000 more.

3. Show Too Much Emotion Over A Car You Like

If you give the impression that you really love a certain car
and must have it now type of approach, the salesman will play on
this. He or she knows that your emotions will lead you to buy it
– even if the price is not quite right. This means they will
most likely not be as flexible with their offers as you want
them to be.

4. Don’t Be In A Hurry

Giving the impression that you are in a hurry tells the
salesperson that you may not have time to think things through.
This will encourage them to aim high and not give you the deal
you would like to have. Instead, you want to give the salesman
the impression you are not in a hurry, and this will force them
to make their best offer before you walk out the door.

5. Finance Through The Car Dealer

This could be a serious mistake because – in many cases – you
could get better financial terms by getting preapproved for a
car loan. Dealers are sometimes notorious for adding charges, or
making a bait and switch auto loan which gives you higher terms
than what you initially thought you were getting.

6. Failing To Research The Car’s Value Before You Buy

Dealers often post high prices because they know that most
people like to negotiate. This means that if you pay the initial
offer, that you are giving them more than even they had hoped
for. This leaves room for serious negotiation, but you need to
know what the car is really going for on the market to be able
to make the best deals.

A little homework on your part will enable you to be certain
that you are prepared to do business. It will also help you get
the car and the auto loan deal you wanted and will be proud of –
proud enough to tell your friends and family.

About The Author: Joe Kenny writes for the UK personal finance
site and also for US

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