No credit student loans are a myth. If you do not have good credit you cannot get funding for college. Without good credit, student loans are impossible. Do any of these statements sound familiar to you? Well don’t believe them!
The truth is that most student loans do not require good credit. In fact, the student loans you receive based on financial need do not require any type of credit check! Other student loans may require a credit check, but only for the purposes of determining your interest rate.
No credit check student loans are more common than anyone believes. These loans are generally provided based on financial need, and credit never comes into play. The government wants you to get an education, and therefore programs are in place to make that dream a reality. This is true for everyone, no matter your credit or your background.
The most common place to find no credit check student loans is through your school. The school you will attend should have their own fully staffed financial aid office. The sole purpose of this department is to help people like you find funding for college.
Most schools will have preferred lenders in which they automatically send your applications and information. Most of these lenders will offer no credit check student loans. Why? Because the schools want money! The more banks they can work with, and the more students they can get funding for, the higher the number of students that can enroll in classes, thus equaling more money in the university's pockets.
Another place you can check for no credit student loans is with private lending institutions. Some of these institutions, especially if you have a previous history with them, will not run a credit check for your student loans. Additionally, you may be able to negotiate a student loan without a credit check.
Negotiation is simply. Lenders appreciate the need for a higher education, and they are more than willing to lend money for college. If you do not have good credit, most institutions will allow you to receive a student loan without a credit check in exchange for agreeing to a higher interest rate. This is really not a bad deal, especially when you consider the refinancing options you may enjoy later in your academic career.
In the end, it doesn’t matter what your credit is like when you get those first student loans. Your credit will raise naturally over the course of your academic career as your student loans provide you with a natural means of credit. You will soon find that additional loans need not be no credit check student loans.
No Credit Check Student Loans Explained
Student Loan Alternatives--My Rich Uncle
Recent studies have revealed that some colleges and universities have been guiding parents and students toward a limited group of so-called "preferred lenders"--lenders that, in many cases, do not offer the best interest rates and terms. Not only is this action anti-competitive, but it is unfair to students who do not know that they could get better rates by going elsewhere.
MyRichUncle is an option that college students may wish to consider. They claim to be outspoken advocates of fair and honest practices in the student loan industry.
Here are a few reasons why you might want MyRichUncle on your student loan consideration list:
Their direct approach is free of conflicts-of-interest.
They eliminate the middleman and go directly to students and parents.
They do not market their loans through financial aid offices.
They do not provide financial aid offices with incentives.
As a result, their customers get better rates.
MyRichUncle was the first company to cut interest rates on federal loans below the government's set maximum when students begin repayment. They present some of the lowest-rate private loans around. And, with PrePrime (their "holistic" approach to loan evaluation) they provide students with more opportunities to prove they can be responsible borrowers.
MyRichUncle is just one of the many businesses that college students have to choose from to acquire a student loan. REMEMBER Always do plenty of research before making your decision. This can save you much expense and heartache.
You can find out more about MyRichUncle by clicking the link or by emailing them at Info@MyRichUncle.com. Messages received during the business day are usually responded to within 1-2 hours.
Help With Your Student Loan
Help With Student Loans For College
Are you looking for student loan debt relief? It’s a great accomplishment to graduate from college, but when you come out with a huge burden of student loan debt, it doesn’t help you start your new life off on the best foot. Many students graduate with $20,000 or more in student loan debt.
When you are first starting out it can be hard to earn enough income to cover all of your living expenses, plus pay down your student loan fast.
Often, students will struggle to pay back their loans, and sometimes they default on the loan altogether. This is a bad move because it will damage your credit rating, and nowadays some employers check your credit as part of the hiring process. Don’t let this happen to you – find student loan debt relief options that will help.
Student Loan Debt Repayment Options
When it comes to paying off student loans, you have some options for student loan debt relief. Make sure you understand your budget so you can develop a realistic financial plan that you can stick with.
Typically, you will have a grace period following graduation, before loan repayment is due. This is usually about 6-9 months following the end of your education. And, some loans will require repayment only of interest, starting immediately.
Obviously, you will want to find a job so you can begin saving money to begin paying down the loan. This is a good time to start setting aside money and getting in the habit of paying the loan payment each month, even if it isn’t due yet. Discipline is key to repaying student loans.
If you are struggling to make payments, here are some options to explore for student loan debt relief:
* Look into alternative repayment programs. For example, see if you can get an extended loan term to decrease payments by extending your loan over a longer time period.
* Apply for an economic hardship deferment to see if you can reduce or suspend monthly payments. Visit www.finaid.org for more information.
* Federal loans that are granted through the direct loan program may qualify for an income contingent repayment plan. Or, they may qualify for an income-based repayment program, with payments that are arranged based on your income.
* You can contact your lenders and find out if you can lower your interest rate, or you may be able to get a debt consolidation loan.
* Don’t just ignore the loan or stop making payments, you could end up with wage garnishments and damaged credit rating.
* If you have suffered an accident or disability, you may consider requesting a loan cancellation. Military personnel may also qualify for a cancellation in student loans.
* If you have fallen on hard times, but you previously paid your monthly installments in good faith, you may also qualify for a postponement in payments. This is called a deferment request.
* A forbearance is another option. This allows you to temporarily reduce your payments until you get back on track.
What if You Do Default On the Loan Repayments?
Are you falling behind and defaulting on the repayments of your student loan? If you do default on the loan your creditors could require full repayment of your debt, or they could turn over the debt to a debt collector. As a consequence, you could even incur late charges and collection fees, as well as damaged credit.
In case your loans already entered the default status, don't worry. You still have hopes. Simply contact your lender to make an arrangement so you can begin to repay the loan.
After you have made twelve student loan debt payments and received "rehabilitation" status, you will no longer be considered in default. Credit bureaus will eliminate the default record from your credit reports.
Student loan debt relief can be accomplished by working with your creditors and lenders to find a solution that works for you.
UK Financials Ltd introduce Student Debt Consolidation Loans
UK FINANCIALS LTD introduce Student Debt Consolidation Loans: a Convenient Consolidation Option for Students
Get Rid of Multiple Debt Problems
Deficiency of cash compels a student to take loans to complete his/her higher studies. But those loans may have higher rate of interest and also spiraling costs make them higher. Hence, it is ideal for a student to avail student debt consolidation loans. These loans have low rate of interest making repayments easier and comfortable for students, who can now lay more emphasis on studies and achieve the much coveted degree instead of thinking of repayments and increasing costs.
Debt consolidation refers to the process of combining all your loans into a single big loan which you can pay off in easy installments over years. You can opt for either secured debt consolidation where you place some collateral with the consolidation company against the money they spend to takeover your loans. With the sole purpose of consolidation debts of student, the student debt consolidation loan has been planned and introduced by the lending institutions. It does not matter from where you have borrowed money to meet your end, student debt consolidation loans knot all the debts of borrower and repay them in a single amount.
The main purpose behind student debt consolidation loans is to help him out to combine and pay off all his earlier debts through a new single debt which is payable with a single rate of interest. It is obviously a good choice to have single loans instead of multiple ones. The main reason why student gets debt is with the fact that he takes multiple debts the result of which is shown in his multiple debts. So, while evading multiple debts, these loans serve as a true ally.
Under debt consolidation loans, all the loans are added up and a fresh loan is issued in the name of the borrower. The old loans are paid off and only the new loan is continued. It is advantageous for the borrower as the new loan has less rate of interest which makes monthly repayment less than before. It is an advantage for the previous lenders as all the small loans are paid off. As the monthly repayment is less than before, the borrower makes timely repayment which is also beneficial for the current lender.
These loans offer debt consolidation loans to everyone. They are open to both the kinds of people, those who are capable of pledging collateral and those who can not. However, in terms of secured loans serve better facilities like easy terms as well as cheap rates because of the collateral attachment involved. This loan is indeed a better option to deal with debt related issues. The interest rates are kept marginal which help borrower to pay less on monthly installments. It provides a lot of mental relief to the borrower as he is not required to answer the multiple creditors. With a low interest rate, borrower gets to save a lot of interest money which can be maneuvered to fulfill other purposes. Rates of student debt consolidation loans, in fact remain always cheap because of their availability online where they have to be cheap enough because of the high competition prevailing among the lenders. These loans are also fast at an unmatched pace while online.
Debt consolidation loans will be processed quickly and once your loan has been approved your money will be made available as soon as possible so you can get your finances back on track. Talk to a UK Financials Ltd. adviser to discuss your situation and they will help you decide the best option for your situation. Debt consolidation loans will be processed quickly and once your loan has been approved your money will be made available as soon as possible so you can get your finances back on track.
Why Choose UK Financials Ltd.?
• Borrow £1,000 to £100,000
• Borrow over 3 to 25 years
• Simple, fast and straight forward
• Free yourself from unwanted debts
UK FINANCIALS LTD is one of the best online loan arranger; just to fill up it’s a simple application form and within few hours of his applying loan amount credited direct to his account in a very least time span. Ravi Mishra is a senior author in loans, where visitors can get useful information and apply for any type of loans online. For further information about Student Debt Consolidation Loans visit: http://www.ukfinancialsltd.co.uk
UK Financials Ltd,
501, International House,
223 Regent Street, London - W1B 2QD
0203 051 4841
Countrywide Home Loan Modification - Should You be Concerned?
In July, 2008, Bank of America bought Countrywide Bank, a major mortgage lender. Homeowners whose mortgages were held by Countrywide heard of its plan to offer refinancing or loan modifications to help homeowners struggling to pay their monthly mortgage. These homeowners need more information about the process in order to learn what it will mean to them and who qualifies.
Countrywide has a bad reputation as a mortgage lender. In 2009 the State Attorney General sued Countrywide for predatory lending practices. A goggle search will find many negative postings from customers who were not happy. One of the top complaints stemmed from the fact that different customer service representatives seemed to have different information and much of what the customers were told were contradictory. This lack of communication meant that homeowners were charged extra money and time was wasted.
After the lawsuit, Countrywide issued a press release, announcing a new plan to help troubled homeowners quickly. For loan modifications, the goal was to reduce monthly payments so they would be 34% of the homeowner's monthly income, making the mortgage bill more reasonable. These modified loans included a step-rate interest payment over time. In order to qualify for this program, the homeowner has to be living in the house on which the mortgage is held.
There are many ways Countrywide plans to modify these loans. For FHA loans, there is HOPE for Homeowners, a refinancing plan that lets people without very much home equity refinance their home through an equity-sharing program. If the homeowner does refinance through HOPE and later sells the home, a sliding scale is applied to determine how much of the home's equity will be given to FHA after the sale occurs. There are other options regarding loan modifications such as interest rate reductions along with principal reductions, which would restore equity.
Despite Countrywide's sketchy past, if you have a mortgage with Countrywide the best thing you can do now is move on. Seek a loan modification if you feel your payments are too high in comparison to your monthly income and don't wait for someone to approach you, take charge. Bank of America is working to change the image Countrywide has acquired and their new plans of loan modification have been put into place since the lawsuit. Now Countrywide regularly reviews mortgages and sends letters to homeowners who are 60 days behind in their payments. In this letter they outline their new loan modification policy.
If you have concerns about your mortgage loan adjustment from Countrywide you can find out about your eligibility and the process to apply for a loan modification.
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Home Loan Modification Hardship Assistance - Early Advice is the Key to Home Loan Modifications
Loan modifications are nothing new; they have been available to borrowers for a long time. Recently they have increased in popularity due to the implementation of President Obama's Making Home Affordable Act which outlines the process of streamlining these renegotiations. That is why we hear so much about them these days. If you are interested in investigating a loan modification, read about your options and what can be done to help you.
If you are finding it hard to pay your mortgage bill each month, don't just sit back and wait until you finally default on the loan and foreclosure takes place. Take matters into your own hands and make an appointment with a financial counselor to discuss what you can do about your own unique situation. You can find people who will help you for free and there are some who charge a fee. HUD-approved charity groups offer free counseling. However, given the demand of such services, many loan modification companies have been developed.
However you proceed is your choice, both paid and unpaid advisors have pros and cons. You will also find that some organizations have lawyers with whom they consult and other do not. It is better to pick an organization that has an attorney associated with it so someone is available to work with you to get a loan modification.
When you consult with a for-profit company, be careful. Just like there are many people desperate for financial help these days, there are greedy people willing to use tragic circumstances to line their own pockets. Pick a company with a good reputation, good customer service and good credentials. Check with the Better Business Bureau and only use a company that is in good standing with them.
The first thing you need to do is meet with a counselor. Take with you all necessary financial documents and be ready for a consultation. The counselor will assess your situation and offer you some advice depending on your circumstance.
If the counselor decides that a loan modification is a good option for you, then s/he will help you compose your hardship letter. In this letter you will explain to the lender why a loan modification is needed. Reasons could be layoffs, natural disasters, a death in the family, divorce, or a medical condition. Be concise. Your counselor will assist you in writing this letter and attach the required documentation. It is important that you have an experienced organization working for you and advocating on your behalf since this is a very confusing and detailed process.
If you have lost control of your mortgage, request loan modification hardship assistance. You can get some free advice about selecting and applying for a loan modification company from many sources.
What Customers Should Know About Chase Bank Home Loan Modification
Are you finding it harder and harder each month to make your mortgage payments? Are you worried about losing your house through foreclosure? There is an answer, your loan insurance company in conjunction with you lender determine when and if you can begin to seek a loan modification. A Chase Bank Home Loan Modification may be just what you need.
Before starting any process, you must find out who insures your loan. Lots of homeowners don't know who this is, since they have never needed to know this. You can simply call Chase Bank to find out. If your insurer is Fannie Mae or Freddie Mac, you probably qualify for a government initiative, the President's $75 Million Homeowner Stability Initiative. This program, which works with borrowers and lenders, will reduce your mortgage payment to just 31% of your monthly before tax income.
There are, of course, some conditions:
* You must be an owner-occupant
* Your debt must be no higher than $729,750
* Your mortgage must be initiated prior to 2009
* You have to be paying more than 31% of your gross income
* Your loan cannot have been modified before
If you need some help getting back on your feet financially and you think you might be eligible, consult with a financial counsellor. This President's plan was initiated to help both borrowers and lenders get financial relief. These loan modifications will give borrowers a better rate than the one they are getting through their bank.
If you loan is not insured through Fannie Mae or Freddie Mac, you still have alternatives. Chase Bank offers its own loan modifications. Before accepting foreclosure, investigate this option. Again there are conditions similar to the government program. The only difference is there is no cap on the debt left on your mortgage and your payments may be has high as 40% of your gross income. The monthly payments will be higher since there is no government financing. If you qualify, Chase will request you send a complete application package that includes your tax returns, pay stubs, bank statement and a financial statement along with a hardship letter.
Either way, through the government program or through Chase bank, a loan modification is a much better alternative than a foreclosure since you will be able to keep your house and not damage your credit rating.
Should you be struggling to pay your mortgage, see if you are eligible for the government or Chase Bank home loan modification program.
Home Loan Modification Financial Hardship Assistance - Advice For Those in Need
Loan modifications have always been a possible solution for financial problems, but they have become more popular recently due to the passage of President Obama's Making Home Affordable Act. Along with this Act, the process has be simplified and it has become easier to be approved. It is worth the time taken the time to investigate this plan.
If you are experiencing financial problems, don't put off this investigation. Take control of your situation and discuss your circumstances while you still have some options. You can get advice free from a non-profit organization or you can employ an agency. Free service is proved by HUD-approved organizations. Recently many businesses focusing on helping people access a loan modification have been formed in the last while as this option has become more popular.
Both free and for-pay services have pros and cons. Some include legal services and if possible, pick one of these since you may need legal help to get a loan modification.
Remember when you are using a for-pay service, there is the chance you will fall victim to unscrupulous people who are willing to take advantage of people in their lowest hour. Research the company and pick one that has a good reputation and is in good standing with the Better Business Bureau.
Start by making an appointment with a counselor. Bring any important financial documents. The counselor will look at your present circumstances and discuss your options with you, highlighting your best choices.
If a loan modification is the best choice, the counselor will instruct you on writing a loan modification hardship letter. This letter tells your lender why a loan modification is necessary in your circumstances. Some credible reasons for having difficulty are unemployment, natural disasters, death, illness, divorce or other unforeseen negative events. Your letter should be concise and accurate. Your counselor will help you write it, send it along with any other necessary documentation to the lender and advocate on your behalf as well as work you through the process.
If you are finding paying your mortgage bill each month is a source of stress and is taking all the joy out of life, seek Home Loan Modification Hardship Assistance. You can learn more for free here as well as find out how to work with a loan modification service.
Online Mortgage Companies: Providing Affordable Home Loans
When the housing market crashed, people all over the United States were thrown into a state of crisis, many of them at risk of losing their homes, and many more thrown into foreclosure proceedings. For those of us who had their homes financed heavily, the crisis was indeed something terrible to deal with. Good has come of this tragic bubble burst, however, in the form of home prices that we have not seen for perhaps a decade.
People who were not homeowners when the financial bubble started to go were not completely unaffected adversely by the drastic change, however these people may also have found themselves in a position that they did not expect to see themselves in for years to come; these people found themselves with the financial wherewithal to purchase a new home.
As housing prices have dropped through the floor, those who have managed to weather the financial storm were left with their savings intact, and a wide choice of properties from sellers who were desperate to have someone take the properties off their hands. These buyers may have eschewed the traditional mortgage lenders, and for good reason considering their recent track lenders, and may instead have turned to companies that may have had a slightly shadier image in the past.
It is easier to set up a fake or otherwise fraudulent online mortgage company than it would be to create a brick and mortar company with the intention to deceive. It is easy, as most of us know, to be anyone we want to be online. But those companies offering valid mortgages online may have a small advantage over companies that work exclusively out of their mortgage offices.
Lower Overhead for Online Lenders
An online company has significantly lower overhead than a brick and mortar office, with less space needed (since there is little need to entertain and impress customers), fewer staff because of the fewer branch locations, and less physical property, since the actual business of the loan can be conducted online. Every expense that can be spared, from letterhead to business card holders, is more potential profit for the lenders, or less that they have to charge their customers in order to make even an average profit.
The savings of running a business online can be passed down to the people who are looking for a home loan, and mortgages can be found at a lower rate online than a traditional brick and mortar lender might be willing to offer. This means that now is one of the best times in recent history to search online for a home lender and to apply for a mortgage.
Risks of Dealing Online
Although there are many good reasons to go with an online lender, it should also be mentioned that there are still scam artists aplenty who will take your money if you are not careful. A mortgage is a huge loan, and you need to be careful who you are dealing with, and where you send out your information.
Check with the Better Business Bureau to find out if there are any complaints against your online lender, and try to work only with lenders that your family, friends, or co-workers can recommend to you from their own experience. If your lender makes you uncomfortable, address the problem before you move on, or you may regret the experience of choosing them.
Weighing the Options
While it is easy to accuse online lenders of being thieves or cons, the record of the big names in home lending do not have such a shining reputation at this time, either. Some of the biggest names in mortgages have bought and sold trash loans, falsified information to give loans to people who should never have gotten them, and encouraged fraud on many levels, all in the name of profit.
Online lenders are stepping forward to help people get the low rate loans that they deserve and to put people into homes at a bare minimum of expense in this difficult economic time. If you are considering buying a home, look into online lenders, but beware interest only payments, adjustable rate loans, and being asked to slightly alter your financial information for their records. These are the kinds of unscrupulous behavior that put us all at risk in the housing crisis, and the resultant loans can be dangerous for consumers.
For the educated buyer, however, an online home loan at a discounted rate might be the ideal way to move into a new property.
Unsecured Tenant Loans: Easy Financial Support For Non Homeowners
For the people living as tenants, economic slump is definitely have a tough time fulfilling their financial priorities. Cost cutting results in job losses which force them to face shortage of funds due to inadequate salary. Additionally, availing external fiscal support is not just as easy as they do not have some important collateral to place against the borrowed amount. In such condition, you can apply for unsecured tenant loans. With these credits, non home owner can derive desired funds to fulfill all their needs and aspirations.
The loan approval is free from the terms of attaching any collateral for approval. Thus, they are highly accommodating for the people who are not in any position to pledge any asset or who do not want to keep collateral. The approval for these loans depends upon solely on the applicant’s monthly income and bank balance.
In the nonattendance of guarantee, the approval process too comes quickly; as the process of evaluating the collateral does not take place to waste a great amount of time. Without any guarantee, you can borrow funds from the ranges £1000 and £250000. Come to the repayment terms, in small and affordable payments, you can return the borrowed amount within one to twenty years.
Eligibility conditions for tenants loans-
• You should have citizenship of UK.
• Your age should be above 18 years.
• You have good earning option.
• Must have some security to keep as collateral.
• Must have an active bank account.
• Must have capability to return the borrowed amount on time.
The derived funds can be utilized for multiple expenses which include wedding, purchasing a car, purchasing a home, debit consolidation, covering higher studies cost, urgent medical bills, renovating home and vacation as such. Amount is you’re so you can use it according to your financial demands. The rates of interest are slightly higher, as lender has no security to get his money back.
How Student Loans Came To Be
Today student loans are almost a given for college kids heading off to school. Few parents have the financial resources to pay all of the tuition for their children, and so most students fill out a FAFSA and apply for loans. This has not always been the case, however. Student loans are quite a modern invention.
The first recorded student loan program was developed by Harvard University in 1840. These early student loans were private loans that were not funded by the government. In 1935 the state of Indiana's General Assembly passed a law that provided student aid to students who had high test scores on their college entrance exams. This led to the formation of the Indiana State Financial Aid Association, or ISFAA, which was followed by the opening of the first Financial Aid office in Indiana University. Soon other colleges joined the ISFAA, and Indiana students had a new way to pay for school.
On October 4, 1957, Russia launched the first successful satellite into space. This had a huge impact on the history of financial aid in America, because the American government suddenly realized that they were in a race to put the first person in space. They realized that they only way to succeed in this race was to ensure that as many high school graduates as possible attended college, a feat which was out of the financial resources of many. With guidance from the ISFAA, the federal government created a working financial aid program.
After World War II, Congress passed the National Defense Education Act. This act introduced the Perkins Loan, a low-interest student loan that is provided to low-income students and has a 10-year repayment period. This was the first federally backed student loan, and more would soon follow. In 1963 the Health Education Assistance Act provided loans for students pursuing degrees in medical and health fields. This was followed by what is now known as the Federal Work-Study Program, a program that allows the federal government to pay the wages of working students.
By the end of 1965, Most of the student loan programs we use today, such as the Stafford Loan, Work-Study Program, and Perkins Loan, were in place. As the cost of education continued to rise, the government introduced the Parent's PLUS loan program in 1981, a program that allowed higher-income families to get assistance in paying for school. Today, these loan programs allow many students to pursue an education when they would otherwise be unable to, making them a valuable resource to our country as we strive to continue as a global leader.
The Great Student Loan War
There is currently a great schism going on in the student loan industry - a war if you will. The question is how funds will be allocated and who will benefit.
For such a noble purpose, the student loan industry has certainly had an overtone of negativity. It is a highly profitable business to be in and competition has resulted in many scandals. The question now is whether the entire system needs to readjusted or not. In the opinion of President Obama, it does. The banks in the industry feel the opposite.
To understand the war underway on student loans, you first have to understand a key factor in how the government promotes their use. As with many financial tools, the government does not primarily give money directly to students. It does a bit, but mostly subsidies the lenders to make sure there is money on the market. This is a hugely profitable situation for lenders.
President Obama has noted that it ends up costing taxpayers far more to use this middleman process versus just making direct loans to students. Some estimates put the cost of using lenders at roughly $9 per $100 loaned versus a cost of less than $2 per $100 lent with direct loans. With this in mind, President Obama wants to end subsidies to lenders and reconfigure the scenario to a situation where loans are made directly to students.
As you can imagine, the banks and lenders are up in arms over this. They face the loss of their golden goose and are hiring lobbyist right and left to fight the measure. There is really no good reason for the subsidies, so the banks have fallen back on the claim that the new approach will cost jobs. Sallie Mae went so far as to pull back 2,000 jobs it had sent overseas to show how concerned it was. Of course, the company didn't really get into the fact it had sent those jobs overseas in the first place, but there you are!
The student loan plan of President Obama is expected to save between $90 and $200 billion dollars if he can get it passed. That money is earmarked to be converted into direct loans to students. In short, the question is whether we should give the money to the banks or to the students. I know where I come down on that one.
Private Student Loan Consolidation, Is There A Best One?
Private student loan consolidation cannot be generally mixed with federal student loans due to the low interest rate on the latter. However, there are several options open to refinance the private student loans by replacing them with another.
The main advantage of doing this is that instead of making several monthly payments, only a single payment is made every month that may be reduced although this will cost one in terms of higher interest amount paid because the single loan may be for a longer period of time.
There is a way to secure a lower interest rate. The private student loan is based on the credit score. If the credit score has improved by 50 to 100 points due to the fact that you have graduated and have a job, then you will be rewarded with a low interest rate.
Another way of getting a better deal when considering a private student loan consolidation is to talk to the holders of your debts. They may be willing to negotiate with you and cut down your interest rate so that they can keep you as their customer.
This type of loan also incurs the same interest that the home equity loan has. You can have a home equity loan at a fixed rate, thus locking in the low interest rate. However sometimes a variable rate looks attractive as long as you can watch it and lock it the moment it is on an upward trend.
Study carefully the terms of the agreement. Find out if the interest rate is variable or fixed. Ask also about fees and if there are prepayment penalties. Find out how much they are for each of the following lenders. Write them down so you can get the best deal from among the following list and whatever other companies willing to do the private student consolidation loan with you:
Key Education Consolidation Loan - $75,000 maximum for non-key debt, $7500 minimum, 10, 15, 30 year repayment term, no prepayment penalty and no fees
Citi Student Loans - $75,000 maximum, $7500 minimum, choose fixed or variable rate, up to 30 year term rate, rate reduction after 48 monthly on time payments, no prepayment penalty
Study carefully the terms of the agreement. Find out if the interest rate is variable or fixed. Ask also about fees and if there are prepayment penalties. Find out how much they are for each of the following lenders. Write them down so you can get the best deal from among the following list and whatever other companies willing to do the private student consolidation loan with you:
Key Education Consolidation Loan - $75,000 maximum for non-key debt, $7500 minimum, 10, 15, 30 year repayment term, no prepayment penalty and no fees
Citi Student Loans - $75,000 maximum, $7500 minimum, choose fixed or variable rate, up to 30 year term rate, rate reduction after 48 monthly on time payments, no prepayment penalty
Study carefully the terms of the agreement. Find out if the interest rate is variable or fixed. Ask also about fees and if there are prepayment penalties. Find out how much they are for each of the following lenders. Write them down so you can get the best deal from among the following list and whatever other companies willing to do the private student consolidation loan with you:
Key Education Consolidation Loan - $75,000 maximum for non-key debt, $7500 minimum, 10, 15, 30 year repayment term, no prepayment penalty and no fees
Citi Student Loans - $75,000 maximum, $7500 minimum, choose fixed or variable rate, up to 30 year term rate, rate reduction after 48 monthly on time payments, no prepayment penalty
Educated Borrower Private Consolidation Loan - $300,000 maximum, $7500 minimum, up to 30 year repayment term, no prepayment penalty and 0 to 5% origination fees
Sallie Mae Private Consolidation Loan - $275,000 maximum, $5000 minimum, 15 to 30 year repayment term, choose between fixed and variable rate, no prepayment penalty and no fees
SC Student Loan - PAL Consolidation Loan - $150,000 maximum, $5000 minimum, 10 to 30 year repayment term, choose between fixed and variable rate, no prepayment penalty and no fees
Next Student Private Consolidation Loan - $300,000 maximum, $7500 minimum, up to 30 year repayment term, no prepayment penalty and 0 to 5% origination fees
Make sure when you are considering to go this route that you clarify all the terms of the agreement as the above may have changed and that all are put in writing and signed by both parties. The best one is the one that fits your needs. There you have some of the possible lenders and the other options when considering to do the private student loan consolidation.
Loans For Unemployed Student - The Best Financial Solution For Student
Being in UK it is not easy to pursue higher education without any extra financial help and if they think about taking a loan then the main problem which comes before a student that they don’t have a fixed income source. But now this problem has been resolved and a student can go for a loan option without any hassle. Loans for unemployed student are such type of loan which provide financial backup without requiring a job.
These loans are beneficial for the students who like to pursue high education. They can opt for these loans and can pay it latter after completion of the study. Loans for unemployed student are also for the students who have imperfect credit score. They will not get rejected due to the bad credit history. The best part of these loans is they come very cheap. Due to the education loan lender keep interest rate low.
Students who are interested in taking out the loan can avail the loan upto £25000 depending upon their financial condition. You get the time period of 6 months to 10 years to repay the loan amount. You can easily repay the loan once you complete your study. After getting the loan amount you can use the money the way you want. You can pay your examination fee, purchase new books, paying collage or school fee, join professional course, and debt consolidation and so on.
You just need to provide some basic information about yourself like your name, residence proof, contact number, bank details and so on. Once you provide these details lender allow the loan without wasting the time. You can avail the loans for unemployed student through online mode. There are various lenders available in the online market. You just need to choose a right lender for you.
Small Business Loan Programs- Does The New Obama Bill Help?
At the end of September, Congress gave President Obama a bill theoretically crafted to help small business loan programs and small business lending. The bill, which had been enthusiastically contested by Republicans throughout the year, was a dramatically pared down version of a proposed bill at the beginning of 2010.
The real question is, does this bill really help small business get the working capital they need? In theory, the bill nurtures small business lending via the Small Business Administration guaranteed loan programs. Normally, these programs guarantee anywhere from 50-70% of a small business loan against default for the lending institution that makes the loan. The new bill raises this guarantee to 90% in some cases, in theory lowering the risk of default and putting community banks in a better position to take on these loans.
However, whether this helps or not is a matter of heated discussion. The problem is not that banks do not have the capital to lend. With all the government stimulus that has been directed at the banking system, banks are flush with cash. The problem is really one of perception, attitude, and outright hard facts. Whereas three years ago, banks were lending with impunity and making bad loans to business, they have now over-corrected, obviously made cautious by the harsh default rates and bank failures of the last few years. It is a classic '"standoff" situation, where everyone from large banks, community banks, businesses and consumers are waiting to see who will make the first move in beginning to loosen loan approval requirements and spending habits.
Likewise, businesses are waiting to see when consumers will feel confident enough to buy the goods and services that their businesses have to offer. Consumers are waiting to see when there financial situation will stabilize enough to begin their spending. So in the meantime, everybody continues to wait, and the uncertainty drags on. Unfortunately, no 'small business" bill that can fully address this perception.
Making it easier to utilize small business loan programs and making it less risky for banks to lend is one thing, but the government cannot force banks to make loans to business. Added to this fact is that banks are more concerned of ever over tight oversight that has been imposed since the financial crisis began, worried that even a small uptick in defaults will result in federal regulators sitting in their offices for months on end, sifting through every detail of operations in effort to find wrongdoing or bad management.
The bill also provides a series of targeted tax breaks for small businesses, specifically directed at removing payroll taxes for hiring new workers,the ability for Alternative Minimum Tax businesses to claim the R &D tax credit, and tax cuts for restaurant owners and other small businesses who chose to renovate or build new facilities. Certainly tax cuts are always welcome, but in this case they only really apply if a business is planning to spend additional money on hiring, expanding or doing R &D.
Small Business Loan programs are not in short supply. What is in short supply is the proper volume of customers to make approval for such programs a reality for small business seeking working capital. Until the perception of risk changes for consumers, this problem will be a difficult one to alleviate, no matter how many pieces of legislation are passed
How To Get A Working Capital Loan If Business Credit Is Damaged
A lot of small and medium sized businesses and retailers have discovered themselves in a pinch of circumstances regarding finding a working capital loan to fund their expansion, advertising, or just continuing to remain paying necessities like operations and payroll.
If you ask the Small Business Administration (SBA), the businesses in need of investment capitol can go directly to the SBA, or they can apply for a loan from the major banks that this agency will guarantee loans with. SBA backed loans are tailored for small or medium sized businesses and will usually have the best rates and terms. Businesses owners need to understand that this loan is not a quick fix solution. The processing of the loan may take several months to complete. The approval of such loans in this recently restricted credit environment is usually difficult unless you are one of the most credit worthy business owners.
If you own a business that has made an investment in numerous physical assets such as computers, industrial equipment, and office furniture can get secured loans and use these valuable assets as collateral. This loan is secured and therefore the credit of this business or owner may not be a primary qualifier like in the SBA working capital loan.
These loans are typically structured to be longer term like an auto loan spanning three, five, or seven years. There are many factors that the interest rates on these loans will vary upon. These factors may include (but are not limited to) the kind of equipment you have secured against, the kind of business, and other miscellaneous factors. If you get this type of loan, you are agreeing to let the lender repossess your loan against equipment if the business is closed or liquidated before full payment is made. If you are looking into getting this type of funding for your business, contact a loan broker.
If you accept credit cards and are unable to get funding through the bank, a CCRF (Credit Card Receivable) loan can be the answer. This kind of financial assistance is based on the businesses past credit card receipts. This kind of assistance is similar in nature to a merchant cash advance. These interest rates are higher than a SBA loan but rates are (overall) lower by 50-80% over a merchant cash advance. These loans have no additional or hidden requirements like buying a new terminal or switching card processors. You can own a business maintaining a minimum owner credit score as low as 550 and still be approved.
If you are looking into a working capital loan, you want to review every option for your business. The recommendations listed give a few options that are available for different types of businesses
Where To Get A Loan For Business: Even If The Bank Says "No"
It has been extremely difficult in the last few years for business owners to get a loan for business. Many businesses with good credit, financials, and business plans still can get denied credit for the best SBA backed loans are larger commercial banks, credit unions or savings and loans.
This leaves many businesses to search for new options when they may never have had to in the past. A commercial mortgage broker or commercial loan broker is always a good place to check. They may have options for those entrepreneurs who own their property or have a lot of equipment associated with their business. Either one or both can be used as collateral for a financing. However, these loans may also take upwards of 3 months or more to fund and require extensive documentation and appraisals, so be aware of this time constraint before trying this option.
For those businesses that accept credit cards, a merchant cash advance may be a quick option that requires little documentation and can fund quickly, often in a week or less. While these merchant cash "advances" are convenient and can often help businesses in a variety of difficult credit situations, it is important to remember that often they can have high upfront fees, and interest rates that exceed 50%. Additionally, they also come with heavy-handed requirements to switch credit card processors or purchase new swipe equipment. Also, because they are not technically loans, but cash advances, there is no legal limit to the interest rates and fees being charged.
There is another option for businesses that accept credit cards and may have difficult credit and still need to get a loan for business. This option is characterized by:
Interest rates that are 50-80% lower than a merchant cash advance
No upfront fees
No requirement to buy equipment
No requirement to switch processors
Owner credit scores down to 550. Maximum loan amount of $500,000
a true, regulated business loan that can build positive credit history, unlike a merchant cash advance.
While it may be harder for retail owners to get a loan for business, there are cost-effective options out there for businesses that need working capital but cannot meet the restrictive lending requirements of the Small Business Administration or their local bank. The important point to remember is that not all options are the same, and some may affect the long term health of the business in unanticipated ways.
Loans To Small Businesses- The SBA Business Loan
The SBA has many loans to small businesses. One of the most popular SBA business loan programs is the SBA CDC/504 program. The other is the SBA 7(a) program. Businesses who are interested in applying at their local bank or non-bank lender need to know as much as possible about what will be required prior to applying so they can be prepared. Below you will see the different requirements and information regarding this small business loan.
Loan Program- SBA CDC/504
Target Businesses/Borrowers For this Program-This program is designed for those small businesses that are already established and operating at a profit. The business cannot exceed a "tangible" net worth of $7.5mm to be eligible for this program and cannot exceed a net income of $2.5mm for the most recent two years. The purpose of this loan is long-term economic development within a community. The program is geared toward those businesses with "brick and mortar" operations with long term, fixed rate funding. CDC's are certified development companies that work within a specific, designated community to help provide business financing along with the SBA and SBA approved lenders within that community.
Use of Funds- The SBA governs how the proceeds from any loan disbursed through this program. Below are some of these requirements.
Purchase of land or improvements to existing structures including buildings, landscaping, street improvements, etc
Construction of new facilities or improvement of existing facilities related directly to the business.
Purchase of long-term machinery used in the business
Maximum Loan Amounts- The maximum loan amounts can vary from $1.5mm to $4.0mm. Generally speaking, loan amounts rise if a project meets specific public policy goals such as community revitalization, job creation or community redevelopment of a business district, minority ownership, etc. See the SBA site for full details. Interest rates are pegged to a specified amount above US treasuries.
Credit Criteria- A personal guarantee by all principals with all supporting documentation is mandatory. (see above under 'Types of Documentation Needed') Additionally, the SBA will place a lien on the project being financed as collateral. This lien remains in force until the loan is paid.
How To Get A Loan For Business: Did Your Bank Say "No"?
For many business owners in today's economy, it is becoming increasingly difficult to get a loan for business. The normal channel of the local business bank has been all but shut down due to tightened underwriting conditions and difficult approval standards. Additionally, many businesses and business owners have suffered through negative credit ratings due to the economic situation.
For these business owners, there are few options outside of borrowing from friends and family, taking out an equity loan on their house, or accepting the offer of a merchant cash advance from their credit card payment processing company.
These unregulated "advances" are not true business loans. Legally they are considered "cash advances" which means that the cash advance provider can charge any interest rate they desire. They can also change these rates at any time during the repayment period on the loans. It is not uncommon for cash advances to businesses to have effective interest rates above 50%.
Additionally, many merchant cash advance providers will charge hefty upfront fees as a condition of receiving the money. They also will require merchants to switch payment processing providers or purchase new swipe equipment as an additional requirement. While often advertised as "unsecured" and "not based on credit", it is important to realized that merchant cash advances are not secured on the business owners credit, but they do often file a UCC (uniform commercial code) lien against the business.
This means that if the business is ever sold, the cash advance company has a legal claim to the proceeds of the business before the owner receives their money.
However, there is now a better way for a business to get working capital quickly, even if their business credit is less than perfect. This new type of business loan is called credit card receivable financing or CCRF and is characterized by:
Interest/Factor rates that are 50-80% LOWER than a merchant cash advance on average
No need to switch credit card processors - stay with existing processor
No need to buy any additional equipment
No upfront fees
Owner credit down to a 550 score
Maximum loan to $500,000
A regulated business loan that builds true business credit is subject to state laws regarding maximum interest rate.
Approvals in 48 hours: Fundings in 7 days.
In today's difficult business environment it is time that businesses finally have a cost effective way get a loan for business. To find out more about this new, lower cost business loan click below.
Student Loan Modifications Can Provide Affordable Payments
While a student is enrolled in school, their student loans can quickly accumulate into the tens of thousands. Once their education has been completed, the monthly payments can often be burdensome. However, by using a student loan modification, borrowers can reduce their student loan payments to make them more affordable.
Lack of Employment
A graduating student may not always find a job right away. Although there is normally a 6 month deferment period, the looming student loan payment can cause a lot of stress to an unemployed individual.
Even when students find a job, it is typically an entry-level position and does not offer the highest rate of pay. This can lead to a stressful life that involves a constant juggling act in deciding which bills are going to be paid one month and which ones will be skipped another month.
Changing Circumstances
Sometimes former students can manage their student loan payments until they face changing circumstances. For instance, a borrower may find their hours reduced, they can laid-off, fired or have other extenuating conditions. In this type of situation, a borrower would need to have a student loan modification in order to make ends meet.
Returning to School
Many students will work for a year or two and then decide to return to school to obtain a higher degree. This is usually the result of an employer-paid education programs that make it free to go to school. Yet, even when this occurs, the current student loan payments can become overwhelming when the borrower is working fewer hours in order to attend school.
How It Works
A student loan modification can result in a temporary extended deferment period, extended repayment period, an interest rate reduction or forbearance. This affords the borrower the ability to carry out their financial obligations to their student loan company, while also being able to manage their finances better. A student loan modification provides a viable alternative to delinquency and negative credit reporting.
Loans for Unemployed Student - Opportunity to Solve Monetary Needs
Sometimes due to some urgent need students require to apply for a loan. But due to no source of income they often get disapproval from the side of the lender. But now with the introduction of loans for unemployed student, you are not going to get disapproval from the side of the lender as this facility is especially designed for the people like you.
Facilities:
• Easily achievable through online lenders, banks, universities and even government as everyone wants to work for the benefits of the students.
• Government offers this facility as grants while college or university or private lenders considered it as scholarship cum loan.
• It is offering funds which are ranges from £100 to £25000 and can be used for multiple purposes. You can use the borrowed amount for paying off school fees, buying new books, hostel fees and computer among others.
• Normally available at lower interest rates and easy repayment terms, so that you can easily repay the borrowed amount after meeting your employment.
• Student credit presents different options to an unemployed student. It allows him to make use of the finance for any of the personal wants they can as well clear impending debt troubles. It offers a brilliant chance to such borrowers meet their various requirements.
Eligibility conditions
• Applicant must be resident of United Kingdom.
• Must have an identity proof.
• Must complete the age of 18 years.
• Must have an active bank account under his name.
Important to consider:
• Check out your repayment ability whether you are able to make payments in future or not.
• Check out the reputation and market value to the applicant as it is matter of your financial life and you have to deal with them for years.
Get the Best Deal on Your Student Loans
Providing money for college is a big business. Every year, lending institutions issue over $47 billion in college student loans. If you're scrambling for money for college, take heart — you can find loans for college, provided you're willing to do a little digging.
Getting college student loans isn't that difficult. The real trick with college financing is finding the combination of public and private college loans that leaves you in the best financial position after you graduate.
College financing and your credit score
If you have a truly spectacular credit score, you might consider private college student loans. This type of college loan is sourced strictly from a private lender, with no guarantees or funding from the federal government. With an excellent credit history, you may be able to negotiate loan rates that compare favorably with government-funded student loans.
How does your credit score measure up? Be sure to check your credit report and score. If your credit score is 800 or above, you may be able to get money for college strictly through private sources.
Caution: Private college student loans are like any other type of consumer debt. The lender examines your credit history and offers you a loan package based on your credit score. For students with blank credit reports, a private college student loan may be out of reach.
College financing with no credit history
Fortunately, many non-credit-based sources of college financing are out there. Stafford college loans are available for students who need money for college but don't have an established credit history.
Stafford college loans are offered in two varieties: subsidized and unsubsidized.
Subsidized Stafford loans should be your preferred college loan. The federal government pays the interest on the loan while you're in school. Stafford loans will save you the most money in the repayment period. However, subsidized Stafford college loans are awarded based on financial need.
Unsubsidized Stafford loans are available to any college student. The federal government doesn't pay the interest on these college student loans. Instead, you have two options: pay the interest as it accrues, or add the interest to the principle. If you can pay the interest while you're in school, the unsubsidized Stafford loan can take care of much of your college financing need. If you can't pay the interest, the unsubsidized loans will cost you more during the repayment period.
Perkins college loans are available directly from the schools and are awarded on a first-come, first-served basis. Like subsidized Stafford loans, Perkins loans are awarded based on financial need.
Depending on where you go to college, you may be able to take advantage of state-based college student loans. These loans are issued by private lenders but are backed up with federal and state funds, so you can qualify for them with a limited or adverse credit history.
Home Loan Programs: Which Is Best For You?
Scouting for a house is a very exciting moment because becoming a home-owner is a great privilege for most Americans. Renting is just not the same as having your own home. For many Americans, full payment for a house is a great feat, which is why there are so many home loan programs available for aspiring home-owners. Now, it's only a matter of choosing the right home loan program that is appropriate for your financial capacity. So here are a few tips for beginners in the line of home buying and for current home owners.
How much can you really afford? Your capacity to pay your loans and mortgages depends on specific factors like your income, credit rating, down payment, interest rates, and current monthly expenses. For those who have very little saved-up, you can try a 95%-100% financing. If you prefer 50% financing, make sure you're comfortable with the monthly down payment so you won't get into any trouble.
Shop for Loans. Do your homework! Compare interests and mortgage rates of available lenders. Consider getting pre-approved for a loan or use your charms to negotiate for a better deal. Most lenders ask for 20% of the purchase price as down payment but they can go as low as 5% on conventional loans.
FHA loans are highly recommended by most loan counselors. FHA loan or the Federal Housing Administration loan has been around since 1934. This is ideal for first time home buyers because FHA loans require low down payment, closing cost, and your credit score doesn't have to be too high. The FHA also offers Reverse Mortgage programs for senior citizens with low loan balance, converting a potion of their equity to cash.
You can also explore "no payment" loans like a VA loan. This type of loan is ideal for veterans and does not require you to have a PMI. A VA loan can also be used to purchase a house or make repairs and renovations in your current house.
Other home loan options available are USDA loan, 203k loan, and Rehab loan. USDA loans are approved based on your location and income because it is ideal for rural housing. The 203K loan, on the other hand, is a type of loan that can help you finance home repairs and upgrades. It is also offered by the FHA. The Rehab loan is relatively similar but offers higher interest rates compared to other loans.
Be in-tune with current mortgage rates and interest rates. You should be updated with ever changing rates. Apply for loans when there is a low mortgage rate trend. Only agree on interest rates you're financially capable with and remember not to get too excited with the idea of buying a house. Use a loan calculator prior to getting in touch with a lender so you're not left in the dark of mortgage and loan costs. Loan calculators are available in the internet so it shouldn't be too hard.
Consider refinancing. Refinancing is a common option for a home mortgage. Applying for a refinancing program can lower your interest rates and monthly payment. You can also pay off debts or extend your repayment time. But one valuable advantage of getting refinanced is that you reduce risks with existing loans by stabilizing your interest rates even if mortgage prices shift up and down.
Marimark Mortgage LLC offers helpful tips and loan services suitable for all your needs. They provide services for the states Virginia and Florida.
Home Loan Options for Newbies
The process of choosing a loan and a lender can be quite complicated but if you tackle it in stages you can avoid disappointment, frustration and wasted time. In choosing a home loan that's right for you, the considerations you have to think about are:
(1) your needs, (2) the associated costs, and (3) the home loan features.
Considering your needs means answering questions like, "Do you want to make the minimum payments only?"Or "Do you want to be able to extend the loan in the future in case you're unable to pay?" Knowing what mortgage payment you can afford and is the first step into the whole process. Tampa mortgage rates for 2010 are available and are updated online so you can check them before making any decision.
The associated costs include interest rates, current mortgage rates, and fees. Mortgage lenders generally use a ratio of 36% as the guideline for how high your debt-to-income ratio should be. A ratio exceeding 36% could be seen as risky, and the lender will likely either deny the loan or charge a higher interest rate.
Luckily, loan calculators are available online now, so you can do your computations faster and more accurately.
Now it's time to shop for home loans. Like any ordinary shopping process, you have to know the key features of the product you're buying. Here are some home loan options you can choose from:
FHA Loans—or Federal Housing loan is ideal for first timers and middle to low-income borrowers. The FHA loan requires only small down payments; has no penalty payments; and will allow large sum loans when reasonable. Also includes the 203k loan or203k Rehab loan.
VA Loans—or Veteran Affairs loan is a mortgage option which provides American Veterans with financing assistance with their properties. The VA loan allows 100% financing without private mortgage insurance.
USDA loans—this loan is offered strictly for rural areas and is ideal for low and moderate-income families. The USDA loan is a government insured 100% purchase loan.
Reverse Mortgage—also known as a "lifetime mortgage" where senior citizens are allowed to make zero payments and all interest is added to the security interest on the property. Reverse mortgages helps in the release of the home equity in the property so as to use it for a single or multiple debt payment.
Refinancing—has low interest rates. This can help you reduce costs if you have an existing loan, but should be taken with caution if used for consumer purchase (like buying a car). If it lowers your rate by two percent, then choose to have your mortgage refinanced.
Do the math before making a choice. Factor in how much debt (including your spouse if applicable) you can handle with a 36% ratio by multiplying your monthly gross income by .36, which will give you your total allowable monthly payments. After getting the product, add all other existing loans and payments. This will give you your total monthly debt payments. Finally, subtract your total monthly debt payments from your allowable monthly payments. The answer will be your maximum mortgage payment. You can then make a sound decision of what you can or cannot afford. In addition to doing the math, keeping your self updated with current mortgage rates and canvassing for lenders with low mortgage rates should be kept in mind always.
Look for a trusted and government certified home loan company that can provide your mortgage needs. Try Marimark Mortgage LLC. They serve the states of Florida and Virginia.
Home Loan Programs for Existing Homeowners and Newbie Buyers
Scouting for a house is a very exciting moment because becoming a home-owner is a great privilege for most Americans. Renting is just not the same as having your own home. For many Americans, full payment for a house is a great feat, which is why there are so many home loan programs available for aspiring home-owners. Now, it's only a matter of choosing the right home loan program that is appropriate for your financial capacity. So here are a few tips for beginners in the line of home buying and for current home owners.
How much can you really afford? Your capacity to pay your loans and mortgages depends on specific factors like your income, credit rating, down payment, interest rates, and current monthly expenses. For those who have very little saved-up, you can try a 95%-100% financing. If you prefer 50% financing, make sure you're comfortable with the monthly down payment so you won't get into any trouble.
Shop for Loans. Do your homework! Compare interests and mortgage rates of available lenders. Consider getting pre-approved for a loan or use your charms to negotiate for a better deal. Most lenders ask for 20% of the purchase price as down payment but they can go as low as 5% on conventional loans.
FHA loans are highly recommended by most loan counselors. FHA loan or the Federal Housing Administration loan has been around since 1934. This is ideal for first time home buyers because FHA loans require low down payment, closing cost, and your credit score doesn't have to be too high. The FHA also offers Reverse Mortgage programs for senior citizens with low loan balance, converting a potion of their equity to cash.
You can also explore "no payment" loans like a VA loan. This type of loan is ideal for veterans and does not require you to have a PMI. A VA loan can also be used to purchase a house or make repairs and renovations in your current house.
Be in-tune with current mortgage rates and interest rates. You should be updated with ever changing rates. Apply for loans when there is a low mortgage rate trend. Only agree on interest rates you're financially capable with and remember not to get too excited with the idea of buying a house. Use a loan calculator prior to getting in touch with a lender so you're not left in the dark of mortgage and loan costs. Loan calculators are available in the internet so it shouldn't be too hard.
Other home loan options available are USDA loan, 203k loan, and Rehab loan. USDA loans are approved based on your location and income because it is ideal for rural housing. The 203K loan, on the other hand, is a type of loan that can help you finance home repairs and upgrades. It is also offered by the FHA. The Rehab loan is relatively similar but offers higher interest rates compared to other loans.
Consider refinancing. Refinancing is a common option for a home mortgage. Applying for a refinancing program can lower your interest rates and monthly payment. You can also pay off debts or extend your repayment time. But one valuable advantage of getting refinanced is that you reduce risks with existing loans by stabilizing your interest rates even if mortgage prices shift up and down.
Marimark Mortgage LLC offers helpful tips and loan services suitable for all your needs. They provide services for the states Virginia and Florida.
How to Get Your First Home Loan with Poor Credit
Buying a home for the first time can be exciting, but if you have poor credit, it can also be a challenge. One of the main factors that a mortgage lender considers when approving or denying an applicant for a loan is credit history. The good news is that if you have poor credit, there are subprime lenders that are willing to loan money to first-time home buyers with poor credit.
Find a subprime lender for a poor-credit loan.
Credit: alaska home image by Silke Wolff from Fotolia.com
Step 1
Find a subprime lender. A subprime lender is a lender that offers loans to those who do not have good credit. These are not your traditional banks and lenders so the fastest and easiest way to find a subprime lender is to contact a mortgage broker or search your local phone for mortgage lenders that specialize in subprime loans.
Step 2
Submit a mortgage application. Once you find a subprime lender, the next step is to apply for the mortgage. Even if you do not have a property chosen yet, you can submit a mortgage application and the subprime lender will approve you or deny you based on your personal financial information.
Step 3
Submit supporting documentation. You'll need to submit copies of your last two year's tax returns, the last two month's paycheck stubs and copies of the last two month's bank and brokerage account statements. These documents along with the information you supply on the mortgage application are used by the lender to qualify you for the mortgage.
Save Your Home with Loan Modification
While it may not be the answer for everyone, loan modification offers a very real alternative to foreclosure and bankruptcy, assuming it is done properly.
A loan modification is a process of changing one or more original mortgage terms in a manner that both parties can agree upon. This is usually done following a claim of hardship on the part of the borrower and allows payment terms to be changed to a more affordable amount, usually through lowering the interest rate. Loan modification is different from refinancing because the clock doesn't start over by creating a brand new contract, it simply modifies the terms of a pre-existing contract that remains in force.
Loan modification is a step that takes place before a short sale, foreclosure, or bankruptcy. A loan modification is meant to avoid these consequences. Many people are able to modify their original mortgage contracts and lower their monthly payment by hundreds of dollars. The amount that can be saved will depend on the amount, age, and balance of the loan. Another factor that will affect the terms of the loan is a person's ability to negotiate with banks and lenders. In these instances, when the best possible savings are being sought, hiring a lawyer may be in a person's best interest.
By attempting to modify a loan before filing for bankruptcy or losing a home in a foreclosure a person may be able to keep these derogatory terms off of their credit reports. Saving a couple hundred bucks a month on mortgage payments can mean having an extra couple hundred bucks a month to put toward other debts. That extra cash can be invested entirely in open debts or split amongst debts and high interest savings accounts or other low risk investment options.
Many lenders are more than pleased to modify loans when it becomes clear that financial hardship may soon creep up on the borrower. Some banks are even pleased to lower interest rates to long time customers that simply ask for the reduction.
There are plenty of folks in the world that rush into bankruptcy or short sales. They get scared and think that no other options exist. Even though the debt may seem overwhelming, borrowers usually have options. Loan modification is a simple step that many folks seem to forget on their road to foreclosure or bankruptcy. It may not be an option that works for everyone, but it is an option that everyone should attempt. Loan modification is one of the bankruptcy / foreclosure avoidance tactics that actually puts money back into the hands of the borrower, instead of the borrower being the only one expected to part with their cash.
Loan modification is also a very non-threatening option for lenders and borrowers. Lenders can help ensure that they will get as much of their investment back as possible while the borrower can avoid a rather large hit to their credit report. The nice thing about a loan modification is that nothing bad can come from making the request of the lender to modify original contract terms. The worse they can say is "no". In comparison to the other things a lender can say, "no" doesn't seem that bad.
Loans To Small Business: Where Can Your Business Get One?
There is always a lot of media chatter about "main street" and "helping small business", however, the reality of the situation today is anyone seeking loans to small business is going to have an extremely challenging environment to deal with. While the government has moved a tremendous amount of support into the small business lending arena, the reality of the situation today is that the government doesn't make business loans, banks and non-bank lending institutions do. These entities, despite government support designed to reduce the risk of default, are not lending at nearly the levels they once were.
This begs the question, in 2010, who is making loans for small business?
The SBA- The Small Business Administration has worked hard to support small business, especially since the Obama administration came into office, the numbers are beginning to show improvement. For fiscal year 2010, the SBA was guaranteeing approx $333mm per week in loans to small business on average, up from a weekly average of $258mm in 2009. This represents an almost 1/3 increase, so things are definitely improving quite significantly with the increased government assistance. The new bill just passed by Congress increases the guarantee percentage by the government for banks making SBA loans to 90% from 70% against default, thus making it less risky for banks to make loans. This should help increase loan volume even more in 2011 and beyond. What remains to be seen is how big the defaults are now that volume is increasing, or whether the loans are actually incubating viable businesses.
Bottom Line?- Go to an SBA backed program first, before you go anywhere else, provided you have the time. Remember, most SBA loans will take several weeks or months to process, but the rates and terms are by far the often the best available. For amounts under $35K they do have an "express" program designed to get a decision in three business days, but you will still be required to give underwriters a written business plan.
Merchant Cash Lenders- These lenders are willing to give working capital to those businesses that process the majority of their revenue with credit cards, but at a steep cost. The upside is that they can work with a variety of credit situations and will normally get the deal done quickly. The disadvantage is that the rates of interest charged can be extremely high, along with upfront application fees and the requirement to switch credit card processors are standard with almost all companies offering this product. Because it is not legally regulated as a loan, but an "advance" on future credit card receivables, the rates of interest charged have no legal upward limit. How this works means that a merchant cash company may "purchase" future credit card receipts of $110000 and give the merchant $75000 upfront. The difference between the two figures represents their fee for giving the advance. In this example the rate of interest exceeds 30%, which is not untypical for this type of working capital given by these firms. Obviously, these fees are on top of any upfront fees that may be charged.
Bottom Line- These are the quintessential "lenders of last resort" for those merchants needing cash quickly and with relatively low documentation. Because of their ability to handle credit situations of all varieties(within reason), be prepared to pay heavily for the privilege.
Credit Unions- These depository lending institutions are similar to banks, but with none of the "bad karma" associated with today's financial mess. Simply put, credit unions primary mission is to provide cost effective financial products for their membership, not drive profits for shareholders. Because the members are literally the 'owners' of the institution, their interests are always going to be the same. Consequently, credit unions have avoided much of the mess of risky investments and downright bad lending decisions that drove the current crisis. Credit Unions may or may not make small business loans, but it is a safe bet that many do. The one stipulation is you need to be a member to join. The good news is that it is estimated that over 95% of America is eligible to join, so make a point of finding one in your area. Joining is usually as simple as opening a checking account for $25.oo, and you'll find the range of lending services available similar to community banks, but usually with less cost.
Bottom Line- This is a excellent choice if you can find an institution that is doing small business loans. The underwriting is going to be {conservative-more restrictive", so don't go here if you know that you have credit or income issues in the business, it will just frustrate you. However, if you have good credit, the terms for those credit unions offering small business loans should be very attractive and cost effective.
As you can see, there are still options for firms that need loans for small business. What is required is careful consideration and understanding of the needs of your business, as well as you individual appetite for risk, before making any decision on obtaining a small business loan. The key is to understand your options, and discuss them with a professional who can analyze your profile and help you make an informed decision.
How To Get A Working Capital Loan If Business Credit Is Damaged
A lot of small and medium sized businesses and retailers have discovered themselves in a pinch of circumstances regarding finding a working capital loan to fund their expansion, advertising, or just continuing to remain paying necessities like operations and payroll.
If you ask the Small Business Administration (SBA), the businesses in need of investment capitol can go directly to the SBA, or they can apply for a loan from the major banks that this agency will guarantee loans with. SBA backed loans are tailored for small or medium sized businesses and will usually have the best rates and terms. Businesses owners need to understand that this loan is not a quick fix solution. The processing of the loan may take several months to complete. The approval of such loans in this recently restricted credit environment is usually difficult unless you are one of the most credit worthy business owners.
If you own a business that has made an investment in numerous physical assets such as computers, industrial equipment, and office furniture can get secured loans and use these valuable assets as collateral. This loan is secured and therefore the credit of this business or owner may not be a primary qualifier like in the SBA working capital loan.
These loans are typically structured to be longer term like an auto loan spanning three, five, or seven years. There are many factors that the interest rates on these loans will vary upon. These factors may include (but are not limited to) the kind of equipment you have secured against, the kind of business, and other miscellaneous factors. If you get this type of loan, you are agreeing to let the lender repossess your loan against equipment if the business is closed or liquidated before full payment is made. If you are looking into getting this type of funding for your business, contact a loan broker.
If you accept credit cards and are unable to get funding through the bank, a CCRF (Credit Card Receivable) loan can be the answer. This kind of financial assistance is based on the businesses past credit card receipts. This kind of assistance is similar in nature to a merchant cash advance. These interest rates are higher than a SBA loan but rates are (overall) lower by 50-80% over a merchant cash advance. These loans have no additional or hidden requirements like buying a new terminal or switching card processors. You can own a business maintaining a minimum owner credit score as low as 550 and still be approved.
If you are looking into a working capital loan, you want to review every option for your business. The recommendations listed give a few options that are available for different types of businesses
Bad Credit Small Business Loans - Business Working Capital For Less
In the difficult environment many retailers find themselves, it is not uncommon that many businesses may be having credit difficulties and are having trouble getting bad credit small business loans. Unfortunately, when these retailers attempt to get a loan at a bank, it can become very difficult to get approved if the credit is less than perfect due to restrictive guidelines placed on loans by business banks and the SBA.
For these types of retailers, often they are forced to go with a merchant cash advance from their payments processor. These "cash advances" are not regulated as true loans, which mean they can charge factor, or interest rates, as high as 50%. Not only are these unfairly high rates a problem but they are often coupled with a requirement to pay unfair upfront fees, purchase equipment and/or switch to a new credit card processor in order to receive the money.
Because these unregulated "advances" are not subject to typical lending laws, the interest rates often will change or spike up during the repayment period. High "Holdback" or payments for such a loan can also be a terrific burden on a business
Often advertised as "unsecured" and not contingent upon owners credit, what is often not mentioned is that the cash advance company will usually file a lien against the owners business as a security interest. This means that if the business is liquidated or sold, the cash advance company has legal claim to the proceeds outlined in the lien.
Fortunately, there is a much better alternative for merchants who need bad credit small business loans but do not want to be subjected to unfair interest rate, fees and other difficult requirements to secure working capital. This new type of true, regulated business loan is called credit card receivable financing and features:
Interest rates that are 50-80% less than a merchant cash advance
No upfront fees, points
No requirement to switch credit card processors
No requirement to buy equipment
Owner credit score as low as 550.
Pre-approvals in 48 hours
Fundings in 7 to 10 Business days
A true, regulated business loan that builds positive credit history.
To find out more about this new type of lower cost bad credit small business loan, see below
The Hunt for Student Loans, Grants, and Scholarships Begins
If you plan to attend college for the first time in 2011 or have a family member who will, you’re about to embark on student financial aid season.
If you’re looking for money for college and want to apply for financial assistance, your first stop should be the Free Application for Federal Student Aid, also known as the FAFSA. All federal student loans (http://www.nextstudent.com/student-loans/student-loans.asp), federal grants, and other forms of federal student aid are tied to this form.
>> Federal Student Aid
The FAFSA can be filled out and submitted online at http://www.fafsa.ed.gov/. The FAFSA is available free of charge, and submission is also free. The federal deadline for submitting your FAFSA is June 30.
You don’t need to know which college or university you plan to attend in order to fill out or submit the form, but you will need to refer to your 2010 tax return. If you’re a dependent of your parents, you’ll need to have the 2010 tax return of your custodial parent(s) or the parent who claims you as a deduction, even if this parent doesn’t plan to help you pay for college.
Once you submit your FAFSA, the Department of Education will generate a Student Aid Report (SAR) that summarizes your and your parents’ financial information. You can choose which schools receive your SAR, and you can add schools to this list at any time.
The schools that receive your SAR will analyze your financial information and generate a financial aid package based largely on the school’s cost of attendance and the determination of your ability to pay. (Some schools also offer non-need-based financial aid, which is awarded on the basis of merit rather than on your financial need.)
Federal grant assistance is reserved for low-income and financial needy students. Most students, however, will qualify for federal college loans.
Federal Stafford student loans are available in both need-based and non-need-based versions. Need-based subsidized Stafford loans are reserved for students who demonstrate financial need. Non-need-based unsubsidized Stafford loans are available regardless of financial need. There’s no credit check or co-signer required for Stafford student loans; you take out these loans in your own name.
>> State Financial Aid
Some states also use the FAFSA to determine your eligibility for state student loan and grant assistance programs. Although the federal deadline for submitting the FAFSA is June 30, many states have earlier filing deadlines, with some falling as early as Feb. 15, 2011.
Other states have no specific application deadlines but award state-funded student aid on a first-come, first-served basis, processing college aid applications only as long as there are still state funds available to distribute.
>> Parent Loans
The federal government also offers parent loans, known as PLUS loans, for parents who want to help their undergraduate student pay for college.
Although the Education Department doesn’t require you to have filled out a FAFSA in order for your parents to apply for a PLUS loan, many schools will require it. Such a school will not approve or certify an application for a PLUS parent loan until a completed FAFSA form is on file for the student.
As with federal student loans, repayment on federal PLUS loans can be deferred until you, the student, graduate or leave school.
>> The 1-2-3 of Getting Financial Aid for College
1) Complete Your FAFSA -- Carefully
Filling out the FAFSA can be time-consuming, and it requires you to have a good deal of documentation on hand.
Since you’ll be submitting your FAFSA to the federal government, just like a tax return, it’s highly inadvisable to misstate or misrepresent your financial information on the FAFSA in any way. Irregularities in a FAFSA form are flagged and must be corrected before the form can be processed, delaying your financial aid application.
If you’re awarded grants, student loans, or other financial aid based on false or incorrect information that you submitted on the FAFSA, you may be required to repay any over-allocation of financial aid immediately. If the misstatements are determined to be deliberate or egregious, you may be subject to fines and other sanctions.
2) Search for Scholarships
While your FAFSA is being processed, begin hunting for scholarships (http://scholarships101.com/). Scholarships are available for virtually all types of students in almost every field of study. Some scholarships are need-based, others are merit-based, and some are a combination of both.
Since scholarships provide you with award money that doesn’t need to be repaid, like a student loan, you can think of scholarships as “free money” for college.
Use an online scholarship search engine that keeps an updated database of scholarships and lets you search that database for free. The best online scholarship search sites routinely list millions of scholarship listings with billions of dollars of award money available.
3) Only Use Private Student Loans as a Last Resort
Once you receive your school financial aid package, make sure to take advantage of all your federal and state student aid options before you turn to higher-cost financial options.
Specifically, you should maximize your federal student loans before turning to the non-federal private student loans (http://www.nextstudent.com/private-loans/private-loans.asp) offered by banks and other for-profit private lenders.
Federal college loans offer fixed interest rates that are generally lower than the variable interest rates offered by private student loans. Federal loans also offer more flexible repayment options than the typical private student loan program. You should only turn to a private college loan when all your other federal and state student loan options have been exhausted.
Free Application for Federal Student Aid (FAFSA): http://www.fafsa.ed.gov/, student loans: http://www.nextstudent.com/student-loans/student-loans.asp, private student loans: http://www.nextstudent.com/private-loans/private-loans.asp, scholarships: http://scholarships101.com/
Getting Out of Student Loan Debt
It is really cool to be in school until you began to start thinking ways on getting out of student loan debt. Here are some helpful tips on how to deal with this problem. You might want to consider consolidation. Consolidating your student loans may lower your total monthly payment, but take note that this is primarily because you are expanding the terms of your student loan and paying more interest in the long run. Another classic example is that if you can afford your monthly payment, and would rather not have a loan for twenty years, you should still consider the consolidation process.
Or you can also stay with a standard repayment method if you know that you can afford it and do not think that you are disciplined enough to make extra payments. There are no prepayment penalties in the consolidation of loans and a lot of benefits can be acquired from it while in the process of getting out of student loan debt.
Prior to concerning yourself with whether you should consolidate or not, you should ensure that you are eligible. If you are not a graduate yet, you cannot possibly consolidate your loans. You should either be in your six-month grace period or in repayment stage. You should have eligible loans, usually amounting to over $7,500. You can also consolidate one loan given that the loan being consolidated has not been previously consolidated.
Yes, consolidating can save you money and bring down your payments but it may not offer the month-to-month convenience that you always needed. Through refinancing student loan debt, you can lengthen the term of your loan, thus, helping you on getting out of student loan debt. It will spread out your loan over a longer period of time and cut down your monthly payments by 50 percent. However, you should assess carefully before picking this option.
For most people and together with my opinion, consolidation makes a lot of sense. If you are not satisfied with the current rates, you could wait for lower rates or better offers, but who knows when they will be coming? For now, you will be subject to a variable interest rate.
You may feel overwhelmed by your student loan debt and wish that they would just go away. As a last resort, there is a way on how to get rid of them without actually paying them, but these are special cases. If you have the interest for volunteer work, you can check out the benefits provided by joining the Peace Corps or AmeriCorps. If you have plans on being a teacher, joining the military, or working in the legal or medical industry, there are some loan forgiveness programs that you might be able to take advantage of in getting out of a student loan debt.
