If you are considering taking out a secured loan against your home, two of your options are home loan mortgage refinancing with cash-out or home equity loans. Depending on your particular situation one may be better for you financially that the other.
Cash-Out Refinancing
A cash-out refinance is refinancing your mortgage for more than the current balance on your first mortgage. Home loan mortgage refinancing usually has a lower interest rate than home equity loans, but if you borrow more than 80% of your home’s value then you may have to pay private mortgage insurance. If you have had your mortgage long enough that you are paying more principal than interest each month or if you currently have a good interest rate, it does not make much sense to refinance and a home equity loan will probably be a better option.
Home Equity Loan
A home equity loan is a loan on the difference between the market value of your home and the balance that you still owe on your mortgage. As a separate loan in addition to your mortgage, you do not usually pay the closing cost associated with a mortgage and the interest is usually tax deductable. Home equity loans are a good choice if your penalties for pre-payment on your original mortgage make refinancing impossible.
Which is Best?
Investments in the value of your home, starting a small business, or life-saving medical treatment are all good reasons to consider a cash-out refinance. However, you may end up paying more for your total interest than if you refinance your current mortgage at a lower interest rate and take out a home equity loan for a shorter term. Your final decision will depend on what you can afford for your monthly payments and if you are comfortable paying a larger total interest in exchange for lower monthly payments and lower interest rates.
If you are interested in debt consolidation, you may be able to get a lower interest rate with a cash-out refinance, but you lengthen the amount of time over which to pay off your loan. You might want to look into a home equity loan with a short term or simply re-budget and tackle your highest interest debt first and try to pay off your credit cards. This last method will probably same you more money in interest paid over time.
Remember that whether you opt for a cash-out refinance or a home equity loan, in either case failure to repay your loan can cost you your home.
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Home Equity Loan Or Home Loan Mortgage Refinancing?
Home Mortgage Loan Information - Which Type Of Home Loan Is Best For You?
Carrie Reeder
If you are considering buying a home, then you may be more than a little confused by all of the terms you hear about home loans. After all, lenders throw around words like fixed rate, balloon mortgages and adjustable rate mortgages without a thought. But if you aren’t at least familiar with the basics—those terms can be pretty confusing!
Here’s a basic guide to the three most common types of home loans. Study it, and determine which one is right for you.
Fixed Rate Home Loan
If you are thinking about buying a home and staying in it until you pay it off, then you will probably want a fixed rate home loan. With this type of loan, you will be assigned a fixed interest rate, and then that rate will not change for the life of the loan. If interest rates skyrocket, yours will remain the same. On the other hand, if they plummet, you will likely be paying a higher rate. (You can always refinance in order to get a lower rate.)
Adjustable Rate Mortgage (ARM)
The interest rate with this type of loan goes up and down with the market. In other words, if the interest rate is low, the rate on your home mortgage will be low, but if it’s high, your loan interest rate will reflect it. And because the interest rate on a home mortgage loan affects the payments, you will never know from reporting period to reporting period what your monthly mortgage payments will be. This type of loan obviously isn’t for everyone.
So, who might use an ARM? For starters, if you are purchasing a house for investment purposes and plan to sell it quickly, you might take advantage of low interest rates by getting this type of loan—particularly if it looks as if they may go lower. Another reason to use an ARM as a home loan is if you are buying a home in a time when interest rates are on the decline. You can take out an ARM, and then change it to a fixed loan once the interest rates bottom out.
Balloon Mortgage
With this type of loan, you will make monthly payments for a fixed amount of time, with a fixed interest rate. The difference is that at the end of the payment schedule, you will owe the unpaid balance in one lump sum. If you use a balloon mortgage, you will find that the interest rates are much lower than either a fixed rate mortgage or an ARM.
The obvious negative to this type of loan is that huge payment due at the end, but if you are planning to hold the house for a short period of time, then this might be the loan for you.
By understanding the various types of home loans that are available to you, you will be better prepared to make a decision that is just right for you and your family.
Home Loan – A Solution to Accomplish Your Dream House with a Home Loan
Setting up your own house is the biggest gift that you can give to your family. Owning a house has now become a necessity for everyone with the increase in rates of the house rents; it is best advised to purchase a house and start paying the installments rather than pay it to your house owner in the form of rent. Gone are the days when purchasing a house was a big time investment and was a big issue but with the passing days now everyone can dream of acquiring a house with so many options available in the market today. There is loan for everyone’s need right from a home loan, mortgage loans, refinance loan, etc. to suit borrowers in all respects.
Home loan is the most popular type of loan available these days as they are convenient to process and apply which is quick and hassle free also. These loans come with different features and varieties to suit your need, besides the best option is to seek help of a loan broker who will guide through the entire process of the loan. You just need to tell the budget and requirements and these financial experts will plan the best option for you that will enable you to get a loan as well as pay back very easily without any trouble. Home loan comes with a fixed as well as an adjustable interest rate were the fixed rate will ensure you to get a loan with stable interest for the entire length of the loan and with the adjustable loan the interest rate will keep fluctuating as it will depend on the market trends of inflation and deflation.
The best way to apply for a home loan is through the online system also as more and more people are getting accustomed to the Internet and at the same time with such busy schedules where there is always a scarcity of time then using the online system definitely saves a lot of time and makes the processing fast. Most of the lending companies have their websites where they publish the home loan details and for any queries in mind you are always welcome to fill the inquiry form in the website which is answered by there experts or you can even speak to these financial experts through the various toll free numbers. With the advancement in technology now getting a loan is not much of a problem. Another advantage of using the Internet is that you can get to know the interest rates of other loans as well and then it gives you a better chance and opportunity to decide on the best type of home loan to suit you.
It is important for you to maintain a stable salary and have a good credit rating in order to avail a home loan at low interest rates. Hence, if the lending company gets fully satisfied, then the procedure is fast and simple, which very few people can resist.
Home Owner Loan - 5 Tips To Get Yourself Ready For A Home Loan Application
So you need to get a home loan to finance that new house? There are some things you must know to prepare yourself adequately for a favorable application.
1) Know your state of finance. Tabulating the numbers is the key to avoid future disappointment. Is the price of the new house within the range you can afford? How much you can afford will also be influenced by home-related cost like furniture, home accessories and gadgets, insurance, utility bills etc. Self-awareness through budget planning--a few months beforehand--enables you to anticipate for the amount of loan required so that you can repay it promptly.
2) Know your credit report is in good stead. Your credibility is what the lending company looks for in your financial background before it can approve a loan. You can find out your credit score through reports generated from Equifax Score Power, True Credit, or Consumerinfo. A low score almost always leads to high interest rates. Many factors determine your score, including length of history, income, a profiling of your debt and credit obligations etc. If there are areas in your report which can be improved, like closing unnecessary accounts, take the necessary actions and wait around 60 days for the latest status to take effect, then get another copy of your credit report.
3) Know all that you need about the fees and interest rates. Do a comparison of all the lending companies before settling down on the suitable one. Check that all terms and conditions are understood, and there are no other hidden cost. If you have questions, simply ask to clear the air.
4) Know what's the repayment method is like. Depending on the company's policy, you may pay back a portion of the loan plus interest, just the interest for the whole length of the loan plan or the complete sum including interest after the plan is completed. Discuss with the loan officer about your personal repayment capability to reach a mutual agreement.
5) Know what documents are needed for the application. Again check with the loan officer early to give yourself time to prepare them, which are likely to be your pay slip, home insurance policy, driver's licence and social security information.
Finally, if you can apply for a loan online, you are most encouraged to do so. Instant Internet access gives you convenience and cuts short the time instead of you having to wait in the office for the paperwork to be done.
A Small Business Loan Alternative for your Growing Business
Financing a small business can be a difficult job if no one is willing to spend money on what you’re selling. But in order to stay afloat, business owners go for the option of applying for small business loans. A business loan can give you more leeway to buy new supplies, pay off debts, or expand your business.
However, more banks nowadays are enforcing stricter rules and guidelines for giving out business loans. Policies on approval of small business loans are now less lenient and some banks have even demanded additional requirements.
A bad credit history is one important criterion for the approval of a business loan. Like every other bank or lending institution, risk factors have to be taken into consideration before they hand you their money. The credit card services you have availed and how you paid these services are very important information for these companies because it will be their basis on the approval (or disapproval) of your request, and the rate of interest they can give you. You need at least 700 points to securely get approved.
Fortunately, there is now an easier way to get a small business loan without the fear of your own credit card history. Getting a business cash advance is a faster and less stressful option for a business loan. A business cash advance is a lending service offered to business owners who accept credit cards as payment for their goods or services. This alternative form of business loan has a shorter processing time and has lesser requirements than a bank loan. This type of small business loan is quite perfect for those emergency situations where you need a large sum of money, fast. Approval of a business cash advance usually only takes 24 to 72 hours, depending on the company. Upon approval, the money is automatically transferred to your personal account. This fast-paced business loan is usually applied for online, which is very convenient.
The requirements are quite similar to those of most lending institutions, but your credit history would not be put under strict reviews. In fact, unlike business loans from the bank, bad credit history is not that big of a deal for cash advance providers. You only need to be of legal age, have a registered business in the US, have a small business that subscribes to credit card services for payment, and have been in business for at least a year.
The payment terms for a business cash advance are, of course, different from that of a business loan from the bank. But in general, the payment terms for this lending service will greatly depend on the amount of money you will be borrowing. The higher the amount, the longer time you’ll have to pay it off. But note that interests tend to be a bit higher for this type of business loan. For banks and other big lenders, payment terms for business loans can be paid off in longer terms, usually, over a year or more. Small business loans payment in banks usually does not exceed five years.
Payment for this type of business loan can be done in one single drop or monthly. It all depends on your capability to pay, and the amount of money you borrowed. The payment terms will usually require you to pay the cash advance company each month and you will get the payment structure with the amount that they expect you to pay every month. If you can afford to pay it off all at once, the better.
Get this special small business loan now.
Cash Advance as a Small Business Loans
Every business loan is a risk for both the lender and the borrower. A promising business gives you the best chances of having your business loan request granted.
Lenders will usually look at your gross annual sales and revenues, credit score, checking account balances, profitability, and length of time you’ve been in business. For newbies in the business world, expect to be asked intensively about your business plans.
Your history with credit card services is a main factor for lenders. Credit information they usually look for are personal credit card debt, personal loans, liquid assets, real estate holdings, tax returns, and personal financial statements. Your personal spending habits will also be an issue, including how you use credit card services and instalment debt. If you have a good track record of all of these, then you won’t have any problems with getting you business loan approved. But what if you have bad credit history? What alternatives do you have?
The answer is getting a business cash advance in place of a small business loan.
A business cash advance is the alterative option for business owners who need emergency funding. It is ideal for business owners subscribed to credit card services and/or charge cards. Monthly payment this type of business loan is done through batched credit card sales.
Approval for this type of small business loan takes a shorter amount of time and bad credit scores won’t be too much of an issue. The processing time for cash advance application is from 24 tp72 hours only. Some cash advance lenders can lend as much as $2500 to $300,000, depending on their evaluation.
Cash advance as a small business loan is very likely to get approved as long as you pass the basic requirements for the advance. First, you’re business should have been operational for at least a year. Your company should also at least have profits of $4000 in credit card processes per month.
The difference between a business cash advance and the usual small business loan are:
(1) A business cash advance does not require a detailed financial statement. Conventional business loans require 2-3 years worth of financial statements.
(2) Audited tax returns are not required for cash advances. Business loans from banks do.
(3) You only need to provide a guarantee against fraud or intervention.
(4) Application fees are not always required for this alternative business loan.
(5)No need for high credit scores. You only need to be subscribed to credit card services.
(6) Your collateral does not have to be all of your business assets.
(7) You can opt for a flexible monthly payment.
Cash advance as a business loan allows you to do almost anything for your business. You can pay taxes or debts, buy supplies, pay your employees, make repairs or remodelling, inventory, make new marketing and promotion materials, and expand your business establishment.
The idea behind cash advance repayment is not like the payment process for a small business loan. Repayment is made by automatically debiting an agreed percentage of your credit card sales every time you batch. There are no fixed payment schedules. You will only be able to pay when you’re customers pay.
Cash advance as a small business loan is very ideal for restaurant owners, retailers, medical clinics, and other new industries. Staying afloat for small business is harder, especially with the recession, and a cash advance is a quick solution for those emergency financial situations. After all, maintaining continuous cash flow for young establishments is difficult. With cash advance as an alternative business loan, you can get cash sooner and pay your loan easier.
Getting Small Business Loans with No Collateral in this Recession
The global financial crisis has made it quite difficult for companies, especially small businesses, to get business loans. Ironically, it is also in this situation that smaller companies often need additional capital infusion to boost income. You may need to get small business loans to acquire a better business location, construct a new building, renovate your premises, pay for new equipment, fixtures or furniture or increase inventory and working capital.
Most Small Business Loans Require Collateral
To get business loans, even small business loans, is a major challenge.
First you need to identify which among the many types of small business loans you need. Small business loans ranging from $5,000.00 to $35,000.00 are called micro loans. For larger needs, such as for the acquisition of land, buildings and other major fixed assets, development financing is what you should find. There are also import export loans as well as franchise financing. Do your research to find out if you are qualified for small business loans guaranteed by the U.S. Small Business Administration or SBA.
Any of these small business loans will require extensive preparations and paperwork. As a small business owner, you will need to prove your credit worthiness through a personal credit history report. Lenders will also require a business plan which includes your credentials as the business owner, your company financial statements, business assets and an analysis of your market. All of these should be packaged in a professional loan proposal which presents how the loaned amount will be used to strengthen the business and how you intend to repay the loan. Most of all, you need to present your loan collateral – the assets you will put up to secure the loan.
Quick and Easy Small Business Loans with No Collateral
For smaller acquisitions or day to day business needs, there is a way for entrepreneurs to get small business loans easily and quickly with no collateral. This is through merchant services.
Merchant services provide credit card services to businesses. This enables them to accept and process payments through credit cards or debit cards either through face to face purchases, online transactions, or even by phone or fax. Merchant service providers supply terminal equipment for card swiping, as well as the necessary software and high speed IP solutions.
Most businesses need credit card services since consumers routinely pay for goods and services through credit cards and debit cards these days. If your business has not taken this step yet, you may have been missing out on more than half of your income potential.
These same merchant services also provide the solution for your small business loans. Collateral-free loans can be availed of through their cash advances, with the loan amount computation based on the monthly credit card revenue your business generates. Credit card sales requirements may be as low as $3,000.00 a month. You will not be asked for collateral since your future revenue is your collateral.
The best types of merchant cash advances do not require fixed monthly payments nor do they impose deadlines on loan payment. A certain percentage is instead deducted automatically from your credit card revenue each month to go towards loan payment. This way, you never have to worry about loan amortization.
Once your cash advance has been fully paid, you may apply for another one. It is like having a revolving credit line. Make sure that you compare the terms of several merchant service providers, though, and read the fine print on contracts. There are so many merchant service providers competing for your business that you’ll surely find one that fits your needs.
Where To Get Bad Credit Small Business Loans: Options For Working Capital Loans
Many small businesses have been hurt by the economic crisis of the last two years. For many retailers and small businesses, this has meant procrastinating vendor bills, tapping into savings or other strategies to try and make it until business conditions get better. While the best choice for any small business is always a commercial bank loan guaranteed by the SBA, the reality is that most businesses will not be approved for this sort of loan in today's difficult credit environment.
For these retail businesses, their main choice for bad credit small business loans was to get a merchant cash advance from their credit card payments processor. These cash advances are not true loans, but rather, cash advances based on future credit card receivables. Such advances are almost always characterized by factor (interest) rates as high 50%, high upfront fees, high hold-back (payment) rates, and the stipulation to switch credit card processors and/or pay for equipment.
Over time, these merchant cash advances can become a debilitating burden to businesses that use them, as they watch a large percentage of their daily sales volume go to paying back the advance and associated interest.
Now there is a much more cost effective way for businesses to obtain bad credit small business loans. This new type of business loan, called credit card receivable financing, is characterized by:
Rates that are 50-80% lower than a Merchant Cash advance
No Upfront charges.
No requirement to switch credit card processors
No stipulation to buy any equipment whatsoever.
A true business loan that builds positive credit for the future, unlike a cash advance
Owner credit scores as low as 550. Maximum loan of $500,000
Approvals in 48 hours, fundings in 7 to 10 days. Available in all 50 states.
In today's economic environment, small businesses need a way to obtain the capital they need without being taken unfair advantage of by cash advance companies looking to reap unfair profits. To find out more about one of the most cost effective way for merchants to get a bad credit small business loan, see below
Unsecured Business Loan - Getting Working Capital Loans
With many business owners hunting for working capital, an unsecured business loan appears like an enticing offer. Indeed, the Internet is overflowing with ads, sites and plain old come-on's for these types of loans. However, it is crucial to understand these offers for exactly what they are.
First of all it is important to understand the common definition of "unsecured" in the context of a loan. A secured loan is usually one that has a lien or some type of legal lien placed upon some type of hard assets possessed by the borrower. An example would be a car loan or a mortgage. The "security interest" for the lender is that if you do not pay, the lender will retrieve your car or house. In this case, the lender has "legal recourse", and can use the legal system to either force repayment, or seize the secured assets ( car or house in our example) if the borrower cannot make payments.
In both these examples, the borrower has the loan secured against personal assets and the loan is made based off of personal credit and income. An unsecured loan by definition, does not have a lien placed on assets held by the applicant or borrower. The loan is made only on the strength of the borrowers credit track record and their verifiable income.
In the context of business working capital loans, many offers are advertised as "unsecured" solely because these types of loans or cash advances do not secure the loan against the PERSONAL assets of the business owner. Technically, then, this loan is unsecured. If the loan is truly unsecured against both the personal assets of the business owner, and the business itself, then the loan amount usually will be very low, generally under $7500 and much lower if the credit track record has problems.
However, many merchant cash advance lenders will market unregulated cash advances as "unsecured". In reality, these types of advances, which have no upper limit on the rate being charged, usually do have a security interest against the assets of the business, not the business owner. They accomplish this by filing a UCC (uniform commercial code) lien against the business. This means if the business does not pay the loan as agreed and the business is sold, transferred or liquidated, the merchant cash advance lender has a right to the proceeds to satisfy the unpaid debt before the business owner does.
Such advances are usually made based on the future credit card receivables of the business and often come with restrictions attached, such as requiring the merchant to switch payment processors, buy equipment, and pay high upfront fees. The unregulated "cash advance" is really a sales tool to force further purchases or concessions by the owner in exchange for a high rate advance.
In conclusion, if you are business owner {searching-looking- for an unsecured business loan and the amount you are requesting is over $5000 with less than perfect credit, chances are you will not find it easily, if at all. However, there is a much more efficient option for those business owners who are seeking quick working capital up to $500,000 at rates that are 50% less than a merchant cash advance with no upfront fees and no requirement to switch processors. See below for more information
Bad Credit Loans For Business- Working Capital Loans With No Credit Cards
Many businesses have found themselves denied for working capital loans because few banks are lending in this post financial crisis climate. Most 'bad credit loans for business' are from merchant cash companies that make accepting credit cards a contingency of getting the loan disbursed. Unfortunately, many entrepreneurs need small business loans for bad credit who may have been approved a few years.
These businesses may not accept credit cards, and may have been locked out of receiving even a {high rate-expensive] merchant cash advance because they are a traditional 'cash' business or a manufacturing concern that bills it's clients net 30 or net 60 terms, receiving checks or wire transfers of cash as payment. These kinds of businesses have been the hardest hit as banks tend to hold onto their sizable cash reserves until economic conditions get better and so-called 'alternative' business non-bank lenders will only lend to those concerns that accept credit cards.
Such businesses may be defined by traditional banks or the SBA as bad credit, but still have a healthy business base and cash flow. Many times, business loans have been declined simply because a owner may have a bad credit score, even though the rest of the business fundamentals may be sound.
However, there is an option from a non-lender that has entered the marketplace that can handle business principals with low credit scores and still make loans to so-called "cash" businesses that have an established track record. Additionally, the expense of these loans is usually 40-50% less than a similar cash advance without any upfront fees. Manufacturers, internet companies, restaurants and other companies that have been most recently been "blacklisted" by many lenders may also be approved for working capital.
The so called 'credit crunch' has left many businesses that were once considered excellent loan candidates in the uneviable position of needing bad credit loans for business, whether or not they truly have bad credit. Fortunately, new options exist that will help grow with their businesses as they move forward into the future.
SBA Loan Programs-Which One Fits Your Business?
SBA loan programs have been around for a long time,awhile. Long ago, In the past, the government figured out that the key to a strong economy and a prosperous nation was to nurture small businesses with affordable capital options that will help them grow larger and support more jobs and a larger tax base. Thus, the Small Business Administration was tasked with providing this capital.
A crucial point to remember is that the SBA does not actually disburse the funds. The funds are in actuality provided by participating commercial banks and the loans are guaranteed by the SBA against default. In order to have this government guarantee, the banks lending the money must conform to SBA mandated guidelines that determine which applicants receive the loan and which do not..
The great part about these loan programs is their flexibility and favorable interest rates. The difficult part is the amount of documentation and the time frame necessary to close them, sometimes going as long as 120 days or more. In the last two years, a larger problem has been approvals, as the credit crisis has severely restricted the amount of small business loans being made. Below are a few of the major SBA loan programs offered by participating banks nationwide.
SBA 7a Loan- This really is several different types of 7a loans grouped under this main heading. This is the SBA's most popular and widely used program. Some key aspects of this loan program that prospective borrowers need to know pertain to the "size standards", "use of funds" and acceptable business types. Far too lengthy to go into here, the important thing to know is that the SBA mandates that a company be of a certain size, for a certain industry. This is known as acceptable use. Examples of acceptable uses of funds include purchasing land or buildings, acquiring equipment, long term working capital or restructuring existing debt, within certain limits.
SBA Express - This is a small startup loan designed to expedite the loan funding process and is technically a type of SBA 7a loan. This is targeted toward certain groups of business owners and usually has a lower loan amount. The goal with this type of loan is to get the prospective borrower an answer within 36 hours.
Micro Loan program - Gives amounts of $35000 or less to qualified applicants for working capital. Not for profit businesses are also welcomed to apply for this type of loan.
CDC/504 Loan- This a longer term loan designed to purchase major fixed assets, such as buildings and equipment. The loan works in conjunction with a "certified development company" that will usually be the actual distributor of these funds to the end user once the loan has been approved within SBA mandated guidelines. SBA business size standards do apply due to the larger loan amounts.
For most small business seeking SBA loan programs, the SBA 7a and the SBA express will probably meet their needs. However, if you are needs are greater, you should go directly to the SBA website and read up, as there is a wealth of information that needs to be carefully considered prior to applying.
Obtaining Bad Credit Business Loans - Where Small Business Gets Working Capital
The past two years has been devastating for retailers and it makes getting bad credit small business loans difficult. Many owners are grappling with bad credit caused by the economic downturn. This downturn left many business owners delaying bills, pulling money from their savings and other tactics to keep their business afloat until things improved. When you are a small business, the best loan type to get is an SBA loan. In today's highly restricted credit market, many small businesses will not be approved for this loan.
Before retailers had the choice to apply for new, more cost effective option, their primary method to deal with bad credit was to get an advance from the credit card processing company. These may seem like loans but are in fact unregulated cash advances that come with hefty interest rates. These advances have interest tacked on at rates higher than 50%, they usually have costly upfront fees, crippling daily payment amounts, and will come with a requirement to switch card companies and/or purchase equipment.
In this credit restricted environment the proliferation of cash advances has increased. Many times, these cash advances will crush the business that participated under financial burden. These businesses would see a large part of their net income go to these companies to pay for interest and high holdback or payment rates.
There are currently much more cost-effective bad credit small business loans. These loans are a new type and are formally called creditcard receivable financing, are characterized by:
Rates at least half that of a merchant cash advance or lower.
No fees upfront.
No pressure or requirement to switch card processors
No requirement to buyany forms of equipment.
This is areal business loan and will build positive credit, unlike a Merchant Cash Advance.
Even if you have a credit score as low as 550 you can get a max loan of $500,000.
Approved within 48 hours of applying, get funded in 7 - 10 days, and available in every one of the 50 United States
Some bad credit small business loans are much more cost effective than others. Today's economy is tough and small businesses need to know how to get the capital that they need without being taken advantage of by companies looking to make a quick, unfair profit at the long-term expense of the business.
