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Loans
Money lent to individuals or businesses in return for interest in addition to repayment of principal. Common types of loans include commercial loans, interbank loans, mortgage loans, and consumer loans.
13,117 Questions
Why do you need a mortgage broker?
It is simple but it is also depends what kind of answer you are looking for.
If it is for your own benefits, then Mortgage Brokers would save you allot of time. They are able to find the right product for you so you don't have to shop around for weeks or may be months from bank to bank.
It is also important to understand, that by using financial services your providing jobs, which means supporting economy of your own country.
If you are from Australia, then try this website - http://www.aussiebestloans.com.au/
They working with "TOP 100" Brokers in Australia
Good Luck
Nick
Can you get a mortgage with 600 credit score?
Yes you can find lenders that will do this, but they will go through FHA and since FHA is now credit driven, you will get hit with a rate bump, which means you will be paying alot higher rate than the national average.
How much will the bank need to charge on its loan to make a profit?
The breakeven amount for a particular loan varies from bank-to-bank and customer-to-customer. To give an example, we will use a basic installment loan that is taken from an average consumer.
Say an existing customer takes a personal loan for $3,000 and the loan will last for twelve (12) months. The company has to account for the following MARGINAL elements in order to make a profit:
* Acquisition costs (how much did it cost to acquire the customer)
* Cost of funds (how much do they pay to borrow money that they will loan)
* Charge-off Rate (what is the rate of default for a similar average customer)
* Underwriting costs (how much does it cost to underwrite the loan)
* Onboarding costs (how much does it cost to setup the account)
* Servicing costs (how much does it cost to send statements, take payments, report to the credit bureau, etc.)
* Payoff costs (how much does it cost to close the loan)
Making assumptions for each of the items on a marginal basis:
* Acquisition costs are $0 (we stated that the borrower was already a customer)
* Cost of funds is 2%, or $60
* Charge-off rate is 5% (or $150)
* Underwriting costs are $40
* Onboarding costs are $30
* Servicing costs for 12 months at $2/month is $24
* Payoff costs are $10
So, the basic marginal expense is $164 if we ignore chargeoffs. We will assume that the client does not chargeoff, so the rate needed to break even is:
$164 / $3000 = 5.47%
However, on average, 5% of customers DO chargeoff, so to account for that we might add $150 to the costs as follows:
$314 / $3000 = 10.47%
Most banks want to earn 1% on the asset side and 1% on the liability side, so the bank would likely price the loan at 11.49% or 11.99% for a "good risk" customer.
How long do you have to pay off the remainder of the loan balance if you car is repoed?
The contract should include the applicable terms in case of a repossession. If there are no specifics as to the action, the laws of the state in which the vehicle loan was granted apply.
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Do you have to pay back a car loan on a surrender?
The simple answer is, yes!
Let's go from the standard cause and effects. At the day you purchase your car, you sign a contract agreeing to pay a certain amount of money monthly of a period of time. If during that time frame of that contract you either voluntarily surrender the car or it is repossessed for non payment, the standard contract agreement states that even if the car is surrendered or repossessed, you must pay the remaining amount of the contract.
Each style of contract is a little different. If you are in a lease contract for an example of 36 months, and must pay $1000.00 a month. The total amount paid over the length of the contract is $36,000.00 if it is completed. But let's say you turn the car in after the 26th payment. That would leave $10,000.00 remaining owed. The finance company can pursue you for that amount, as well, any additional fee's IE: Lawyer fees, court fees, collection fees, etc, etc.
Now if you were going to purchase the car and had a 72 month contract. The final price of the car once you signed the final paper work on the agreed price was $30,000.00. After making 50 payments and paid $22,000.00 so far. You surrendered the car; the finance company will auction the car at the standard Automobile Wholesale Value. You owe the finance company $8,000.00 still. But the car only sales for $6,000.00 in auction, you will still have to pay the $2,000.00, as well any additional fees. Now let's say the car sales for $8,500.00. The finance company must return to you any overage amount it receives. Keep in mind they still will take out the fee's there.
Advantages and Disadvantages of Personal Loans?
When choosing a personal loan it is important to note that often small but significant differences exist between the loans on offer, and as a result some types will be more suited to your individual circumstances than others. These differences may include flexibility, repayment terms, insurances offered and how established the lender is.
It can be difficult to remain objective when you are in need of money, but if you fail to consider the risks associated with borrowing you may end up regretting a commitment to a high interest rate or demanding repayment schedule. When you have a clear idea of the advantages and disadvantages of loans in general, comparing the loans on offer will prove easier. Consider the disadvantages you are prepared to accept, such as higher interest over a shorter repayment period, if you are keen to pay the loan off quickly.
Advantages of a Loan
Loans are a relatively fast way to obtain funds for a special purchase or project, and even large amounts can be borrowed for almost any purpose. They are suitable for expensive purchases that require immediate payment, allowing you to spread the cost of the purchase and manage your short term finances more easily, especially if your loan has a fixed interest rate (see Interest Rates).
There is a high level of competition amongst lenders, which usually makes it possible for you to negotiate a cheaper interest rate than the one which you are initially quoted. It may also be worth investigating whether there is a specialist lender who can provide loans tailored to your specific purpose, for example buying a car, since they may offer you a cheaper or more suitable loan. Personal loans are often more popular than other sources of finance such as credit cards and overdrafts, because the amount you can borrow is typically greater.
Disadvantages of a Loan
Loans constitute a long-term financial agreement and used in the right way can be a useful financial tool. However, anyone considering applying for a loan should analyse their personal finances carefully, and calculate exactly how much they can afford to borrow based on how much money they can spend on repayments each month, once their other financial committments have been honoured.
If you cannot afford to make repayments when they are due, you may face a penalty. If you have chosen to take out a secured loan, you may even lose your home. For this reason it is important to read all the 'small print' of any loan contract to see what penalties could be levied, and consider whether or not you should be applying for a loan at all. Furthermore, if you default on the loan, your credit rating and ability to access credit in the future will be detrimentally affected, see Credit Scoring.
On the other hand, you could also be penalised for making a large lump sum repayment to pay off your loan sooner than agreed. Although most loan companies will allow you to do this, they may charge you an early repayment fee.
For anyone wishing to borrow only a small amount that they aim to pay back within a short period of time, acredit card may be a more suitable solution because the balance can usually be paid off in full at any time without incurring early repayment fees. Similarly, an overdraft may be a more effective option for those who require a relatively small amount of credit in an emergency. However, interest charges for overdrafts and credit cards are usually much higher than for personal loans, so it is inadvisable to use them for long-term borrowing.
Why is it easier to get a secured loan?
A secured loan is one in which the debtor pledges some tangible item of value, such as a motor vehicle or real estate, as "security" for the loan - i.e., the creditor may take possession of that item if the debtor defaults on the payments. This makes the loan safer for the creditor and, therefore, easier to get.
Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs".
This downside may not outweight the benefits of having no mortgage payment.
What would be the monthly payment on 90000 mortgage at raate of 75 percent interest for 30 years?
At 75% interest and no other variables, the payment would be $5,625.00 per month.
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However, if you meant 7.5% (a more realistic interest rate) principal and interest would amount to 629.29 oer month. Add to that taxes and insurance.
Can a home loan be included in chapter 7?
Yes you can. After being discharge the lender will continue any process they were into. By filing BK you are only buying more time in the house. In CA it's about 3 monthd or more depending on your lender.
Can a remainderman get a mortgage on a property with a life estate?
It is possible. It is not likely to be very favorable terms, but if the bank is willing to do it, they certainly can. Consult with a bank in the area that knows what the rules are for where you live.
Ask your employer to give you the name of the entity who is garnishing your wages--- is it an individual; the court; a company, etc. Most likely it will be a court. Get the case number of the court case and go to the court and look at the judgment and see how much was awarded in the judgment. Then add up how much you have paid over the years through the garnishment towards the judgment.
Then if you have paid the amount in full, and they are still garnishing you can petition the court to stop the garnishment and return any overpayment.
A QUICK WAY to find out is to just ask your employer for the total amount the ORDER OF GARNISHMENT instructed them to garnish. Your employer is responsible for garnishing only the amount in the COURT ORDER.
GOOD LUCK!
Turnaround time for va condo loan approval?
It all depends.
There are too many variables to give you a firm time. They include:
- Your credit-worthiness
- Your down payment percentage
- Your lender's parameters for lending to condominium buyers
- The status of the existing title
- Documentation your lender might require from the association
And more.
Yes. But you need a good and clean record to be loaned money Beware though that most banks have higher interest rates than other places that lend money as the business. Not all the time though so it may pay to do a Little research in the area that you are in. It can also depend on how much tat you need to borrow, too much and any organisation will turn you down.
What happens to a existing car loan when trading your car?
You need to make arrangements to pay it off.
Can you go to jail in pa for defaulting on payday loan?
No, but they can sue you. We are not in the 1300's when there was a debtors prison, so your credit rating will go down, you will/may have to go to court or a collection agency will call up a whole lot.
What can you do if husband took car and car loan is under your name?
Call the bank. Explain the situation.
Try to get the loan transferred into his name.
If he doesn't co-opperate, call the cops and report it as stolen.
The quickest route is to look online - but be careful. Make sure you use legitimate companies that are authorised to operate. This can be easier said than done however. If in doubt, speak to your bank, they should be able to help or point you in the right direction. There are a few credible companies.
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Where can you find the primossary note for the CTU financial aid departmentt?
There wasn't a completion made on my application for Sallie Mae, how can I return to complete it ? Will be attending CTU ONLINE IN COLORADO SPRINGS. began filling out the application approximately between September 25-29, 2009
Sincerely
Henrietta Braxton
gullat1928@live.com
hbraxton@rocketmail.com
What is a fha streamline mortgage?
Take a look here for the detalis on how this works: http://www.talkrefinance.com/fha-streamline-loans-save-big-bucks
FHA Streamline Loan has been set up to refinance an existing FHA mortgage. This loan does not require an appraisal, and fees are generally minimal, but the new loan cannot exceed the balance of your existing loan. Any fees must be paid up-front, unless you arrange for a special "no-cost" FHA Streamline Loan allowing the fees to be incorporated into the refinance loan.
Though a no-cost FHA refinance will usually requires an appraisal, and there must be enough equity accumulated in the property to accommodate the extra amount.
To qualify for an FHA Streamline Loan, the owner of the existing mortgage must be up-to-date with payments and they must have been made on time for at least the last year. Also, the owner must have owned the home for at least six months before an FHA Streamline Loan can be considered.
You must apply through an FHA-approved lender. If you want to refinance a conventional (non-FHA) mortgage, you can either apply for a conventional refinance loan, or you can still apply for an FHA refinance mortgage. The FHA refinance loan in this case will not include the cost-saving elements of a FHA Streamline Loan, but they are usually less costly than conventional refinance loans.
Will co signing hurt your credit score if the payments are made ontime?
Provided the payments are made on time, no this will not hurt your credit score. If the person you are co-signing for doesn't make the proper payments on time and you cover the payments so that they are in full and on time, your credit score will be fine. The only concern is if the payments aren't made on time or in full your credit score will be hurt as much as the person's for whom you are co-signing. In essence, co-signing a loan means you take responsibility for making sure the other person will make the proper payments on time and in full.
