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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
How is Reverse Mortgage useful?
The Reverse Mortgage is a national program which is offered to senior homeowners 62 years and older which allows for you to access your homes equity without a monthly repayment.
reverse mortgage allows a senior home owner to convert their home equity to cash. These loans may be availed by senior home owners having equity in their homes. If an individual is a senior citizen and does not intend on moving out of his or her home for some time, a reversed mortgage may be an option worth considering. Apart from being 62 years of age or older, the borrower must be the absolute owner of their house in order to qualify for a reverse mortgage. It is also important to note that it is still possible for qualified homeowners to obtain a reverse mortgage if they still owe a small amount of money on their conventional mortgage. However, should this situation occur, the home owner is still required to pay down the balance of the conventional mortgage.
From the Lenders' Perspective:
The variables to considered with mortgages are: The size of the mortgage market, the rate variance (fixed vs. variable), the credit score of the borrower (FICO), the Loan-to-Value ratio (LTV) which is calculated from the amount borrowed and the total value of the mortgage, the loan amount, transaction fees, occupancy, and the property type.
When comparing all these variables, the task becomes a difficult one. Heitman Analytics has been answering that question for the last 25 years. They offer daily analytics of every domestic market backed by their analytical historical data and adjustors.
Read more: http://www.heitmananalytics.com
From the Federal Perspective:
Mortgage rates or the interest rates for home loans are affected by a variety of factors. More often than not, they are influenced by supply and demand.
A strong economy results in more borrowing which in turn results in higher interest rates. Conversely, with the softening of an economy, borrowing goes down and so does interest rates.
The Federal Reserve can also influence interest rates through raising or lowering the discount rate which is the interest rate banks are charged when they borrow money from the Federal Reserve.
Read More:http://www.housingnewslive.com/mortgage-rates.php
Why might the market value of a loan differ from its outstanding balance?
The balance of a loan depends on the original contract rate, whereas the market value of the loan depends on the current market interest rate.
What is the difference between an fha title 1 loan and an fha 203k loan?
FHA 203 (k) is a rehabilitation loan. It used to renovate properties within the HUD guidelines. Either a Streamlined k which has no structural issues on the property to be repaired and a limit of $35,000 including costs and fees, or a Full or Standard 203k which has no limit on the repairs up to the loan limit in that county less the purchase price on a sale, or the existing debt on a refinance. This loan is always a first loan.
The FHA Title I loan is also for repairs. It used to be that it was called a "signature loan" as you could get it in about a week and it was very easy to qualify. As long as the underlying loan or first loan was longer than the term you were asking for on the Title I loan it was pretty much a done deal. Today there is a little more credit checking going on. This loan was originally to repair a roof if it started leaking in the rainy season to provide quick repair money for anyone with a mortgage in place.
Title I loans have a $25,000 limit for a single family home or $12,000 for each unit up to 5 or $60,000 for a five unit building. Yes, a duplex would get less money than a single family residence.
How many credits a year to qualify for a loan?
There is no minimum. You only have to be enrolled in any course at a registered institution to receive a loan for that course.
Where you can get a unsecured personal loan?
You can get unsecured personal loans online from a direct lending service.
Unsecured personal loans are a popular, and helpful, form of lending in which a borrower takes out a loan from a direct lender under the promise of repayment upon receiving their next paycheck.
The increased availability of these short term personal loans by online lenders gives borrowers a convenient and helpful means of acquiring emergency cash in the moment it is needed.
Approval for small loans online is instant and the money can be directly deposited into your checking account in as little as one hour.
What are generally considered advantages of term loans over publicly issued bonds?
Speed, flexibility, and low issuance costs.
What are the different ways of raising a car loan?
Purchasing a car is one of the most important decisions that you make in your whole life. It needs plenty of research regarding the automobile market in India, which includes collecting details of automobile loans, particularly if one is purchasing his vehicle through financing. As a matter of fact, not only the new vehicle, one can use automobile loans in spite of the fact that one is purchasing an old vehicle.
Since purchasing an automobile needs a huge amount of investment, most of the car buyers resort to financing schemes at the time of buying their dream car. If one wants to do the same thing, the first thing one should have is a fair idea about the car loan procedures in India. Understanding the car loan procedures in India will help one make the right decision for selecting the most suitable auto loan scheme. There are different types of car loans in India such as margin money scheme, hire purchase scheme, lease financing scheme, security deposit, and advanced equated monthly installment scheme. One's car itself will work as the security against the loan amount.
Fundamental prerequisites for applying
If you want to quality for a car loan, you have to fulfill the following eligibility criteria:
- Minimum age of the loan applicant has to be 21 years.
In case of salaried individuals, the loan applicant has to be working in the present company for the last one year or he/she should be employed for minimum two years.
- If the car loan applicant is a limited company, it has to be functioning for the last two years as a minimum.
- The minimum yearly income of the loan applicant has to be Rs. 100,000 or more.
- Maximum age of the loan applicant at the time of maturity of the loan has to be 60 years (in case of salaried individuals) and 65 years (in case of self-employed individuals). This may differ from one financial services provider to another or one bank to another bank. You should verify this prior to applying.
How the car loan procedure works
Car loan procedures in India have some particular steps. One can directly apply to a bank or a financial services provider of your preference. Despite the fact that loan application on paper is the conventional form of applying for a vehicle loan, one can also send an online application since majority of the banks and financial services providers prefer online applications and offer online application facilities. This saves their time and cost. This also saves money and time for the customers. Car loan procedures in India usually comprise the steps given below:
- To begin with, you have to directly apply for the automobile loan to the bank or financial services provider of your choice with all the essential paperworks.
- As soon as you send an application for the automobile loan, the bank authority will substantiate all your paperworks, residential proofs, and will also carry out some other official procedures.
- A credit appraisal will be performed and the amount of loan will be decided once this is carried out, only if the applicant is deemed appropriate for the loan and all the papers submitted are genuine. The loan amount is also dependent on factors such as your income, your age, spouse's income (if any), academic qualification, and overall number of dependents of the applicant. Factors like the total amount of assets, amount of current liabilities, and steadiness of employment are also considered. Your savings and credit history is taken into account. Ultimately, your automobile loan is issued.
Car Loan Repayment Options
The repayment option of your car loan differs from one bank to another. The interest rate and the maximum loan term also differ from one loan product to another. The amount of EMI (equated monthly installment) is dependent on the interest rate, the loan term, and the amount of the loan.
Types of Interest rate
The interest rate for car loans is charged in two ways - fixed and floating. In case of a fixed rate car loan, the interest rate stays the same during the entire term of the loan. On the other hand, in case of a floating rate car loan, the rate of interest differs in line with the particular stipulations of the loan agreement.
Necessary Documents
When one is applying for a car loan in India, one has to provide the following documents:
- Proof of income
- Identification proof (PAN card, passport, driving license, or Voters ID)
- Office address proof
- Residential address proof
- Signature proof
What are the requirements for FHA loans on an investment property?
Not if it is a non-owner occupied investment property. HOWEVER...... If it is a duplex or 4 plex and the borrower is going to live in one of the units, then you can.
If the owner moves out of the unit at a later time, they will still be allowed to keep the property as an FHA property and are eligible for streamline refinance.
Do payday loans get reported on your credit report?
Most payday loan companies do not check your credit. However, if you are worried that having received a payday loan in the past will show up on your credit, don't worry. Credit reporting agencies can't see that you've had a payday loan in the past.
Payday loans do not get reported on your credit UNLESS you do not pay them. Then, they will ruin whatever credit you have. They do not help if you pay, only hurt if not paid.
Are online payday loans in Missouri legal?
Physical payday loan stores in Missouri must be licensed at the state level and are required to keep interest rates and fees below 26%. However, most payday loan companies choose not to operate within the state because state regulations make it difficult to remain profitable given the high percentage of loan defaults. Most residents of Missouri tend to utilize online payday loans from sites like Instant Payday Loans because they can obtain more than the $500 maximum allowed by Missouri.
Does a collection agency have to accept what you can afford to pay?
Absolutely not. You, as a debtor, do not get to set the terms of repayment. By the time the collection agency gets a case, typically, the entire balance is due at that point. The good news, however, is that when a collection agency sues you, a good consumer attorney can likely defend your rights with great success. For more answers to collection agency questions, please visit my website at www.gregartim.com
Is the interest on a home loan tax deductible?
Maybe, it will depend upon if you have enough itemized deductions to exceed the Standard Deduction andyour adjusted gross income is less than $100,000.
The Standard Deduction is an deduction from income based upon your filing status. The Standard Deduction is normally adjusted each year for inflation.
In tax year 2011 the Standard Deduction for single or married filing separate was 5,800 and for married filing jointly was $11,600.
So to be able to deduct every dollar of the interest on your home loan, you will need to have other Schedule A Itemized Deductions that exceeded your Standard Deduction.
In other words, if your qualified medical expenses, state and local income taxes, home real estate taxes, charitiable contributions, casualty losses, education expenses, investment expenses, and legal expenses add up to be more than your Standard Deduction ($11,600 for married filing jointly) AND youradjusted gross income is less than $100,000 (married filing jointly) the interest on a home loan will be tax deductible.
What are two risks of accepting a personal cheque?
Other than them bouncing, being forged, or drawn on a closed account?
You still owe the money to the mortgage provider.
credit uion
When did shearson lehman hutton mortgage corporation become ge capital mortgage services?
Shearson Lehman was acquired by GE Capital Mortgage effective September 1, 1993.
Balloon payment you have a balloon mortgage payment and you lost your job how can you get help?
I have a balloon mortgage payment and i lost my job how can i get help
The amount of money you borrowed is called the what?
The original amount of money borrowed is known as the principal.
