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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 does a five-one ARM mortgage work?

The interest rate is fixed for five years, and then changes every year afterward.

What does an amortization table show?

``````````The principle and interest being paid on a loan`````````

Can a bank recall the entire value of a mortgage before the due date?

NO. Because the call of a bank is greater than the asking rate of the mortgage. If the rate of the mortgage is higher than the mortagage itself then you and the bank can settle the dispute over a cup of tea.

What is the formula to calculate mortgage payment?

The answer: you probably don't want to know.

Here it is: P = L[c(1 + c)n]/[(1 + c)n- 1]

where P equals payment, L equals loan amount, n equals number of months in the loan term and c equals monthly interest rate.

If you are just wanting to calculate what a monthly mortgage payment would be, there are several mortgage calculators available online. Here's a link to a good one:

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

Advantages and disadvantages of paying by lay-by?

advantages:

you get the product you want

you can get the product at a sale price

you can pay off the product by depositing small amounts until you have paid off the total amount

no interest fees apply

Disadvantages:

you may not be able to pay off the product you have put on lay-by

My mother passed away I have siblings and no one has reported her death to the mortgage company we can't afford the house payments is it the law that you have to report it to the mortgage company?

No, once the mortgage company begins the foreclosure process they will find out that your mother is dead. This will not stop the foreclosure process. The only way to avoid that is to make the payments.

What is the loan and advances?

loan is a type of debt

. To make a payment before it is due to the payee

Can you get a loan transferred to an accountnow debit card?

Yes. As long as the money is sent by ACH (automated Clearing House), which is an electronic transaction.

You can also pay a loan, such as a payday loan, with your AccountNow prepaid debit card. Most payday loan companies allow you to use a prepaid debit card to pay back a loan.

However, AccountNow has their own loan system. They offer short term loans, which they call the iAdvance Line of Credit. It is just like a payday loan but much cheaper.

Since you already have an AccountNow prepaid card, you may just want to use this option. Call the customer service number on the back of your card to see if you are eligible. If you are eligible, the only requirement is to have direct deposit set up on you prepaid card account.

For more information, visit: http://www.accountnow.com/services/iadvance-loan.aspx

Since my parents now own a home and have finished paying it off will this affect my financial aid even though our household income is low?

If you are completing the FAFSA, it ignores the value of the home in which you reside (but not any other homes owned since it considers them assets). Keep in mind that while the majority of schools use the FAFSA, there are other financial aid tests and some of them do consider the equity your parents have in their home as an asset.

Ask the schools that you are considering attending if they use the FAFSA to determine aid eligibility and then apply for aid early since many programs for lower income families run out of money and are awarded to eligible students on a first come, first served basis.

Who can do loan modification in Alabama?

Generally, you will need to contact your lender directly.

You can get free help by contacting a HUD housing counselor. There is no charge for this help. Both the agency helping you and also the person helping you will be HUD approved.

How much money does a person with bad credit have to put down for a mortgage?

It will all depend on what your credit score is and how bad. If you do have a substantial amount of money to put down on a property your best bet would be to contact a lender and see what you can get qualified for. No matter what amount you do put down, be prepared for a high rate. If you have a substantial amount of money, you may want to work on repairing your credit first.

How much money does a person with good credit have to put down for a mortgage?

There are programs that will still do 100% financing. You will need to discuss this with a lender. If possible you will want to put 20% down on a home purchase to keep you out of the PMI (private mortgage insurance).

If you are married can you apply for a first time home buyers loan if your spouse owns home?

Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.

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