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Posts Tagged ‘loans’

Credit Issues and Loan Modification

May 24th, 2018 Comments off

For people, who owe higher mortgage payments, a loan modification program comes as a blessing. In fact, individuals, who are on the brink of home foreclosures, can also relieve themselves from further misery by applying for a home loan modification program.

There may be credit ramifications during the foreclosure process.

The banks do not grant much mercy to those who do not pay their loans back. Especially when you are paying all of your other bills and leaving the mortgage out.

Those with higher credit ratings can expect a fall in their ranking, if they repay late say by 30 days or maybe even further to get a modification on their loans. This can lower their credit ratings by hundreds of points.

A reduction in your credit may jeopardize your chances of getting favorable credit rates in the future.

The good news is a loan modification may help you lower your monthly household bill.

With a reduction in housing payment, and lowered household payments a loan modification can help you get your finances back on track and lower your outstanding balance without defaulting.

A late payment does not have the long term credit implications like a short sale or credit counseling.

Save your home and prevent your credit from being destroyed. Avoid foreclosure and consult with your loan modification representative to help you get qualified for loan modification and discuss the pros and cons. Make sure that you properly research the loan modification company that you plan on working with. Some important documents to gather include, your last two years tax returns, w-2s for the last two years, recent bank statements, last two pay stubs, a hardship letter and a financial statement that lists all of your monthly expenses minus your monthly income.

Modified Mortgage Solutions are experts in loan modification processing, and an authority in loan modification processing questions.Please contact us with any questions www.modifiedmortgagesolutions.com

These Are Tough Times For Our Economy

May 16th, 2018 Comments off

People need money right now because many are losing their jobs. Are Obama grants a way to get some of that desperately needed money to get buy? Grants are mostly given to institutions for research and learning. Grants for individuals do exist but there are not many of them and they are hard to get.

Some people have heard about government grants and are trying to get help through them. They are not publicized that much and so until now, they have slipped under the radar for many people. However, with so many folks being in desperate need of financial help, more and more people are hearing about and applying for these grants.

Government grants are free and there should be no charge to apply for them. Nevertheless, just like anything the government does, grants are confusing and it is not an easy process to apply for one. It is possible to waste a lot of time trying to figure out the steps involved and this discourages a lot of people. Add to this the fact that not too many individual grants exist and you have a situation where you might be better off trying to figure out another way to get money.

Americans have been hoping the stimulus bill would start to turn the economy around and as yet it seems nothing has changed. As peoples situations become more dire, even it things do begin to make a turn for the better it might be too late for many. The amount of debt that some people have might be too great to overcome with the job situation being so bleak.

The situation is made worse by the spiraling downward effect that is happening everywhere. Everything is interrelated and when one industry or group of people is having a tough time it eventually affects everyone else. It is hard right now, no matter how much money you have or how great a job you have to not be affected in some way by this atrocious economy.

Are you trying to find out how to get some debt relief grants? If so, please visit my website Obama Grant for more information.

What You Need To Know About Fixed Rate Mortgages

May 3rd, 2018 Comments off

For those of you who are new to mortgages or new to the process of applying for a home loan, this article will be a valuable resource to introduce you to the basic fixed rate mortgage. This is one of the easier mortgages to understand and also relatively easy to calculate. A basic understanding of the fixed rate mortgage will help you understand how other mortgage products may differ from the fixed rate, but also help you to ask intelligent questions when speaking with and evaluating a loan officer you may potentially be working with.

The fixed rate mortgage is by far the most common type of mortgage. When new homebuyers begin pricing loans, these are typically where people will start. Most fixed rate mortgages advertised also usually talk about the rate for a 30 year “fixed” rate. When people talk about their mortgage, there is a very good chance that they are referring to their 30 year fixed. A little less common are the adjustable rate mortgages. Of course there are dozens of different mortgage products available based on the needs you have. Interesting that the selling of “money” is basically packaged in different forms just like any other product or service.

The most common fixed rate mortgage is a 30 year mortgage. There are also other options including a 15, 20 and even a 40 year mortgage product. This may change in the future as well, but these are the most typical offers you’ll see when evaluating your options. The longer the mortgage term, the lower your interest rate may be, but you’ll typically pay more in interest over the life of the loan. This is why you’ll see a 15 year mortgage with a higher rate than a 30 year mortgage typically. The payments for a 15 year are higher as well simply because the loan amount may not change and to pay off your home in a shorter period, it will require higher monthly payments. Simple math I know, but better to not assume too much.

One of the main advantages to the fixed rate mortgage is that the rate doesn’t change. This can be great as your payment may stay low for the duration of the loan even if inflation or other financial considerations may change over that same period of time. Some mortgage programs also have a bi-weekly payment option where you’ll pay your mortgage every two weeks. Assuming your monthly mortgage was $2000 per month, this is broken down to about $1000 every two weeks which is nice because it has two benefits, one benefit is that it matches some pay structures, i.e. many companies in the US typically pay your salary every 2 weeks. Of course this also means that instead of 12 payments of $2000 or $24,000 per year, you’ll pay $1,000 every other week which would be 26 payments (52 weeks per year / 2 (every other week)). The total amount of funds that would then contribute to your loan amount would be $26,000 which would pay down your loan more this way or reduce your overall payment amount. Consult your loan officer for details on the bi-weekly payment plan.

With a fixed rate mortgage, at the end of the term, your home will be paid off completely. Several mortgage products have a balloon payment at the end of the term which means you’ll have a larger lump sum, usually a multiple of 10 to 20 times your monthly, or in the event of some interest only products, the principal would be due at the end of only a couple years into the mortgage product which would either require you to pay off the home completely or refinance the balance.

On a typical 30 year fixed rate mortgage, you’ll pay your monthly payment of which a percentage of that amount would go toward the principal and the other percentage goes towards interest. This is done on a sliding scale, so the first years of the mortgage, you’ll be paying more in interest to the bank than paying down your loan. This is as designed by the banks who fund these mortgages. Their expectation is that they get their interest paid to them before you’re “allowed” to use more of your regular monthly payment to go towards the principal. This is all done behind the scenes, but it is interesting to know that you won’t start paying more towards your principal than interest until year 22 of your mortgage. There isn’t anything to prevent you from paying down your mortgage early, however, and may be a very good idea depending on your life situation.

Establishing your first fixed rate mortgage or even refinancing for the 10th time shouldn’t be a complicated process. The key to getting this done is to find a loan officer you can trust who will work with you and educate you as needed so that you understand what you’re paying for. Because this is such a large dollar amount that you’ll typically be paying for a home, there are ways that you can get caught paying more than you should and even small percentage changes over the life of the loan may result in you paying thousands of dollars more in interest. There are a lot of mortgage calculators out there as well you can use to give you some rough estimates.

Did you find this article interesting at all? If so, I have a website that is dedicated to mortgages in Utah that covers not only the basics for the state of Utah, but mortgage information in general as well. You can also review additional information about mortgages from Brian’s other website about Salt Lake City Mortgages.

Apply For An Instant Payday Loan Now!

April 16th, 2018 Comments off

Due to the fact that we are in a deep depression many people are having a little bit of bad luck these days. If you are finding yourself in a situation that requires more cash there are ways that you can get help. An instant payday loan is an excellent of example! All you need to do is have all of the right information in front of you to get started. Take a look at these great pointers to really get you on the right road to relief!

The right amount of money that you need will need to be determined beforehand. Making sure that you know how much is needed is going to allow you to spend less time searching for a loan site. If your credit is really good, you could end up getting up to $1500. Of course, you should make sure that you can afford amount of money first.

From there you need to find out how much you can borrow. Many companies will only loan you a certain amount based on how much money you are making each paycheck. Take a look at some of your recent paystubs in order to get this specific information. You should also never take more than you need.

If you do not pay your loan back when it is due, you may have a hard time getting any type of loan. You need to make sure that you have the option of loaning more money from your original payday loan company. Once you pay off a loan you should be eligible for a new one when you need it!

Once you know what you need to apply for, you need to start searching for a company that will lend you your cash. The internet is a great place to get a payday loan. You can easily find a website and apply right there online! Just stick to your criteria of what you need and can afford. You should then be able to get to your desired loan site.

The application process that you will go through will not take a very long time. As long as you have the right information up front and ready to go you will be all set. Get out your driver’s license, social security card and check stubs. This is needed in order to verify your identity as well as proof of employment. Follow all of the steps and move through the motions.

After all of your information is provided you will need to read the terms of the loan. This is just an overview of what you are borrowing as well as the interest rates that you will pay. This is a small portion of money that is added at the very end. Once you read everything over and you approve you will electronically submit your application.

Rose Martin has a passion for helping people save money and solve urgent financial needs. She recommends Payday Loan Today when you need an instant payday loan and are looking for a reliable, affordable emergency loan.

What Is A Payday Loan?

March 17th, 2018 Comments off

A payday loan is something we should be considered only in emergencies circumstances, but in such circumstances, it can be an absolutely invaluable resource, particularly if you come into short term financial difficulties.

For example, if you have a complete inability to pay your rent one month, because you simply don’t have enough money, or just about anything else that you can consider

Rose Martin has a passion for helping people save money and solve urgent financial needs. She recommends Payday Loan Today when you need a payday advance loan and are looking for a reliable, affordable paydayloan.