Short-Term vs. Long-Term Loan A loan is a principal amount that is received by the borrower from the lender as a debt for a certain period of time for the repayment of the principle with an assigned interest. Loans can be provided by financial institutions, banks, peer-to-peer, etc. Loans differ by their features such as […]
Short Term Loan vs. Long Term Loan – Which One to Choose? Read More »
This form of lending is the oldest form of lending. Originally it was borrowing from family members or members of your local community but times changed and professional money lenders developed. Over time, these money-lenders became banks. But today with the global communications network things have come full circle. Peer-to-Peer lending is a simple type
What is Peer-to-Peer Lending? Read More »
Editor’s Note: Although they sound alike, Private mortgage insurance (PMI) and mortgage protection insurance (MPI) are two entirely different types of insurance created for vastly different purposes. What is Mortgage Protection Insurance (MPI)? Mortgage protection insurance is essentially a life insurance policy designed to pay off your mortgage in the event of your death so
Mortgage Protection Insurance vs Private Mortgage Insurance? Read More »
Although we strongly suggest that you not take out a loan for frivolous purposes many people haven’t saved enough to make the larger purchases they want. In the run-up to the housing crash, lenders would make loans for almost any purpose. Lenders still require that you tell them what the applicant wanted the loan for.
Most Unusual Reasons for Applying for a Loan Read More »
The subject of loans and credit can be a bit overwhelming if you haven’t spent any time researching and understanding them. There are endless different types of loans on the market… for example, unsecured loans, secured loans, credit cards, overdrafts, payday loans, personal loans, etc. So it’s important that you understand your credit situation in
Which Type of Loan is Best? Read More »
Mortgage Insurance Premiums If you are buying a new home but don’t have a 20 percent down payment, your mortgage company will require that you have mortgage insurance. The major disadvantage of mortgage insurance is that you as the borrower pay the premiums but the benefits go to the lender. If a borrower defaults on a loan, mortgage insurance pays funds to
Should I Roll My Mortgage Insurance Premiums Into the Loan? Read More »
Having children requires a considerable financial investment. It calls for clothes to be bought, education costs to be paid, and years of doctor’s appointments to cover, and that doesn’t even include the cost of the latest iPad or camera phone. But what if your child is 30 years old, and hasn’t lived under your roof
Is Financing Your Child’s Mortgage Right for Your Family? Read More »
Home equity is the difference between the amount you owe on your loan, and the amount your home is worth. Building equity is like saving, but without you having to do a thing. Your home increases in value without you have to do anything other than maintain it, and as long as you pay your
Tips to Generate Home Equity Read More »
A “Low Doc” or sometimes called “Low Doc Home loan” are mortgage or home loans where documentation for verification of your income is not required. However, all other documentation is. These loans are ideally suited to self-employed, independent contractors, investors, credit rating impaired, ex-bankrupt or clients with arrears on current mortgages and borrowers who have
What’s a No Doc Or Low Doc Home Loan? Read More »
For years, lenders have utilized “credit scoring” to determine whether or not an individual is a good credit risk. Credit scoring has recently become a hot topic, due in large part by the mortgage lending industry’s willingness to use the process to evaluate one’s likelihood of repaying home mortgage refinancing or second mortgage loans. Even
Credit Scoring On Mortgage Refinancing Read More »
Being in debt causes life to be more stressful and less enjoyable . By the time most people see the error of their ways, they’re already in so much debt that it will take them many years to get out of it. Fortunately, there are options that can help you get your debts paid off
Consumer Credit Counseling Read More »
Mortgage lenders are usually very keen on reminding potential clients about all the conditions and terms of a home loan. However, there will still be some cases when important information are left out…
What You Should Know When Getting a Mortgage Read More »
