When a homeowner gets into trouble financially, the first thought that comes to mind is to obtain a bad credit home equity loan. Is that always a wise decision? Is it better to obtain an equity loan to get rid of those past due bills or to contact a debt management counsellor and work out a payment plan?
Bad Credit Home Equity Loan vs Debt Management
By [http://ezinearticles.com/?expert=Bill_Stone]Bill Stone
When a homeowner gets into trouble financially, the first thought that comes to mind is to obtain a bad credit home equity loan. Is that always a wise decision? Is it better to obtain an equity loan to get rid of those past due bills or to contact a debt management counsellor and work out a payment plan?
Home equity loan
When you find yourself in severe financial trouble, before you decide to apply for a bad credit home equity loan, consider the facts:
You can lose your home if you default on the payments
The interest rate will be higher because of your credit
Your equity will be tied up in the loan and not available for other purposes
Your home's equity is all you have left after your credit has gone downhill because of financial difficulties. If you tie it up in paying the past due bills, that leaves you with nothing in the event something happens that you need to make substantial repairs to the house. The idea may sound good at first, but when you consider that paying off those old bills will not remove them from your credit report for six or seven years after you have paid them, it may not be the best solution to the problem.
Debt management
Unlike a consolation loan, debt management does not cost you any additional interest nor is it an actual loan. What happens is a debt counsellor works with your creditors in order to work out a payment plan that allows you to repay the debts. Quite often they are also able to have the interest rate lowered or eliminated, something that is not done with a bad credit home equity loan. Because of the reduced interest rate, it's possible to have your debts repaid quicker than you would be possible with an equity loan. In addition, you still have the equity in your home in case something major should come up where you really need it.
The effect on your credit
Keep in mind that a bad credit home equity loan is a consumer loan, and it will show on your credit report. In some ways, this is good because if you make the payments on time, it gives you something positive to offset the negative. On the other hand, if you need to apply for a car loan sometime in the future, it will affect your income to debt ratio.
Since a debt management program is not a loan, it will not affect the income to debt ratio. You are repaying old debt rather than creating new debt. Surely, the old debt is still on your credit until it is paid in full, as opposed to being marked as paid. The final decision is that of the homeowner, but from a purely economic view, debt management is the least costly.
Bill Stone writes for Direct Online Loans who help homeowners find the best available loans via the [http://www.directonlineloans.co.uk/]www.directonlineloans.co.uk website.
Article Source: http://EzineArticles.com/?expert=Bill_Stone http://EzineArticles.com/?Bad-Credit-Home-Equity-Loan-vs-Debt-Management&id=1150798
Monday, October 13, 2008
Debt Management Plan the Basics
Are you finding that it has become more and more difficult for you to manage your debts on your own? do you want good help that will get you out from under the debts that are weighing you down? There are many ways to get out of debt, but starting with an understanding of some of the debt management plan basics is a great way to get on the road to success. Here are some basic tips to help you with your debts.
Debt Management Plan the Basics
By [http://ezinearticles.com/?expert=Gressly_Stevens]Gressly Stevens
Are you finding that it has become more and more difficult for you to manage your debts on your own? do you want good help that will get you out from under the debts that are weighing you down? There are many ways to get out of debt, but starting with an understanding of some of the debt management plan basics is a great way to get on the road to success. Here are some basic tips to help you with your debts.
When considering a debt management plan you need to understand that you have options and depending on the type of financial organization that you use for your plan will determine the cost. There are options that are expensive and want a good portion of money up front and there are options that are less expensive and will allow you to pay over a period of time.
1. Hiring a Debt Management service that works for a profit
- When you hire a service that is in it to make money you will get great service, but the fee will be higher. They will send letters out to all of your creditors to get permission to enroll the debt into the plan they have worked out. Many times they can even get the debt settled for much less than you actually owe. It really depends on what you owe and how old the debt is, but they can provide you with a budget and a payment plan that you can manage to get you out of debt.
2. Hiring a not for profit Credit Counseling Service
- On the other hand there is the option of a not for profit organization that will still charge you a fee, but it is generally much cheaper. They will work with your creditors in a very similar way, but the biggest difference is how they work with you. They will not only help you to get out of debt, but they will also counsel you to stay out of debt. They are very good at helping you realize the areas of your finances that you can make some cutbacks so that you can get out of debt faster.
3. Bankruptcy and Financial Advisors
- You also have the option of Bankruptcy and this must be included in the debt management plan basics because many people think it is the answer. The problem with bankruptcy is that your lawyer is not going to teach you how to stay out of debt and they are going to charge you an arm and a leg by the time you are finished. This is where a good financial advisor comes in and you can usually get a consultation for a pretty reasonable price so you should always consult a financial advisor before you choose bankruptcy.
Get your Debt Management Plan and get out of debt once and for all. Get more information here: http://www.Free-Offer-Sites.info/DebtConsolidation/Articles/Credit-Card-Debt-Help.html
Article Source: http://EzineArticles.com/?expert=Gressly_Stevens http://EzineArticles.com/?Debt-Management-Plan-the-Basics&id=1517800
Debt Management Plan the Basics
By [http://ezinearticles.com/?expert=Gressly_Stevens]Gressly Stevens
Are you finding that it has become more and more difficult for you to manage your debts on your own? do you want good help that will get you out from under the debts that are weighing you down? There are many ways to get out of debt, but starting with an understanding of some of the debt management plan basics is a great way to get on the road to success. Here are some basic tips to help you with your debts.
When considering a debt management plan you need to understand that you have options and depending on the type of financial organization that you use for your plan will determine the cost. There are options that are expensive and want a good portion of money up front and there are options that are less expensive and will allow you to pay over a period of time.
1. Hiring a Debt Management service that works for a profit
- When you hire a service that is in it to make money you will get great service, but the fee will be higher. They will send letters out to all of your creditors to get permission to enroll the debt into the plan they have worked out. Many times they can even get the debt settled for much less than you actually owe. It really depends on what you owe and how old the debt is, but they can provide you with a budget and a payment plan that you can manage to get you out of debt.
2. Hiring a not for profit Credit Counseling Service
- On the other hand there is the option of a not for profit organization that will still charge you a fee, but it is generally much cheaper. They will work with your creditors in a very similar way, but the biggest difference is how they work with you. They will not only help you to get out of debt, but they will also counsel you to stay out of debt. They are very good at helping you realize the areas of your finances that you can make some cutbacks so that you can get out of debt faster.
3. Bankruptcy and Financial Advisors
- You also have the option of Bankruptcy and this must be included in the debt management plan basics because many people think it is the answer. The problem with bankruptcy is that your lawyer is not going to teach you how to stay out of debt and they are going to charge you an arm and a leg by the time you are finished. This is where a good financial advisor comes in and you can usually get a consultation for a pretty reasonable price so you should always consult a financial advisor before you choose bankruptcy.
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Get your Debt Management Plan and get out of debt once and for all. Get more information here: http://www.Free-Offer-Sites.info/DebtConsolidation/Articles/Credit-Card-Debt-Help.html
Article Source: http://EzineArticles.com/?expert=Gressly_Stevens http://EzineArticles.com/?Debt-Management-Plan-the-Basics&id=1517800
Sunday, October 12, 2008
Secured Loans For Homeowners
Do you own your home, and are you looking to take out a loan? Try a homeowner's secured loan.
Secured Loans For Homeowners
By [http://ezinearticles.com/?expert=Jon_James]Jon James
A homeowner secured loan is available to homeowners for a number of different uses. You may want to do some home improvements, put an extension on your home, make a large purchase like a car, take a much needed holiday, or you may need the money to pay for a major life event like a wedding or your child's schooling. In any of these situations, a homeowner secured loan may be right for you.
A homeowner secured loan is especially for those who own a house. Because lenders are providing you with a very large sum of money, they require security that you will repay the loan in full. This security comes in the form of you putting your home down as collateral. Lenders are able to repossess your home if you are not able to repay the loan's full amount in the agreed upon amount of time.
You can get a homeowner secured loan with a low interest rate. Lenders are able to offer low interest rates because there isn't much risk involved for them in this type of loan due to the fact that most people are prone to being very conscientious of their payments as their home is on the line if they default.
Searching for the best homeowner secured loan rate is slightly more complicated than searching for a different type of loan. First, you may want to check with your existing mortgage lender to see if they are able to offer you any special rates or discounts seeing as you are already a customer. In fact, if you choose to get a homeowner secured loan from your existing lender, the process will be quicker as well since they already know the details of your financial history and of your payment patterns. However, even if your lender is willing to provide you with a good deal, you may still want to shop around just to make sure you can't find anything better.
Unlike in the past, it is now much easier to apply for a homeowner mce_[http://www.simplyfinance.co.uk/Loans/Personal-Loan/Secured_Loan.html ]secured loan Now, most lenders provide online application forms for you to fill out. You can apply in seconds, and often you can get a response in only minutes. Applying for a loan online also affords you the opportunity to compare different lenders' rates with just the click of a mouse. Many lenders provide comparison tools so that you can see quotes from different lenders and compare them side by side.
When deciding whether or not to approve you for a homeowner's secured loan, a lender will look at your credit history, the value of your home, how much you still owe on your mortgage, as well as any other outstanding debts. After considering all of these things, you lender will help you find a payment plan that is right for you. http://www.simplyfinance.co.uk
Article Source: http://EzineArticles.com/?expert=Jon_James http://EzineArticles.com/?Secured-Loans-For-Homeowners&id=1539968
Secured Loans For Homeowners
By [http://ezinearticles.com/?expert=Jon_James]Jon James
A homeowner secured loan is available to homeowners for a number of different uses. You may want to do some home improvements, put an extension on your home, make a large purchase like a car, take a much needed holiday, or you may need the money to pay for a major life event like a wedding or your child's schooling. In any of these situations, a homeowner secured loan may be right for you.
A homeowner secured loan is especially for those who own a house. Because lenders are providing you with a very large sum of money, they require security that you will repay the loan in full. This security comes in the form of you putting your home down as collateral. Lenders are able to repossess your home if you are not able to repay the loan's full amount in the agreed upon amount of time.
You can get a homeowner secured loan with a low interest rate. Lenders are able to offer low interest rates because there isn't much risk involved for them in this type of loan due to the fact that most people are prone to being very conscientious of their payments as their home is on the line if they default.
Searching for the best homeowner secured loan rate is slightly more complicated than searching for a different type of loan. First, you may want to check with your existing mortgage lender to see if they are able to offer you any special rates or discounts seeing as you are already a customer. In fact, if you choose to get a homeowner secured loan from your existing lender, the process will be quicker as well since they already know the details of your financial history and of your payment patterns. However, even if your lender is willing to provide you with a good deal, you may still want to shop around just to make sure you can't find anything better.
Unlike in the past, it is now much easier to apply for a homeowner mce_[http://www.simplyfinance.co.uk/Loans/Personal-Loan/Secured_Loan.html ]secured loan Now, most lenders provide online application forms for you to fill out. You can apply in seconds, and often you can get a response in only minutes. Applying for a loan online also affords you the opportunity to compare different lenders' rates with just the click of a mouse. Many lenders provide comparison tools so that you can see quotes from different lenders and compare them side by side.
When deciding whether or not to approve you for a homeowner's secured loan, a lender will look at your credit history, the value of your home, how much you still owe on your mortgage, as well as any other outstanding debts. After considering all of these things, you lender will help you find a payment plan that is right for you. http://www.simplyfinance.co.uk
Article Source: http://EzineArticles.com/?expert=Jon_James http://EzineArticles.com/?Secured-Loans-For-Homeowners&id=1539968
Home Equity Loans - Are They the Best Way to Borrow Money?
The Home equity Loan or HELOC has been around for many years and in the past has been a useful tool in helping middle class families do improvements on their home, send a child to college or even help provide starter capital for a small business. The concept is based on the idea that your home is worth a set amount in the current market, for example $250,000. Your mortgage balance is a portion of that market value, for example $ 100,000 leaving you with $ 150,000 in equity.
Home Equity Loans - Are They the Best Way to Borrow Money?
By [http://ezinearticles.com/?expert=Alan_Fernandez]Alan Fernandez
The Home equity Loan or HELOC has been around for many years and in the past has been a useful tool in helping middle class families do improvements on their home, send a child to college or even help provide starter capital for a small business.
The concept is based on the idea that your home is worth a set amount in the current market, for example $250,000. Your mortgage balance is a portion of that market value, for example $ 100,000 leaving you with $ 150,000 in equity. This equity can be accessed via a loan or line of credit up to a certain percentage of that equity amount. Any debt against that equity lowers the value of the equity above total debt (mortgage and Home equity). So a $50,000 loan against the equity would lower the available equity for future loans to $100,000. Or a line of credit (more common use of HELOCs) where $20,000 was actually used would lower available equity to $130,000.
Home equity loan repayments are tax deductible to the consumer and in a stable economy where interest rates are low a family with substantial enough income to make the payments or pay off large chunks of the loan can do well.
Unfortunately, the current atmosphere for these loans is bleak. People borrowed on the equity of their homes for any number of wise or unwise reasons and saw the value of their homes shrink along with any available equity. Some saw the reduction so severe that the loans outstanding were more than the worth of the house.
Also, unfortunate is the rise of unscrupulous lenders and their agents and brokers who decieved people into loans they could not afford such as mortgage brokers who neglected to tell their client about the escrow (property taxes and homeowners insurance) that would be due on top of their regular mortgage payment thereby doubling the anticipated promised payment to something less affordable.
Or the bank who gave kickbacks to appraisers to over-appraise a home so that more equity would be available; equity often borrowed on at the closing. More business for the lender, bad for the borrower.
When looking at a home equity loan try to find a reliable lender through research, ratings and word of mouth. Next, look at rates. Some are set at the Prime Interest rate or slightly above. They vary from lender to lender as well as do the closing costs. Next, determine the length of time on the loan. Remember the loan will be structured to indicate the amount of your payments representing interest only. If you pay via that method you will be paying interest but not decrease your principal.
Most importantly, do an honest self appraisal of why you wish to use the equity in your home.
Many people use HE loans to pay back high interest credit card debt. What happens all too often is that the credit card is not destroyed as it should be, but used again later. Credit card debt thus increases and the HE loan still hasn't been paid off and so total debt has increased.
Going into debt can be useful if well planned and thought out but many times the lender is plunged into a cold, murky place where no matter what...the loan has to be paid back.
Alan S. Fernandez is president of Foundation Financial Services with a BBA in Finance and Economics from Iona College, studied under the Life Underwriters Training Council and Certified Financial Planner programs and with 15 years in the insurance industry is a well known problem solver among businesses and individuals alike. He is also an insurance instructor with Citicorp. He can be contacted at [mailto:afern109@optonline.net]afern109@optonline.net or visit the FFS website at http://www.foundationfinancialservicesny.com
Article Source: http://EzineArticles.com/?expert=Alan_Fernandez http://EzineArticles.com/?Home-Equity-Loans---Are-They-the-Best-Way-to-Borrow-Money?&id=1539347
Home Equity Loans - Are They the Best Way to Borrow Money?
By [http://ezinearticles.com/?expert=Alan_Fernandez]Alan Fernandez
The Home equity Loan or HELOC has been around for many years and in the past has been a useful tool in helping middle class families do improvements on their home, send a child to college or even help provide starter capital for a small business.
The concept is based on the idea that your home is worth a set amount in the current market, for example $250,000. Your mortgage balance is a portion of that market value, for example $ 100,000 leaving you with $ 150,000 in equity. This equity can be accessed via a loan or line of credit up to a certain percentage of that equity amount. Any debt against that equity lowers the value of the equity above total debt (mortgage and Home equity). So a $50,000 loan against the equity would lower the available equity for future loans to $100,000. Or a line of credit (more common use of HELOCs) where $20,000 was actually used would lower available equity to $130,000.
Home equity loan repayments are tax deductible to the consumer and in a stable economy where interest rates are low a family with substantial enough income to make the payments or pay off large chunks of the loan can do well.
Unfortunately, the current atmosphere for these loans is bleak. People borrowed on the equity of their homes for any number of wise or unwise reasons and saw the value of their homes shrink along with any available equity. Some saw the reduction so severe that the loans outstanding were more than the worth of the house.
Also, unfortunate is the rise of unscrupulous lenders and their agents and brokers who decieved people into loans they could not afford such as mortgage brokers who neglected to tell their client about the escrow (property taxes and homeowners insurance) that would be due on top of their regular mortgage payment thereby doubling the anticipated promised payment to something less affordable.
Or the bank who gave kickbacks to appraisers to over-appraise a home so that more equity would be available; equity often borrowed on at the closing. More business for the lender, bad for the borrower.
When looking at a home equity loan try to find a reliable lender through research, ratings and word of mouth. Next, look at rates. Some are set at the Prime Interest rate or slightly above. They vary from lender to lender as well as do the closing costs. Next, determine the length of time on the loan. Remember the loan will be structured to indicate the amount of your payments representing interest only. If you pay via that method you will be paying interest but not decrease your principal.
Most importantly, do an honest self appraisal of why you wish to use the equity in your home.
Many people use HE loans to pay back high interest credit card debt. What happens all too often is that the credit card is not destroyed as it should be, but used again later. Credit card debt thus increases and the HE loan still hasn't been paid off and so total debt has increased.
Going into debt can be useful if well planned and thought out but many times the lender is plunged into a cold, murky place where no matter what...the loan has to be paid back.
Alan S. Fernandez is president of Foundation Financial Services with a BBA in Finance and Economics from Iona College, studied under the Life Underwriters Training Council and Certified Financial Planner programs and with 15 years in the insurance industry is a well known problem solver among businesses and individuals alike. He is also an insurance instructor with Citicorp. He can be contacted at [mailto:afern109@optonline.net]afern109@optonline.net or visit the FFS website at http://www.foundationfinancialservicesny.com
Article Source: http://EzineArticles.com/?expert=Alan_Fernandez http://EzineArticles.com/?Home-Equity-Loans---Are-They-the-Best-Way-to-Borrow-Money?&id=1539347
Bad Credit Home Improvement Loan - Finance to Refurbish Your Home
Bad credit home improvement loans provide the monetary assistance, which enables you to tackle the expenses that occur while refurbishing your home. As per the need and requirement, you can derive the loans in secured and unsecured form. if you want to attain the best loan deals, then consider applying online.
Bad Credit Home Improvement Loan - Finance to Refurbish Your Home
By [http://ezinearticles.com/?expert=Dina_Wilson]Dina Wilson
Having problems related to bad credit usually implies that you are not in a position to obtain any external financial support. It is the reluctance on the part of the lender which makes it tough for you to derive loans. But now, things have changed and you will be quite astonished to find loans of every sizes and requirement. If you are looking for finances to make some changes to your home, then you can easily source a bad credit home improvement loan.
You can use this loan to meet expenses that may occur while making some changes to your house. It can be constructing a wall, painting, extending a room, erecting a swimming pool, flooring and tiles and so on. This loan is specially devised for those having a series of adverse credit problems such as CCJs, IVA, defaults and arrears etc. Each and every aspect like terms and conditions, accessibility of this loan has been designed to suit your prevailing circumstances.
This loan has been further categorized in to secured and unsecured form. You are free to choose in between the two options, although the terms and conditions are quite different. Secured form of the loan is collateral based and can be availed only by pledging an asset as collateral. By doing so, you can access a bigger amount at a comparatively low interest rate. The repayment term is large usually stretches for a period of 5-25 years.
Unsecured option of this loan can be availed without the requirement of pledging any asset. This implies that a borrower who is not interested to place any asset or do not have any can easily derive the loan. This loan is ideal to meet smaller requirements. Interest rates concerning this loan are slightly higher which can be paid back within a period of 6months-10 years.
Bad credit home improvement loan can be obtained from various lenders based in the financial market. But it is the online lender who offers the best deal on this loan. Before selecting any particular deal, collect and compare the quotes of various lenders and then select a lender offering comparatively better terms on this loan. Subsequently on making timely repayment of the loan amount, you can elevate the credit score which in turn strengthens your financial condition.
Dina Wilson is an expert loan advisor at online home improvement loan. She has done MSc Management and Finance from University of Whales.To find [http://online-home-improvement-loan.co.uk/bad_credit_home_improvement_loan.html]bad credit home improvement loan, home loans, home equity loans, online home loans visit http://www.online-home-improvement-loan.co.uk
Article Source: http://EzineArticles.com/?expert=Dina_Wilson http://EzineArticles.com/?Bad-Credit-Home-Improvement-Loan---Finance-to-Refurbish-Your-Home&id=1537320
Bad Credit Home Improvement Loan - Finance to Refurbish Your Home
By [http://ezinearticles.com/?expert=Dina_Wilson]Dina Wilson
Having problems related to bad credit usually implies that you are not in a position to obtain any external financial support. It is the reluctance on the part of the lender which makes it tough for you to derive loans. But now, things have changed and you will be quite astonished to find loans of every sizes and requirement. If you are looking for finances to make some changes to your home, then you can easily source a bad credit home improvement loan.
You can use this loan to meet expenses that may occur while making some changes to your house. It can be constructing a wall, painting, extending a room, erecting a swimming pool, flooring and tiles and so on. This loan is specially devised for those having a series of adverse credit problems such as CCJs, IVA, defaults and arrears etc. Each and every aspect like terms and conditions, accessibility of this loan has been designed to suit your prevailing circumstances.
This loan has been further categorized in to secured and unsecured form. You are free to choose in between the two options, although the terms and conditions are quite different. Secured form of the loan is collateral based and can be availed only by pledging an asset as collateral. By doing so, you can access a bigger amount at a comparatively low interest rate. The repayment term is large usually stretches for a period of 5-25 years.
Unsecured option of this loan can be availed without the requirement of pledging any asset. This implies that a borrower who is not interested to place any asset or do not have any can easily derive the loan. This loan is ideal to meet smaller requirements. Interest rates concerning this loan are slightly higher which can be paid back within a period of 6months-10 years.
Bad credit home improvement loan can be obtained from various lenders based in the financial market. But it is the online lender who offers the best deal on this loan. Before selecting any particular deal, collect and compare the quotes of various lenders and then select a lender offering comparatively better terms on this loan. Subsequently on making timely repayment of the loan amount, you can elevate the credit score which in turn strengthens your financial condition.
Dina Wilson is an expert loan advisor at online home improvement loan. She has done MSc Management and Finance from University of Whales.To find [http://online-home-improvement-loan.co.uk/bad_credit_home_improvement_loan.html]bad credit home improvement loan, home loans, home equity loans, online home loans visit http://www.online-home-improvement-loan.co.uk
Article Source: http://EzineArticles.com/?expert=Dina_Wilson http://EzineArticles.com/?Bad-Credit-Home-Improvement-Loan---Finance-to-Refurbish-Your-Home&id=1537320
Fast Secured Loans - Finding a Good Company to Apply With!
When your looking for fast secured loans online from any financial lender you should consider the following before applying to them. 1. Make sure the company you apply to is experienced enough to handle your application professionally and in person so they give you undivided attention.
Fast Secured Loans - Finding a Good Company to Apply With!
By [http://ezinearticles.com/?expert=Robert_Mcleary]Robert Mcleary
When your looking for fast secured loans online from any financial lender you should consider the following before applying to them.
1. Make sure the company you apply to is experienced enough to handle your application professionally and in person so they give you undivided attention. You need to able to find out exactly what you're getting into.
2. Make sure they offer you the right secured loan rate for your circumstances. Some secured loan companies have fixed rate lending in place and the rates they offer you may not be suitable for you.
3. Make sure you compare more than one company as this gives you a better chance of finding the cheapest loan rate in the market. Consider a broker; they give you various options to choose from. Some more experienced brokers compare banks and major moneylenders and saves you time and money in the long run.
Your probably already know your home if placed as securely so you can secure the loan in the first place. This type of loan should be conceded very carefully and handled with caution.
Some major banks can also offer very good rates of interest but from where you stand, you don't know which one. That's where a broker comes in, they have relationships already in place with a banks and other broker and they know which rate you to offer you from the cheapest point of view.
Fast secured loans are a great way to find money when you need it but as we said just have a bit of caution before you apply and make sure the company can offer you best rates on the market to suit your situation.
A good way to find a fast secured loan online would be to use a search engine like Google. Find a secured loan expert to apply with and your half way they're to finding the cheapest source of finance your searching for in the UK.
Use the UK's largest secured loan broker Central Capital to find you a [http://www.securedloansexpert.co.uk/fast-secured-loan.html]fast
secured loan with good interest rates. Visit the secured loan expert at http://www.securedloansexpert.co.uk
Article Source: http://EzineArticles.com/?expert=Robert_Mcleary [http://ezinearticles.com/?Fast-Secured-Loans---Finding-a-Good-Company-to-Apply-With!&id=1538455 ]http://EzineArticles.com/?Fast-Secured-Loans---Finding-a-Good-Company-to-Apply-With!&id=1538455
Fast Secured Loans - Finding a Good Company to Apply With!
By [http://ezinearticles.com/?expert=Robert_Mcleary]Robert Mcleary
When your looking for fast secured loans online from any financial lender you should consider the following before applying to them.
1. Make sure the company you apply to is experienced enough to handle your application professionally and in person so they give you undivided attention. You need to able to find out exactly what you're getting into.
2. Make sure they offer you the right secured loan rate for your circumstances. Some secured loan companies have fixed rate lending in place and the rates they offer you may not be suitable for you.
3. Make sure you compare more than one company as this gives you a better chance of finding the cheapest loan rate in the market. Consider a broker; they give you various options to choose from. Some more experienced brokers compare banks and major moneylenders and saves you time and money in the long run.
Your probably already know your home if placed as securely so you can secure the loan in the first place. This type of loan should be conceded very carefully and handled with caution.
Some major banks can also offer very good rates of interest but from where you stand, you don't know which one. That's where a broker comes in, they have relationships already in place with a banks and other broker and they know which rate you to offer you from the cheapest point of view.
Fast secured loans are a great way to find money when you need it but as we said just have a bit of caution before you apply and make sure the company can offer you best rates on the market to suit your situation.
A good way to find a fast secured loan online would be to use a search engine like Google. Find a secured loan expert to apply with and your half way they're to finding the cheapest source of finance your searching for in the UK.
Use the UK's largest secured loan broker Central Capital to find you a [http://www.securedloansexpert.co.uk/fast-secured-loan.html]fast
secured loan with good interest rates. Visit the secured loan expert at http://www.securedloansexpert.co.uk
Article Source: http://EzineArticles.com/?expert=Robert_Mcleary [http://ezinearticles.com/?Fast-Secured-Loans---Finding-a-Good-Company-to-Apply-With!&id=1538455 ]http://EzineArticles.com/?Fast-Secured-Loans---Finding-a-Good-Company-to-Apply-With!&id=1538455
Saturday, October 11, 2008
HUD - FHA 203k Low Down Payment Rehab Loan Helps Improve Neighborhoods by Improving Homes
FHA 203k Rehab housing opportunity to the rescue of U.S. communities. Single family property solutions to help grow homeownership and revitalize neighborhoods.
HUD - FHA 203k Low Down Payment Rehab Loan Helps Improve Neighborhoods by Improving Homes
By [http://ezinearticles.com/?expert=Peter_Boyle]Peter Boyle
U.S. Housing and Urban Development (HUD), and the Federal Housing Agency (FHA), both divisions of our federal government, offer a low-down payment homeownership solution titled FHA 203k Streamline program. This is a home lending program that can be used to purchase or refinance, and rehab residential 1- 4 unit properties.
Due to the terrible decline in the U.S. economy and the housing market the last couple years, real estate inventory has increased. Many home interiors and exteriors have declined and are in need of improvements. Some houses sit vacant requiring as much as $35,000 in repairs.
Consumers need to be aware of the opportunity that awaits them. They should not pass up buying or selling a home because it needs improving. One of the great benefits of the FHA 203k rehab program is that it is only one loan for purchase or refinance, including improvements; unlike traditional rehab loans. Using a traditional loan a buyer is required to make improvements before a long-term mortgage loan is obtained. Traditional rehab loans require two loans: One loan for the property and one for improvements. Upon rehab completion, a traditional permanent mortgage is created to pay-off the property (acquisition) and repair (construction) loan.
Often these two traditional loans involve higher interest rates during their brief pay-off period.
The FHA 203k Streamline addresses this problem by offering one loan, at a long-term fixed, or adjustable rate, to finance both the property and the repairs. It allows homebuyers to buy real estate owned (REO) fixer-uppers that lenders offering traditional loan products would not repair.
This special government program has supplied current owner occupant homebuyers with funds to purchase their first home, or rehab the current home they live in. The loan is available to owner occupant home buyers of all income levels and current homeowners.
Repairs and improvements include a minimum of $5,000, and a maximum of $35,000. Some HUD - FHA 203k approved repairs include: Roofing, gutters & downspouts, septic, windows, doors, insulation, furnaces, air conditioning units, plumbing, electrical, appliances, kitchen and bath remodels, flooring, painting and energy efficient improvements. Call an FHA lender for further details or go to: hud.gov.
This is an important opportunity for consumers and communities to help our nations homeownership and give new life to our neighborhoods.
Peter Boyle
Senior Mortgage Consultant
Serving the community 17 years. http://www.peterboylehomeloans.com
[mailto:pboyle@summit-mortgage.com]pboyle@summit-mortgage.com
612-701-6816
Article Source: http://EzineArticles.com/?expert=Peter_Boyle http://EzineArticles.com/?HUD---FHA-203k-Low-Down-Payment-Rehab-Loan-Helps-Improve-Neighborhoods-by-Improving-Homes&id=1534470
HUD - FHA 203k Low Down Payment Rehab Loan Helps Improve Neighborhoods by Improving Homes
By [http://ezinearticles.com/?expert=Peter_Boyle]Peter Boyle
U.S. Housing and Urban Development (HUD), and the Federal Housing Agency (FHA), both divisions of our federal government, offer a low-down payment homeownership solution titled FHA 203k Streamline program. This is a home lending program that can be used to purchase or refinance, and rehab residential 1- 4 unit properties.
Due to the terrible decline in the U.S. economy and the housing market the last couple years, real estate inventory has increased. Many home interiors and exteriors have declined and are in need of improvements. Some houses sit vacant requiring as much as $35,000 in repairs.
Consumers need to be aware of the opportunity that awaits them. They should not pass up buying or selling a home because it needs improving. One of the great benefits of the FHA 203k rehab program is that it is only one loan for purchase or refinance, including improvements; unlike traditional rehab loans. Using a traditional loan a buyer is required to make improvements before a long-term mortgage loan is obtained. Traditional rehab loans require two loans: One loan for the property and one for improvements. Upon rehab completion, a traditional permanent mortgage is created to pay-off the property (acquisition) and repair (construction) loan.
Often these two traditional loans involve higher interest rates during their brief pay-off period.
The FHA 203k Streamline addresses this problem by offering one loan, at a long-term fixed, or adjustable rate, to finance both the property and the repairs. It allows homebuyers to buy real estate owned (REO) fixer-uppers that lenders offering traditional loan products would not repair.
This special government program has supplied current owner occupant homebuyers with funds to purchase their first home, or rehab the current home they live in. The loan is available to owner occupant home buyers of all income levels and current homeowners.
Repairs and improvements include a minimum of $5,000, and a maximum of $35,000. Some HUD - FHA 203k approved repairs include: Roofing, gutters & downspouts, septic, windows, doors, insulation, furnaces, air conditioning units, plumbing, electrical, appliances, kitchen and bath remodels, flooring, painting and energy efficient improvements. Call an FHA lender for further details or go to: hud.gov.
This is an important opportunity for consumers and communities to help our nations homeownership and give new life to our neighborhoods.
Peter Boyle
Senior Mortgage Consultant
Serving the community 17 years. http://www.peterboylehomeloans.com
[mailto:pboyle@summit-mortgage.com]pboyle@summit-mortgage.com
612-701-6816
Article Source: http://EzineArticles.com/?expert=Peter_Boyle http://EzineArticles.com/?HUD---FHA-203k-Low-Down-Payment-Rehab-Loan-Helps-Improve-Neighborhoods-by-Improving-Homes&id=1534470
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