Fast Cash Loans With No Credit Check What You Need To Do For A Home Loan Improve Your Fico Score With Student Loan Consolidation Loan Prequalification A Potential Trap Need A Student Loan Look To Your Homeland For Support
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If you plan on getting a home loan there are many things that you should take into account before proceeding. The first thing is the type of home loan that you need.
There are many types of home loans, from which the most common are:
-the fixed rate loan – it is a loan where a fixed interest rate is paid during the life of the loan. This type of home loan usually has a interest rate that is higher than the interest rate of a variable rate home loan
-the variable rate loan – unlike the fixed rate home loan, this loan has an interest rate that varies during the life of the loan
-the home equity loan – this type of home loan should be used if you want to withdraw equity from a home without needing to refinance your original loan. It is easy to get a home equity loan, and they can be either with a fixed rate or with a variable rate.
-the first mortgage loan, is a primary home loan, used at buying a house or a real estate property. There are many programs with first mortgage, and they offer different benefits, lice discounts. The first mortgage home loan can also have a variable or a fixed interest rate.
-the bad credit loan – a home loan for people with bad credit. It usually has an interest rate higher than regular home loans.
Your credit report is very important, because it ‘decides’ the amount of money that you can borrow. This credit report determines your credit score, which will have a value between 375 and 900. If it is over 650 it is considered excellent, but it’s not difficult to get a loan even if you have a bad credit score.
The next step is to choose a home loan, but before accepting one you should know what to look for in a loan:
-mortgage points, some fees that you pay and that lower the interest rate of your home loan
-inspection fees – these are only required for the first mortgages and for homes that are susceptible to disasters(floods,hurricanes)
-loan fees – they are a percent of the mortgage, and you should try to a avoid a lot of lot of loan fees
After you’ve applied for a home loan you should compare all the loan offers that you’ve been presented and decide on the one that you feel that best suits your needs, because some of the loans offer high interest rates but favorable terms, and other low rates but high fees.
Remember that if a loan seems too good to be true, chit prances are that it probably is…
So, you’ve decided on a home loan, now you must apply for it. You can apply at a bank, through a mortgage broker, or online, which is really good way for applying because hundreds of people will se your application and you’ll receive an answer in very short time.
Now, you’ve completed the loan process, and the last thing you’ll do is to close the loan.
Consolidating student loans is one of the most effective ways to improve your FICO score dramatically. A FICO score is perhaps the most important factor in shaping your financial future. Just a few additional points on a FICO score can literally save tens of thousands of dollars over a lifetime by locking in low interest rates on houses, cars, and other items purchased with credit.
How FICO scores are determined
A FICO score is derived from a complex algorithm that weighs different aspects of your past and present financial situation in order to predict how good of a credit risk you are likely to be in the future. Each factor is weighted differently depending on importance with 35% of the score based on payment history, 30% based on the amount of debt owed, length of history contributing 10%, new credit 10%, and types of credit 10%.
How student loan consolidation directly improves your FICO score
Because the second heaviest weighted factor (30%) is based on the amount of debt owed, reducing this amount can make a drastic impact on your credit score. Lenders also look at debt to income ratio when determining the amount of credit they will make available. Particularly for those who are just starting their careers, the lower monthly payments that result from consolidating a student loan can make a highly favorable impact on debt to income ratio.
Borrowers who refinance their student loan often save well over 50% on monthly payments. For example, the payment on a $30,000 student loan before refinancing is approximately $350. After consolidating, the average payment is around $166, a savings of more than $2,200 per year.
Indirectly improving your FICO score with student loan refinancing
Young adults who are just leaving school and starting their lives, families, and careers already have the chips stacked against them when it comes to finances. The majority of people rely on credit cards to help leverage cash flow in the years following college. But credit cards, especially for those who can’t pay off the balance immediately, can become a source of angst and take a toll on your FICO score.
By choosing to redirect the money saved from student loan consolidation, borrowers can pay down high interest credit debts. Using the above example, redirecting $2,200 per year toward paying off high interest credit card debt can add up significantly. The total over 5 years can result in $11,000 worth of high interest debt repayment.
How student loan refinancing works
Student loan refinancing works by first locking in a low fixed interest rate as opposed to the variable interest rate customary of most government loans. Once a specific repayment amount is determined, the loan is then spread out over a longer period of time, resulting in a lower monthly payment. There are no penalties for early repayment of a consolidated student loan, so borrowers can leverage the lower monthly payments to improve their FICO score and pay off high interest debts early on.
Benefits of improving your FICO score
The effects of a student loan consolidation on a FICO score should not be overlooked. Consolidating student loans is one of the simplest ways to make a huge improvement to your score. The ability to secure credit at low interest rates will most definitely have an impact on your financial future and the lifestyle you are able to lead. With a better FICO score you can have access to higher limits of credit, get loans faster, and reduce the amount of your hard-earned income being spent on interest payments.
As with much of the real estate industry, the mortgage industry uses terms that sound great, but really are not what they sound like. The loan prequalification is such a phrase.
Loan Prequalification – A Potential Trap
If you have shopped for a home, you know all the interesting terms people use to describe their property. A cozy home can be translated to mean the home is essentially a closet with a bathroom. A rustic home often means the place is so decrepit, scientist study it to see if it is breaking the laws of physics by remaining upright. I am sure you have more than a few examples of your own.
In the mortgage world, loan prequalification is an activity and phrase that is interesting. The basic idea is a buyer goes to a lender prior to shopping for a home and attempts to determine what they can borrow. The lender does a cursory interview and maybe looks a paycheck stub. The lender representative then declares that buyer is prequalified for a certain amount. With letter in hand, the buyer heads out to find that unique property that is just right.
While this all may sound great, there is a serious problem. A prequalification determination by a lender is not worth the paper it is written on. Anyone can get prequalifed. The lender has really made no determination. All they have done is give you a piece of paper that they hope will get you to come back and actually apply for a loan with them. The bank hasn’t actually run though any of the criteria it uses to write a loan, so there is no value to it. The dollar figure quoted in the letter might as well be for a bazillion dollars for all it is worth. The prequalification letter is not binding on the bank.
As you can imagine, this scenario represents a trap from some buyers. When given the prequalification letter, they assume they will get a loan for the amount in question. They then make a purchase based on the figure. Imagine their surprise when the bank subsequently rejects their application or approves them for a lower amount. The trap has closed on them and they will lose their earnest money deposit on the real estate transaction. This happens every day.
Loan prequalification letters are useless, but pre-approval letters are another matter. A loan pre-approval works the same way as a prequalification letter. The difference is that you actually go through the entire loan application process. The bank then makes a final determination and pre-approves you for a loan amount. The pre-approval is binding on the bank, but usually for a short period of time such as 30 days or so. If you obtain a pre-approval letter, sellers will be very receptive to your offers.
In mortgage, you should keep in mind that it is pre-approval, not qualification, that is the magic ticket.
Student loans prove to be very beneficial for those students who would like to pursue their dream careers but don’t have the money at that time. The student will repay the loan in installments after he finishes his course and secures his first job. Student loans today are available from almost all recognized banks and financial institutions at extremely affordable interest rates. This is because the deserving students are encouraged to pursue their careers and achieve success in life. Hopefully, they will become a valuable resource for their homeland country. At the very least, they will not be a drag on their country’s economy.
Student loans are generally issued by government organizations so as private organizations that are profit-oriented may not benefit much from them due to lower interest rates. The types of loans and the rates of interest differ from country to country, but they all have a common aim. The types of student loans and the terms of the loans vary. In the paragraphs that follow, we will just provide you a gist of the types and terms of student loans in some countries.
In Australia, students are able to pay their university course fees through schemes like Higher Education Contribution Scheme also known as HECS. The selection of the candidates to make them eligible for the loan is done on the basis of scores achieved by the students in their secondary school examinations. The HECS fees are subsidized by the Australian Government and are cheaper than other fee paying options.
In Canada, students can opt for loans provided by the federal government. Also loans are also provided by their residential province. The loans are available at comparatively cheaper rates than other loans and also carry additional grants. Students can apply for the loans through their residential province. There are also loans available through institutions like the Canada Students Loans which provides for loans up to a maximum of $165 per week for full time study. Low interest loans can also be applied for from Canadian Banks.
In countries like Germany, higher education is provided free of charge in many German Universities. German Universities provide free loans to deserving students whose families can’t afford higher education. In Ireland, third level tuition fees has been made free since 1997, and for other student studies, interest-free or cut-rate loans are provided by banks to students. In countries like India, loans for students to pursue their studies either in India or abroad are provided by nationalized banks at low interest rates.
Hence, we conclude that most of the developed and developing countries are in favor of providing low-interest or interest-free loans with options to pay in installments after the student’s studies are completed and they get a job. Every country would like to see their students prosper at a professional level and contribute towards the GDP and the overall positive development of the nation in whatever way they can. In fact, many universities now grant scholarships to deserving students for various courses as they firmly believe that students should not be deprived of an education just for a few hundred dollars. Their progress cannot be hampered … and the risks for the countries supplying the loans is manageable..
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