Cash Out Refinance Mortgage Loans – Home Equity, 2nd Mortgage Or Cash Out Refinance LoanWritten by Carrie Reeder
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan. When you do a cash out refinance, you are refinancing your entire loan. Let's say you owe $300,000 on your home and you want to get $10,000 in cash out. If in refinancing your rate will be same or higher, then you will be losing an extraordinary amount of money in fees just to get a $10,000 loan. In a case like that, you would definitely want to go with a home equity loan.
Home equity loans are better if:
1. You have a large home loan yet only need to cash out of a small amount of equity
2. You need to borrow up to 100% of equity in your home
3. You want a revolving credit line
4. You want a payoff sooner, or longer than term of rest of your mortgage loan
Cash Til Payday Loans - When Is The Best Time To Get A Quick Cash LoanWritten by Carrie Reeder
There are times when a cash advance loan or payday loan may be a good way to get you out of a tight, financial scrape. There are times when a payday loan may be a wise decision. Keep in mind, this is assuming that you definitely have ability to pay back loan right away. Here are some examples of times when using a payday loan might be a good idea:
1. If late fee on not making payment that you would need to make, would be more than fee for taking out a payday loan.
2. When, if you don’t make needed payment on time, it could hurt your credit. Your credit is something you cannot erase. Having payment show up late on your credit, can make it harder for you to obtain a loan for years, while a fee for a payday loan is only temporary.
3. When there is a much more serious, long-term consequence to not paying for your immediate need, more serious than a $30-50 fee.
4. To save yourself from bounced checks, fees for bounced checks can quickly total much more than fee for taking out cash advance loan.
The bottom line is, you want to make sure before you take out a payday loan that you are doing it for right reasons. The only major consequence to a payday loan is fee incurred. If having money right then can get you out of a much more serious bind than a $30-50 fee, then it is probably a good solution to a temporary problem.