Home Equity Loans Company - 7 Key Questions to Help You Choose OneWritten by John Ross
Choosing right home equity loan can be tricky; you have to consider interest rates and repayment schedules, among others. Choosing right lender, however, does not have to be a difficult task. If you ask right questions, you can pick best lender for your needs. The following is a list of seven essential questions that you should ask any potential lender.1. What are terms? This will include interest rates and length of loan. Some lenders may require you to carry private mortgage insurance or to pay your mortgage through ACH deposit. Get terms in writing, so that you can compare them with other lenders. 2. How about my credit? Your credit score may play a huge factor in deciding which lender to go through. If you have bad or no credit, many lenders may not be able to help you. So you will want to find a lender that offers sub-prime loans for borrowers of your credit status. Bad credit does not necessarily disqualify you for a loan, but it will make process a bit more difficult. 3. What is their reputation? The lender will delve into your personal and financial history, so why shouldn't you do same? If company is public, you should have no trouble finding financial and news information. Look for recent mergers or restructurings that could indicate a potential problem. Be weary of lenders that are not publicly traded. Many lenders use same underwriters, so do your homework beforehand. 4. How much will loan cost me? Closing costs can be a major concern for most homeowners. You probably need home equity loan because you are short on funds or in debt, so coming up with a few thousand dollars for closing costs can be all but impossible for many borrowers. Your lender should be able to provide you with a good faith estimate (GFE) that will outline fees that you will be responsible for.
| | Student Loans Can’t Be Swept Away Through BankruptcyWritten by Charles Essmeier
Bankruptcy is in news these days, as Congress has finally overhauled Federal bankruptcy law after years of talking about it. The credit card companies, rightly or wrongly, have been pressuring members of Congress to tighten bankruptcy statutes, saying that too many people were willfully spending money they couldn’t repay with intention of avoiding paying money back by filing for bankruptcy. That will soon change, and those with student loans may pay a heavy price.
Most everyone knows that consumers with problem debt who are unable to pay their debts may file for bankruptcy under Chapter 7 of Federal bankruptcy code. This allows for court to basically wipe away all of debtor’s bills and allows them to start over. It’s not entirely free; bankruptcy filing stays on debtor’s credit report for next ten years and may affect their ability to buy a home, borrow money or obtain employment. What many people fail to realize is that while installment loan debt or credit card debt can be wiped out through filing for bankruptcy, most student loans cannot. In fact, thanks
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