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Top 3 Veteran Home Loan Tips to Help You Land Your Dream House

As a member of the veteran community or of the reservists, you are entitled to the benefits of the veteran home loan, better known as the VA loan. Here are three of the top tips compiled from various sources which will help you land the dream house you’ve been longing to own.

Check your credit report for inaccuracies

Let’s face the reality that many of us have debts to one or more providers. But being in this situation should not prevent an individual to pursuit more for himself or for his family. Though you have outstanding credits or loans, you can still qualify for a VA loan. However, to obtain better standing from the loan provider, you must check your existing credit report for any inaccuracy. Why? Because, credit and home loan providers use the credit report as basis as to how much you can borrow from them. Make sure you obtain credit reports from the three major credit bureaus as each one might have different views of your credit status.

Minor as the inaccuracy may seem such as details on your personal information could make or break your chances on the VA loan. Much more if the inaccuracy involves figures!

Obtain pre-approval

This is an essential step not only to determine how much you are qualified to borrow relevant to the VA loan. This is very crucial because the amount that will get pre-approval will be the measuring gauge for your house hunt. Why? Because you will have an idea of the price tag that you should aim for of the house you want to own. This also translates to the time you will save. You won’t need to start hunting for the house until you’re pre-approved. It will also spare you from the frustration of finding a house you really like only to turn it down later because your VA loan doesn’t fit its price.

Work with a military relocation expert

Along with the above two tips, it really pays to work with an expert who knows the in and out of obtaining not only the right VA loan for you but also the right type of house which will suit your preferences, lifestyle, and needs. Having one on your side will give you the confidence that you are on the right track of realizing your dream home purchase. There are many military relocation professionals around your locality. It always pays to go for a trusted and reputable one!

Secured Business Loans: Commercial Mortgages!

Commercial mortgages can provide all the funds your business needs with very reasonable loan conditions.
Secured business loans are becoming more and more common among businessmen as small companies begin to own their own commercial offices and headquarters instead of renting. Thus, they can take advantage of real estate by obtaining finance through secured loans. But, they can also use as security their future sells, thus obtaining finance with alternative forms of collateral.

Real Estate Based Business Loans And Lines of Credit

There are business loans that are secured with real estate properties just like regular mortgage loans and home equity loans. The sole difference is that these properties belong to a company instead of a particular person.

Nevertheless the concept is just the same: the property’s value guarantees repayment of the money to the lender and thus reduces the risk of the transaction letting the lender offer lower interest rates and more advantageous loan terms.

There are commercial mortgages (the equivalent to home mortgages), commercial second mortgages (the equivalent to home equity loans) and commercial lines of credit based on equity which are just like home equity lines of credit. Equity is the difference between the value of the property and the amount of money borrowed that the property is already guaranteeing.

However, commerce and companies have other property’s that can be used as collateral for loans. Intellectual property, trade marks, etc. can also be used to guarantee a loan as they are usually of great value. A company has many possessions that can be used to guarantee a line of credit or a loan. You’ll just need to consult with credit experts at an agency or financial institution since detailed information on this matter exceeds the purpose of this article.

Loans And Lines Of Credit Based On Future Sells

Finally there are also loans and lines of credit that are based on the future sells of the company. These financial products work as follows: The financial institution processes credit card payments for the company that wants to borrow money and thus, knows exactly the average income of the company in terms of credit card payments. Thus, the financial institution will be able to lend money in the form of a loan or line of credit and agree loan installments or minimum payments that will be withdrawn directly from the amount of money the financial institution gathers from the credit card sells.

Thus, the borrower has a cheap source of funds and the lender obtains guaranteed repayment of the money lent. Moreover, the company doesn’t have to worry about repayment as it is automatically deducted from the sells each month. This financial tool is becoming more and more popular as it provides inexpensive financing, higher loan amounts, fast approval and a very easy and hassle free repayment program.

Refinancing Your Home Loan With Bad Credit: A Great Option

Taking on the massive debt of a home mortgage is one of the riskiest financial moves that most people will make in their lives. The amount of money that you borrow is usually much more than you make in a year. When the stress of a home loan is compounded by the reality of a bad credit score, most people are just happy to get any offer whatsoever, no matter how many sacrifices they need to make in order to ensure responsible home loan repayment. However, refinancing a home loan with bad credit is easier than you think. This article will provide you a basic rundown of what you can do and how in order to ease the stress and burden of your mortgage payment each month.

Benefits of a Refinance

Chances are if you took a home loan with bad credit you were subject to a rather high interest rate and several other penalties because of the stigma your bad credit caused. However, once you begin repaying your loan responsibly it is possible to refinance for a lower interest rate and receive other perks. This happens because the very act of repaying your home loan on time will improve your credit score.

The benefits of refinancing a home loan are clear. In addition to lowering your interest rate, you can often also lower your monthly payment. This will free up additional money each month for other bills and expenses, making home ownership more manageable. In addition, the act of refinancing can actually improve your credit since you are essentially repaying your initial loan through your refinance.

Lenders Love Refinancing Too!

One false assumption that many borrowers with bad credit seem to make is that lenders are not in favor of refinancing home loans for those with bad credit. However, a refinance actually benefits a lender as much as it does the borrower. If you change banks in the process of your refinance, for example, the new account created is to their benefit since they are now making money off of your home loan instead of their competitor.

Getting a Refinance Loan

For borrowers with bad credit, refinancing a home loan is really no different than refinancing for borrowers with good credit. The major difference will be with the types of lenders who you work with. That is, you want to identify lenders who specialize in loans with bad credit or loan refinancing with bad credit since they are the ones best equipped to deal with your particular needs as a borrower.

The internet is a great place to start this search and will yield several different options. Usually, you want to start out by filling out a preliminary information form which will tell the lender who you are and what you are looking to borrow. Therefore, you will need to know how much money is currently outstanding on your current loan.

Alternatively, you can approach your current lender to ask about deals available. Though this lender is already making money from your loan, the pre-established relationship and good feelings between you may open the door for a better loan deal.

Regardless of the method that you choose, when looking to refinance your home loan with bad credit, make sure that you learn your actual credit score first. Know where you stand and what deals are available. Educate yourself as a borrower. This will make the lender’s job easier and the whole process will go smoothly as a result.