Friday, November 22

Tag: Loans Advice

How Do Pawnshop Loans Work? | Personal Loans and Advice
5Dec By adminNo Comments
Money

How Do Pawnshop Loans Work? | Personal Loans and Advice

If you need cash right away and you own something of value, you might consider taking out a pawnshop loan. These secured loans are relatively quick and easy. You'll head to a pawnshop and bring your property as collateral in exchange for cash. But a pawn loan is different from other types of debts because you're not obligated to repay it, as long as you're OK with forfeiting the collateral. While pawn loans come with some upsides, you should understand all of their features before using one.How Do Pawnshop Loans Work?If you want a pawnshop loan, the pawnbroker will not pull your credit but instead offer you a loan based on the value, condition and resale potential of your item. The amount you get largely depends on the pawnshop, which might lend as little as 15% or as much as 60% of the i...
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What Is the Conforming Loan Limit? | Mortgages and Advice
1Dec By adminNo Comments
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What Is the Conforming Loan Limit? | Mortgages and Advice

The conforming loan limit is the maximum amount of money a homebuyer can borrow using a conventional mortgage that's eligible for purchase by Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, which oversees Fannie and Freddie, adjusts the baseline limit each year based on the national average home price, with higher loan limits in certain areas with an above-average cost of living.A home with an effective purchase price beyond the conforming loan limit must be financed through a nonconforming jumbo loan, which comes with stricter credit score and income requirements. Here's what to know about the 2024 conforming loan limit, including which types of mortgages must adhere to these limits and what to consider before borrowing a jumbo home loan.What Are the Conforming Loan Limit...
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Are Private Student Loans Worth It? How to Decide | Student Loans and Advice
29Nov By adminNo Comments
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Are Private Student Loans Worth It? How to Decide | Student Loans and Advice

Paying for college can seem like an insurmountable feat for students and their families amid the rising cost of a university education – especially for those who can't afford to pay out-of-pocket after maxing out federal student loans, grants and scholarships. When federal aid comes up short, private student loans can be one way to bridge the college financing gap.While private loans can be a legitimate funding option after federal aid has dried up, borrowers should know the risks of taking on privately held college debt. Private student loans aren't eligible for federal protections like income-driven repayment, administrative forbearance and certain student debt forgiveness programs. Plus, private lenders determine eligibility and interest rates based in part on the applicant's credit sc...
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How to Avoid Foreclosure | Mortgages and Advice
27Nov By adminNo Comments
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How to Avoid Foreclosure | Mortgages and Advice

A recent job loss or unexpected medical bill can cause you to fall behind on your mortgage payments. If you fall too far behind, your lender may start foreclosure proceedings, meaning you could lose your home.Going through foreclosure is stressful and can negatively impact your credit score for up to seven years. Fortunately, there are steps you can take to avoid foreclosure, and ways to stop the foreclosure process once it starts.Compare Top Mortgage Lenders Lender Learn More Min. Down Payment Min. Credit Score Lender Learn More Min. Down Payment Min. Credit Score Lender Learn More Min. Down Payment Min. Credit ScoreWhat Is Foreclosure? Foreclosure is the process through which a lender repossesses your property because you've failed to make mortgage payments. Foreclosure can also be i...
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Should You Get a Divorce Loan? | Personal Loans and Advice
23Nov By adminNo Comments
Money

Should You Get a Divorce Loan? | Personal Loans and Advice

Divorce can be emotionally and financially traumatic, potentially generating debt as you and your spouse split income and assets. Taking out a loan to tackle some of that debt might seem like adding gasoline to the fire, especially if your income will be dramatically slashed once the divorce is final.But depending on your circumstances, taking out a divorce loan could be a good option for the next stage of your financial life. Here's a look at how a divorce loan can help or hurt your post-divorce finances.What Is a Divorce Loan?A divorce loan is a personal loan used for divorce-related expenses. Personal loans are unsecured loans that allow you to borrow a specific amount of money and pay it back, usually in monthly installments.Interest rates for personal loans are usually lower than rat...
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Should I Refinance My Student Loans? | Find the Best Loan for You
17Nov By adminNo Comments
Money

Should I Refinance My Student Loans? | Find the Best Loan for You

Refinancing student loans could benefit you in numerous ways: You could score a lower interest rate, simplify your debt repayment or help release a co-signer.Refinancing could also eliminate protections and benefits from your original student loan, particularly if you convert a federal student loan into a private one. Plus, current interest rates are significantly higher going into 2024 than they were a few years ago, minimizing the potential for big savings.Before you refinance, make sure you understand your options. Learn more about the student loan refinance environment so you can make the best decision for your education debt. Find the Best Student Loan Refinance Lenders Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn ...
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What Is Loan Deferment and How Does It Work? | Personal Loans and Advice
14Nov By adminNo Comments
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What Is Loan Deferment and How Does It Work? | Personal Loans and Advice

If you're having trouble repaying your loan as promised, requesting a loan deferment might help you temporarily pause or reduce payments. Plus, it can help you avoid late fees and damage to your credit.But before you apply for deferment, you should consider potential drawbacks, such as higher total borrowing costs. Keep reading to learn how a deferment works, the pros and cons and alternative solutions.What is a Deferred Payment?During deferment, a lender allows you to temporarily skip payments without facing negative consequences like paying late fees. You're still responsible for making these payments at a future date.For example, if you get approved for a six-month deferment, the lender will typically add six additional monthly payments to your repayment term.How a deferred payment wor...
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How to Find a Mortgage Broker | Mortgages and Advice
14Nov By adminNo Comments
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How to Find a Mortgage Broker | Mortgages and Advice

When you're shopping for a mortgage, you have a choice between working directly with a lender or going through a mortgage broker. A broker can help you compare home loans from multiple lenders and find one that's right for you. A broker can also walk you through the mortgage process from application to closing, providing assistance with the paperwork and possibly speeding up the process.Step-by-Step Guide to Finding a Mortgage BrokerStart EarlyNicole Beauchamp, associate real estate broker at Sotheby's International Realty in New York, recommends finding a mortgage broker at the beginning of the homebuying process because available loans and rates can vary among brokers. And if there's anything unique about your financial circumstances, some brokers might offer more suitable options than ...
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Do Personal Loans Help or Hurt Your Credit Score? | Personal Loans and Advice
10Nov By adminNo Comments
Money

Do Personal Loans Help or Hurt Your Credit Score? | Personal Loans and Advice

A personal loan offers fast access to a lump sum of money that you repay in fixed installments over a set period of months or years. Since personal loans are typically unsecured and don't require collateral – much like credit cards – the lender determines your interest rate and eligibility based on your credit history.Borrowing a personal loan can impact your credit score in a number of ways. But generally, taking out a personal loan and repaying it on time will have a more positive than negative effect on your credit score. Keep reading to learn how personal loans can help – and sometimes hurt – your credit score, so you can set realistic expectations when borrowing one.How Personal Loans Affect Your Credit ScoreOpening a new credit account, such as a personal loan, almost always require...
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Is a Business Line of Credit a Good Idea? | Small Business Loans and Advice
1Nov By adminNo Comments
Money

Is a Business Line of Credit a Good Idea? | Small Business Loans and Advice

If your business is struggling to make ends meet, a business line of credit may be the right solution. Similar to the way a credit card works, a business line of credit allows you to borrow funds up to a certain amount and pay interest on only the money you borrow. After repaying the funds, you can continue withdrawing more money on the line. "A business line of credit can be crucial to help a business take advantage of an opportunity or weather a crisis," says Gerri Detweiler, former education director for Nav, a business credit and financing resource. "It allows you to borrow only what you need, up to your credit limit, and only pay interest on the money you have borrowed." As long as you can qualify and use the line of credit judiciously, it can be one of the best tools available to yo...
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