Village Views » loans

Residential Loans

GuestPoster — Fri, 05 Mar 2010 15:26:49 +0000

The foreclosure crises have created a lending crises. Residential loans are hard to obtain. Lenders require much more from the borrower.

Lenders want the borrower to have more money for a down payment. The days of easy loan qualifying and getting 100% of the money needed to purchase a house are gone. Now when lenders request 3%, 10%, or 20% of the sales price, the lenders mean funds easily verified by a bank statement, not a 2nd loan on the property.

photo credit: TheTruthAbout…

Lenders require the borrower to have a higher FICO score. Lenders are not willing to loan to people who have trouble paying their bills on time.

Property values are declining in most, if not all, of the U.S. That means the appraised value of the home may be less than the purchase price. If the appraised value is less than the purchase price, the borrower must pay the difference or get the seller to lower the price.

What is a Secured Loan

GuestPoster — Mon, 26 Oct 2009 01:28:42 +0000

One of the best sources to get money is low cost secured loans. There is always something in our lives that requires more money than we have on hard. Water heaters break, cars break, and we need new houses.

Secured loan interest rates are lower because they have some sort of collateral that can be sold if the loan is not paid back. Car loans are a great example. The loan on the car is secured by the car itself. If you do not make your payments then the lender can take the car and sell it to satisfy the loan.

Another great secured loan is a mortgage. Rates today are at an all time low. In addition to regular mortgages, home equity loans are another source of low cost secured loans.

What are Structured Settlement Loans?

GuestPoster — Fri, 28 Aug 2009 21:42:03 +0000

Structure settlement loans are loans that people get in order to receive money that is already coming to them more quickly. Let’s say you are getting money from the lottery or perhaps from a wrongful death. Most likely, you will be getting the money in payments over a period of years. The reason why this is set up this way is to prevent people from spending away all of their money on foolish things. Past experience has shown that people who are not used to having a lot of money will end up spending it all and will therefore put themselves in a worse financial situation than they began with. These loans are to allow these people to get the money sooner in case they want to use it for something urgent.

Log Book Loans – Avoid At All Costs

GuestPoster — Mon, 06 Jul 2009 09:37:21 +0000

If you have every been tempted to take out a log book loan then I hope that you got out of the situation without having to go through with the process. Log book loans offer fast cash to people in great need when they need it most but this is a credit product that comes at a price. With extremely steep interest rate, high penalty charges and the possibility of losing your car if you default on your loan, these babies take the idea of predatory lending to a whole new level.

The reason the lenders get away with such high charges is that they have got the people who need them over a barrel. If you haven’t got anywhere else to go for a loan what are you going to do but pay the interest charges being asked for? The solution to the problem is to make sure you have enough money set aside for a rainy day so that if you ever get into an emergency situation you have the means to cover it without resorting to a logbook loan.