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15-Year Fixed vs. 30-Year Fixed: The Pros and Cons
It’s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations. Today’s match-up: “15-year fixed mortgage vs. 30-year fixed mortgage.” As always, there is no one-size-fits-all solution because everyone is different and may have varying real estate and financial goals. For example, [&hellip
The post 15-Year Fixed vs. 30-Year Fixed: The Pros and Cons first appeared on The Truth About Mortgage.
Source: thetruthaboutmortgage.com
If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders
A lot of homeowners are looking to refinance their mortgages at the moment. Thatâs abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip
The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.
Source: thetruthaboutmortgage.com
10 Things You Need to Know before Buying a Car
Buying a new or used car can be an intimidating experience. Many car salespeople may pressure you to leave the lot with a purchased vehicle, so itâs crucial youâre armed with information about the cars you are interested in, the budget you can afford, and the value of your trade-inâif you have one. With these details, you have all the tools you need to negotiate properly.
Here are 10 tips and strategies for making sure you get the best-quality vehicle at the lowest price.
1. Think about Financing
Prior to visiting any dealership, have a sense of what kind of deposit you can put down and what monthly payment you can afford. It also helps to do some research on available auto loans to get a sense of what you qualify for. Or try a service like AutoGravity, which allows you to select rates and terms that fit your budget and then obtain offers from lenders.
2. Check Your Credit Score
Knowing your credit score can be helpful as well. Justin Lavelle, chief communications officer for BeenVerified, says, âHaving a good idea of your credit report and credit score and the interest rates available can help you negotiate a good deal and save hundreds, if not thousands, of dollars.â
3. Shop Around
Research the cars you might be interested in before you head to a dealership, rather than going in unprepared. To determine what kind of car you want, use resources like US News Best Cars, where you can search anything from âbest cars for familiesâ to âbest used cars under 10k.â Another resource is Autotrader, which can be used to search new and used cars in your area by make, model, price, body style, and more.
4. Compare Prices
Lavelle also stresses getting detailed pricing info in advance: âPrice the car at different dealerships and use online services to get invoice and deal pricing.â A reliable tool is Kelley Blue Book. Use the siteâs car value tool to find out the MSRP and the dealer invoice of a car as well as a range of prices you can expect to see at dealerships. TrueCar is also helpful to use. You can search for and request pricing on any make, model, or year of car. You may get a slew of phone calls, emails, and texts from dealers immediately after, but having information from different dealerships can help you negotiate prices. You should also visit dealer sites to look for rebate offers.
5. Research Your Trade-Inâs Value
If you have a trade-in, donât wait for the salesperson to tell you what itâs worth. On Kelley Blue Book, you can get a sense of the value ahead of time so you know if youâre receiving a good offer. Or try the Kelley Blue Book Instant Cash Offer feature, where dealers will give you a guaranteed price for a trade, eliminating complicated haggling at the dealership.Â
6. Test Drive Potential Purchases
You may want to pass on the test drive if youâre familiar with a particular make and model, but Lavelle recommends taking the time to do it anyway. âIt is a good idea to inspect the car and give it a good test drive just to make sure all is working and there are no noticeable squeaks, rattles, or shimmies that could cause you headaches after your purchase,â he says.
7. Look at Car Histories
Before selecting dealerships to visit, search for consumer reviews so you can avoid having a bad experience. However, Lavelle warns that just because a car sits on a reputable, well-reviewed lot does not necessarily mean that the car is issue-free. So he recommends digging deeper, especially for used cars. âServices like CARFAX represent that they can tell you about the carâs life from first purchase forward, so that might be a good place to start,â he says. He also recommends checking the title, which you can do online via the DMV.
8. Find Repair Records
In addition to checking the repair history on the specific car you are interested in, Autotrader suggests looking up the repair record of the make and model. âCheck J.D. Power and Consumer Reports reliability ratings to see if the vehicle you’re considering is known to be a reliable one,â the site states. It also recommend Internet forums and word of mouth.
9. Spring for an Inspection
Autotrader also suggests telling the seller you require an inspection from a mechanic before purchase to ensure there aren’t any problems. âWhile a mechanic may charge $100 or more for such an inspection, it can be worth it if it saves you from thousands of dollars in potential repairs,â it recommends. Some sellers may try to dismiss a mechanic’s inspection. Don’t give inâthe seller could be covering up a serious issue with the car. Insist an inspection is done, or rethink your purchase.
10. Know Your Rights
For any new or used car, take the time to get familiar with the warranty package and return policies. Do you need to supplement the warranty? Are you familiar with the lemon law in your state?
Shopping for a car can be frightening, but with the right research and preparation, you wonât have any regrets. Use the tips and resources above, and snag a free credit report from Credit.com so you know what kind of financing you can expect.
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The post 10 Things You Need to Know before Buying a Car appeared first on Credit.com.
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An Alternative to Paying Mortgage Points
If and when you take out a mortgage, youâll be faced with an important choice. To pay or not pay mortgage points. In short, those who pay points should hypothetically secure a lower interest rate than those who do not pay points, all else being equal. Thatâs because mortgage points, at least the ones that [&hellip
The post An Alternative to Paying Mortgage Points first appeared on The Truth About Mortgage.
Source: thetruthaboutmortgage.com
Why Are Refinance Rates Higher?
Mortgage Q&A: âWhy are refinance rates higher?â If youâve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip
The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.
Source: thetruthaboutmortgage.com
Can I Get a Car Loan If I Have No Credit?
Yes, lenders have auto loans for people with no credit, but getting one is not guaranteed. It will depend on the lenderâs flexibility, the down payment you can afford, and the kind of car you want to buy. It may even depend on how you ask.
Phil Reed, senior consumer advice editor for the consumer auto site Edmunds has some good advice on how to get a car loan with no credit. He says a surprising number of people simply walk into a dealership and say, âHi, I have no credit, and I want to buy a car.â He doesnât recommend this approach. Instead, he offers these five tips for people who need a no-credit car loan.
1. Get Pre-Approved
If you have no credit or a thin credit profile, you should try to get preapproved for a loan before heading to the dealership. This will let you compare rates with any loan the dealer may offer. It may also give you a bargaining chip when negotiating the final deal.
If you have a relationship with a bank or credit union, you should start looking for financing there. Reed recommends making an appointment to meet with your bankâs loan officer in person.
âMake a case for yourself,â he says. That means bringing your pay stubs and bank account records with you. You should also check your credit reports, if they exist, and credit scores. You want to know as much about your credit profile as a lender would. If you donât know your credit score, donât worryâyou can check your credit score for free every month on Credit.com.
If you canât get a loan from your financial institution, you may be able to find a no-credit auto loan online. Just make sure itâs from a reputable lender. Credit.com can also help you find auto loan offers from trustworthy lending institutions.
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2. Negotiate a Good Price
A dealership could beat the offer you get from your bank or credit union. However, if you know youâre already approved for a loan, you can focus on comparing rates and prices instead of worrying about financing.
Reed says that itâs important to be wary. You donât want to feel so indebted to the dealer for âgivingâ you a loan that you fail to negotiate the price of the car. And if the dealerâs financing isnât better than the bankâs, at least you still have an approval in your pocket.
Having a good down payment or trade-in can also help your case. A trade-in would reduce the amount youâll need to borrow, and a larger down payment would show the lender some commitment on your part. Edmunds recommends putting at least 10% down on a used car, so start saving now.
3. Choose the Right Car
Be sure the car youâre buying is affordable for you, even if itâs not the car youâd choose if you had more money and better credit. âIf you have no credit, itâs not the time to get your dream car,â Reed says. âYou have to choose the right car and the right amount [to borrow].â
You want reliable transportation you can afford. Making regular, on-time payments wonât just pay down your load, it will also build your credit, so donât get a loan that requires higher payments than you can comfortably make.
Sites like Kelley Blue Book, Cars.com, and Edmunds can help you find information on the cars that match your budget. When youâre at the car dealership, remember your budget and donât spring for optional add-ons you donât really need.
4. Donât Let Interest Rates Scare You Off
Reed cautions that when you get a loan with no credit, the interest rates youâre offered may seem appallingly high, but thatâs part of the cost of having no credit history.
When you donât have a credit score, lenders canât assess how big of a risk theyâre taking by giving you a loan. To protect the money theyâre lending, they will likely treat you as a high-risk borrower, which means the loan will have a higher interest rate.
As you make payments, youâll establish a pattern of reliably paying back money. Over time, you can improve your interest rate by refinancing. Reed says that, according to a dealership employee, a customer once lowered his interest rate from 13% to 2% in two yearsâ time by improving his credit and refinancing.
5. Give Yourself Some Credit, Not a Cosigner
Reed advises against cosigningâa process that involves checking someone elseâs credit and using that score to qualify for a loan. It might get you a lower rate and help you get approved, but Reed says that if you bite the bullet and pay a higher interest rate rather than get a cosigner, youâll have the opportunity to build credit.
In addition, having a cosigner will tie that personâs credit to yours, and the way you repay your car loan will influence their credit. Reed says if youâre going to do it, do it only as a last resort, and make sure the cosigner is a relative.
Bottom line, though, as Reed explains, âItâs asking a lot.â Itâs better to finance the car yourself, pay on time, and build your credit. That way, the next time you need a loan, you wonât have to worry about whether youâll qualify.
Good credit doesnât just help you get reliable transportation: good credit can make a huge difference in improving your financial security and the peace of mind that comes with it. Start tracking your credit for free today at Credit.com. Your new car will get you moving around town, but your new credit score will get you moving up in the world.
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The post Can I Get a Car Loan If I Have No Credit? appeared first on Credit.com.
Source: credit.com
Bad Credit Pre Approval
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5. Missing Bill Payments – It’s never a good idea to miss bill payments because of the effects on your credit score, but it’s extremely bad timing to miss payments between mortgage loan pre-approval …
Private Mortgage Lenders Rates That makes mortgage lenders nervous, which is why many require borrowers to pay for costly private mortgage insurance (PMI … “For a home worth $300,000 and a PMI rate of 0.5 percent, you might pay … Many retirees became lenders as a means to improve on meager CD rates offered by banks … Banks don’t
Apr 16, 2019 · If you’ve been trying to get a credit card, but have bad credit, you may be wondering about the guaranteed approval card offers you’ve come across. Are they legitimate? And what does guaranteed approval really mean? While this term might sound like the answer to your credit card woes, the fact is that all credit […]
Learn more about the credit card pre-approval process and see if it can really help your … It may be a better use of your time to compare bad credit credit cards that aim to improve your credit …
you should try for a pre-approval from your current bank or credit union. They may be willing to work with you because of your existing relationship, so it’s worth a shot. If you’re turned down, there …
Oct 19, 2017 · Although one of the newest types of credit to appear on the scene, unsecured credit cards rose in popularity throughout the latter half of the 20th century, and today there are hundreds of millions in the US alone. Unlike charge cards, unsecured credit cards are revolving, meaning you can carry a balance (for which you’ll likely be charged interest fees).
Skagit Valley Bad Credit Auto Loans. At KarMART Auto Credit, we strive to offer attractive used car, truck, and suv financing options for those in Bellingham or Everett who have bad credit, no credit or who have been turned away by other institutions.
Is there a difference between getting ”pre-qualified” for a mortgage and getting ”pre-approved” for … determine your overall credit-worthiness based on your payment history and other factors. …
May 07, 2018 · One thing to be cognizant of before rushing off to check for pre-approval offers everywhere is that filling out a pre-approval application for a credit card acts as consent to receive additional offers from the company.
Usda Home Loan minimum credit score May 23, 2019 · What is the minimum credit score required to qualify for a USDA loan? The USDA uses something called a Guaranteed Underwriting System, or GUS, to help automate the process of evaluating the risk of a borrower to speed up the qualification process. For most of their loans the minimum credit score is
Dec. 29, 2017 /PRNewswire-iReach/ — IAD Motors is helping area drivers get the auto loan they need with in-house bad credit, no credit financing. The used car dealership offers guaranteed credit …
Capital One Home Loan Pre Approval Myinstantoffer.com Lending Club is legal P2P pre approval personal loan,it is not scam just login to get the myinstantoffer pre approval code. Neat Capital, a fintech company, announced it launched an application that it says provides mortgage borrowers pre-approval letters in almost real-time. Integrated with the company’s one session … Pre Approved Home Loan Calculator
Pre Approved Home Loan Calculator Mortgage pre-qualification is an important first step for anyone who is considering buying a home and is unsure if they are financially ready. Our loan pre-qualification calculator will look at several factors and indicate whether you meet minimum requirements for a home loan as well as tell you the maximum amount that you can afford.
Fha Approved Lender Do I need a FHA approved appraiser? Yes. If you are buying a home with an FHA loan, you are required to hire an FHA-approved appraiser to evaluate the home and property. oct 13, 2015 · If you’re using an FHA loan to buy a condo, you might be surprised to find out that not all
Private Mortgage Lenders Rates
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That makes mortgage lenders nervous, which is why many require borrowers to pay for costly private mortgage insurance (PMI … “For a home worth $300,000 and a PMI rate of 0.5 percent, you might pay …
Many retirees became lenders as a means to improve on meager CD rates offered by banks … Banks don’t do these types of mortgage loans. Private lending has a good place in the real estate marketplace …
Private Mortgage Lenders in Apopka on YP.com. See reviews, photos, directions, phone numbers and more for the best Mortgages in Apopka, FL.
According to the Bank of Canada, private lenders have doubled their share of the … it’s going to be next to impossible to get a lender to give you a mortgage at any sort of reasonable rate or term." …
Jan 28, 2019 · A private mortgage is a loan made by an individual or a business that is not a traditional mortgage lender. If you’re thinking of borrowing for a home, or considering lending money, private loans can be beneficial for everybody if they’re executed correctly. However, things can also go badly—for your relationship and your finances.
Private mortgage insurance is an insurance policy used in conventional loans that protects lenders from the risk … to obtain mortgage financing at affordable rates. [Important: If you purchase a …
Usda Home Loan Minimum Credit Score May 23, 2019 · What is the minimum credit score required to qualify for a USDA loan? The USDA uses something called a Guaranteed Underwriting System, or GUS, to help automate the process of evaluating the risk of a borrower to speed up the qualification process. For most of their loans the minimum credit score is
mortgage interest rates can range from 10-18% depending on the property, borrower and current economic conditions. Since they are almost always higher than rates offered by conventional mortgage lenders, you would only turn to a private lender when turned down by banks and bad credit lenders such as HomeTrust.
Fha Approved Lender Do I need a FHA approved appraiser? Yes. If you are buying a home with an FHA loan, you are required to hire an FHA-approved appraiser to evaluate the home and property. Oct 13, 2015 · If you’re using an FHA loan to buy a condo, you might be surprised to find out that not all
Private mortgage-backed securities (MBS … collateral of uninsured RMBS (residential mortgage-backed securities) to fund prime mortgages with competitive interest rates,” McLister added in an email. …