According to Lending Tree, to be pre-approved for a FHA loan, the borrower is required to fill out a mortgage application. This application usually requires a fee. The lender will then look into the borrower’s financial status and credit ratings. If approved, the lender will tell the borrower their exact mortgage amount.
In an article by the New York Times, mortgage preapproval is harder to get. Lenders are hesitant to give out preapprovals as easily as in the past because they do not want to get ‘locked into’ …
Read This Article →Nancy from Seattle, WA. sent us an email and asked us, “I’m about to start preparing my taxes. I recently got a loan and was wondering, is a loan origination fee tax deductible?”
A loan origination fee is also known as an underwriting, administrative, or processing fee. The lender charges the borrower the loan origination fee when the borrower begins the loan application process. This fee is a service charge. It is usually one percent of the borrower’s loan amount. The fee covers the administrative cost of doing business with …
Read This Article →There’s a good chance that no one would question the fact that $50,000 is a lot of money. In fact, the majority of people, both middle class and below, often do not even attempt to apply for loans of this magnitude because they already have a pretty good idea that not only will they have difficulty paying it back, but also that they probably can’t get approval. While it is true that lenders often give out more than $50000 for things like mortgages, it’s not as common for them to …
Read This Article →It is an unfortunate truth that many people take out payday loans only to consolidate their debt on other payday loans. According to the Consumer Federation of America, payday loans are extremely expensive compared to other financial options like credit cards. For example, if you took a $300 advance on the average credit card repaid in one month it would cost you a $13.99 finance charge and an annual interest rate of almost 57%. A payday loan however will cost $17.50 in fees per $100 and if renewed one …
Read This Article →It can be disappointing when you look for a loan and can’t find one, usually because of a terrible credit rating. Two important factors are considered when a lender considers borrowing. They look at the borrower’s personal circumstances to make sure the financial burden will not be too heavy and ask if lending to that borrower is an acceptable risk for the lender to take. A credit score is based on the information they give in their application, along with other outside information like from outside Credit Reference Agencies. One …
Read This Article →A $2500 loan with bad credit needs to be researched properly before jumping in with just Loan Company in the joy of the moment that one creditor has been accepting. Research the lender on the Better Business Bureau and look at online financial forums. Sometimes people will find out that the company they are going to get a loan from have received poor reviews from other customers. A $2500 loan for those with bad credit is quite easy to get hold of whether it is secured or unsecured. Interest rates …
Read This Article →I need a $2000 loan, but I have bad credit. How can I get my money? You can get a $2000 loan with bad credit the same way you would if you had good credit – by borrowing it. It is absolutely possible to get a loan with bad credit. However, you may not like the terms you’ll be given. Lenders have to protect themselves in the event that you don’t pay. This means higher interest, higher monthly payments, and also strict requirements such as collateral or requests …
Read This Article →Payday loan debt assistance is always available to you as long as you work, are above a certain age and have a working bank account. The idea is you pay back the amount you borrowed on high interest. According to the Consumers Union on Payday Loans this interest can be at 911% for a one week loan, 456% for two, and 212% for a one month loan, which is pretty high. In fact it can be too high for most people who end up on the road to financial ruin. …
Read This Article →Short term business loans are dependent on the repay capability of your business and your credit history and quotes will vary according to different lenders. Search the market as long as the quote is obligation free and will not affect your credit rating and as always check with the Better Business Bureau your lender and research them through the internet, business networks and friends.
A short term business loan can stretch from 1 to 15 years although credit lenders are more likely to give shorter term loans to new businesses …
Read This Article →Borrowers only pay the interest on the mortgage for a specified number of years for an interest only mortgage loan. Generally, this is a three to 10-year time period. This type of loan is not a long-term solution. Borrowers pay the interest but the amount the borrower owes on their mortgage does not decrease. This loan is ideal for individuals in high-income brackets, young professionals, short-term homeowners, and real-estate investors planning to purchase a home.
After the specified time period is up, a borrower’s monthly payment will begin to increase, …
Read This Article →About The Editor
Maria Schubert is the editor of Instant-Loans.org. Originally from San Diego, Maria graduated from USC with a Bachelor's in Accounting, Certificate in Banking, and Certificate in Entreprenurship. Before joining our website, Maria spent time as a lender at a prominent Florida bank.In addition to working with our staff and contributing to Instant-Loans.org, Maria enjoys golfing, asian cuisine, thrifty shopping, the beach, and a great novel.