Financing Options for Auto Repairs

Tales Of A High Roller: How To Qualify For A Jumbo Mortgage And Expensive Apartment

Posted by on Oct 28, 2015 in Uncategorized | Comments Off on Tales Of A High Roller: How To Qualify For A Jumbo Mortgage And Expensive Apartment

If you have always dreamed of having a condominium overlooking the water or in that high rise in the center of one of the most populated cities on earth, chances are you have lofty ambitions. Along with your lofty ambitions, you also need to have a sum in order to purchase one of these amazingly sought after properties. If you don’t yet have the purchase price saved, chances are that you will need a jumbo loan in order to purchase your dream property. Here is some advice for qualifying for that jumbo mortgage and that condo board. Pay off all other debts Jumbo mortgage amounts are mortgages that are in excess of $417,000 in most places across the country. In order to qualify for a jumbo mortgage, your debt-to-income ratio will need all of the slack that it can get. Lenders are often most interested in offering mortgages to those who have a debt-to-income ratio of lower than 40%. In order to get a high six figure mortgage without having to drastically increase your income suddenly, you should pay off all debts, so that your debt-to-income ratio for monthly payments is as low as it can get on the scale. All credit card debt, student loans, and other debts should be paid off or settled before qualifying. Save a ten-percent down payment While a 20% down payment is the mortgage standard, for jumbo mortgage loans 10% is often the rule. For the lowest jumbo loan amount of $417,000, you will need $41,700 as a down payment amount, for the loan. When it comes to a jumbo loan, remember that your payments are likely to be hefty. In this case, it may be a good idea to put down the minimum amount and save the rest of your money on hand for moving costs. If possible, decrease your living expenses by going exceptionally frugal for a few years to save half of your income. Develop liquid assets In the event that you do get approved for a jumbo loan mortgage, in some cities the co-op housing board or the condominium board will require you to be approved by them before you are allowed to purchase. Along with making sure you will not disturb the peace, the boards will also want to look at your financials. Since they know you are approved for the mortgage, the financial overview will generally look at your debt and liquid assets. In order to jump the last hurdle of being approved by the board, you will need an impressive amount of liquid assets. The closer that you can get to six figures in stocks, bonds, mutual funds, and other liquid assets, the better. If you are having trouble developing more liquid assets, consider asking for stocks and bonds, or even stock advice as your holiday and birthday gifts from family and...

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3 Things You Need To Know To Wisely Use Auto Equity Loans

Posted by on Sep 15, 2015 in Uncategorized | Comments Off on 3 Things You Need To Know To Wisely Use Auto Equity Loans

Auto equity loans can be a great way to help when you are in a bind. Having financial troubles is nothing to be ashamed of, and luckily there are many different options out there to help you get cash fast when you need it most. However, just because these options are there doesn’t mean that you should use them unwisely. Here are a couple things you should do to ensure that you are using an auto equity loan correctly.     1. Don’t Borrow More Than You Need Before you go into get your loan, you should have a number in mind. This should be the bare minimum that you need to get on your feet. When you get to the loan center they may offer you more. Although it would be nice to have more cash, this cash comes with a high price. It is better if you only take the minimum amount that you need so that you don’t have to pay interest on a higher principle. If the principle is higher it will make the interest accrue faster, even if you start paying it off right away. This is why it is better to get the least amount you can afford, even if they offer more. 2. Start Paying It Off Immediately You will usually have a grace period after you get the loan. This grace period can be your best friend and can actually save you a lot of money. During this time there is no interest, so if you can make some payments it will make a bigger dent on your principle. This is why you should make sure that the moment you get the loan you start making payments. Since auto equity loans have such high interest it can be harder to make a good dent on the principle. This is why you should take every chance that you get to pay on the principle. 3. Don’t Take Out Loans To Cover Payments With No Penalties Another mistake that people make is taking out a high interest loan to cover payments that don’t have major penalties. For instance, if you are behind on a utility bill for a month, you shouldn’t take out a high interest loan. The utility company will just add the amount to the following month and maybe a small fee. This is nothing compared to the extra cost you will pay for interest in a high interest loan. These types of loans should only be used on bills that have major penalties.  By understanding auto equity loans you can use it wisely. Contact a local provider, such as DRIVEiT Title Loans, for further...

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Four Instances When A Cash Advance Might Be A Strategic Move

Posted by on Jun 26, 2015 in Uncategorized | Comments Off on Four Instances When A Cash Advance Might Be A Strategic Move

If you are thinking about taking out a cash advance, a lot of initial advice might guide you not to do so. The thing is, cash advances aren’t always a bad option, and sometimes are the best choice depending on your specific situation. Here are four times a cash advance might actually be worth it for your needs. 1. Starting a Business If you are starting your own business, having cash flow up front can be tough. If you don’t have savings or an investor, you may turn to credit cards as your only option to get things going. Another alternative is a merchant cash advance. This type of advance will still have fees, but you might be able to find a lender that has better rates than even your low-interest credit card. 2. A Short-Term Loan If your cash advance truly is a short-term loan, this won’t bite into your budget too badly with fees and interest. As long as you are dedicated to paying this back as quickly as possible, cash advances can work to your advantage. An example would be seasonal work where you may come into guaranteed money in a short period of time that you can use to pay this back. The delay in paying back cash advances is what makes them more costly. 3. If a Sale Outweighs Fees and Interest If you come across the sale of the century, you might not want to pass this up just because you need a cash advance to purchase. Sometimes a sale on a larger item, a rebate, or a two-for-one deal can actually be so cheap that this will outweigh the fees incurred from a cash advance. 4. Emergencies When Cash is the Only Option Sometimes, cash is the only form of payment that will be accepted. If you are in an emergency situation such as a home or auto repair, credit cards aren’t going to get you anywhere if they only accept cash. You can pay with a cash advance that you can then settle quickly with other forms of savings or transfer to a lower interest credit card. You may be reluctant to opt for a cash advance, but this isn’t always the worst option. You have to look at your specific situation and see if the pros outweigh the cons. Don’t write off cash advances completely until you really make sure this option won’t work for your unique needs. Companies like USA Cash Services can help you determine if a cash advance is right for...

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Why You Should Consider Annuities If You Aren’t Investment-Savvy

Posted by on Jun 15, 2015 in Uncategorized | Comments Off on Why You Should Consider Annuities If You Aren’t Investment-Savvy

When you are promised a large amount of money and you are trying to decide whether you want a lump sump or an annuity, it is usually better to receive an annuity. When you take your money as a lump sum, there will be more of a temptation that you will spend all of your money on things that are not necessary. There are several other benefits to consider if you are not an investor. Annuities Bring a Higher Payout While it can vary from situation to situation, an annuity will often give you more money than a lump sum and will pay out for much longer. The annuity payments are greater because the lump sum calls on the payer to spend much more money than would normally be required. You will want to take the amount of money you will receive, subtract the anticipated inflation for each year that you receive the annuity check, and factor this in. In some cases, your annuity will extend to a family member or loved one. If this is the case, you will not have to worry about spending your lump sum irresponsibly and leaving nothing behind for family members. Annuities have a guaranteed payout. You Will Need to Invest Your Lump Sum To make the most of a lump sum, you will need to be experienced with investing. If you do not know how to invest your money properly, you may lose most of it and the benefit of the lump payment along with it. You can talk to an investment adviser, but there is no guarantee that the adviser will correctly predict which investments should be added to your investment portfolio. That being said, investing is not as risky as many believe, if you educate yourself on how to invest properly. The key is to rely on low-risk investments placed into an investment portfolio so you can row your wealth over time. But if there is a financial downturn, there is a risk that virtually any business could go under. You Can Always Get Cash for Your Annuity If you later decide that you no longer want the annuity, you can receive assistance from a company that will allow you to sell your future annuity payments in exchange for a lump sum of money. You may not get the full dollar amount compared to what you would receive through an annuity, but you will have the flexibility of receiving cash immediately in case you need it urgently. For more information, contact a professional like...

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What You Need To Know About Portfolio Loans

Posted by on Jun 9, 2015 in Uncategorized | Comments Off on What You Need To Know About Portfolio Loans

Many self-employed people become discouraged because the mortgage process is so hard to navigate. Some lenders are especially unfriendly to the self-employed because they are unable to easily verify their income. This is why many self-employed people choose to get a portfolio loan. Here are three things you need to know about portfolio loans. 1. The Loan Is Held In House In most cases, the loans are held in house with the respective credit union, bank or lender. This is a major advantage for many people. What many people do not understand is that the majority of loans are sold to a large, national agency. This means that your loan must conform to this agency’s standards. Since self-employed people may not be able to qualify for a conforming loan, they should considering getting a loan held in house. The bank or credit union won’t sell it, so the bank can determine the terms of the loan and what kinds of documentation the bank needs to verify income. 2. A Portfolio Loan Takes Into Account Many Factors If you are applying for a conforming loan, you might only have to show a few things, like income, debt-to income ratio, and a down payment. However, with a portfolio loan, lenders will look at you as a whole to see how good of a risk you are. For example, they will ask you what kind of education you have, your savings account, rental history and much more. This will give the lenders an idea of how trustworthy you are. For many, this helps. Even though their income may seem a little unstable since they are self-employed, they can still handle the loan. For example, they might have rented property for years without any late payments. Or they could have a very large savings account that can help if times get hard. 3. Portfolio Loans Could Have Different Rates Another important thing to understand is that a portfolio loan could have different terms and rates than a conventional loan. For instance, with a conforming loan, you might get a 15 to 30 year fixed rate. However, with a portfolio loan, your lender might do a balloon payment with a lower rate, or they could do an adjustable rate mortgage. Understanding what kind of loan you are getting before you apply will serve to protect you.  These are just some things you need to know about portfolio loans. For more information on home loans, contact a professional lending organization, like MCS Bank, to discuss your...

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