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Loans Questions and Answers
Loan Acquisition Q&As

Q. How Can I Get A Loan?

A. loans are available thru several local and national financial institutions, banks and credit unions. Check cashing stores offer what are called payday loans or cash advance loans. Loans are also made available by the federal government for small businesses, research and to finance education. The most common way to acquire funds for personal use would be thru the bank that services your checking and savings account or you can apply for a loan using the ever popular lending marketplace.

Types of Home Loans

Adjustable Rate Mortgage Loan(ARM): Is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as the re negotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage.

Balloon Loan (payment) mortgage: Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract.
Equity: The difference between the fair market value and current indebtedness, also referred to as the owner's interest. The value an owner has in real estate over and above the obligation against the property.

Fixed Rate Mortgage Loan: The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.

Jumbo Loan: a loan which is larger (more than $214,600 as of 1/1/97) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

PayDay Advance Loans: You can get a payday loan from a credit union or other money lender. payday loans
Permanent Loan: A long term mortgage, usually ten years or more. Also called an "end loan."
Private Loan: Private loans are a popular way to fund a when more or less funds are needed.
VA Loan: a long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.

Q. How Much Loan Can I Afford?

A. Ask you financial consultant to perform a financial analysis based on your debt to income ratio and assets. This will reveal how much loan your budget can handle.

Q. What Is The Cost of A Loan?

A. This varies according to lender, current interest rates, the type of loan and your credit score. Loans typical start at 6% but can be as much as 21%.

Q. What Are My Borrowing Options ?

A. When considering ways to acquire needed cash you do well to consider Home Equity Loans and Cash Back Home Refinance loans.

Home equity loans enable the homeowner to borrow up to and beyond the equity in the home usually as much as 125%. Home equity loans are used to fund college education, home improvement projects, vacation financing, investment purposed or to fund a small .

Home Equity Loans typically cost less closing fees than other conventional loans. Home equity loans may also give the borrower certain tax advantages. To see how much loan you can afford start Here