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A Beginner's Guide to Bad Credit Secured Loans
Here is a useful beginner's guide to bad credit secured loans. If your credit is less than perfect but you find yourself needing money now, you might want to look into bad credit secured loans. If you're not sure what these are, bad credit secured...
Balancing The Benefits Of Reward Programs Against Credit Card Costs
0 APR credit card APR, cash back and optional rewards etc. are
several reasons for any one to opt for a good credit card. They
are also a useful and a smart way to meet ones financial needs.
Most of the credit card companies offer most attractive...
Techniques For Building Good Credit
Whether you are just starting out with no credit to your name or
trying to recover from having accumulated some bad debt which
has ruined your credit, there are simple strategies you can
apply to get your credit back on track.
Many young...
The Key To Increasing Your Customer Base: Accept Credit Cards
Here is a tactic you should heed for your online business...
accept credit cards. Whether you're selling digital products or
tangible goods through online channels, your business should be
able to accept credit cards to ensure the widest customer...
Your Home Equity Credit Lines
Do you need to borrow money? Home equity lines may be one source
of credit. Home equity credit lines may provide you with large
amounts of cash at a low interest rate and they may provide you
with certain tax advantages with other loans.
...
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Bad Credit Mortgage Lenders - The 3 Most Common Subprime Lending Scams
Legitimate sub-prime lenders provide a needed service to many
wishing to buy a home. By offering financing to those with
adverse credit, sub-prime lenders offer a valuable financing
options. However, predatory lenders take advantage of people
with poor credit by charging excessive fees, forcing
foreclosures, or demanding titles. To protect yourself in your
home loan search, avoid these common mortgage scams.
Excessive Interest Rates And Fees
Predatory loans require a borrower to pay excessive upfront
costs or high fees. Some state laws protect consumers by putting
caps on interest rates or fees. If you have bad credit, you
should be paying no more than 8% higher than a conventional
loan. Limits on closing costs vary, but anything more than five
points should be viewed suspiciously.
Forcing Foreclosures
Another lending scam involves lending to people so they will be
forced into foreclosures. These types of loans typically have
monthly payments so high, you can't possibly pay them. They lure
people in by promising guarantee approval or cashing out your
equity, but they charge high interest rates. Before you sign a
loan, be sure you can afford the monthly payments.
Demanding Title
A growing scam involves supposedly refinancing your mortgage,
but in reality they scammer is pocketing your cash and title.
There are many variations on this
scam, but usually these
con-artists will solicit those who have liens against their
property or received a foreclosure notice. They make a promise
of solving all your financial problems if you turn over your
title and pay an up front fee.
The scammer will then file for bankruptcy in your name that will
be dismissed since a third party initiated the process, but it
will still leave a mark on your credit report. The scammer will
also take mortgage payments from you, even though they didn't
pay off the first mortgage. In the end you may lose your house.
Protect Yourself
Protect yourself from these scams by being a savvy shopper.
Request quotes from several lenders before picking one. If you
have any questions, talk with the lending company. Legitimate
lenders will be happy to explain the process and answer any of
your questions.
Once you pick a lender, be sure you read all forms before you
sign the paperwork. According to federal law, you have three
days to cancel your mortgage after settlement. You will also be
refunded all fees, except the application fee.
About the author:
See my recommended Su
bprime Mortgage Lenders online. Carrie Reeder is the owner
of ABC Loan Guide, which offers help with loans for people with bad
credit.
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