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Beware Of Bad Credit Payday Loans
Could bad credit payday loans be the answer consumers with low
bank accounts have been looking for? Is there any harm in using
these services? Aren't they better than using credit cards or
going hungry?
Have you seen the commercials? Cute...
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You got creditors calling you everyday. You could lose the car or house. Your teetering on the edge financial ruin - then you see an ad that may safe your butt! Typical headlines say something like "Millionaire reveals Hidden Cash Sources, or help...
Home Mortgage Loans
Getting rid of the mortgage early is something that many home owners in the UK aspire to achieve. Being free of the principal financial debt in most people's lives at the earliest stage possible offers financial security and peace of mind for later...
How to Find Bad Credit Loans UK
Bad credit loans UK can sometimes prove quite difficult to find, especially for those individuals who need the loan money quickly so as to cover various expenses or to repay debts.
Should you be one of the many individuals who are in the market for...
No Credit Car Loans - Even With No Credit History, You Can Still Get Approved
Even it you have no credit history, you can still get approved for a car loan. With a car loan, you can purchase your vehicle and build your credit history. Online car loan lenders make shopping easy, and you can find low rates compared to...
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Balloon Home Loans - Be Careful
In this modern economy, lenders provide loans tailored to just
about any situation. Balloon loans are one such loan, but carry
a serious downside if you're not careful.
Balloon Loans
A balloon loan has nothing to do with hot air or floating around
the world in 80 days. Fail to plan very carefully when using one
of these loans, however, and your financial world will
definitely go down in flame like the Hindenburg.
A balloon loan is a mortgage with a fixed interest rate for a
set period of years. Unlike traditional fixed rate home loans,
the interest rates on balloon loans are nearly as low as those
found on adjustable rate mortgages. The problem with balloon
loans, however, is the term.
While balloon loans provide a low fixed interest rate for a set
period of years, those years are not in abundance. Instead of a
fifteen or thirty year repayment term, a balloon loan typically
has a term of seven to ten years, depending upon what the lender
was willing to give you. At the end of the term, you must repay
the balloon loan in full. Yes, in full. Let's take a look at how
this can play out.
In 2005, you find a home you love but can't qualify for a loan.
You are so engrossed with the loan that you eventually
locate a
lender willing to write you a balloon loan. The loan is for
$400,000 and has a 7 year term. At the end of the seven years,
you've paid the loan down by $50,000, but still owe $350,000.
Somehow and someway, you must come up with that $350,000 to pay
off the loan. If you don't, the lender will foreclose on the
home.
Every borrower that goes with a balloon loan fully intends to
refinance the property before the balloon blows. While this
makes sense, you have to keep in mind that refinancing is no
sure thing. Maybe you can, but maybe you can't. Also, we are
experiencing some of the lowest loan rates every seen. Chances
are very strong that in seven years, rates are going to be much
higher. Are you really going to be able to afford those rates?
Balloon home loans are all about seeing the future. In essence,
you are pulling out the tea leaves and betting on rates in 2012
or so. If you get it wrong, your financial life can become a
nightmare.
About the author:
Dan Lewis is with http://www.gwhomeloans.com - a San Diego
mortgage brokers providing San Diego home loans. Visit
http://www.gwhomeloans.com/services.html to learn more about
options on San Diego mortgages from a San Diego mortgage broker
company.
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