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Bad credit personal loans – pertinent pedestal for a financial resumption
In the arena of loan borrowing, there is hardly an opponent more difficult to tackle than bad credit. Bad credit implies that your personal credit history is integral and decisive in making the personal loan available for you. Bad credit history is...
Getting the Personal Loans UK with Bad Credit
Personal loans UK can be very useful... they can be used to consolidate debt, make large purchases, and even repair your home. The only problem with personal loans UK is that they might seem difficult to obtain at first, especially if you have less...
Let Us Uncover The Mystry Of Secured Loans
Okay, so one day you wake up and realize that you are far away from understanding your finances, let alone managing them. Finances are a gamble where you ought to win. If you lose you lose everything - whatever you have build, you have bought,...
Self employed loans - when being self employed is the impediment
Article:
Being self employed has always been associated with challenges.
Is finding a loan for self employed one of them? Is it? Well
with loans for self employed suffer more from lack of
information rather than lack of choices. Self employed...
Short-Term or PayDay Loans
Please feel free to use this article for your newsletter, ezine, or web site, in its entirety including the resource box. Please notify me of publication by sending a website link or a copy of your ezine when published mailto:cigllc@yahoo.com....
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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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