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A Guide to Finding Inexpensive Direct Loans
For those individuals who are looking for fast and inexpensive direct loans, it may seem as though there is too much information and too many possible loan options for them to make an informed decision about the direct loans that they want.
Of...
ARM Loans
ARM stands for Adjustable Rate Mortgage. There are various types
of ARM products with the most common being the 1/1, 3/3, 5/1 and
7/1 ARM. The first number tells you the length of time the Rate
will be locked. The second number indicates the...
How Can I Tell The Differences Between All Of The Home Loans On Offer?
There are literally hundreds of home loans available but lets just look at the three main categories.
There are the Purchase Home Loans, where you are looking at buying a new home.
You have the Refinance Home Loans where you could...
Mobile Home Mortgage Loans
A large number of prospective homeowners are interested in
acquiring mobile or manufactured homes. Should these homeowners
require financial assistance, they will need to take the
assistance of approved lenders who make the money available...
Secured Loans: Different Strokes for Different Blokes
Secured loans
are loans that are given against a property. It makes it less
risky for the lender. Since, the risk for lenders is greatly
reduced in case of secured loans they carry lower rates of
interest than unsecured loans.
There are...
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Guide to Bridging Loans
Here is a useful guide to bridging loans. This is a loan that is usually taken out to solve a temporary cash shortfall that may arise when buying a property or business. It's basically a very short term mortgage. Like a mortgage, it's a loan that is "secured" against property.
A bridging loan is a type of loan that is used to cover shortfalls between buying one property and selling another. A prime example of when you might need a bridging loan would be if you're ready to buy a new home but are let down on the sale of your existing one. To secure your new home, before it goes to the competition, you could use a bridging loan.
A bridging loan is a short term mortgage which is secured by your property. This is usually arranged by getting a mortgage on the new property, and taking out a second mortgage on the property being sold. This type of loan is mainly available for house sales and is usually taken out to solve a temporary cash shortfall which can happen when selling and buying different properties or to pay for renovations. It 'bridges' the gap between the purchase of a new property and the sale of an existing one.
The bridging loan allows you to borrow over a short term which you can pay back as soon as you have sold your home. Because of the short-term nature of the loan however you should expect to pay more interest and higher fees than with a long-term loan.
You can also use a bridging loan to purchase properties at auction, fund short-term commercial or residential renovations, and to safeguard a property purchase if the mortgage is delayed. A bridging loan can be extremely flexible.
In the case of buying property, a bridging loan is normally secured by getting a mortgage on the new property, and taking out a second mortgage on the property being sold.
This can be the most cost-effective way to fill the gap that can sometimes occur between buying and selling your property. Due to being only a short term loan,
Bridging loans are usually sold at a higher rate than a conventional mortgage.
There are two types of bridging loan are available:
Open Bridging loan
This type of bridging loan is available when you have not yet finalised the terms on which you are selling your own home, but are going ahead with the one you are buying.
Closed Bridging loan
This type of bridging loan is available when you have agreed the terms on the home that you are buying and the one that you are selling, but there is a delay in moving.
Bridging loans are available for all types of clients, from limited companies to individuals; from those with excellent credit status to those who have found it difficult to obtain mortgages and loans, including businesses, self-employed and those with a poor credit history.
Many different types of assets can be considered as security for a bridging loan, from residential, semi-commercial and commercial properties or land. Properties can be fully or partially developed, in perfect condition or need of renovation, or be of standard or non-standard construction.
Generally, you can borrow between £25,000 and £500,000 as standard. Larger loans are possible but may take slightly longer to arrange.
Lenders will usually allow bridging loans of up to 65% of the value of the properties - less any existing mortgage. But this will depend on the lender so shop around for the best deal.
As they are more risky for the lender than the usual homeowner loans, bridging loans are more expensive and should only be used where you are fairly certain to repay them within a short period of time.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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Cheap Loans | car, personal & secured homeowner loans ... |
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Loan Center - Yahoo! Finance - News, Education, Daily Rates and ... |
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Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
Offers consumer loans for any purpose in the United Kingdom. |
www.loans.co.uk |
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FinAid | Student Loans |
An education loan is a form of financial aid that must be repaid, with interest. ... The interest rate on the Stafford Loan for new loans first disbursed ... |
www.finaid.org |
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GovLoans.gov - Find the Right Loan for You |
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www.govloans.gov |
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Loan - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
www.quickenloans.com |
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Mortgage Loans - Compare Mortgage Rates - MSN Money |
Get a mortgage loan that’s right for you. Compare mortgage loan rates of top lenders. |
moneycentral.msn.com |
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The Student Loans Company Ltd. |
Provides details of the Student Loans system which is part of the Government's financial support package for students. |
www.slc.co.uk |
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Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan ... |
Apply online for federal and private student loans, consolidate student loans; financial aid and scholarship information for college, graduate school and ... |
www.salliemae.com |
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Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
This page provides content and information related to the Loan Guaranty Home Loan Program. |
www.homeloans.va.gov |
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Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
www.fool.co.uk |
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LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
www.lendingtree.com |
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Direct Loan Home Page |
The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
www.ed.gov |
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Personal, home equity loans for union members at Union Plus |
Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
www.unionplus.org |
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Countrywide Financial - Home Loans - Equity Loan Mortgages ... |
Countrywide Home Loans is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other ... |
my.countrywide.com |
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Secured Loans UK - Secured Personal Loans - accepted.co.uk |
We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
www.accepted.co.uk |
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UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
www.ukpersonalloanstore.co.uk |
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