|
|
|
No Faxing Payday Loans - Understanding Payday Loan Basics
Do you need extra money? If so, you may be a good candidate for
a no faxing payday loan. Payday or cash advance loans are
convenient, and the perfect solution when you need extra cash.
While some people are hesitant to obtain a quick personal...
Secured business loans: before you take that big business leap
Business loans form a significant part of lending industry. With
so many people applying for business loans, you must be
wondering how many of them actually get them. The increase in
amount of business loan every year shows the swelling...
Secured loans for home improvement – when you can’t buy a luxury home
A house is just perfect with chipped walls and broken taps. Is it? If you don’t think so, then home improvement loans is what you should be looking for. Home improvement is the resort for you, if your home is your personal hideout. Home improvement...
Secured Loans - Key to Fulfill your Dreams
Have you been delaying your plan to renovate your home or
getting married or starting a new business or any other, just
because you don't have sufficient bank balance in your account?
Do you want all these desires to remain a dream only, I...
Wedding Loans- Specialized loans for Special Weddings
"Marriage is an athenic weaving together of families, of two
souls with their individual fates and destinies, of time and
eternity--everyday life married to the timeless mysteries of the
soul"
This is how Thomas Moore describes the word...
|
|
| |
|
|
|
|
|
|
How to Compare Loans Amongst Different Lenders
Comparing loans of different lenders is often the most difficult part of mortgage shopping.Firstly, it is important to keep in mind that mortgage packages consist of more than interest rates. They consist of a quoted rate, points and closing costs. Points are an up-front fee paid to the lender at closing. Each point equals one percent of the loan amount. Points are charged, or paid, to lower or increase the rate on the loan. Most lenders will allow you to choose amongst a variety of rate and point combinations for the same loan product. Therefore, when comparing rates of different lenders, make sure you compare also the associated points. Closing costs typically consist of loan related fees, title and escrow charges, government recording and transfer charges and can add thousands of dollars to the cost of your loan. When comparing lenders it is important to compare loan related fees (i.e. the fees which lenders charge to process, approve and make the mortgage loan), since the other fees are typically independent of the lender.
Secondly, when comparing loans of different lenders you need to thoroughly investigate and compare all loan features: maximum LTV, mortgage insurance payments (if any), credit and cash reserve requirements, qualifying ratios, etc. Pay special attention to the presence of prepayment penalties and the availability and terms of conversion options (such as rate reduction option, or option to convert an ARM to a fixed-rate mortgage).
Thirdly, for each loan you are comparing find out the lock-in period, during which the interest rate and points quoted to you will be guaranteed. Lock-ins of 30, 45 and 60 days are common. Some lenders may offer a lock-in for only a short period of time (15 days, for example). Usually, the longer the lock-in period, the higher the price of loan. The lock-in period should be long enough to allow for settlement before lock-in expires.
Finally, make sure that you are comparing the interest rates on the same day. Rates change daily, if not a couple of times a day. So, what is the best way to compare loans among
different lenders? First of all when you compare different lenders you should compare loan products of the same type (e.g. 30 yr. fixed). It does not make sense to compare different types of loan programs (e.g. 30 yr fixed vs. 15 yr fixed, or fixed vs. adjustable).
To compare loan products of the same type among different lenders:
1. Fix all lenders at one interest rate and lock-in period.
You have to compare different lenders on the same rate (e.g. 7.5%) and lock-in period, otherwise you will be comparing apples and oranges. Most lenders can offer you a variety of rate and point combinations for the same loan product and allow you to choose the lock-in period.
2. Add up the total lender fees for that rate including points and loan related fees.
There are a number of different fees paid in connection with loan, and some lenders have different names for them. One lender might offer to waive one fee and then add another one. So when comparing loans of different lenders you should look at the total sum of ALL loan related fees. These fees can include processing and underwriting fee, mortgage insurance premium, appraisal fee, the cost of a credit report, tax service fee, application, commitment, wire transfer fee, etc. Points can include discount and origination points and have to be converted into dollar amounts.
3. The lender that has lower lender fees has a cheaper loan than the lender with higher fees. Example: For a loan amount of 100,000 on a 30 yr fixed rate mortgage, lender A is offering you a rate of 7.375% with 0 points, 7.25% with 0.5 points, and 7.125% with 1 points. He also charges $450 in loan related fees. Lender B offers you 7.25% on the same loan with 0.375 points, 7.125% with 0.875 points, and 7% with 1.375 points and charges $680 in loan related fees. Both lenders are quoting rates on a 45 day lock.
About the Author
#1 Loans USA (1LoansUSA.com) offers variety of mortgage information. Mortgage rates for any loan program from various lenders, mortgage rate predictions, bond rates, CD rates and more.
|
|
|
|
|
| Cheap Loans | car, personal & secured homeowner loans ... |
| Compare over 400 UK personal (unsecured) and secured homeowner loans, including car loans, to find the cheapest deals... |
| www.moneysupermarket.com |
|
| E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ... |
| E-LOAN offers home mortgage, refinance, home equity loans, lines of credit, auto and motorcycle loans, savings accounts and CDs with great rates online. |
| www.eloan.com |
|
| Loan Center - Yahoo! Finance - News, Education, Daily Rates and ... |
| Loan Center - The Yahoo! Finance Loan Center provides useful tips, calculators, and rate data to help you choose an auto loan, mortgage, or personal loan ... |
| loans.yahoo.com |
|
| FREE LOANS QUOTE - the customers champion. Finding you the right ... |
| COMPARE! Let us get you a loans quote with minimal fuss. We're the UK specialists. |
| www.moneyweb.co.uk |
|
| Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
| Offers consumer loans for any purpose in the United Kingdom. |
| www.loans.co.uk |
|
| 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 |
|
| GovLoans.gov - Find the Right Loan for You |
| GovLoans is a partnership of many Federal agencies and organizations with a shared vision - to provide improved, personalized access to government loan ... |
| www.govloans.gov |
|
| Loan - Wikipedia, the free encyclopedia |
| Bank loans and credit are one way to increase the money supply. ... Abuse in the granting of loans is known as predatory lending. ... |
| en.wikipedia.org |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| Direct Loan Home Page |
| The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
| www.ed.gov |
|
| 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 |
|
| 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 |
|
| 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 |
|
| 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 |
|
|