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Posted in Investments , Loans , Mortgage Rates

Cash is tight these days and many people may be considering a trade in services in lieu of monetary transactions. This kind of thinking is similar to a payment-in-kind or PIK loan, however, the major difference is that the payer will get the identical goods and services in return. The philosophy behind a PIK loan is the use of goods or services instead of a cash payment. PIK loans do not typically provide any cash flow from borrower to lender, thus making it a costly and risky financial tool to use.

Specialty fund managers tend to work with PIK loans to increase the possible profitability of their investment. The loans are typically unsecured, meaning they have no financial collateral backing. The maturity time for PIK loans is generally about five years and during that time there is no cash flow relationship between the borrower and lender. PIK Loans

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Posted in Loans , Mortgage Rates

Choosing and securing a mortgage is a very confusing process. In July of 2008, the Federal Reserve Board approved rules to better protect consumers by improving the communication process with a truth in lending provision.

Truth in lending is also known as Regulation Z. It was a response to the numerous mortgage defaults in the recent real estate market bust.  The Board of Governors of the Federal Reserve System acknowledged the four key provisions of the recently amended regulation that:

  • “Prohibit a lender from making a loan without regard to borrowers’ ability to repay the loan from income and assets other than the home’s value.  A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate that it is part of a “pattern or practice.”
  • Require creditors to verify the income and assets they rely upon to determine repayment ability.
  • Ban any prepayment penalty if the payment can change in the initial four years.  For other higher-priced loans, a prepayment penalty period cannot last for more than two years. This rule is substantially more restrictive than originally proposed.
  • Require creditors to establish escrow accounts for property taxes and homeowner’s insurance for all first-lien mortgage loans.”
  • Truth in Lending Provision

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Posted in CD Rates , Loans

Saving money for the future is always a smart thing to do. It’s imperative that we build up a wall of financial safety in order to protect ourselves from the dangers and risks that are inherent to life: accidents, sickness, job loss, disability, just to name a few. And of course, saving money should also be done so we can get ahead in life and enjoy more options. Money saved can go towards a new home, or an exciting trip. Many people save money – and make money – by putting it aside into certificates of deposit. While you can’t access the money you put into a CD until it matures (at least, not without being penalized for it, and those penalties can wipe out whatever you’ve earned on your CD), you can still get a loan against it, using your CD as collateral. Your lender will probably offer you one or more payment options for your loan.

Some lenders will offer you an interest-only payment plan on your loan. Others will allow you to pay off both the principal and the interest. You can also renew the loan at the same time you renew the CD, although it’s not advisable to continuously renew your CD and your loan at the same time, over and over again. Loans must be repaid eventually and the books closed on them. Borrowing Against a CD: Loan Repayment and Fees

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Posted in Credit Card Rates , Loans , Personal Loans

If you need to get a hold of some money, you’re probably putting out feelers for information on getting some from your bank or other lending institution. Many people need help with buying a home, for example, and so they need mortgage loans. As you go along you may encounter offers for credit lines or loans, and be confused as to how they’re different. Read on to learn more about the differences between a credit line and a loan.

The Difference Between a Credit Line and a Loan
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Posted in Home Equity Line , Loans

If you are a homeowner in need of some instant cash, you may be looking into different financial options and one of them is borrowing against your home equity using a home equity line of credit. Whether you’re building an addition to your home or just paying down credit card debt, if you have equity in your home, you may be able to qualify for a home equity line of credit or take out a loan against your house. But which is the best option, a line of credit or a loan? This depends on your personal situation. Read on to see how each scenario can help you decide which option is best for you.

Line of Credit Or a Loan

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Posted in Auto Loans , Loans

When it comes to purchasing a vehicle, sometimes simple is better. Even if you choose vehicle with all the bells and whistles courtesy of advanced technology and fun gadgets, if you are going to finance the purchase a simple interest loan is your best option. Simple interest loans are a structured type of loan that can be a cost effective option compared to their add-on loan counterpart.

Most autos purchased by financing are done so with a simple interest loans. By opting for this type of loan you would make the same monthly payment and part of your payment would go towards the interest while the rest would go towards the principal amount of your debt.  If you choose to finance with a 5 year loan, during the first 14 months of payment you would be paying a greater portion of interest than the principal amount. However, after that point, the balance shifts and a great portion of your monthly payment would be applied directly to the principal amount.

What is a Simple Interest Loan?

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Posted in Loans , Personal Loans

Old-timers may remember a cartoon called Popeye and a hamburger munching character named “Wimpy.” Wimpy would always say “I will gladly pay you Tuesday for a hamburger today,” thus taking advantage of his line of credit with Popeye and his friends. After initially determining a person’s or business’ credit worthiness and income potential, a line of credit is the maximum amount a financial institution will lend them without requiring additional verification.

Individuals have lines of credit in a variety of ways including their home mortgage, auto loan, credit card, student loans and other types of loans. The interest rate, or amount of money charged for being granted a loan, depends on several factors such as they type of loan required, the amount of money borrowed and the credit history of the person borrowing the money. What is a Line of Credit?

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Posted in Loans , Mortgage Rates

You know to strike while the iron is hot and with the variety of real estate bargains surrounding you at every turn, you know the time is now to make your move. But before you move you need to weigh your options based on the type of real estate investment you plan on making.

Do you plan on purchasing a property and treating it as a rental investment for a period of years, maybe even decades? If so, you may benefit from choosing a traditional fixed rate mortgage. By locking into a fixed rate mortgage, you will know you exact monthly payments for the lifetime of your loan. The rent you charge should then include enough money to cover the mortgage, taxes, any community fees that may be due, as well as some profit.


Perhaps you enjoy a higher real-estate investment and plan on buying a low-cost fixer upper, revamping the property and then selling it at a profit within a couple of years time. If that is a case then an adjustable rate mortgage (ARM) might be the best mortgage option for you. Adjustable rate mortgages tend to offer lower interest rates then traditional rate mortgages as you, the borrower, are taking the risk that the interest rate may increase, not the financial institution you may be borrowing from. You can take advantage of the discounted interest rates and sell the property, repay the loan and make a profit before the term rate resets. Best Mortgage Loans for RE Investment

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Posted in Home Equity Line , Loans

A home equity loan is a loan using a borrower’s house as collateral. If you’re a homeowner who is thinking about making major improvements to your home, or have some sort of a big-ticket item in front of you that you need help paying for, a home equity loan could be the right way to go to get the job done. You may also apply for a home equity line of credit through your loan.

When you, the borrower, take out a home equity loan you’re creating debt for yourself, obviously. That debt comes in the form of a lien on your home. This lien will need to be honored first if, for example, you sell the home but have not yet finished paying off the home equity loan. A lien will also be a factor should you take out any other form of loan using your home as collateral; this is because of the fact that liens automatically reduce the value of the equity you’ve put into your home. What is a Home Equity Loan?

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Posted in Home Equity Line , Loans

Anyone who is looking for a home, or currently owns one, should be familiar with the pros and cons of a home equity line of credit, commonly referred to as a HELOC.

A home equity line of credit is a loan where you, the borrower, offer the equity in your home as collateral to the lender. When you do this, you get the money you’re borrowing disbursed over time, as opposed to all at once. Normal old-fashioned home equity loans give you your loan in a lump sum, which you pay off over time (along with interest, of course). With a HELOC, you will get something that’s much more akin to a credit card, with a limit that you and the lender have agreed to.

HELOCs are defined by what’s called a “draw period,” which normally run from 5 to 25 years. A draw period refers to the period of time during which you can borrow from your line of credit. Like a credit card, a home equity line of credit can be borrowed against and then repaid, with interest, as often as you like, so that if you stay on top of your payments you could be at zero balance within a few months or years of taking your first amount. What is a HELOC?

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Loans

Whether you are applying for a student loan, a mortgage, or an auto loan, it pays to shop around for the best interest rates available to you. Before you sign on the dotted line with your bank, check with the local credit union, your auto dealership, or even the federal government. If you are a first-time home buyer or meet certain income qualifications for student loans, you may be surprised to find that there is a federal loan program offering low interest rates to borrowers exactly like you.

You should also check your credit report, which is one of the main tools lenders use to compare you to other borrowers. In 2005, the federal Fair Credit Reporting Act (FCRA) mandated that consumers were entitled to one free credit report a year from the three credit bureaus. If you want to qualify for the best interest rates on a loan, it pays to get your free credit report and make sure you have the highest credit score possible.

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