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  • Mortgage Rates Are Low, but Homeowners Are Still Having Trouble Refinancing
    Today’s mortgage rates are at historic lows. But mortgage lenders continue to tighten lending standards, making it tough for even people with good credit to get approved for a home loan or refinance. Brian Wickert, of Accunet Mortgage in Butler, Wis., told Bloomberg that he had a client with good credit who couldn’t get approved for [...]
    [February 27th, 2009]
  • Payday Loans for Self-employed Ideal for Contractors, Consultants
    The benefits of being self-employed are well-documented–a virtually unlimited salary cap, the power to choose projects close to your abilities and interest, flexible working hours and generous tax incentives–just to name a few. However, the ebb and flow of income is also a very real characteristic, as well. When unexpected expenses collide with a month [...]
    [February 27th, 2009]
  • Top Three Reasons Why Personal Loans Make Sense For Lender and Borrower Alike
    In all the hullabaloo over the credit crunch / subprime lending disaster, what’s been missing is the realization that when credit markets function properly, both borrower and lender benefit. The borrower gets a loan, and the lender makes a profit. It’s a beautiful thing–when it works. Personal loans are a great example of a loan that works [...]
    [February 26th, 2009]
  • Mortgage Rates Rise Driving Applications Down
    Mortgage loan applications dropped last week as rates increased. Bloomberg.com reported that The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan decreased 15.1 percent to 743.5 in the week ended Feb. 20 from 875.3 in the prior week. The group’s refinancing measure dropped 19.1 percent and the purchase index slipped [...]
    [February 26th, 2009]
  • Losses on Home Equity Loans Continue
    JP Morgan stated in a CNN article that home equity loan related losses could rise to $1.4 billion per quarter later this year. That represents twice what their losses were just last quarter. “We obviously believe that home equity losses will continue to grow for some period of time,” said Charlie Scharf, head of JPMorgan Chase’s [...]
    [February 26th, 2009]
  • Top Four Consequences of Not Paying Payday Loans
    What’s the worst that could happen if you’re found not paying your payday loans off in a timely fashion? And how serious is it anyway? Well, that depends on who you ask. One person’s view of stiff penalties could be seemingly tame in another’s perspective. Keep in mind that there are consequences, but not nearly [...]
    [February 25th, 2009]
  • Personal Loans May Be Available to Veterans
    In today’s tough lending climate, many people are finding it next to impossible to find a personal loan.  However, veterans of the U.S. military may be eligible for personal loans. One such program is through the Wisconsin Department of Veterans Affairs. Veterans, spouses of deceased veterans, and dependent children may qualify for loans up to [...]
    [February 24th, 2009]
  • Toll Brothers Offers Mortgage Protection for Job Loss
    Homebuilder Toll Brothers Inc. is offering buyers a mortgage protection plan that will kick in if they lose their job. The mortgage insurance policy is being offered to people who finance their homes through the company’s TBI Mortgage unit. Toll Brothers is known for its luxury home communities. Not only is it a good time for [...]
    [February 23rd, 2009]
  • Four Things You Need To Know About Loan To Value Ratios and Home Equity Loans
    1. Defining Loan To Value Ratio Whether you’re considering a traditional refinance or a home equity loan, every homeowner should be familiar with the term “loan to value ratio”. It’s a very simple concept with a straightforward definition, but it is also one of the most crucial elements of the mortgage process. A property’s loan to value [...]
    [February 23rd, 2009]
  • Will Obama’s Foreclosure Prevention Plan Help You?
    On Wednesday, President Obama unveiled his $75 Billion plan to help homeowners who are finding it difficult to make their mortgage payments. Obama hopes to help nine million Americans who are currently unable to refinance. The plan is designed to help 4 to 5 million homeowners that are currently on time with their payments but unable [...]
    [February 20th, 2009]
  • How Confidence and the Herd Mentality Affect the Personal Loan Market
    It’s human nature to want to be a part of something. At the same time, it’s amazing how everyone is saying what everyone else is saying about how poor our economy is performing. That’s not to say that our economy is not poorly performing. America recently hit an all time high for people receiving unemployment benefits: 5 million. [...]
    [February 19th, 2009]
  • Second Chance Checking Accounts
    The banking system cracks down hard on people who abuse checking accounts. They put you in the dreaded "Chex Systems," which tells all the banks that you are not someone who should be granted a checking account, because you're only going to abuse it. Maybe you did write some bad checks at some point or otherwise damage your credit with the financial crowd. But maybe you were young then, or dumb, or both, and you've changed. If so, the banking industry has developed a product for you called second chance checking.
    [February 19th, 2009]
  • Payday Advance Loans Safer Than Most: How to Keep Them Safe
    Even in a credit crunch, there are a variety of different loan options that can finance your lifestyle. As you might expect, some are more risky than others. Payday advance loans fall on the less risky side simply because the money loaned to you is a percentage of your next paycheck. And that means no [...]
    [February 19th, 2009]
  • Essential Steps to a Better Loan Application
    Taking the time to prepare well for your mortgage loan application interview will go a long way toward a quick loan approval and a smooth process overall.  The loan application is taken in four parts: income, assets, credit, and property.  When you are discussing each of these four categories with your loan officer, make sure [...]
    [February 17th, 2009]
  • Personal Loans: Should You Use Rapid Refund Tax Services?
    Each tax season, many people count on receiving tax refunds to help with their expenses. As a result, many turn to rapid refunds, which are basically fast cash personal loans, instead of waiting for their tax return to be processed. But it’s important to understand the pros and cons of using this type of personal loan. Rapid [...]
    [February 17th, 2009]
  • Using Home Equity For Business Purposes
    A recent column on WashingtonPost.com tackled a question many small business owners wind up asking themselves. Should you leverage your home’s equity for business purposes? The column told the story of Rebecca Malik, a young woman who started an online furniture store less than one year ago. In order to grow her business, Rebecca needs access [...]
    [February 17th, 2009]
  • How To Approach Debt Consolidation with a Home Equity Loan
    Compare The Interest Rates On Your Debts With Current Mortgage Rates As a homeowner, you can often take advantage of relatively low mortgage interest rates.  Compared to the interest rates on other debts such as credit card debts, car loans, and medical bills, mortgage rates are typically quite lower and can yield considerable savings.  A common [...]
    [February 16th, 2009]
  • Payday Loan Battles in Two States
    A group protesting against payday loans has recently taken to the streets in Virginia. Demonstrators were calling on the state legislature to tighten the regulation of payday loan practices.
    [February 16th, 2009]
  • U.S. Considers Plan to Subsidize Mortgages
    President Barack Obama’s administration is considering a plan to help homeowners before they get behind on their mortgage loans. Under the plan the government would subsidize mortgages in an attempt to help boost the housing market. This plan differs from current efforts to help homeowners with their mortgages because it would target people who haven’t [...]
    [February 15th, 2009]
  • Top Three Effects of a Federal “Bad Bank” on the Personal Loan Market
    Washington D.C. has been in the news a lot lately. That’s likely to continue as the nation attempts to grow out of a pretty deep economic hole, with much of the problem caused by too easy credit. The latest effort by the Obama team has centered around the concept of creating a so-called “bad bank.” This [...]
    [February 12th, 2009]
  • Personal Loans at Banks Slow, Sending People to Pawn Shops
    As many banks have tightened up standards for making personal loans, pawn shops are seeing an increase in middle-class and affluent customers coming through their doors. Many of the people looking to pawn items say they need money to make mortgage, tuition, and medical bill payments. Mitchell Kushner, owner of Empire Pawn of Nassau in [...]
    [February 9th, 2009]
  • California Luxury Home Market Struggles
    Sales of luxury homes valued at $1 million and up in California plunged 42.5% over the last year, according to MDA DataQuick. Job losses, foreclosures, lack of credit for mortgages, and other economic woes have pummeled the entire housing market in the state. Although sales of lower priced properties are beginning to see a bit of life [...]
    [February 9th, 2009]
  • Three Options to Consider When Choosing Your Home Equity Loan
    About a month ago, we covered the basic differences between a traditional second mortgage and a home equity line of credit. If you missed the last post, you can find our brief comparison on this page. But, if you’re still struggling to make a decision and stuck between each of these loans, here are three [...]
    [February 9th, 2009]
  • Debt Consolidation or Debt Perpetuation?
    Ok so it’s official, American Express has announced they will allow you to pay your mortgage payments with your credit card.   American Express has done it’s homework and has had some successful ventures in this area once before.  They introduced the luxury rental payment program and the luxury condo down payment program in the past [...]
    [February 8th, 2009]
  • The Auto Industry Gets $25 Billion in a Federal Auto Loan But Are Not Moving Quickly Enough With the Money
    The federal auto loan program to modernize the auto industry isn’t moving as fast as carmakers and some in Congress would like. There was a real to help the automakers and their suppliers revamp old factories and increase production of fuel friendly vehicles but the money turned out to be more important for other uses than [...]
    [February 7th, 2009]
  • How to Think Like a Lender, and Why
    There has been a lot of talk over the past year about banks and other institutions that “need to lend” and aren’t doing it. In fact, the government has pumped hundreds of billions of dollars into the financial system in order to provoke banks to lend. But while this call for more lending is often viewed [...]
    [February 6th, 2009]
  • Fast Auto Payday Loans: How to Get Your Dream Ride Today
    While it’s true that the recession has slowed new and used car sales dramatically in the past year, the flip side of the coin offers hope. The fact remains that there’s never been a better time to get a good deal on a car or truck. Here’s how you can use fast auto payday loans [...]
    [February 5th, 2009]
  • Don’t Rush into a Car Title Personal Loan
    Car title loans promise fast cash for people with bad credit who’ve been locked out obtaining personal loans through banks. Generally, no credit check is required, which may make car title loans seem like a great deal to people looking for any way to raise money to pay their bills. But car title loans aren’t the [...]
    [February 3rd, 2009]
  • How To Use A HELOC As Your Safety Net In This Tough Economy
    It used to be that during tough times homeowners could comfortably rely on their home’s equity as a safety cushion. But as home values have depreciated significantly and banks continue to tighten loan standards, this current economy has proven much more difficult to deal with. Fortunately, many homeowners can still find refuge in home equity [...]
    [February 2nd, 2009]
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