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How To Choose a Home Loan

When trying to choose a home loan, the choices can be overwhelming.  There are so many options: mortgages, home equity loans, home equity lines of credit, and combinations of the top three.  Since we’ve owned our house (almost 8 years now- I can’t believe it!), we’ve had a combination of loans on it and have refinanced twice. We started out with a mortgage and a home equity loan, refinanced to a home equity loan only, and currently have just a mortgage.  It’s really nice and simple to have just the one payment.  Here are the options for loans for purchasing or refinancing a house: -Mortgage.  A mortgage is a traditional loan for purchasing a house.  With a mortgage, there can be fixed rates and terms, or variable rates.  Personally we always liked fixed rates and terms because we like knowing exactly what is going to happen with the mortgage.  Most mortgage companies set up an escrow account that will pay the property taxes and homeowners insurance.  Each month, a set amount of the mortgage payment will go towards principal and interest, […]

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Capped Out Payday Loans

Author: John Lynch A payday loan is a financial tool. Like all tools, financial or otherwise, used responsibly and in the way for which it was intended, it works well. Unfortunately, for borrowers and lenders alike, that’s not always what happens; sometimes borrowers use payday loans for purposes they were never intended to serve. When that takes place, when, for example, borrowers use payday loans as long-term financial instruments, people can often find themselves in straitened budgetary circumstances. Payday lenders understand this and they’ve vigorously warned their customers against ill-advised use of their loans. Regrettably, such warnings don’t always dissuade customers from using short-term loans for extended periods of time. Blaming the product When consumer advocacy groups see the distressed situations some borrowers get themselves into, they don’t attribute the problem to user error. Instead they automatically assume that there’s something wrong with the product itself—that the way loans are structured in effect force borrowers into a financial tailspin. The main fault consumer advocates see with payday loans is the amount of interest that lenders charge for loans. They claim […]

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