No fax payday loans give you possibility to borrow money without any huge paper work. Usually loan procedures involve paper work and submitting heavy documents, but these loans are not the usual ones and it is convenient to borrow the cash, especially when you need to recompense a bill on repairing a car, medical emergency and paying off a bill to shun late payments. Although there are some some conditions which you need to fulfill before you go for this option.
Criteria:
• Your age - 18 years or more.
• Your earnings need to be minimum £1000 per month.
• A valid checking account at your name.
Why you should apply for no fax payday loans:
• No fax payday loans are for short period which offer solution for your budget related problems. No paperwork is needed.
• The lenders allow the loan up to £1500 depending upon your financial state. You up to 4 weeks to repay the loan or you can pay it at the payday.
• This type of loan is unsecured, so tenants and non home owners can apply for this option without any difficulty and problems.
• No credit checks are made on the borrowers.
• The interest rate is higher than the normal, but this is normal, because this type of loan is more risky.
How to apply:
You just need to fill an on-line application form which will take few minutes to complete. Approval is also really fast.
Wednesday, February 17, 2010
Saturday, November 14, 2009
Businesses hurt by I-40 rock slide may get loans
WAYNESVILLE — Businesses hurt by the rock slide that has closed Interstate 40 may be eligible for help from the Small Business Administration, according to Rep. Heath Shuler..
An SBA program provides emergency loans to companies that have lost substantial business due to natural disasters.
N.C. Gov. Bev Perdue has 120 days following the Oct. 25 rock slide to request an SBA Economic Injury Declaration and must show that at least five businesses have suffered from the closure.
“I’m sure that more than five businesses in Western North Carolina have been hit hard,” Shuler said in a news release.
For questions about the loan program, call Shuler’s office at 252-1651.
An SBA program provides emergency loans to companies that have lost substantial business due to natural disasters.
N.C. Gov. Bev Perdue has 120 days following the Oct. 25 rock slide to request an SBA Economic Injury Declaration and must show that at least five businesses have suffered from the closure.
“I’m sure that more than five businesses in Western North Carolina have been hit hard,” Shuler said in a news release.
For questions about the loan program, call Shuler’s office at 252-1651.
Saturday, November 7, 2009
Reverse Mortgages: Home Equity Conversion Mortgage
A Reverse Mortgage is a mortgage loan that is geared toward older homeowners who want to use their home equity to supplement their income.
A Reverse Mortgage is a loan that works in reverse-the lender makes monthly payments to the homeowner based on the home equity.
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular Reverse Mortgage product.
To qualify you must be at least 62 and own your own home or condominium. The Home Equity Conversion Mortgage is available from HUD-approved lenders in all 50 states.
The loan size of the Home Equity Conversion Mortgage may vary. Three criteria are used to determine size:
1. The borrower's age
2. The value of the home
3. Current interest rates
(Maximum loan limits do vary by region.)
A borrower can choose from four payment methods:
* A lump-sum payment
* Equal monthly annuity payments to the homeowner for up to the amount of equity in the home. The number and schedule payments depend on the equity in the home and age of the recipient.
* An equity line of credit that the borrower can draw upon as needed
* A combination of annuity payments and equity line
No repayments will be required as long as the borrower remains in the home. Home Equity Conversion Mortgages must be obtained from HUD-approved lenders.
Borrowers must also first meet with an approved HUD counselor to review the Reverse Mortgage product before submitting an application.
A Reverse Mortgage is a loan that works in reverse-the lender makes monthly payments to the homeowner based on the home equity.
The Home Equity Conversion Mortgage (HECM) is the oldest and most popular Reverse Mortgage product.
To qualify you must be at least 62 and own your own home or condominium. The Home Equity Conversion Mortgage is available from HUD-approved lenders in all 50 states.
The loan size of the Home Equity Conversion Mortgage may vary. Three criteria are used to determine size:
1. The borrower's age
2. The value of the home
3. Current interest rates
(Maximum loan limits do vary by region.)
A borrower can choose from four payment methods:
* A lump-sum payment
* Equal monthly annuity payments to the homeowner for up to the amount of equity in the home. The number and schedule payments depend on the equity in the home and age of the recipient.
* An equity line of credit that the borrower can draw upon as needed
* A combination of annuity payments and equity line
No repayments will be required as long as the borrower remains in the home. Home Equity Conversion Mortgages must be obtained from HUD-approved lenders.
Borrowers must also first meet with an approved HUD counselor to review the Reverse Mortgage product before submitting an application.
Home Construction Financing
Home construction lending is a little different than regular mortgage financing.
First, you will be given a construction line that will be used to pay subcontractors and suppliers who perform work and provide supplies.
And then at the end of the construction project, you will use a residential mortgage to pay off the construction line.
Construction Line
You will ask the lender to open a home construction line that will be used to pay subcontractors and suppliers during the construction phase of the project. Generally, these players require payment within 30 to 60 days following work completion.
Once each month, or after each stage of the home construction, your builder will submit a request for funds to pay for subcontracting work and supplies that were used during the construction phase. The lender will release funds after they have verified that the amount requested will be used for the construction phase that has been completed.
Let's run through a simple illustration: Say that your construction project is estimated to cost $100,000. The project will be completed in five phases.
At the end of the first phase, you will request a release of funds ($20,000) from the bank to pay subcontractors and suppliers who completed work during this phase.
Typically, the lender will send out an inspector to verify that the work has been completed. If passed, funds will be released to line the next day.
(This example was a simple illustration on how the construction line may work. The actual procedure may differ by lender.)
Lenders normally have a fixed draw schedule tied to each major phase of the construction. If you request more draws than allowed per project, you may be charged a nominal fee per draw.
Don't underestimate your need for up-front cash. You will normally spend more money during the first construction phase than what you can draw up front.
The construction line generally carries a higher interest rate than residential home mortgages.
Residential Mortgage
You will need to apply for a residential mortgage to pay off the construction line when you finish the construction project. In most cases, this will be required prior to obtaining the construction line. The residential mortgage is like any other single-family home mortgage loan. These include conventional and non-conventional loans, fixed, adjustable rates, etc.
Construction/Perm Loans
Some lenders offer both the construction line and residential mortgage as one loan.
The Construction/Perm loan is a combined loan made directly by the lender to the borrower. It functions as a construction line for financing the construction of the home, and then it serves as a permanent mortgage by paying off the construction line after you complete the construction project.
The Construction/Perm loan has some advantages, namely:
* The borrower can save money by paying for only one set of closing costs, attorney's fees, appraisal and taxes.
* Since the construction line is contingent upon approval of the residential mortgage, obtaining a construction/perm loan allows the borrower to submit and provide documentation for one loan application and work through one lending institution. The borrower will work with one loan and one lender.
* Because the loan is made directly to the homeowner, the borrower can take full tax advantage of the interest rate charges.
The Construction/Perm loan may also carry some disadvantages:
* Obtaining the best rate and terms. Some Construction/Perm loans carry higher than prevailing market rates.
* Even though you may be working with one lender, usually the loan is managed by two separate departments. You may need to provide duplicate documentation.
It is best to shop around to determine your best options.
What Will You Need for Home Construction Financing?
* Start-up Construction Budget
A start-up construction budget is a cash budget prior to obtaining your construction financing. Builders suggest anywhere from $5,000 to $10,000, depending on the size and scope of the construction.
This up-front expense is considered part of the overall project cost and is often part of the down payment or "reimbursed" as part of the construction loan.
* Down Payment
Generally a down payment of 20 percent or more is needed. The down payment may be cash, equitable securities, or the equity in an existing home or land purchase.
If you are using your home equity, make sure you obtain a true market value of your home and anticipated time to sell your home.
* Planned Budget
Know your limits. It can become tempting to add additional items to the home that will place the entire project out of budget. Some buyers have a budget cushion for upgrades and other changes
* Documentation
Your submission of an application will require documentation of income and employment similar to a home resale mortgage application.
This will include verification of employment (e.g., W-2s, pay stubs), or if self-employed, documentation of income, savings and investment account statements. In addition, the lender will require construction specifications and cost breakdown for building your home. You will also need to provide the purchase contract or title to the construction site
First, you will be given a construction line that will be used to pay subcontractors and suppliers who perform work and provide supplies.
And then at the end of the construction project, you will use a residential mortgage to pay off the construction line.
Construction Line
You will ask the lender to open a home construction line that will be used to pay subcontractors and suppliers during the construction phase of the project. Generally, these players require payment within 30 to 60 days following work completion.
Once each month, or after each stage of the home construction, your builder will submit a request for funds to pay for subcontracting work and supplies that were used during the construction phase. The lender will release funds after they have verified that the amount requested will be used for the construction phase that has been completed.
Let's run through a simple illustration: Say that your construction project is estimated to cost $100,000. The project will be completed in five phases.
At the end of the first phase, you will request a release of funds ($20,000) from the bank to pay subcontractors and suppliers who completed work during this phase.
Typically, the lender will send out an inspector to verify that the work has been completed. If passed, funds will be released to line the next day.
(This example was a simple illustration on how the construction line may work. The actual procedure may differ by lender.)
Lenders normally have a fixed draw schedule tied to each major phase of the construction. If you request more draws than allowed per project, you may be charged a nominal fee per draw.
Don't underestimate your need for up-front cash. You will normally spend more money during the first construction phase than what you can draw up front.
The construction line generally carries a higher interest rate than residential home mortgages.
Residential Mortgage
You will need to apply for a residential mortgage to pay off the construction line when you finish the construction project. In most cases, this will be required prior to obtaining the construction line. The residential mortgage is like any other single-family home mortgage loan. These include conventional and non-conventional loans, fixed, adjustable rates, etc.
Construction/Perm Loans
Some lenders offer both the construction line and residential mortgage as one loan.
The Construction/Perm loan is a combined loan made directly by the lender to the borrower. It functions as a construction line for financing the construction of the home, and then it serves as a permanent mortgage by paying off the construction line after you complete the construction project.
The Construction/Perm loan has some advantages, namely:
* The borrower can save money by paying for only one set of closing costs, attorney's fees, appraisal and taxes.
* Since the construction line is contingent upon approval of the residential mortgage, obtaining a construction/perm loan allows the borrower to submit and provide documentation for one loan application and work through one lending institution. The borrower will work with one loan and one lender.
* Because the loan is made directly to the homeowner, the borrower can take full tax advantage of the interest rate charges.
The Construction/Perm loan may also carry some disadvantages:
* Obtaining the best rate and terms. Some Construction/Perm loans carry higher than prevailing market rates.
* Even though you may be working with one lender, usually the loan is managed by two separate departments. You may need to provide duplicate documentation.
It is best to shop around to determine your best options.
What Will You Need for Home Construction Financing?
* Start-up Construction Budget
A start-up construction budget is a cash budget prior to obtaining your construction financing. Builders suggest anywhere from $5,000 to $10,000, depending on the size and scope of the construction.
This up-front expense is considered part of the overall project cost and is often part of the down payment or "reimbursed" as part of the construction loan.
* Down Payment
Generally a down payment of 20 percent or more is needed. The down payment may be cash, equitable securities, or the equity in an existing home or land purchase.
If you are using your home equity, make sure you obtain a true market value of your home and anticipated time to sell your home.
* Planned Budget
Know your limits. It can become tempting to add additional items to the home that will place the entire project out of budget. Some buyers have a budget cushion for upgrades and other changes
* Documentation
Your submission of an application will require documentation of income and employment similar to a home resale mortgage application.
This will include verification of employment (e.g., W-2s, pay stubs), or if self-employed, documentation of income, savings and investment account statements. In addition, the lender will require construction specifications and cost breakdown for building your home. You will also need to provide the purchase contract or title to the construction site
Tuesday, November 3, 2009
Fed's surge in mortgage fraud prosecutions
TAMPA - As promised, federal authorities have amped up criminal mortgage fraud prosecutions.
In the past week, cases were filed in Tampa federal court against at least 11 people accused of lying to lenders and property appraisers to acquire millions in mortgage loans during the property boom that ended last year.
Over the past nine months, authorities say, a surge in mortgage fraud investigations has led to charges against more than 100 defendants accused of fraudulently getting about $400 million on at least 700 properties throughout the Middle District of Florida. Thirty of the defendants were charged in Tampa.
The defendants include mortgage brokers, straw buyers and an unemployed day trader, who authorities say managed to obtain two mortgages despite the fact that he had no income.
U.S. Attorney Brian Albritton is holding a series of news conferences today and Wednesdayin the Middle District of Florida, including this afternoon in Tampa, to update the public about mortgage fraud prosecutions.
The surge, which began in January and ended last week, is the first phase of a plan to investigate and prosecute individuals and institutions involved in mortgage fraud.
Among the recent cases outlined in court documents:
Jason Anthony Martinez, a licensed mortgage broker, has agreed to plead guilty to conspiring to commit wire fraud and mail fraud affecting a financial institution.
According to his plea agreement, Martinez lied in order to induce lenders to provide $4 million in mortgages from 2005 to 2007. Martinez and his coconspirators obtained mortgage loans on at least 21 properties, resulting in losses of $1 million to $2 million to the financial institutions.
One of the properties, at 3118 E. 33rd Ave., was purchased for $31,000 in July 2005 through the Teacher Next Door program. The federal program gives eligible buyers, such as teachers and police officers, up to half the cost of eligible properties if they promise to live in them exclusively for three years. The property is also not to be sold for more than 110 percent of the net development costs.
But the property was sold to another "complicit straw purchaser" 10 months after the sale for $110,000, netting Martinez $95,000.The straw purchaser's fraudulently obtained mortgage ultimately ended in foreclosure.
The U.S. Department of Housing and Urban Development lost $15,500 as a result of the fraud.
The FBI has requested an arrest warrant for Jorge Socorro, the former corporate manager for the funding department of GreatStone Mortgage, a Tampa-based company that went under following a massive fraud scheme perpetrated by its owners.
Last week,the company's former president, Corey Brower, was sentenced to five years and three months in federal prison and his wife, Sandi, was sentenced to three years and four months. They were given reduced sentences largely because of their extensive cooperation with federal authorities.
The FBI also sought an arrest warrant for Roy Watson, who is accused of lying about his income to get loans for $560,000 and $140,000 in 2006.
Watson said he made $18,750 a month when it was really $3,600, and also lied that he planned to use the property at 68 Gulfwinds Drive in Palm Harbor as his primary residence.
In 2009, Watson told the FBI that two people approached him in 2006 about an investment opportunity. They said they had a buyer lined up but wanted to use Watson's name and credit to purchase the house, and agreed to split the profits with him.
Watson said he was paid $10,000 for his participation.
The FBI has asked a judge for an arrest warrant for Beatriz Sanchez, who authorities believe left the United States on a flight to Amsterdam in July.
Sanchez is accused of obtaining five mortgage and home equity loans totaling $670,300 on a property at 3436 Red Rock Drive in Land O' Lakes that had been purchased for $217,000 in April 2006.
Nelson Bryan Rivera Valentin was charged in a complaint with wire fraud affecting a financial institution, accused of lying on a mortgage application and falsely representing his income.
The complaint states Rivera induced two banks to provide loans worth a total of $900,000 on a property at 5711 Sea Trout Place in Apollo Beach, which was foreclosed on in November 2000 and ultimately sold for about $370,000.
The FBI sought an arrest warrant for Richard Likane, an unemployed day trader who authorities say had no income but managed to obtain two loans totaling more than $300,000.
Likane, 44, of Tampa, faces a charge of mail fraud. According to court papers, he lied about his monthly income in obtaining a mortgage of $161,000 for 10808 Dragonwood Drive in Tampa in February 2006, a year in which he actually lost $3,000 trading stocks and had no salary or wages.
In March 2007, he obtained a home equity line of credit for $195,000 on a property at 3857 Mariner Drive in St. Petersburg, falsely representing his annual income as $75,000 when it was zero.
In January 2008, Likane filed for bankruptcy and testified under oath that he had not been employed since 2000, and had been a day trader of stocks and a house flipper since then.
The FBI asked for an arrest warrant for Robert W. Bentley, 50, of Tampa, on a charge of mail fraud.
Bentley is accused of falsely representing his monthly income as $13,499 to get a $600,000 mortgage for a house at 3415 Holly Springs Drive in Spring Hill in 2007. At the time, his actual income was $50,000 a year.
He also allegedly lied about his income to obtain two mortgages totaling $650,000 for 3338 Fernando Drive in Hernando Beach.
Lakeisha Gates has agreed to plead guilty to conspiracy to commit bank fraud and wire fraud affecting a financial institution.
In 2007, she worked at a St. Petersburg brokerage firm owned by Gretchen and Eric Scott. The Scotts approached Gates about a scheme to help them with their financial problems, according to her plea agreement.
Gates would act as the nominee purchaser for two properties owned by the couple, but the Scotts would make the mortgage payments. The purchase price for the two properties would far exceed the existing mortgage amounts; the conspirators would later sell the houses when their value increased.
On loan documents, Gates was falsely represented as the vice president of a catering company making $5,000 a month. She was paid $10,000 for her participation.
The Scotts obtained loans totaling nearly $300,000 on the properties, which subsequently went into foreclosure. The couple have been indicted on charges of conspiracy to commit bank and wire fraud.
Licensed mortgage broker William Craig Straub has agreed to plead guilty to conspiracy to commit wire fraud affecting a financial institution.
In February 2007, Straub sent an appraiser a contract for 547 Lillian Drive in Madeira Beach stating that the price was $700,000 when the true price was $520,000. As a result, a conspirator obtained a loan for $630,000 and kept $180,000.
A month later, Straub sent an appraiser a contract on 12270 Fourth St. E. in Treasure Island, falsely representing the price at $735,000 when it was $540,000.
That summer, Straub provided an appraiser with a purchase contract for 635 34th Ave. in St. Petersburg, representing the price at $2.35 million when it was $1.4 million. A lender provided $2.11 million to a co-conspirator, who kept $793,480.
In the past week, cases were filed in Tampa federal court against at least 11 people accused of lying to lenders and property appraisers to acquire millions in mortgage loans during the property boom that ended last year.
Over the past nine months, authorities say, a surge in mortgage fraud investigations has led to charges against more than 100 defendants accused of fraudulently getting about $400 million on at least 700 properties throughout the Middle District of Florida. Thirty of the defendants were charged in Tampa.
The defendants include mortgage brokers, straw buyers and an unemployed day trader, who authorities say managed to obtain two mortgages despite the fact that he had no income.
U.S. Attorney Brian Albritton is holding a series of news conferences today and Wednesdayin the Middle District of Florida, including this afternoon in Tampa, to update the public about mortgage fraud prosecutions.
The surge, which began in January and ended last week, is the first phase of a plan to investigate and prosecute individuals and institutions involved in mortgage fraud.
Among the recent cases outlined in court documents:
Jason Anthony Martinez, a licensed mortgage broker, has agreed to plead guilty to conspiring to commit wire fraud and mail fraud affecting a financial institution.
According to his plea agreement, Martinez lied in order to induce lenders to provide $4 million in mortgages from 2005 to 2007. Martinez and his coconspirators obtained mortgage loans on at least 21 properties, resulting in losses of $1 million to $2 million to the financial institutions.
One of the properties, at 3118 E. 33rd Ave., was purchased for $31,000 in July 2005 through the Teacher Next Door program. The federal program gives eligible buyers, such as teachers and police officers, up to half the cost of eligible properties if they promise to live in them exclusively for three years. The property is also not to be sold for more than 110 percent of the net development costs.
But the property was sold to another "complicit straw purchaser" 10 months after the sale for $110,000, netting Martinez $95,000.The straw purchaser's fraudulently obtained mortgage ultimately ended in foreclosure.
The U.S. Department of Housing and Urban Development lost $15,500 as a result of the fraud.
The FBI has requested an arrest warrant for Jorge Socorro, the former corporate manager for the funding department of GreatStone Mortgage, a Tampa-based company that went under following a massive fraud scheme perpetrated by its owners.
Last week,the company's former president, Corey Brower, was sentenced to five years and three months in federal prison and his wife, Sandi, was sentenced to three years and four months. They were given reduced sentences largely because of their extensive cooperation with federal authorities.
The FBI also sought an arrest warrant for Roy Watson, who is accused of lying about his income to get loans for $560,000 and $140,000 in 2006.
Watson said he made $18,750 a month when it was really $3,600, and also lied that he planned to use the property at 68 Gulfwinds Drive in Palm Harbor as his primary residence.
In 2009, Watson told the FBI that two people approached him in 2006 about an investment opportunity. They said they had a buyer lined up but wanted to use Watson's name and credit to purchase the house, and agreed to split the profits with him.
Watson said he was paid $10,000 for his participation.
The FBI has asked a judge for an arrest warrant for Beatriz Sanchez, who authorities believe left the United States on a flight to Amsterdam in July.
Sanchez is accused of obtaining five mortgage and home equity loans totaling $670,300 on a property at 3436 Red Rock Drive in Land O' Lakes that had been purchased for $217,000 in April 2006.
Nelson Bryan Rivera Valentin was charged in a complaint with wire fraud affecting a financial institution, accused of lying on a mortgage application and falsely representing his income.
The complaint states Rivera induced two banks to provide loans worth a total of $900,000 on a property at 5711 Sea Trout Place in Apollo Beach, which was foreclosed on in November 2000 and ultimately sold for about $370,000.
The FBI sought an arrest warrant for Richard Likane, an unemployed day trader who authorities say had no income but managed to obtain two loans totaling more than $300,000.
Likane, 44, of Tampa, faces a charge of mail fraud. According to court papers, he lied about his monthly income in obtaining a mortgage of $161,000 for 10808 Dragonwood Drive in Tampa in February 2006, a year in which he actually lost $3,000 trading stocks and had no salary or wages.
In March 2007, he obtained a home equity line of credit for $195,000 on a property at 3857 Mariner Drive in St. Petersburg, falsely representing his annual income as $75,000 when it was zero.
In January 2008, Likane filed for bankruptcy and testified under oath that he had not been employed since 2000, and had been a day trader of stocks and a house flipper since then.
The FBI asked for an arrest warrant for Robert W. Bentley, 50, of Tampa, on a charge of mail fraud.
Bentley is accused of falsely representing his monthly income as $13,499 to get a $600,000 mortgage for a house at 3415 Holly Springs Drive in Spring Hill in 2007. At the time, his actual income was $50,000 a year.
He also allegedly lied about his income to obtain two mortgages totaling $650,000 for 3338 Fernando Drive in Hernando Beach.
Lakeisha Gates has agreed to plead guilty to conspiracy to commit bank fraud and wire fraud affecting a financial institution.
In 2007, she worked at a St. Petersburg brokerage firm owned by Gretchen and Eric Scott. The Scotts approached Gates about a scheme to help them with their financial problems, according to her plea agreement.
Gates would act as the nominee purchaser for two properties owned by the couple, but the Scotts would make the mortgage payments. The purchase price for the two properties would far exceed the existing mortgage amounts; the conspirators would later sell the houses when their value increased.
On loan documents, Gates was falsely represented as the vice president of a catering company making $5,000 a month. She was paid $10,000 for her participation.
The Scotts obtained loans totaling nearly $300,000 on the properties, which subsequently went into foreclosure. The couple have been indicted on charges of conspiracy to commit bank and wire fraud.
Licensed mortgage broker William Craig Straub has agreed to plead guilty to conspiracy to commit wire fraud affecting a financial institution.
In February 2007, Straub sent an appraiser a contract for 547 Lillian Drive in Madeira Beach stating that the price was $700,000 when the true price was $520,000. As a result, a conspirator obtained a loan for $630,000 and kept $180,000.
A month later, Straub sent an appraiser a contract on 12270 Fourth St. E. in Treasure Island, falsely representing the price at $735,000 when it was $540,000.
That summer, Straub provided an appraiser with a purchase contract for 635 34th Ave. in St. Petersburg, representing the price at $2.35 million when it was $1.4 million. A lender provided $2.11 million to a co-conspirator, who kept $793,480.
Monday, November 2, 2009
Top 10 mortgage brokers
1. Ditech Home Loans, Refinance, Mortgage Rates, FHA Loan, Home Equity
Ditech is a leading provider of mortgage, refinance, FHA and jumbo home loans. Get current mortgage rates and information on refinancing or home purchase.
2. View Complete Profile for ANDREW MEEGAN ANDREW MEEGAN - SALEM MA (Rating: 15002)
Successfully providing financing for clients of all types for 7 years and counting. Even with hundreds of closed loans, I learn more and more from this business with each passing moment.
3. View Complete Profile for CHARLES LIGHT CHARLES LIGHT - NY (Rating: 12442)
I am a Licensed Direct Mortgage Lender in NY, NJ, FL, CT, PA, MD & CA. I am the Bank, not a broker, and have loans for all credit types. Hard Money as well. Large &/or Quirky Loans are my specialty.
4. View Complete Profile for KYLE S. HUFFORD KYLE S. HUFFORD - SCOTTSDALE AZ (Rating: 10323)
As a top mortgage professional in Phoenix Arizona, clients come to me with questions and leave with answers. I specialize in Jumbo Loans and Home Purchases.
5. View Complete Profile for GREGORY GREENWAY GREGORY GREENWAY - MILWAUKEE WI (Rating: 7618)
Licensed Wisconsin mortgage broker located in the metro Milwaukee area. Servicing all of Wisconsin. Member of WAMB, NAMB, and SSCC.
6. View Complete Profile for SHANE MILNE SHANE MILNE - ALISO VIEJO CA (Rating: 5966)
I am a loan officer based in Southern California, born in 1978, own a home with my wife, Vivian, and have been doing mortgage origination since 2002. I specialize in FHA, VA, USDA and conforming (Fannie/Freddie).
7. View Complete Profile for CHRIS CHENEY CHRIS CHENEY - BOCA RATON FL (Rating: 5895)
Born in South FL, raised in South FL (Boca Raton). Know my market well and enjoy helping people achieve their goals.
8. View Complete Profile for MICHAEL BYRNE MICHAEL BYRNE - FLEMINGTON NJ (Rating: 5646)
FHA and Investor Specialist. First Interstate Financial Corp. in Hillsborough NJ. Mortgage Banker with over 19 years experience.
9. View Complete Profile for NICOLAS VELECICO NICOLAS VELECICO - ATLANTIC CITY NJ (Rating: 5224)
Mortgage banking veteran with over 18 years experience partnering with FDIC member bank celebrating 75 years and still growing will guarantee you the trust and service you deserve.
10. View Complete Profile for KEITH LANDIS KEITH LANDIS - BETHEL PARK PA (Rating: 5021)
Serving customers throughout Pennsylvania for 14 years and counting. FHA, USDA, VA and Conventional mortgages available.
Ditech is a leading provider of mortgage, refinance, FHA and jumbo home loans. Get current mortgage rates and information on refinancing or home purchase.
2. View Complete Profile for ANDREW MEEGAN ANDREW MEEGAN - SALEM MA (Rating: 15002)
Successfully providing financing for clients of all types for 7 years and counting. Even with hundreds of closed loans, I learn more and more from this business with each passing moment.
3. View Complete Profile for CHARLES LIGHT CHARLES LIGHT - NY (Rating: 12442)
I am a Licensed Direct Mortgage Lender in NY, NJ, FL, CT, PA, MD & CA. I am the Bank, not a broker, and have loans for all credit types. Hard Money as well. Large &/or Quirky Loans are my specialty.
4. View Complete Profile for KYLE S. HUFFORD KYLE S. HUFFORD - SCOTTSDALE AZ (Rating: 10323)
As a top mortgage professional in Phoenix Arizona, clients come to me with questions and leave with answers. I specialize in Jumbo Loans and Home Purchases.
5. View Complete Profile for GREGORY GREENWAY GREGORY GREENWAY - MILWAUKEE WI (Rating: 7618)
Licensed Wisconsin mortgage broker located in the metro Milwaukee area. Servicing all of Wisconsin. Member of WAMB, NAMB, and SSCC.
6. View Complete Profile for SHANE MILNE SHANE MILNE - ALISO VIEJO CA (Rating: 5966)
I am a loan officer based in Southern California, born in 1978, own a home with my wife, Vivian, and have been doing mortgage origination since 2002. I specialize in FHA, VA, USDA and conforming (Fannie/Freddie).
7. View Complete Profile for CHRIS CHENEY CHRIS CHENEY - BOCA RATON FL (Rating: 5895)
Born in South FL, raised in South FL (Boca Raton). Know my market well and enjoy helping people achieve their goals.
8. View Complete Profile for MICHAEL BYRNE MICHAEL BYRNE - FLEMINGTON NJ (Rating: 5646)
FHA and Investor Specialist. First Interstate Financial Corp. in Hillsborough NJ. Mortgage Banker with over 19 years experience.
9. View Complete Profile for NICOLAS VELECICO NICOLAS VELECICO - ATLANTIC CITY NJ (Rating: 5224)
Mortgage banking veteran with over 18 years experience partnering with FDIC member bank celebrating 75 years and still growing will guarantee you the trust and service you deserve.
10. View Complete Profile for KEITH LANDIS KEITH LANDIS - BETHEL PARK PA (Rating: 5021)
Serving customers throughout Pennsylvania for 14 years and counting. FHA, USDA, VA and Conventional mortgages available.
Basic understanding of loans
A loan is a type of debt instrument. Like all debts, a loan entails the redistribution of financial assets over time, between the lender and the borrower. In a loan, the person who borrow assets initially receives or borrows an amount of money from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.
Usually, the money is paid back in regular basis and each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which gives an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions are enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Usually financial institutions are the main provider of loans. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
Types of loans
Secured
A secured loan is a loan in which the borrower pledges some asset (e.g. a house or other property) as collateral for the loan.
Also called mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security - a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
Unsecured
Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages:
* credit card debt
* personal loans
* bank overdrafts
* credit facilities or lines of credit
* corporate bonds
The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
Demand
Demand loans are short term loans that are atypical in that they do not have fixed dates for repayment and carry a floating interest rate which varies according to the prime rate. They can be "called" for repayment by the lending institution at any time. Demand loans may be unsecured or secured.
source: Wikipedia
* credit card debt
* personal loans
* bank overdrafts
* credit facilities or lines of credit
* corporate bonds
Usually, the money is paid back in regular basis and each installment is the same amount. The loan is generally provided at a cost, referred to as interest on the debt, which gives an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions are enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Usually financial institutions are the main provider of loans. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
Types of loans
Secured
A secured loan is a loan in which the borrower pledges some asset (e.g. a house or other property) as collateral for the loan.
Also called mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security - a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
Unsecured
Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages:
* credit card debt
* personal loans
* bank overdrafts
* credit facilities or lines of credit
* corporate bonds
The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
Demand
Demand loans are short term loans that are atypical in that they do not have fixed dates for repayment and carry a floating interest rate which varies according to the prime rate. They can be "called" for repayment by the lending institution at any time. Demand loans may be unsecured or secured.
source: Wikipedia
* credit card debt
* personal loans
* bank overdrafts
* credit facilities or lines of credit
* corporate bonds
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