Collateral is a thing of value that a borrower can pledge to a lender to get a loan or line of credit; common examples of collateral include real estate, vehicles, cash and investments. Not only does collateral minimize the risk lenders are exposed to because it secures the financing, but it also can help borrowers […]
Collateral is a thing of value that a borrower can pledge to a lender to get a loan or line of credit; common examples of collateral include real estate, vehicles, cash and investments. Not only does collateral minimize the risk lenders are exposed to because it secures the financing, but it also can help borrowers […]
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January 12, 2021 6:23 AM Kiah Treece - Forbes Advisor
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January 14, 2021 3:45 AM
A personal loan is financing extended by an online or traditional lender that you can use for a range of personal purposes. If you’re facing travel expenses, home or auto repair costs or other unexpected expenses, a personal loan can help you access the money you need sometimes in as little as 24 hours. We’ll walk you through how personal loans work, how to apply for one, and common alternatives so you can be sure you’re making the right decision.
How Do Personal Loans Work
Personal loans are issued by a range of institutions, including online and peer-to-peer lenders, traditional banks and credit unions. Loan proceeds are dispersed as a lump sum, and interest begins to accrue on the entire loan amount as soon as the loan is issued. Interest rates and repayment terms vary based on the lender and the borrower’s needs and qualifications. Origination fees also v
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December 17, 2020 6:31 AM Kiah Treece - Forbes Advisor
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December 18, 2020 1:29 PM
If you have enough extra cash in the bank to make a lump-sum payment and you want to reduce your monthly mortgage bill, mortgage recasting might be a good option for you. We’ll walk you through the mortgage recasting process, let you know which types of loans qualify and help you decide whether it’s the right fit for your financial needs.
What Is Mortgage Recasting?
Mortgage recasting is the process of reducing your mortgage balance through a lump-sum payment, and then making smaller monthly payments until you pay off your loan. Unlike mortgage refinancing, mortgage recasting does not change your loan term or your interest rate you’ll simply have a lower monthly payment, but you’ll also save on interest payments over the life of the loan.
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December 15, 2020 8:53 AM Kiah Treece - Forbes Advisor
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December 17, 2020 7:15 AM
If you’re just starting your new home search, mortgage prequalification can help you better understand available mortgage options and how much house you can afford. Receiving a lender’s prequalification nod isn’t a guaranteed loan offer, but the process is straightforward and usually can be completed in just a few minutes online.
When you’re about ready to make an offer on a home, you may want to consider mortgage preapproval, which is a step closer to a loan green light. Preapproval can arm you with the confidence you need to make a competitive offer.