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Free Money Saving Auto And Home Loan Tips?
from: Tim GormanFree Auto Loan Tips
The following tips should help increase your chances of getting a car loan at a better rate.
Tip #1 - If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan.
Tip #2 - If you have currently have bad credit then repair it before applying for an auto loan.
Tip #3 - If you've recently moved then wait until you have lived at your new address for 6 months before applying for a loan.
Tips #4 - If you have had a previous auto loan or home mortgage on your credit report then your chances for a new loan improve greatly.
Tip #5 - Try and pay off all of your credit card balances or at least lower them. You may want to consider finding the best debt consolidation loans to erase all of your credit card bills. The bottom line is don't keep a high debt load or credit card balances.
Tip #6 - You must have a stable job or occupation.
Tip #7 - Other examples of credit extended to you should appear on your credit report. Verify this with a quick and easy online credit report. Also avoid charge off's on your credit report.
Tip #8 - If you've filed bankruptcy before then you should wait 3-4 years before trying to get an auto loan.
Free Home Loan Tips
Tip #1 - Make Bi-Monthly Payments: Instead of paying your mortgage with one monthly payment switch to paying half of your loan payment every 2 weeks. The savings comes from the 26 half payments you make which add up to 13 monthly payments versus the regular 12 payments you would normally make in a year. The end result is you save a large sum of money on the interest owed and you'll own your home a lot sooner!
Tip #2 - Choose a 15 year mortgage instead of a 30 year mortgage: You'll end up with a higher monthly payment but in the long run you also save tens of thousands of dollars in interest charges, especially if you shop for the best home loans you can afford.
Tip #3 - Mortgage Refinancing: Currently this is the most popular trend. You refinance your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more.
Tip #4 - Buy down the rate: The seller or builder, or through innovative pricing, can help you buy down your mortgage rate for one, two, or three years.
Tip #5 - Consider an adjustable-rate mortgage (ARM): If you think you will be in your house for less then 5 years then perhaps you should consider an ARM. An adjustable-rate mortgage (ARM) starts with a considerably lower interest rate, but then adjusts every year. This type of loan moves a little bit of the risk away from the lender, and the lender rewards you with a lower rate. Usually these mortgages are capped to rise not more than two percent in any year, and not more than five or six percent for the life of the loan for your protection.
About the Author
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com – Which provides free money saving loan quotes on all of your loan needs to include home equity loan information that you can research in your pajamas on his website.
Home Mortgage Interest Rates Ohio News
Realtors hope lower mortgage rates will bolster market (This Week Pickerington)
Central Ohio real estate agents are banking on lower mortgage rates and action by the Federal Reserve to bolster slumping home sales.
Read more...Local credit scores dropping (The Cincinnati Enquirer)
Area consumers appear to be having a tougher time getting credit, an analysis conducted for The Enquirer has found. The shift is happening when some consumers are trying cash in on historically low mortgage rates while others are being forced to use credit cards to survive the recession. It's also occurring at the same that banks and other lenders are tightening lending standards.
Read more...Statehouse to tackle foreclosures (The Indianapolis Star)
State lawmakers plan to begin hearings when they convene this week.
Read more...Through the Fog of Economic Uncertainty (The Weekly Standard via Yahoo! News)
Lot's wife looked back at a scene of devastation and was turned into a pillar of salt.
Read more...2008: Top Stories of the Year (Insurance Journal)
2008 can be described as a year like no other in the property/casualty insurance world. This year we saw the near death of the world's largest and most successful insurance company, AIG. The soft ...
Read more...General Assembly to tackle foreclosure problem (The Star Press)
INDIANAPOLIS -- For-sale signs. Plummeting values. Sheriff's auctions. Abandoned homes.
Read more...Ohio receives $4.39 million from Countrywide settlement (Springfield News-Sun)
Ohio will receive $4.39 million as its share of a nationwide settlement with mortgage lender Countrywide Financial Corp. and thousands of residents will be eligible for loan modifications or foreclosure relief payments, Ohio Attorney General Nancy H. Rogers said.
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