Tag Archives: ask

Avoiding Bankruptcy and Debt Consolidation

December 15, 2019   Fast Loan

This theory applies a simple principle that is to bind your expenditures within your income and then to have a check on all the inflow and outflow of cash so that in long term you can avoid many complications like a bad credit report, low credit score, charge offs unpaid loans, bankruptcy and debt consolidation. To avoid all these things the minor principles are outline here with some basic requirements for each part of your expenditure.

1. Prevent Zealous Expenditures
For maintaining a balance in financial matters it is very important to avoid some luxurious expenditure in life. Remember that it doesn’t ask to cut off basic requirements. Some luxuries like replacing your car with the new model after every month or so, and buying some things that are really not required. So, before buying anything always asks from you, is it really required? Is its cost in your budget limits? Is this any luxury item that can replace some vital part of your shopping etc? Similarly buying some expensive gifts for your friends or spending much on them may also be cause of your over-whelming and uncontrolled budget.

2. Have a check on the Money Flow
This requires a strict calculation about the incomes of all the family members and a combined bill of all of them. You must ask for regular account updates and an extra information letter or call from Credit Card Company if your account is going into debt portion. This will help you in restricting your expenditure to a certain point and not to get into a dwelling well of loans and debts.

3. Regular Payment of Bills
This is an important point in keeping your financial status up to the mark. It includes certain special steps like. Don’t allow your bills yo pile up of the necessities of lie. Every month or so payment won’t hamper you to an amount that becomes unpayable for you. Similarly, shopping for all the grocery of 2 months will upset your budget and spending more in one month lead you to a negative cash flow. This will also cause you to spend more than you earn.

4. Saving Money
For accomplishing this task you need to be wise enough to plan a whole budget according to your resources and requirements in such a way that instead of going into debt, at the end of month you’ll having some money in your pocket. This is the definite measure to avoid any kind of negative financial situation and debt consolidation in your life.

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Top 5 Refinance Tips Your Loan Officer Doesn't Want You To Know (Page 1 of 2)

November 22, 2019   Auto Loans

Yes! Getting a loan these days can be scary. Even experienced borrowers have been taken advantage of by unscrupulous loan officers. Don’t let it happen to you. I have five must read tips to fend off a potential loan disaster.

Before reading the tips, keep in mind there are credible, ethical, good guy (and gal) loan officers across America and they’re just as mad as you are about the rats that feed off of unsuspecting people. Make no mistake; great loan officers know it is in their best interest to make sure you are an informed borrower.

Here are some things BAD loan officers do:

· Manipulate borrowers to take loans and rates that pay the loan officer more than what is agreed upon.

· Charge much more in origination using random excuses (your credit’s not good enough, you can’t verify your income, you’re getting cash out, etc.)

· Convince people to do a loan when it’s not in their best interest.

Let’s weed out the bad guys! Here are the five tips…

Tip 1: Interview your loan officer

Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone — then change the details to suit them later. Instead, make them get real with you! Ask how long they’ve been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it’s going.

Listen closely. Do they have the patience to answer your questions or do they seem annoyed. Is their voice hesitant? Unsure? Pay attention to your instincts. If you have a “funny” feeling in the pit of your stomach, chances are you should move on. (More questions to ask while interviewing located in the free eBook)

Tip 2: Make sure the loan is in your best interest

Here’s the deal… most loan officers are paid on commission (many on commission only). That means they don’t get paid unless they complete a loan with you. The problem is “their loan” may not be in your best interest. You need to look at what’s being presented and decide if it meets your needs. Some things you should consider: How much is the loan costing you? Is there a term reduction? Are you adding too much to your balance?

You should do a cost-to-savings benefit analysis. This is where you take the total cost of the loan and compare it to the benefits of the loan (monthly savings, cash out, term reduction, etc). This will help you determine if the loan is worth it to you. (See examples of cost-to-savings benefit analysis in the free e-Book)

Tip 3: Consider your loan options carefully

You may be saying, “Yikes! There are so many to sort out!” True… there are many different loans out there to consider: 5/1, 7/1, 10/1 ARMs (Adjustable Rate Mortgages)… 30Yr, 20Yr and 15Yr Fixed rates… Neg Ams, Hybrid Option Arms, Helocs, etc. But, keep in mind that each loan has its own unique purpose and function. Choice is good and it’s the loan officer’s job to help you find the best loan for your purpose. That’s why it’s important that your loan officer explains the loans they are presenting in FULL detail. Again, take notes. Ask questions until you feel comfortable with the options presented.

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