Tag Archives: questions
Top 5 Refinance Tips Your Loan Officer Doesn't Want You To Know (Page 1 of 2)
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.
How local Small Businesses can grow with Business Cash Advance influx in 2012?
With the beginning of every new year small business owners ask themselves how they can grow and stabilize their local ventures against big box vendors and national enterprises. Questions they ask themselves are
What are their new business plans to achieve this year?
What will be their marketing and growth strategy for the new year?
Should they grow their businesses geographic footprint?
Should they invest in new hardware / equipment to enhance productivity?
Can upgrading their existing location help in sales?
All these questions when answered with a positive YES translates into one single adjective “Working Capital”. Which brings them to the next question, where can they get the required business capital in a timely and hassle free manner? Traditional lending options like, banks, leases and family money take a lot of effort and require assets and a long business history coupled with impeccable credit. Even if you have all that is required you still need to wait for the money to be funded for quiet some time. Whats the answer than,
“BUSINESS CASH ADVANCE”
Have you been turned down by the banks?
You cannot achieve your business plans without business capital. Business cash advance loans dont need great credit score. They look more at your forecasted credit card sales than your history of credit score.
How quickly do you need the money?
Bank loans can sometimes take months before they go through. If a chance provides itself today, it may not be around the next day. You can typically get the money you need within few days with business cash advance.
Flexible payment schedule
Bank loans requires that you pay a set amount each month irrespective of the business performance. It become really difficult during time of recession to keep up. A business cash advance takes a portion of your daily credit card sales to pay back the funds. The advantage of this is that when you have a slow period, your payback is less.
Majority of businesses enjoying the facilities of Business Cash Advance are the ones who were turned down by the banks for not meeting their prerequisites laid down to qualify for the advance, such as bad credit history, type of business, not having a collateral to offer and other requirements. A business cash advance is a definite way out in this complicated business environments. It can either be a life line for a shattered business or a path to a more successful future.