Benefits of Getting a Payday Loan Online

Benefit of Getting a Payday Loan Online

Interested in getting a fast payday loan online, consider all available options. You can go to a brick and mortar location nearby or request a payday loan quickly online. The truth is that there are several major advantages to taking your quest for a payday loan online.

FIND A WIDE ARRAY OF LENDERS

When you decide to request a payday loan online, you will find a plethora of options to choose from. Instead of accepting the fees and terms of the loan at your local place, you must look around online to find the best rate and terms for a payday loan that suits your needs.

UTILIZE A FAST AND EASY APPLICATION PROCESS

Another benefit offered by quick payday loans online is the quick and easy request process. Online loan requests take less than 5 minutes to complete. Unless the lender needs more information, you will never have to speak to anyone on the phone. For additional documents, a customer service representative of the lender will contact you to get everything required to get your online loan approved. The simplicity of fast online loans is much more appealing than traditional lenders.

If you need money fast, and can’t wait for a traditional bank loan to be approved, then consider the benefits of quick payday loans online. The process is simple and hassle free, giving you access to money faster than other lending options. If you are interested, complete an online request today to learn more about the available payday loan offers.

Does Your Upcoming Home Purchase Require a Jumbo Loan?

Does Your Upcoming Home Purchase Require a Jumbo Loan?

Purchasing a higher priced home may require a jumbo loan depending on where in the country the house is located. Typically, a conforming loan is limited to $484,350, except in certain areas where the average housing cost is higher.

If the home you are looking to purchase is outside of Fannie Mae and Freddie Mac’s guidelines, you will need what is called a jumbo mortgage. Jumbo home loans come have specific requirements and lending guidelines. A 30 year fixed jumbo mortgage will require a strong credit profile as well as a lower loan-to-value Ratio.

REQUIRED CREDIT FOR JUMBO HOME LOANS

A 30 year fixed jumbo mortgage is usually only available to consumers with a strong credit score around 680 or higher. A larger minimum down payment will also be required. These requirements are fairly standard between lenders, which makes it difficult for potential borrowers with a less than stellar credit history to obtain a 30 year fixed jumbo mortgage.

HOME VALUATION AND LOAN-TO-VALUE

As with any mortgage, a home appraisal will be required. The maximum loan amount available will be around 70% and sometimes as high as 80% of the appraised value. If you are looking to finance an expensive home, take the time to ensure that you will qualify for a jumbo mortgage before beginning the application process. Let’s Get Started

EXCEPTIONS TO THE RULE

In some areas where property values are much higher than the national averages, it is possible to obtain a conforming mortgage up to $726,525. The process required to obtain a non-conforming loan makes it worthwhile to check the conforming loan limits in your area before starting the process. Interest rates for jumbo or non-conforming loans can be as much as 20 to 25 basis points higher than conforming mortgages.

If you require a non-conforming jumbo mortgage, be prepared to have a higher down payment when purchasing a home. And don’t be shocked if you are offered a higher interest rate than what you hear on the radio. I prefer websites that don’t advertise generic rates.

If you are interested in a 30-year jumbo mortgage, visit GetMoney.com and get connected to a lender that offers excellent rates.

How to Improve Your Credit with a Credit Card

How to improve your credit with a credit card

Everyone wants an excellent credit score for obvious reasons such as lower cost of borrowing, higher credit limits and a number of other perks that are made available to people with excellent credit. Unfortunately, due to unforeseen and unexpected circumstances our credit rating can a take hit. It doesn’t have to be a significant hit to ruin our credit score; a simple over sight on a single payment can sometimes take months to fix. Credit scores are influenced by a variety of factors. To determine the right plan of action for rebuilding your credit, I advise you to read the following recommendations from GetMoney.com;

#1 APPLY FOR A CREDIT CARD YOU CAN QUALIFY FOR

Every twelve months you can request a free credit report (TransUnion, Equifax, and Experian) from AnnualCreditReport.com to make sure everything is in order with all your accounts. Sometimes you may have an open balance that you’ve already paid-off or potentially a thirty day late that should have been removed. After analyzing your credit report you’ll have a fairly accurate understanding of your credit status. If you have excellent credit, you’ll obviously be able to apply for the card of your choice. Things get a little complicated if you don’t have perfect credit and pose a potential risk to lenders and creditors. Some creditors provide credit to people with sub-par credit, but if your credit has a lot of blemishes, you should apply for a card that doesn’t require any credit.

How to improve your credit with a credit card

#2 STICK WITH WHAT YOU HAVE

If you have an active credit card it is better to stick with it rather than applying for a new one while trying to improve your credit rating. Multiple applications will have an adverse effect on your credit rating and indicate that you are potentially a high risk and desperate borrower.

#3 PAY ON TIME

The single key to having excellent credit is making on time payments. Not having a continuous history of making on time payments is almost as bad as having bad credit history. If the creditors don’t have any data to base their decision on, how can they rate your potential default risk. We advise you to apply for a credit card and start making purchases on that card every month. Be sure to pay off the card on a monthly basis. This shows budget responsibility and will help you establish credit.

#4 SET UP PAYMENT REMINDERS

Some creditors send emails and messages when it’s time for you to make a payment. The best option is to sign-up for auto payments and if you can’t afford to make full payments every month, some creditors offer a minimum payment option. Making minimum payments is not ideal, but it’s better than getting a ding on your credit.

#5 TREAT IT LIKE A DEBIT CARD

Treat your credit card like a debit card. Only purchase products that you need and can afford. It’s easy to get sucked into buying things you don’t need and can’t necessarily afford hoping to pay for them in the future. The problem with that mentality is that the debt keeps adding up and it may become too much to handle.

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#6 KEEP YOUR BALANCES LOW

It’s better to have multiple cards with low balances than having one card maxed out. Rule of thumb is to have balances under 60% of your available credit. That doesn’t mean the amount of debt will be over looked by creditors if you keep it under 60%. The creditors will generally look at your ability to repay all your debt and the debt to income ration prior to making a decision. The best advice anyone can give you is, A) be responsible, B) stay within your budget and make all your payments on time.