A Great Article About Refinance Mortgage Loans
Cash Loans for Car Titles: Quick Cash When You Need It
By Evert Du Toit
Cash loans for car titles are offered by various banks and other financial establishments that are used to appeal to customers and offer them a different kind of loan. These special loans offer various options to customers that are very different than other kinds of loans that are offered. These loans allow you to receive a cash loan in return for the title to your car and you receive the title back only after repaying the loan.
How Do Cash Loans for Car Titles Work?
Cash loans for car titles are usually only short-term loans and the general time period of repayment is from two weeks to four weeks. These car title loans give you money, which is determined by the value of your car, that you can borrow for a short time. You have to turn over the title of your car and a spare set of keys until you repay the loan. Usually the interest rates for this type of loan can be quite high, but it is a quick way to get cash that is needed.
Benefits of Cash Loans for Car Titles
While cash loans for car titles are very different from most loans, there are a variety of benefits to taking out one of these loans. One benefit is that the bank will not review your credit history and score before giving you this kind of loan since they are assured of your vehicle should you not be able to pay. This is a great benefit for people who may have less than perfect credit and who have a hard time securing other loans that are based on credit history. Another benefit of cash loans for car titles is that you can get these loans fairly quickly without having to wait for days to get approved and to go through mountains of paperwork.
What If I Cannot Repay?
If you cannot repay the loan against your car title, you should not panic at first for there are some options. Many times, cash loans for car titles allow you to extend the loan for an extra month if you need a bit more time to come up with the full amount of payment. One caution about this option is that usually the financial institution will raise the interest rate on the loan, but you will at least have a bit more time to pay off the loan.
If you need a short-term loan that will give you quick cash, you may want to consider cash loans for car titles. Even if your credit is not quite perfect, you will be able to get this loan without a problem. Everyone faces times when they could use a bit of quick cash and if this is the case, cash loans for car titles can give you the quick cash you need.
Evert Du Toit is a writer and website publisher from Pittsburgh, PA. You can learn more about car loans and car title loans at http://www.carloantips.info.
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The Truth About Bad Credit Loans And Mortgages
By Chris James
Many people will have the experience of facing financial difficulties at one time or another for a variety of reasons. Being a little short of money can result in you falling behind with bills, bank loans, credit cards, mortgage repayments and alike.
This in turn can lead to having defaults, County Court Judgements (CCJ��s) and even bankruptcy. Even if the problems are short lived they can still tarnish your credit record and make it difficult for you to obtain finance.
There are no accurate figures on the amount of people that get turned down for a mortgage from a high street lender, but it is widely estimated that it is about 1 in 5. Generally this is due to minor misunderstanding and can often be resolved. But even after this it is estimated that one in eight people will not be able to get a main stream mortgage and have to go to a specialist lender.
Why Do People Get Turned Down For Credit?
There are a number of reasons and situations for which someone will be turned down for a mortgage. It may simply be that the applicant has put down some incorrect details on the application form. Another reason might be that your previous landlord did not bother to confirm that you used to pay the rent on time.
Another more serious reason that people get turned down for a mortgage is that they do not have enough credit points. When you apply for a mortgage the lender will carry out a credit check on you.
You will gain credit points for a number of reasons for example if you have had the same address, job and bank account for a long time. Also people that keep up to date with repayments will gain points as well. But you will lose points if you have defaulted on debts, fallen behind with bills, have CCJs or have been made bankrupt.
What Can You Do If It Happens To You?
If you do get turned down for a mortgage or loan the first thing you should do is find out why. If you did fail a credit score the lender may not tell why, the credit agency that they used will know. It may be a mistake on their part, or an old default that should no longer be on your file.
The best thing to do is to get hold of your credit record from one of the agencies. The three main agencies are Equifax, Experian and Call Credit. If there is some kind of mistake then you can get it sorted.
Another reason that you may get declined a mortgage or loan is because you have not built up enough credit history. If this is the case then it might be an idea to take out a couple of good credit cards (there are always good deals to be had). Use them to purchase things and pay them off straight away.
What If You Have Had Serious Credit Problems?
If a high street lender turns you down for a secured loan or mortgage, then you will need to look towards the sub prime or bad credit market place. These specialist lenders have a vast array of bad credit loans to cater for people in a variety of different situations. Whether it is just a defaulted credit card that happened 12 months ago for �G300 or a recent CCJ for which you still owe thousands. Whatever your situation is the chances are you will be able to find a lender.
Generally the worse your credit history is the higher the rate of interest you will pay, this is because you pose a higher risk to the lender. For example if you have two CCJs you will pay higher rate than someone who has a single default. The good news is that you have plenty of choice, there are thousands of deals out there for people with credit problems.
The easiest way to find a deal and suitable mortgage or loan product is to use a broker. The broker can carry out a credit search and based on the results they will be able to determine what your best options are. The majority of the bad credit lenders are not household names. Some of these lenders are owned by American companies and others are subsidiaries of high street lenders.
Getting The Best Deal
As previously mentioned the worse your credit history is, the higher the interest will be. If you have a light bad credit history, then as long as you keep up with repayments then you might be able to switch to a mainstream deal after two years.
If you have heavy bad credit history then you may have to wait three years before switching lenders. So for this reason it can be advisable to avoid products that tie you in for long periods.
So when the deal comes to an end, and you have kept up with your repayments you should look to move to a standard deal, possibly with a high street lender. Hopefully by this time your bad credit history will be long behind you.
Chris James enjoys writing on a number of areas in the finance industry. He is a bad credit loans consultant for Adderson & Co.
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Fix Your Bad Credit With A Mortgage Refinance Loan
By Jim Ferris
If you own a home, have a first mortgage and a slew of high rate credit cards you probably would be wise to refinance all your debt. Right now rates are still relatively low.
If your credit history is bad, you will pay a rate that's higher than someone with excellent credit but deal with a group of lenders that specialize in bad credit loans. You'll do a lot better with them than your average national or local bank.
If you already have a home equity loan there may be still be enough equity in your home to consider refinancing all your debt. As the housing market softens this may be a window that is closing so you need to act now. In a refinancing scenario the debtor pays off the high interest bills using a refinancing plan with a cash out feature. Cash at closing is used to pay off all the high interest credit cards and while the interest rate on the bad credit mortgage refinancing loan may be higher than that of a conventional loan, the new house payment should still be less than the total of all the previous debt regardless of source.
Bad credit mortgage refinancing to pay off high rate debt can be labeled a debt consolidation loan and is only possible if the value of the home being refinanced has appreciated enough so that the home's appraised value will justify a larger loan. The new loan amount has to be capable of handling the debt being refinanced as well as closing and other costs in the transaction. Be aware of all the implications before signing any intention or agreement.
The advantages of bad credit mortgage refinancing are several. First, the term of the loan will be longer and with a bit of luck the total payment every month will be smaller than the previous total of the old house payment and all the credit cards.
Now here's a new golden rule - don't fall prey to leaving those credit cards open after the new loan is consummated and then gradually running them back up again. The next step is bankruptcy or foreclosure so be smart this time and cut the darn things up as soon as you pay off the balance.If you are not strong enough to do this on your own, then you better get a debt counselor and fast, you probably are addicted and need professional help.
Jim Ferris is a seasoned advisor to those with poor to bad credit. When you face difficulty with financing and are looking for lenders who specialize in borrowers with poor credit history for mortgages, consolidation loans and other high risk vehicles you'll find the answers you need given by Jim and his colleagues at http://www.badcreditovercome.com
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Refinance Mortgage Loan
By Richard Cunninghamm
When you want to refinance a mortgage loan, consider a home equity loan. The rate for refinancing a mortgage is usually lower than the initial interest rate on your mortgage and it depends on the amount of equity you have built up in your home. Home equity refers to the difference in the amount of the outstanding balance of your mortgage and the amount of money you would receive if you sold your home. In most cases, you can refinance your home by taking out a second mortgage �V a home equity loan.
Most lenders will refinance a mortgage loan for 80% of the equity. However, you can get much more than that. Some lenders will even give you 125% of that equity giving you more money to work with. Although the majority of homeowners refinance the mortgage rate and mortgage to get funds to consolidate their debts, the second biggest reason for refinancing is to make home improvements. When you use the money from the equity in your home to make additions and improvements, you build more value and this increase the equity.
The 125% home loan is a second mortgage that lets you borrow 25% more than the value of your home. With this option you have more money to work with. When you make improvements, you will easily increase the value of your home to more than 25% extra you received in cash. You can use the extra money to pay off other loans, place a large payment on your mortgage or even take a trip if you wish.
There are other ways to get more out your home equity loan when you refinance your mortgage loan. The mortgage rate on a home equity line of credit is based on your current balance and not on the total of the loan. Instead of paying the same payment each month, the payment varies according to the interest. While a second mortgage or a 125% home loan is only a one-time thing, with a home equity line of credit you always have the funds at your disposal. You can repay the money and use it again when you need it. Even if you have only made a few payments and need a bit of extra cash, you can get the money you need from the line of credit.
A home equity loan is the most common method for refinance. Mortgage loans may have carried a high rate of interest when you first took out the mortgage and by refinancing you can lower the monthly payments because of the lower mortgage rate. The rate of interest on a mortgage may also differ from one lender to another and the amount of money you can borrow based on the equity in your home may differ as well. It is wise to check around when you are considering this option.
Searching online will give you a long list of lenders to whom you can apply to refinance. The mortgage rate is included in the free loan calculator on most of the sites, so you can do the calculations before you even apply.
Richard Cunningham is a successful entrepreneur and publisher of several profitable websites on Homeowner Insurance and Mortgage Refinancing.
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