TYPES OF LOANS

personal loan

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First of all, it’s important to understand the nature of a personal loan. Unlike a home loan or a car loan, a personal loan is unsecured, meaning that you are offering no collateral to secure the loan. That makes the loan inherently risky for a bank or other lending institution.

In order to determine whether you can qualify for bad credit loans, it’s first necessary to fill out an application. A typical personal loan application requests your full name, Social Security number, income, and other pertinent financial information. A loan officer must determine your credit worthiness, even in the face of your bad credit history.

With a personal loan, you may not have to undergo a credit check. The money may be deposited within 24 hours into your checking account. You can use the cash for virtually anything—but especially for emergency situations. However, the amount you can borrow may be limited to no more than $1,500.

A loan officer may assist you in making your application more appealing by encouraging you to borrow a smaller amount of money or make payments over a longer span of time. In this way, your monthly payments can be lowered, increasing your chances of getting a loan.

The loan officer must also determine whether you have a steady income. If you have held the same job for a number of years, for instance, you’re more likely to obtain the loan. However, if you’ve changed jobs several times over the past few years, you may be less likely to get the loan you want.

The application process for a personal loan is usually relatively quick. Another advantage is that it does not require a formal closing. The application process consists of a written application, a promissory note, and a payment schedule. As a result, there is less paperwork and hassle involved in obtaining a personal loan than in obtaining a secured loan.

At times, it may be possible to obtain a personal loan from a professional organization to which you belong. The main advantage to such a loan is that the annual percentage rate, or APR, may be much lower than the rate you would get at a traditional finance company. For instance, you may be able to get an APR for as low as 7.99 percent, which would be considered a real bargain for a personal loan. You also may be able to borrow a great deal more money from a professional organization than you would be able to borrow otherwise—the amount you can borrow may be as much as $25,000.

With such a loan, you may be able to defer payments for a period of a few months. You also may face no penalty for early repayment. The terms of the loan may also be quite generous, allowing you to make payments over a period as long as 84 months. You can use such a loan to consolidate debt, pay education expenses, or pay home improvement costs.

Loan Products

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Loan Products
Refinance
Countrywide has refinance mortgage solutions you could be able to use for debt

consolidation or accessing cash from equity that may have built up in your home. Refinance loans can

be used to help with many personal financial situations such as reducing monthly payments, home

improvements, college tuition and more. Call Countrywide today or learn more in our Refinance

section on countrywide.com.

Home Equity
Home Equity Loans and Home Equity Line of Credits (also known as HELOCs) are fixed or

variable interest rate solutions for getting cash out of available equity in your home. This equity could

be used for any purpose such as making home improvements, consolidate debt, vacations, or

unexpected expenses. Call today for a free consultation from a Countrywide home loan expert or visit

our Home Equity section online to utilize mortgage calculators and home loan rate tools.
Purchase
Whether you are a first time home buyer or trading up to a larger home, Countrywide works

to find the best home loan solution for you. With products for new home purchases as well as, second,

vacation, and investment homes, we can help. Learn more online or call now and ask about our no

down payment options.
Reverse Mortgages
Countrywide Bank, FSB and Countrywide Home Loans, Inc. - have teamed together to offer

reverse mortgage products through Countrywide Bank. Education is critical and Countrywide is

committed to helping seniors make informed decisions and understand their home loan choices. Visit

our Reverse Mortgage Website to learn more.

Multi-Family and Commercial Loans
Fixed and floating rate commercial loans from $500,000 to $1 billion.

Car finance through your dealership

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Car finance through your dealership .
Like traditional car financing loans, dealer finance is reasonably easy to get. Most dealerships have relationships with numerous lending institutions, so they can arrange car loans even for car buyers with blemished credit histories. To compete with traditional bank loans, many dealerships offer zero percent or very low interest on dealer car loans. However, such loans are available to car buyers with stellar credit ratings. Consumer experts advise car buyers to get pre-approved on an car financing loan from a bank or credit union before approaching the dealership for possible financing. By getting loan pre-approval from another lending institution, a car buyer gets the upper hand when bargaining for a lower rate on a dealer loan.

Car financing using home equity lines of credit.
If you own a home and have accumulated substantial equity on your property, then you may consider getting a home equity loan or a home equity line of credit. Home equity loans are fixed or adjustable rate loans that you repay over a predetermined period. Home equity lines of credit are open-ended, adjustable-rate revolving loans with a maximum credit limit based on the equity of your home. Home equity loans tend to have lower interest rates than credit cards and other types of personal loans. Interest payments on home equity loans may also be tax-deductible up to a certain extent. Home equity loans and home equity lines of credit use your home as collateral, so make sure you are financially capable of paying the monthly installments if you don't want run the risk of losing your home.

Credit cards to finance the car purchase.
A credit card advance or credit card draft from your credit card company can help you drive your dream car home. Like home equity lines of credit, credit card advances or credit card drafts are revolving lines of credit with variable interest rates. To entice existing customers to avail themselves of credit card drafts, credit card companies waive cash-advance fees, guarantee low rates during the initial period of the car loan, or offer high credit limits. However, because credit card drafts are unsecured, they generally have higher interest rates than home equity loans, traditional car loans or dealer loans. Financing your car purchase through credit cards could also leave you vulnerable to hefty penalty charges if you make a late payment or exceed your credit limit. Checking all financing sources that you can may be beneficial.

Financing a new car purchase

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Financing a new car purchase is very easy.
70% of cars are obtained by some kind of financing. You can even finance a used car. The process is as effortless and undemanding as financing a new car. The essence to finding the right car finance is doing to research about your kind of car. Knowledge is power; you must be awake to this age old logic. When so much information frequently exists, then why not make use of it. Find out how much your car costs by comparing rates with local dealers. Very decisive, is cognizing how much, you can afford. Calculate, you monthly income and deduct your usual monthly expenditure to find out how much you can afford on a monthly basis. Compute carefully, otherwise you will find difficulty in repaying your car finance loan. And you definitely don't want to fool around with your repayment plan because a lot is at stake. You can seek free advice for your own car finance online through credit unions and loan institutions.
Car Finance | Financing tips for a new car.
Fast car on open roads. It is a perfect picture for any car enthusiast. But you have to go to your work and also drop your kids to school. This is the real picture for most of us. We need to save time when we don't have any. A typical individual has so many odd jobs to complete that a car can, without doubt, facilitate their accomplishment.
Car Loan and financing have changed.
Financing your car doesn't fit your idea of the way of buying your car; then probably you are still stuck with traditional car buying methods. Shed your inhibitions with regard for car financing because it undoubtedly keeps in mind your financial caliber before furnishing you with a car finance loan.

Car financing has taken a new spin with regard to providing investment for buying a car. So, how do you finance a car? If this question leaves you baffled, then you have to go a long way in the process of buying a car.

The term 'financing' in relation to buying a car connotes either rendering loan to buy the car or lease the car to you. You are probably concentrating on the former meaning. Many people are in favour of talking car finance from dealership for it seems like a convenient option.

No matter were you live, what you do and who you are, insurance is by far the most important peace of mind purchase you will ever make. Below are a list of links and resources to help you select the appropriate insurance cover for your home, personal items, car and life.

Home Loans after Bankruptcy

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Home Loans after Bankruptcy.
Attaining homeownership is a great goal. If you have a good credit rating, reaching this goal is easy. On the other hand, if you have a few credit blemishes or filed a recent bankruptcy, you may have to delay homeownership until your credit situation improves. Several lenders specialize in bad credit mortgages, and offer loans to people after bankruptcy. However, before accepting an offer, consider the following points.

When was the Bankruptcy Discharged?
There is no mandatory waiting period for obtaining a mortgage after bankruptcy. Those who are eager to purchase a home may get a loan immediately following their discharge. Unfortunately, this may not be the best plan. Mortgage interest rates following a bankruptcy are outrageously high, which may greatly increase your mortgage payment. In fact, mortgage and credit experts may encourage you to wait at least 24 month before applying for a home loan. By doing so, you have the opportunity to receive a comparable low interest rate on your home loan.

Have You Established New Credit Accounts?
To rebuild your credit, it is important to open new credit accounts and re-establish credit. Because of a low credit score following a bankruptcy, some lenders, or credit card companies will be hesitant to approve your loan request. Thus, a secured credit card may be your best option. If applying for a secured card, you are required to provide a down payment. For example, if you offer a $500 down payment, then your credit limit will be $500.

After acquiring a credit card, maintain current payments. Keep balances low, and try to payoff the balance each month.

A good payment history will increase your credit score. Soon, you will qualify for unsecured credit cards. Try and get approved for three new credit accounts. As your credit improves, so do your chances for getting a low rate mortgage.
Choosing a Good Mortgage Lender
Depending on your credit rating, you may get approved for either a prime or sub prime loan. Prime mortgage loans are offered to individuals with excellent credit. On the contrary, sub prime loans are intended for those with lower credit scores. Prior to applying for a loan, request an online quote from a mortgage broker. Based on your credit information, a broker will provide multiple quotes from sub prime or prime lenders.

Home Loan Checker Software

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Home Loan Checker Software - Essential Features
Home loan checker software packages come in all shapes and sizes, so we will start with the features considered essential.

First up you will need to be able to enter your home loan information. For this, the home loan checker software will need to let you enter the home loan account information (loan term, opening balance, start date, etc) as well as the statements, transactions and interest rate changes. It is a huge advantage if the software allows you to save your home loan information, allowing you to reload it at a future date. You don't want to be faced with typing everything in each time you want to perform an audit.

Once you have entered your home loan information, as a minimum the home loan checker software should audit the balances and interest charges. The balance check is important, as most interest calculations work off a daily rolling balance. Therefore if the bank has this wrong, it is unlikely the interest calculations will be correct. The software should provide a simple report that shows a running total of your balances (calculated by the software) and a comparison to the balance provided by the lender.

With the interest checker, the most complete approach is to have a report that details each transaction where the lender charged you interest, matched up to an interest estimate from the software for the same period, and the difference between the two amounts. As each lender charges interest at different intervals, and on different days of the month, it is important the software works off the interest transactions (and doesn't just provide a total amount of interest for a month). For example, if your lender charges you interest on your home loan on the 10th of each month, then you need to know the total interest charged from the 10th of one month to the 9th of the next month (and not from the start of the month to the end of the month).

If any errors are found in the interest calculations then it is very useful if the home loan checker software has a refund calculator report. This should highlight the amount of each error, and calculate how much it has cost you in additional interest.

One last essential feature is a report that provides a breakdown of the daily balances and daily interest charges for the home loan. This can be extremely useful when investigating errors, as it provides you with all the numbers that go into the interest calculations.

Mortgage interest rates

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This is slack financial policy - it is easy to make sure you always have the best mortgage or home loans interest rates, and therefore pay the least interest. And believe me, over the years, even a fraction of a percent reduction in interest rates means big savings! You need to get in the habit of noticing current interest rates. This is especially true if you are currently in the market for a new mortgage.

Generally, Mortgage interest rates track the central banking system's 'base interest rate', but there are a LARGE number of deals for new customers, including early year discounts, fixed interest rates, capped rates and so on. If your mortgage company isn't offering you a competitive rate, but other mortgage lenders are, confront them with it! Often they rely on your disinterest to keep overcharing you interest (excuse the pun!). When confronted, they usually crumble and will offer you a better deal rather than lose your custom.

Shows you the true cost of the loan as a yearly rate.
Always use the APR when comparing home loans. The APR (Annual Percentage Rate) allows you to compare the loans offered by different Mortgage and home loan lenders in a like for like manner, and shows you the true cost of the loan as a yearly rate. This stops lenders hiding 'extras' (such as upfront fees) behind a fog of low rate claims, and means you have the true interest rate to play with. generally, most house hunters get an approval in principle from their chosen mortgage company.

If you meet the lender's criteria, try to lock in good interest rates.
This makes you more attractive to sellers because it shows you are serious, and have the financial wherewithall to proceed should you decide to try and buy their house.

It will also give you a firm indication that of what your budget is (although most lenders have slackened their rules in recent years, they still apply SOME rules!). This pre-qualification will keep you in the right price bracket too, and stop you wasting time on properties beyond your reach. If you meet the lender's criteria, try to lock in good interest rates. This means the lender promises to hold their offer for you at a certain interest rate for a certain time while you proceed with the purpose. Variable rate mortgages, more popular in Europe, can be crippling if interest rates rise from the historically low rates prevalent at time of writing.

Required Documentation - Home Loan Application

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Required Documentation - Home Loan Application

Information that we require to complete the application:

* The physical address and telephone number of the company that you work for
* If you already own a property, the outstanding bond amount
* If you have located a property you want to buy, the physical address of the property
* If you are applying on behalf of a company, trust, or closed corporation, the applicable registration number
* If you have an existing home loan from FNB, the home loan account number
* Your banking details, including branch code, account number and credit card number (if you have one)

Documents that we require:

To submit supporting documentation with an application, please fax the documentation to 011 353 2864 with your Internet reference number.

* Proof of income*
* Copy of South African ID document or passport
* Your spouse's ID or passport number, if you are married
* Copy of deed of sale
* Proof of current residential address (i.e. municipal account, Telkom account or valid TV licence)
* Your income tax reference number (if applicable)

* *Salary earners - your most recent salary slip or bank statements for the last 3 months, a letter from your employer and a telephonic confirmation to your employer.
* *Commission earners - your latest income tax certificate (IRP5) and bank statements for the past 3 months.
* *Self-employed - bank statements for the past 6 months, your latest business income and expenditure statement signed by your accountant, and an updated statement of assets and liabilities. Additional letters or bank statements confirming income may be required.

Additional documents that you will be required to sign:

The following paperwork is necessary

* Personal affidavits (confirming that you are solvent, your marital status, address)
* Power of attorney to the conveyancer to register the mortgage on your behalf
* For legal entities (i.e. not natural persons) only
o Letters of Suretyship
o certificate of solvency from auditors
o resolution by directors/trustees (members to appoint one or all to act on behalf of the entity)
o extract of the minutes giving these powers
* Letters of Suretyship (if applicable)
* A home owner's insurance policy
* If OUTsurance is selected, a policy application, declaration of commission earned by the Bank (if any), cession of policy and debit order authority for premiums must be signed
* Debit order/stop order authority forms
* An authority to an attorney to distribute proceeds of the loan (e.g. to seller of property, Bank for fees, etc.)
* Building loan documents are additional and need to be signed as a separate set of documents