Investment portfolios: Build one without a broker? Christian Science Monitor
Since I live in central Iowa , regularly get involved with campaigns both locally and nationally, and sometimes switch my party affiliation based on which poltiical field I’m most passionate about, it’s not surprising that I’m being flooded with mail and phone calls from candidates who want me to participate in the Republican Straw Poll next weekend.
The Straw Poll, for those who are unaware, is an event hosted by the Iowa Republican Party where presidential candidates come and attempt to whip up support with an informal vote that’s supposed to give some sense as to what the field of candidates looks like. Mostly, it’s an afternoon of entertainment.
I really consider myself an independent, so I often change party affiliation based on which candidates I’m most interested in influencing the standing of. Since the 2012 election doesn’t have much going on with the Democrats … I’m a Republican, for now.
(I don’t know who I will vote for. That’s half the fun of going, though, isn’t it?)
Refinance Car Loan – How To Benefit From An Auto Loan Refinancing
Although auto loan refinancing is a great way to lower car payments and save money, few people consider this option. Car buyers refinance their auto loans for several reasons. Is the current interest rate or APR high? Maybe you accepted a bad car loan because of a dealership’s scam. Whatever the reason, refinancing an auto More >
Refinance Help. Fill this form and get help!
Bad Credit Home Loan Resources Mortgages,refinance,Car Loans, Auto Loans, ...
Bad Credit Home Loan Resources Mortgages,refinance,Car Loans, Auto Loans,Car Finance, Credit Cards,Payday Loans All Kind Of Loans Visit Us Now And ...
Refinance a non-recourse loan in california?
Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it's a non-recourse, or a recourse loan? If it doesn't spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! :)
A non-recourse loan is one where the lender is counting on the collaterall to be worth the loan amount. Correct? So if you refinance both loans, to a different loan program, the non-recourse loan is paid off by the refinance. Simply tell the lender you plan to refinance with that the loan CAN NOT be a non-recourse loan.
http://www.surebill.co.uk
thats who i used last time thay got me a relly good deal
You need to call Frank immediately at 661-635-4900 or 919-802-3119 or 866-728-8587. He can get you financed with his network of over 400 lenders (up to 100%) even with bad credit. He has helped me with 4 properties and it has saved me thousands per month. He also helped me with foreclosures and made me a ton of money. He is an expert in this area.
I have two car loans and would like to put money down towards one of them. Which one should I choose?
I have two car loans with the same interest rate 5.65%. One loan is 10,281 and the other one is a new car loan at 22,525 that's with taxes included. I plan to put 6,000 down towards one of the loans. Do I put the money on the lower one to pay it off sooner or refinance the new one and decrease the taxes and interest paid over the life of the loan. It doesn't cost anything to refinance with my credit union, so there are no fees involved. Im having a hard time determining which way is more cost effective.
In my experience, I find it better to pay off whatever you can sooner. That way, once you pay it off, you can put what you save from paying on that one to paying more on the other.
Second, you dont have to refinance to save yourself on interest. If you refinance and keep the same term, it would lower your monthly payments, not lower your interest.
All you have to do is make a one time, $6K payment. Then every month after that, more of your monthly payment is going towards principle and less towards interest.
If the 22K loan is the newer loan, then you're putting more of each payment towards interest than you are on the 10K loan. It would be better to pay down that one.
However if you could put it towards the 10K car and then double up on payments, you could pay it off faster and hten roll all the extra monthly money to the 22K car and pay that off faster too.
Your call!!
I need information about refinancing my car?
I am considering refinancing my car loan with a different lender. I know what my payoff amount is for the vehicle, and it adds about a $1.50 per day from today to the payoff amount. Will I have to pay taxes again for refinancing? Also should I automatically request an additional amount of about 30 days worth to cover the extra cost I may have because they may not pay off the original loan the same day.
when you go to the bank for the refinance they will get a current payoff and cut a check for it...and no...thee should be no fees to refinance
Can I request an auto loan amount that is higher than what I paid for the car?
Hi everyone-
I just bought my first car from a carmax lot for $13,900. I initially settled with their high rate financing because another person was interested in the car and I didn't have the time to pursue other options.
Luckily, the credit union on our corporate campus offers low interest (5.5%) auto loans to employees of our company. So now I am working on refinancing the loan through them. My question is - when I fill out the paperwork at the credit union, can I request a loan amount that is $1,000 over the $13,900 total cost I paid for the vehicle? Their form says they will finance up to 115% of the kelly blue book value, and $13,900 is far below that. If they approve the loan, does the credit union just give me a check that I can deposit so I can write my own personal check to carmax?
I'm working hard to find cash for a down payment on a house i'm in love with, and this extra cash would really help. I highly appreciate all of your answers and advice. Thanks!
Auto finance is what I do for a living and I have done this several times.
Explain to your credit union what you want to do and as long as the loan amount is within there guidelines what they will do is write two checks, one to Carmax for your payoff and one to you.
http://badcredits.awardspace.com/autoloans.htm
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car-->finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Refinance the car?
I bought a used 2003 Jeep Liberty about 6 months ago. At that time, my credit history was only 9 months old, credit score around 620-640, while I had only one loan of $2,000 and two credit cards (with $200 each limit). Now, my credit score is between 706-708-720 between three agencies, I have 5 credit cards ($300 to $3000), two loans ($2,000 and car loan at 12.5K). Is it ok to refinance my car? Do I have to wait for a year (I read that somewhere on these boards)? Are there any closing costs for such a transaction? Where to go for refinancing?
I bought the car for 13.5K, now I owe 12.5K. The only company willing to finance me was Capital One, at 13.65%!
Just to mention, my cc limits are between 300 and 3000. I use less than 18 percent of it.
You absolutely need to refinance the car. Your loan is a ripoff! But first try to pay down your debt. You'll never get a good rate with that much debt. Your credit cards are getting out of control already ... just pay them off, don't cancel them. Having the available credit (after you pay the debt), the higher your credit rating is, and you do this by keeping the cards you've paid off.
Actually it's a very good rate for someone just starting out.
You really should make at least 12-payments on your Jeep before you try and refinance. This is one of the first things lenders look for is 12 installment payments made as agreed. The lack of this type of credit history is why your rate is as high as it is.
In the meantime, pay off those credit cards, do not cancel them just pay the balances down to below 30% of your credit limit on every card.
can u email beautysanderson23@yahoo.com
http://www.financeconsultant.org/refinance.html
and you will get the refinance offer that best fit your needs within hours
I am going to refinance my ARM loan into a 30-year fixed?
Any refinancing tips for first-time homeowners?
*I do not want to pay points.
**What can I expect to pay for closing cost/other fees?
***I do not have a car loan
****Any penalties for prepayment to be aware of?
*****Should I request for a "Good Faith" estimate and a "Truth in Lending" statement.
******Is getting an estimate online with current lender a good idea?
******What should I be aware of when sitting down with or talking on the phone with an agent regarding refinancing.
******Any other documents or other things to be aware of?
*******I live in California. My lender's rates are good. Is NOW a good time to refinance? I have the resources available to refinance but would like to know if I should wait it out. I understand that the real estate market in CA is not very attractive, especially in certain counties. All advice and opinions welcome.
TO REFINANCE OR NOT? THAT IS THE QUESTION
When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage.
These costs may include settlement costs, discount points, and other fees. You also may be charged a penalty for paying off your original loan early, although some states prohibit this.
The total expense for refinancing a mortgage depends on the interest rate, number of points, and other costs required to obtain a loan. To obtain the lowest rate offered, most mortgage companies will charge several points, and the total cost can run between three and six percent of the total amount you borrow.
For example, on a $100,000 mortgage, the company might charge you between $3,000 and $6,000. However, some companies may offer zero points at a higher interest rate, which may significantly reduce your initial costs, although your payments may be somewhat higher.
PAYING POINTS FOR A LOWER RATE
In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.
Analyzing various interest rates and associated points may save you money. As a rule of thumb, however, each point adds about one eighth to one quarter of one percent to the interest rate the mortgage company is offering.
Generally, the lower the interest rate on the loan, the more points the lending institution will charge. Some companies offer refinancing with no points, but generally charge higher interest rates.
To decide what combination of rate and points is best for you, balance the amount you can pay up front with the amount you can pay monthly. The less time that you keep the loan, the more expensive points become. If you plan to stay in your house for a long time, then it may be worthwhile to pay additional points to obtain a lower interest rate.
Some companies may offer to finance the points so that you do not have to pay them up front. This means that the points will be added to your loan balance, and you will pay a finance charge on them. Although this may enable you to get the financing, keep in mind that it also will increase the amount of your monthly payments.
HOW TO DECIDE
Traditionally, the decision on whether or not to refinance has usually meant balancing the savings of a lower monthly payment against the costs of refinancing.
In recent years, companies have introduced "no cost" and low cost refinancing packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. (These refinancing packages compensate with a higher interest rate, or by including some of the costs in the amount that is financed.)
For the refinancing to make sense, the interest rate for your new mortgage must be about 2 percentage points below the rate of your current mortgage. However, with the newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.
An important factor to consider is how long you expect to stay in your home. If you plan to move in a few years, the month-to-month savings may never add up to the costs that are involved in a refinancing.
REFINANCE CONSIDERATIONS
Keep in mind several issues when you are making your decision:
1. First, even a small rate cut can pay off quickly. That’s because you can easily find mortgage companies willing to waive routine refinancing charges such as application, appraisal and legal fees (which can add up to $1,500 to $3,000). Of course, in exchange for low or no up front costs, you’ll have to be willing to accept a rate that’s somewhat higher than the prevailing rock bottom.
2. Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.
3. And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. This does not necessarily mean youll be shouldering a lot of debt. If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. You may be able to tack your closing costs onto your new loan and still end up with a mortgage that’s smaller than your original loan -- plus, of course, a lower rate and lower monthly payment.
DOING IT AGAIN!
Even if you have previously refinanced, it may make sense to do so again. The Joneses (not their real names) from Kirkland, WA refinanced twice within three months in 1998. In October, they trimmed the rate on their 30-year fixed mortgage by a full point -- from 9.13% to 8.13% -- for a monthly savings of $63.
Plus, because home prices in their area had boosted their home equity, they were able to stop paying private mortgage insurance that cost them $120 a month.
To exploit the continued decline in rates, the Joneses refinanced again in December. Their new 30-year fixed mortgage is at 7.375%, cutting another $55 off their monthly bill.
Since the couple had chosen a no-cost refinancing each time, their total out of pocket expenses came to just $400 in appraisal fees. By the time you read this, they will already have recouped their up front costs.
SHOULD YOU REFINANCE, OR NOT?
Remember your goals. The Joneses had very specific goals for refinancing. As their family grew, their goal was to build a cash emergency fund.
Another important point to consider in a second refinancing is the potential tax-write-off: When you pay points to refinance, you must deduct the amount over the life of the loan, usually 30 years.
But when you refinance a second time, all of the points that have not yet been deducted from the first refinancing can be written off in a lump sum.
•Down payment less than 3% of Sales Price
•Gift for down payment and closing costs allowed.
•No reserves or required.
•FHA regulated closing costs.
•Seller can credit up to 6% of sales price towards buyers costs.
•Easier Credit Qualifying Guidelines such as:
•No minimum FICO score or credit score requirements.
•FHA will allow a home purchase 2 years after a Bankruptcy.
•FHA will allow a home purchase 3 years after a Foreclosure
Online estimates are generally a good idea. The best thing you can do is shop around. With the real estate market as it is today, brokers and lenders are hungry for work. Get quotes from several brokers and pick the best deal.
By comparing offers, you'll be able to see what kind of fees brokers/lenders are charging you. Also, by comparing offers you'll be able to weed out the unscrupulous brokers who don't offer you the lowest interest rate possible. Some brokers do this because the banks reward them with an additional fee.
Some places to check out:
http://lendingtree.com - get up to four competing offers
http://finfo.com - they've partnered with a couple of brokerages to offer competitive quotes
Also check with your current lender and make sure you tell everyone that you're shopping around for the best deal. That should encourage everyone to offer the best deal available.
Best of luck!
**Closing costs vary wildy between lenders and will depend on your loan amount. Make sure to compare the top section of your Good Faith Estimate in particular as this is where most lender specific fees are located.
****Pre-payment penalties also depend on the programs you're offered, the better rate programs don't tend to have these, but this is an excellent question to ask the brokers or bankers you apply with.
*****You should absolutely request the Good Faith Estimate and Truth in Lending documents. They'll be provided by law anyhow, but that is exactly what you want to compare when you compare loan quotes. They're the only place where you'll see all the costs and be able to accurately compare anything.
******You want to look for anything that shows terms that were not explained to you. At the actual closing these usually take the form of additional riders to the loan agreement. Things like pre-payment penalties or any adjustable periods need to be explained and agreed to before you see them.
*****It sure is a good idea to get a quote from your current lender. Nothing says they'll have the best deal for you, but it's a great place to start.
*Why not? A lot of people feel this way towards points, but consider this first. Typically the more points you pay the lower your interest rate. You're looking for a 30 year fixed rate so I'm assuming you're going to be with this mortgage for 30 years. For long term mortgages you typically want to buy the rate down as low as the bank will let you. You should save much more in interest over the course of 30 years than the points cost you now. The less time you have the mortgage the less it makes sense to pay for the lower interest rate, but if you're going to be in the home more than 5-10 years it almost always is cheaper.
******Documents depend on the loan you apply for. Typical documents needed are your last months worth of paystubs, copies of your last 2 years W-2's or possibly a copy of your last couple years complete tax forms and statements from any savings accounts you have for the last month.
*****A lot of lenders or brokers use different numbers when quoting payments on your new loan, ask for details. For example; what the loan amount they're using is, how much they're estimating your taxes and insurance at, what are the total in closing costs they're assuming etc. Don't just get the rate and the payment and think that's all you need to know.
Just make sure that no one pressures you out of comparing a few different offers before you make a decision.
Good luck on your new loan!
Refinancing home loan - how soon can you?
We have had our home loan for 3mths, and I was wondering how soon you can refinance as I want to use some of my equity (we only borrowed 60% of the house cost), to do some renovations and add our car loan into it. So does anyone know when I would be able to refinance???
You can do it anytime unless your first mortgage has some kind of prepayment penalty. The lender will use the purchase price or appraised value whichever is less if you refi within the first 12 months of ownership. Restrictions for the max loan to value may apply for a cash out (car loan being paid off is cash out). I have included a website below which may help answer some of your concerns. good luck!
If you are at 60% LTV, you could get out at least 20% of the home value in cash with out a problem.
I am a broker that can book loans in any state in the mainland US. Feel free to email me with your loan amount and home value and I can help you out.
Im a cosigner, how can I take possession of a car states away?
My ex-fiance and I purchased a vehicle June '07 after my car broke down and cost more to repair than it was worth and his was repossesed by the owner he was not making payments to. We purchased our new vehicle to share from a dealership. It was my credit that was able to get us the loan and because at the time we were going to be together "forever" there wasnt any worries about whose car it was, it was just ours. We signed all the papers and it happens that he was the buyer and I was the co-buyer, because at the time it didnt matter who was who. We split all monthly payments and costs of the vehicle. It was supposed to be equally mine and his. A year later, he decided to move to Missouri from South Carolina (where I still live) and start a new life and informs me he is taking the car and I can not do anything about it. Which is true, my hands were tied, i was simply the cosigner. However, it was our main source of transportation and at the time he was on unemployment and I work 45miles away from where we lived. I did not want him to take the vehicle because of his past history with paying bills. He promised that when he got to Missouri he was going to refinance the loan and get my name off of it. Against my better judgement and feeling like I had no control over whether he took the car or not, I let him go with the car. He was supposed to stay in touch and let me know when he got the car refinanced and/or if he had trouble making payments. Well, as soon as he got to Missouri and fell back on one of his other promises to pay the apartment complex the fees for leaving the lease early (which I am now out $1002 for) he cut off all contact and turned off his phone. In the meantime, he is late so far by two payments. I had to get another car in my name and can not afford two carpayments. I especially do not want to pay on a car that I can not use or see or know whats being done with it.
How can I get possession of this vehicle and sell it within days. I am in financial crisis from what he left me to deal with and have little to no money to have the car towed all the way to me.
What are my options?
You need to get a lawyer ASAP. That's the only way you can straighten out this mess. It will take time and a lot of effort. Your credit may be ruined in the process but once everything is over, if the court finds for you, your lawyer can contact all three credit bureaus and demand that they strike the derogates from your history.
This is something you can't do alone. Or with any suggestions offered here. You need legal representation. If you can't afford one, check with the Legal Aid in your area. They offer services for those who can't afford it.
By your own admission, you sank yourself when you gave him permission to take the car. Now you need a professional to unwind the damage. I wish you all the best. I hope it turns out in your favor.
Am I still getting ripped off on my car?
my car costs 12,500 and the interest I have been paying was 24.99%. I pay 355.19/month and I had to pay for 60 months. We paid on it for 1 year exact and now the amount is down to $11,126. I am trying to refinance and citifinancial can do it for a fixed rate of 13.00% and my payments would be 246.12/month, for 72 months. I am totally lost and I dont know if I should accept or not. The interest on my current loan would be 9,724.60, and if I accept citifinancial's offer the interest would be 5,460.06. That is how much interest I would have paid when the car was paid off. I am not good with numbers so please someone help guide me toward the right choice!!!
Thank you!
My suggestion is similar to others. Yes, switch to citi. Even at 60 months instead of 72 you will pay less in interest and i am guessing you can afford a payment of $278.84 since it is $76.35 less than what you are paying now, but still leaves you with some money in your pocket. if you can afford a monthly payment that is similar or a little more than what you are paying now, look into 48 months or 36 months. At the same 13% 48 months would cost you $328 a month with $3587 in interest. 36 months would cost you $412 a month with $2671 in interest. If you can't afford those then stick with 60 months and if you have extra money, send a 2nd check in to apply towards the principal of the loan. Make sure that the loan from citi is SIMPLE INTEREST. Also it would be worth while to call the bank that you are currently financing through and make sure you won't incur any PREPAYMENT penalties to paying the loan off early. If these are exorbitant, then it may not be worth it to pay it off until the penalties reduce.
My overall advice (in a nutshell) take the citi loan, (or any other that has lower APR than what you are paying now, if possible to get out of the current loan with no extra fees) take the shortest loan time if you are looking to save the most amount of money, if you are looking for the least amount of monthly payment that makes the most sense (cents, ha ha), go for 48 or 60.
i would not recommend a credit consiladtion place. it is frowned upon the next time you need to purchase a house or another car. It reports on your credit report as "in conslidation" and lessens the amount of risk that a bank wants to take on you in the future, it kinda represents that you can't handle your debt. while better than bk'ing, it should be a last resort.
Should I trade in an expensive car with negative equity for a cheaper one to lower my payments?
I have a 2006 Dodge Charger R/T that I owe about $30,000 on. It's now worth $20,000. I pay about $690 a month for the car and I'm a few months into a refinanced five year loan. I was looking at trading the Charger in for a $17,000 Toyota Corolla and rolling the negative equity into the new loan. My payments would be about $510 on a 6-year loan with a total finance of $27,000. The Charger gets 20 mpg at best and costs $1500 a year to insure. A Toyota Corolla gets nearly 40 mpg and would cost less to insure. Plus the Charger attracts police and traffic tickets because of its appearance. However, I would be trading in a top-of-the-line car with all the options in for a very basic commuter car. The question is, "Is it worth the trade?
The reason I'm doing it is just for saving money. I can afford the current payments.
i think you should be able to answer this question yourself. you just have to first work out your priorities. eg. are you trying to save more money for your family, for an investment opportunity, or for another material possession...etc etc.
think about them (eg. cool car, family well-being, financial stability, new toy...etc) and list them in order or priority. your answer should be in that list :O)
of course the move will need to be financial sound in the first place... considering your outstanding amount on the Charger. your loan agent should be able to advise you on that.
car cost loan refinance - News
Consumers face stricter standards for loans -- if they're even ... - The Plain Dealer - cleveland.com
The Plain Dealer - cleveland.comConsumers face stricter standards for loans -- if they're even It's the same with car loans: If you have a lower credit score or want to roll in the amount you still owe on a trade-in, "you're not going to qualify.
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Geithner Announces New Financial Stability Plan - Washington Post Geithner Announces New Financial Stability Plan Banks and the credit markets transform the earnings and savings of American workers into the loans that finance a first home, a new car, |
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GM's Day of Reckoning - Big Money GM's Day of Reckoning Last summer, Mr. Karmazin needed to refinance more than $1 billion in debt that the newly-combined company needed to pay off in 2009. |
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Important things to know before you refinance A true no-cost refinance means you pay no money upfront and neither your loan amount nor your interest rate is increased to build any costs into your new |
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HULIQ: Give The Stimulus To People To Refinance - HULIQ HULIQ: Give The Stimulus To People To Refinance All appraisals, inspections, and loan applications will still be required meaning you must pick up these as part of your refinance costs," writes |