Loans Blog » Credit Repair

Haunted by Bad Credit?

admin — Wed, 21 Oct 2009 23:21:00 +0000

Bad credit may seem like a horrible cold you can not seem to shake when you are applying for a loan. Some lenders are so credit focused that they just do not want to look past your credit report at the other things you have to offer.

You have to learn how to overcome bad credit and get a lender to take you seriously. Show them you are more then a credit score and make them see what you have to offer them.

Running of the Credit Report: Drumroll, please

ShareThis

An Aspect of A Home Loan You May Not Have Considered

admin — Thu, 15 Oct 2009 22:21:00 +0000

Getting a home loan is a complex process. There are many things to think about and take care of during the process. One thing that is often overlooked is home owner’s insurance.

It is very important to try to look into home owners insurance as early in the loan process as possible. You will need to find out if you can even get coverage. Some homes are very difficult to insure and you will want to find out who can offer you coverage and how much it will cost.

Insurance companies will give you quotes before you own the home, so all you need to do is gather some quotes and make sure you can afford it.

Forgetting about home owners insurance is a big mistake. In the end you may find a specific home for sale just isn’t worth the hassle because it is difficult to insure or very expensive to insure.

ShareThis

Doing The Math On Loan Interest, A Vital Step

admin — Sat, 26 Sep 2009 19:11:00 +0000

Interest can be confusing. Trying to figure out how much a loan is costing you is something you want to do, but many people say “Forget about it.” when they start trying to do the math.

The problem with figuring interest is that it is not always calculated the same. You have to begin with reading the terms of your loan agreement. You should be able to find out exactly how the interest is calculated in there.

To give you a basic idea, here is the formula for figuring interest for a one month period. The loan amount is $1000 and the interest rate is 5%.

Multiply $1000 and 5% (which is equivalent to .005)
The answer is $50, which is the interest you would pay for that month.

You may be thinking that is easy, but you usually have a loan for longer than one month. So you have to figure interest for each month in the life of the loan. There’s also a big factor called compound interest where you’re paying interest rates on the interest accrued.

Sometimes it is easiest to go to your lender and have them figure it for you. This is really important in terms of understanding the full scope of a loan. It will save you some headache in the long run and it’s a service your lender should offer

ShareThis