Posts Tagged ‘collateral’
Sunday, June 6th, 2010
I recently applied for an SBA loan for my start up (new concept never been done before).
The banks wants 30% cash down and 70% fully secured with collateral (aka my house).
If I have both of what they need then why wouldn’t I just start the business on my own by taking a loan against my house for the 70% and use my 30% cash? A home equity loan @ 5% fixed rate over 30 yrs (vs.) a 6% + Libor variable rate over 10 yrs that the SBA is offering…I don’t get it?
What’s the point of the SBA loan??? If everyone had 30% down plus collateral for the other 70% wouldn’t everyone self finance and use their own money without the hassle of answering to a bank?
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Tags: bad debts, banks, collateral, collateral benefits, collateral damage, collateral loan, computational finance, credit finance, dui florida, economic depression, finance, finance need, financial institutions, fixed rate, global banks, hassle, hassle free, Home Equity Loan, how to rebuild your credit, libor, money, mortgage lenders, professional tool, retail banks, road travel, sba loan, variable rate, ypsilanti area
Posted in fixed rate equity loan | 1 Comment »
Saturday, May 1st, 2010
I own a house and have remodeled it but I don’t want to sell it, I want to purchase another property but I was told I could get another loan using my house for collateral. Would that be considered a home equity loan or just refinancing my current home? It’s been at least a year now since I’ve bought the house so I know im eligible to refinance and the remaining balance is 105k the new appraisal of the house is 178k. I’d like to get a fairly large decent amount so I can buy another property, could anyone point me in the right way or teach me a thing or two? 
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Tags: bad credit home equity loan, bad debt, cheap secured loans, collateral, credit card debt, credit cards bad credit, debt management, delinquent borrowers, equity line of credit, equity line of credit calculator, financial chaos, home equity line, home equity line of credit, home equity line of credit calculator, Home Equity Loan, home equity loans, home loan, homeloan, line of credit calculator, loan credits, loan deals, loan growth, loan refinancing, low cost secured loan, public business, youtube video
Posted in Home Equity Loan Refinancing | 3 Comments »
Thursday, April 8th, 2010
We have a water issue with our basement (built in 1927, block foundation, and no sump) There could??? be an exisiting clay drain tile, but it’s clogged or broken. We have cracks in the floor which water comes up through when we get heavy rains and large snow melts. We don’t have all the money we need to pay for this problem in cash…the problem needs to be fixed before we get mold issues etc so we are considering taking a personal loan out. A home equity loan is out of the question because of market values right now. Opinions please? **Repair includes a sump, interior drain tile, and battery back up.**
From what I’ve found online for personal loan rates, they are around 10% interest right now. I said home equity is out of the question because the fair market value of our home is less than what we owe due to the market being really really bad by us. We’ve also only owned the house for a year. I’ve looked on quite a few well known banking sites for more information on both types. Collateral wise, we don’t have anything we’re not paying payments on…I know you can put your house up, but we’d prefer not to if at all possible.
Tags: collateral, cracks, drain tile, heavy rains, Home Equity Loan, market values, mold, money, personal loan rates, water issue
Posted in no equity home loan | No Comments »
Thursday, January 14th, 2010
Which word describes what you exchange for money when you negotiate a secured debt with a lender?
collateral
credit report
principal
interest
Which word describes the decrease in value of an asset over time?
financing
equity
leasing
depreciation
.What will a bank do if you default on a car loan?
foreclose on the car
refinance the car
repossess the car
depreciate the car
Why do lenders often charge more interest for a car loan than a home loan?
because you could crash the car
the car could be stolen during the loan
cars can be moved to from one location to another
all of the above
What can a bank do if your credit score goes down significantly and you miss a car or home loan payment?
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
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Tags: auto finance, auto loan with bad credit, auto loans after bankruptcy, bad credit unsecured personal loans, bankruptcy loans, car loan, collateral, credit loans, credit report, credit score, depreciation, easy loans, foreclose, home loan, impact credit, interest rates, leasing, lenders, loan cars, loan payment, loan questions, loan reviews, loan with bad credit, machinery prices, money, nuclear scientist, principal interest, secured debt, unsecured personal loans, yoga class
Posted in home equity loan refinancing interest rate | 1 Comment »
Wednesday, January 13th, 2010
In other words, if your house doesn’t qualify for the home equity loan you want, can you use a bank CD or something like that as additional collateral to make it qualify?
The purpose of the loan would be to give the appearance that you’re mortgaged to the hilt. That gives you two advantages when selling the house. First, you can use it to convince the buyer that you can’t lower the price any more, because it wouldn’t be enough to pay off your mortgage and home equity loan. Second, when the buyer gets the papers at closing time, they will see how much cash you got out of the transaction, and if they become disappointed that anything in the house is not what they expected, they might be more inclined to sue you if they can see in their papers that you got a large amount of cash out of the transaction.
Tags: appearance, bank cd, closing time, collateral, hilt, Home Equity Loan, mortgage
Posted in about home equity loans | 1 Comment »
Sunday, November 29th, 2009
I think that my husband and I are victims of predatory lending. Here are the details. We have a balloon loan for one year with 8.1% interest. The house was appraised for ,000 more than our loan. The bank who financed us let us use our vehicles as collateral, one was wrecked, so it has been released, but now they are holding on to my 1997 mini van, unless we pay them ,700 which they claim is the decrease that the market has taken and has reduced our equity in our home. When we went to resign the yearly loan in December, we asked if we could get the interest reduced, they said no. We asked if we could refinance, they said they do not do refinancing and directed us to their main office who would contact Countrywide for us. Last night we received a letter that said since we didn’t pay our property taxes in October, they had paid it and now that has raised our house payment. We have been having some financial trouble and were planning on paying the taxes with our income tax return. We are current on our loan but do have two 30 day late dings on the loan.
So, what do we do? Contact a lawyer? How do you negotiate with something like this??
Thanks!
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Tags: amp, balloon loan, blog archive, collateral, curse, easy finance, federal mortgage, financial crisis, financial trouble, Home Equity Loan, home loan, income tax return, lawyer, loan equity, mini van, mortgage loan, personal lending, property taxes, refinancing, rupee, tremors
Posted in Home Equity Loan Refinancing | 3 Comments »
Saturday, November 28th, 2009
You can use a home equity loan for a lot of different things. Many people will use one when they want to make improvements to their house. This type of loan works well because it comes with a lower rate of interest than a typical home improvement loan.
Find Free: Home Equity Loan
Talk to your bank and get home equity rates from them to see what it will cost you to get this type of loan. You then can compare the rates to ones on the open market. The better the rate that you get is the less money you will spending paying it back.
You Can: Find a Loan
You need to get your house appraised to see if there is enough equity to borrow against. the equity will be the amount your home has appraised above the amount that is still owed. the longer that you have owned your house the more likely it is that the value has gone up and you can borrow against it.
It can be exciting to make home improvements but they do come at a cost. You need to determine what is the best way to pay for these improvements and in most cases it is with a home equity loan. They are easy to get because your home acts as collateral.
Remember that comparing interest rate prices is key to saving money when paying back a home equity loan. You lender is the first place that you want to start so that when you look on the open market you have something to compare it to.
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Tags: bells, book publishing, cash advance, collateral, collateral benefits, different things, dump truck, home acts, Home Equity Loan, home equity rates, home equity rates from, home improvement loan, home improvements, interest rate, panda, rantings, rate of interest, saving money, search engine optimization, seo, stock broker
Posted in Home Equity Loan | No Comments »
Friday, October 30th, 2009
I own my house (am mortgaging it), have 40k equity in it, but do not have the credit to get a home equity loan. If I knew someone (a friend) that would lend me a little bit of my equity, can i use my house as collateral to them? and how would I go about doing it if so?
what are the steps, and how would it go? if i dont have the title myself, the mortgage co. does, so how would it work, to give someone part of the equity?
is there anyway to do it without the 2nd mortgage? like maybe a contract saying that "if i dont pay him/her back they can take my house or something?" lol?
Tags: collateral, Home Equity Loan, little bit, mortgage co, quot
Posted in Home Equity Loan | 3 Comments »
Tuesday, October 27th, 2009
1. Which type of debt is the least attractive for a consumer? (1 point)
unsecured debt
secured debt
mortgage debt
lease debt
2. Secured debt means a lender gives you money in exchange for what?
(1 point)
collateral
credit report
principal
interest
3. When an asset, such as a car, decreases in value over time what is it called? (1 point)
financing
equity
leasing
depreciation
4. When you lease a car, you build equity while making monthly payments. (1 point)
True
False
5. If the bank decides youve defaulted on a car loan, what will they do? (1 point)
foreclose on the car
refinance the car
repossess the car
depreciate the car
6. Why do lenders often charge more interest for a car loan than a home loan? (1 point)
because you could crash the car
the car could be stolen during the loan
cars can be moved to annother location
all of the above
7. Secured debt allows you to refinance the loan to get money (equity) out in the event of an emergency. (1 point)
True
False
8. Credit cards are considered unsecured debt. (1 point)
True
False
9. If your credit score goes down significantly and you miss a car or home loan payment what could the bank do? (1 point)
foreclose on your home
require the car loan to be paid-in-full
increase interest rates
all of the above
none of the above
10. When you buy an off-lease used car, you can buy the same warranties you would get if you purchased the car new. (1 point)
True
False
Tags: car loan, collateral, credit cards, credit report, credit score, depreciation, foreclose, home loan, interest rates, leasing, lenders, loan cars, loan payment, money, mortgage debt, principal interest, unsecured debt, warranties
Posted in home equity loan refinancing interest rate | No Comments »
Thursday, October 8th, 2009
Tell me to contact a person with a yahoo email address and say they got a great loan with a 2% interest rate. Does this seem like a scam? Here are some of the replies..
"I am Joy Anderson i was in need of a loan of 0 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com"
"I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can’t say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, john108023@yahoo.com.hk Thank you Mark!!
Yours Truly,
T Matthews Sr."
Here is one from him himself…..
"I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I’ll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don’t feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I’ll do my best to help you out in your bad finances situation.
Regards,
Mr. John Clarke."
It just sounds fishy to me. I’m looking for a home equity loan or 2nd mortgage to help pay off some medical bills and for some extensive dental work for my son. Would also like to have some in savings for emergency. My wife and I have a low credit score due to a injury about 4 or so years ago and not being able to work. Most of our income go towards helping our son receive services to help him succeed as he has a disability. I am now back to work and my wife continues with her job as a teacher. We also have our house paid off in full and have no credit cards. The only debt we have are some medical bills.
It just seems weird how some people have replied with a few different email address about this guy in my other questions. I guess if I read the paperwork thourougly and have a attorney look at it I should be alright if legit, correct?
Thanks for the answers. I emailed the person with a email address I just created. It is someone from nigeria asking info such as name, address, phone number, and ssn if applicable. It is a total scam for sure. I also read other questions on here similar to mine with the same sort of responses. If it sounds to good to be true, it usually is! That’s kind of what I figured but thought it was worth asking. I’m going to talk to my local bank, explain my situation, and hopefully they can help or point me in the right direction.
Thank you everyone!
The name of this guy’s company is…
Clarke Loan Firm located in Nigeria. Millions of spammers from there!
Here’s a link to my original question if anyone is interested…….
http://answers.yahoo.com/question/index;_ylt=AlrCA7GWy7HTSNzeEl7kTHvsy6IX;_ylv=3?qid=20090611233627AA801O6
Tags: amp, bad credit, banks, beneficiary, collateral, corporate bodies, financial assistance, hk, interest rate, john clarke, joy anderson, lenders, loan agent, loan money, long time, money lender, stress, true joy, valid documents, wonderful service
Posted in no equity home loan | No Comments »
Related ‘collateral’ sites :
 | Collateral (2004)
Directed by Michael Mann. With Tom Cruise, Jamie Foxx, Jada Pinkett Smith. A cab driver ... Discuss this movie with other users on IMDb message board for Collateral (2004) ...
www.imdb.com/title/tt0369339 |
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 | Collateral
Official site for Michael Mann's thriller, Collateral, starring Tom Cruise and Jamie Foxx.
www.collateral-themovie.com/home.php |
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 | collateral Definition
collateral - definition of collateral - Assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default. also called security.
www.investorwords.com/929/collateral.html |
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 | Collateral
Collateral can take many forms: property, inventory, equipment, receivables, oil reserves, etc. ... An arrangement can be unilateral with just one party posting collateral. ...
www.riskglossary.com/articles/collateral.htm |
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