If you have lots of high-interest debt, the monthly costs can overwhelm your budget. For some, the best road out of this situation is debt consolidation. Debt consolidation pays off your high-interest debt with one, lower-interest loan to save on interest payments. At today’s mortgage rates, a debt consolidation refinance or home equity loan can … Read more
First, to answer this question, itâs important to understand the definition of a jumbo loan. This type of mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) that are used by Fannie Mae and Freddie Mac. For 2023, the conforming loan limit is $715,000 for a single-unit house in most … Read more
We understand a low credit score can make it difficult to get an affordable loan, so we dont base our funding decisions exclusively on FICO® credit scores obtained from a hard credit check. OppLoans doesnt offer a No Credit Check Loan; instead, we perform a soft credit check, so applying wont negatively impact your FICO® … Read more
If you’re a military borrower, getting approved for a VA loan with bad credit is possible, regardless of any blemishes in your financial history. The U.S. Department of Veterans Affairs (VA) will even guarantee mortgages for veterans who have overcome a previous bankruptcy or foreclosure. Buying a home is an exciting milestone in life. However, … Read more
Getting approved for a home equity loan usually requires a full appraisal to determine your home’s current market value. But appraisals add time and costs to the lending process. Is it possible to get a home equity loan without a formal appraisal? While standard home equity loans do mandate a full appraisal, there are several … Read more
Taking out a personal loan is one way to access funds for a variety of purposes, from consolidating high-interest debt to financing a large purchase. However, one downside to personal loans is that the interest you pay is not tax deductible in most cases. When Personal Loan Interest Is Tax Deductible While personal loan interest … Read more
As a taxpayer, you are probably always looking for legitimate ways to reduce your tax liability and maximize your tax deductions. Claiming tax deductible interest on certain types of loans is one effective strategy to achieve this goal. Understanding what tax deductible interest is, the types of loans that qualify, deduction limits, and how to … Read more
Purchasing a car is a major expense, so most buyers need an auto loan to finance the purchase. But if you want to buy a used car with a salvage title, getting approved for financing may be tricky. Lenders view salvage title vehicles as risky investments, but some options exist if you know where to look. … Read more
Loan sharks are predatory lenders who offer high-interest loans without requiring credit checks. They often target financially vulnerable individuals who may not qualify for traditional loans. While borrowing from a loan shark may seem like the only option in desperate times, failing to repay them can ruin your life. Loan sharks operate outside the law and … Read more
Building a custom home in Texas? A construction to permanent loan allows you to finance the building process and lock in long-term fixed rates with one loan. Here’s what Texas home buyers should know about construction to permanent mortgages. What is a Construction to Permanent Loan? A construction to permanent loan combines the construction loan … Read more