Reviewed Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors opinions or evaluations. A collateral loan is a secured loan that requires the borrower to provide an asset as security for repayment. With these loans, a lender can take possession of your property—the loan collateral—if you … Read more
Buying or building a home is one of the most exciting things you can do in life. However, it also comes with a lot of big decisions and costs. One major choice you’ll have to make is how you want to finance your new home. There are many options when it comes to home loans, … Read more
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If you want to remove a name from a mortgage, it’s important to know that divorcing someone or taking them off the title doesn’t automatically mean that they aren’t liable anymore. (The same goes for cosigners and co-borrowers.) Learn the difference between getting someone’s name off of a mortgage and removing their ownership rights, and … Read more
Purchasing a modular or mobile home may be possible with a VA loan, but you will need to meet some unique requirements. The VA loan program makes homeownership possible for hundreds of thousands of Veterans every year. Veterans are choosing a VA loan over other mortgage options to take advantage of its unique benefits like … Read more
Looking for a personal loan in Spring Hill Florida? With so many options it can be tricky to find the right lender for your needs. In this article, I’ll walk you through everything you need to know to find the best personal loans in Spring Hill. Overview of Personal Loans in Spring Hill A personal … Read more
Installment loans can help improve your credit score by adding on-time payment history to your credit report. They can also broaden your credit mix, which is a credit score factor that considers the types of accounts you own, if you primarily used credit cards in the past. Its important to remember, however, that getting an … Read more
If your bank immediately recognizes loan origination fees and costs directly to your income statement, you are not alone. This is a common practice among many community banks. However, this practice is not in accordance with Generally Accepted Accounting Principles (GAAP). According to Accounting Standards Codification (ASC) 310-20-25-2, loan origination fees and direct costs are … Read more
When you buy a house, you do so under the assumption that you’ll continue making payments on your mortgage until the end of the loan’s term or you decide to sell the property. Though this is what happens for the majority of homeowners, there may come a time when you need to transfer the mortgage … Read more
Having a high debt-to-income (DTI) ratio can make it challenging to qualify for a new loan. Your DTI ratio compares your monthly debt payments to your monthly income. Generally, the higher your DTI ratio, the harder it is to get approved for financing. However, there are still options available if you need a loan but … Read more