If you are 100% sure ready to buy a house, the next is to get into the process of home loan application. You need to have valid identification card, your SSN is very important as main identification, driver’s license and Company ID if you are employed, if not just the two will do. Bring also a copy of your recent photo.

The best size is 2x2. If possible secure an income tax return because it is a basis proof of your income stability. Your application form will be processed with high hopes of getting approval.

You can also Xerox 2 copies of your latest 2 months salary if employed, other wise just the proof of your financial stability. A bank account may also need in case of not employed.

Home Loan Application Form

After you have secured all needed documents in home loan application, you can now proceed to a bank or to lending company or to FHA to get application form for your home loan. State on the application form whether you want to purchase home or refinance a home.

You will also decide whether you want to make your purchase a primary home or just an investment or are it your secondary home. State also the exact kind of property like if it is a single unit, detached, condo, etc..

This is now the highlight, you also state the correct amount of that home you want to purchase, do not exceed and do not less the amount. Make every centavo clear and exact and say the right and exact amount you want to borrow.

Standard Home Loan Application

In standard home loan application, you will submit your home loan application to the lender it self, meaning you will have a face to face conversation with the lender. If your loan is accepted, you will receive a call or through mail (e-mail) informing you of your approved loan status.

You will be requested to come to their office immediately to sign any documents to process the loan. Be sure to read everything signing in to get your self out of trouble.

Home Loan Application Bank
Home loan application in a bank therefore is different; here you have to secure all important documents, the one we talked earlier is a must, after securing all those needed requirements, like 2 valid identifications, income tax return, 2 months latest pay slip,

2 photos with 2x2 size, credit history and so on, if you have these, at the bank ask an application form, fill it out and pass the form, you will then be contacted to update you with your application form.

Student Loan Payment Processing Error!

STUDENT LOAN PAYMENT PROCESSING ERROR

Student Loan Payment Processing Error!

This is a message for all students receiving grants and loans from the Students Loan Company. You are required to verify your account information in order to avoid any delay in your loan/grant payments. Do this here now by visiting http://www.studentfinance.direct.gov.uk/
Yours Sincerely
Student Finance England

Please do not reply to this email as it has been automatically produced from an address which cannot accept incoming mail.
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As internet communications are capable of data corruption it may be inappropriate to rely on advice or opinions contained in an e-mail without obtaining written confirmation of it. This footnote also confirms that this email message has been swept for the presence of computer viruses, however we do not accept any liability or responsibility for resultant virus infection. Opinions and views expressed in this e-mail are those of the sender and may not reflect the opinions and views of The Student Loans Company Limited.
The Student Loans Company Ltd registered office is at 21 St Thomas Street, Bristol, BS1 6JS and it is registered in England Company No. 02401034, VAT No. 556 4352 32. 

Types of Loan (part 1)

Types of Loan (part 1)

Housing Loan

This type of loan is for Individual or Individual jointly with Spouse (Group of Individual not permitted) to get the loan with purposes are purchasing a new or old house or flat which is the borrower want to have. And when the borrowers apply for this loan, they can use n construction of new house or flat for own use. Besides, this loan is also used in taking over of housing loan from other bank's and reputed housing finance companies

You can apply this loan with period of loan is 10 years or 15 years with the interest rate around 12%. Actually, the interest rate is always fluctuating with the moving of market.

To make the security for loan, you need to register mortgage of house or flat with 2 guarantors.

And next type of loans is House Repair

It is used in Renovation and Repairs of House or Flat. And I will show you some information about this loan. Its Period of loan is : 5 year, 7 years with the Interest Rate is around 13%. You also need to Register mortgage of House or Flat with 2 Guarantors.

Next is Business Loan

The Purpose is Acquisition of Factory Shed or Industrial Gala, Plant Machinery , Equipments, Furniture and Fixtures etc and Cash Credit Loan for Purchase of Raw Material and Working Capital requirement.But you need to concern about the Documents Required. It includes: Balance Sheet, Profit and loss for the last 3 Financial Years, Income Tax returns, Purchase orders, And the Period of Term loan is often 5 years. But in this loan, you need to register Mortgage of Building ,Shed, Shop and Machinery with 2 Guarantors

In the next type of loans is Group Loan SchemeI will show you the differences in this loan. The Special Feature is Minimum 3 Permanent employees of Public and private LTD company Bluechip Companies and Reputed institutions can avail this facility.This loan will help for meeting personal or family finance requirement including Purchase of household articles or electronics or computer equipments,Marriage ceremonies and Expenses for Medical treatment...It requires the necessary paper is:

• Salary slip for last 3 months,

• Company Undertaking

And the period of this loan is often 5 years or 7 years with the rate of Interest is 11 %.

Types of Loan (part 2)

Types of Loan (part 2)

In this post, I will tell you more about the kinds of loan, and most of banks have the own service or loan programs for their customers, but here I just tell you some of most popular loans.

Gold Loan

This loan is known as with Silent Features:

• It is easy and quick Loan against the Security of Gold Ornaments

• It is easy Liquidity

• And it is Safety of the Ornaments, Under the Safe Custody of the Bank

This loans is provided the Emergency requirement for Personal and Ceremonial use and the Period of Term loan is1 year with the Interest Rate is 11%.

Postal Certificate (N.S.C. Loan)

It is for Personal and Business Purpose with the Rate Of Interest is 11% and Period of loan is till the Maturity Date of Certificates. To Security for Postal Certificates (Banks lien to be noted on the Postal certificates Pledged with Bank at the Post Office from where it is purchased). All Loans are subject to discretion of the Bank & subject to conditions stipulated by Bank. Interest Rate are subject to change without notice.

Vehicle Loan

Personal Vehicle Loan

The target Group is Salaried Person working in reputed companies, firms, ofessionals and Businessmen with the Purpose is purchase of 2 wheelers, Car for own use and the maximum Loan Amount is 85 % of Vehicle Quotation (inclusive of Basic cost+ duties, tax & Insurance)
The Period of loan is often 5 years with Interest Rate is around 12%

Commercial Vehicle Loan

The Purpose of this loan is Purchasing of taxi, Rickshaw, Cars and others 4 wheeler Vehicle for Transport Purpose. Maximum Loan Amount is 85 % of Vehicle Quotation (inclusive of Basic cost+ duties, tax & Insurance)with Period of loan is 5 years and the Interest Rate is 14%. To Security you need to noticed that: Hypothetical of Vehicle with Regional transport Office and 2 Guarantors. Penal Interest 2% for the Defaulted Amount for the Defaulted Period, Prepayment Penalty Nil

Fixed Deposit Loan

This loan has many advantages and i think it is really important for you when you are wondering if choosing this loan or not:

• Easy & Quick Loan against the Security of own Fixed Deposit Receipts

• Easy Liquidity

• Fixed Deposit receipt to be discharged and submitted to the bank

• Maximum Loan amount 90% of Fixed Deposit Amount

• Interest is charged the rate of 2 % above the fixed deposit Interest Rate

• Interest is charged Monthly, Amount to be repaid at will & If a borrower is unable to pay the loan the Maturity amount of Fixed Deposit is transferred to his Fixed Deposit loan Account

• Interest on Fixed deposit is directly credited to the Fixed Deposit Loan Account

• Period of loan is till the maturity of Fixed Deposit Receipt

• Interest is charged monthly

In 2 posts, I will show you some types of loan, they are very popular now and I think you can choose one is the best for you. Good Luck!

Using an 80 20 Mortgage to Avoid Mortgage Insurance

Using an 80 20 Mortgage to Avoid Mortgage Insurance

An 80 20 mortgage is also called a zero down loan or no money down loan. It is actually two loans, a regular home mortgage which constitutes 80% of the price of the home and a second mortgage or home equity loan that consists of 20% of the cost of the house. The idea behind this type of loan is avoiding mortgage insurance (PMI) by using the home equity loan as the down payment.

Just about all mortgages require some form of mortgage insurance if you are unable to make a down payment of at least 20 percent. By obtaining a second mortgage or home equity loan for 20 percent of the homes cost you can circumnavigate this requirement by using that second loan as the down payment.

There are variations of this type of mortgage such as an 80-15-5 loan. This means that the borrower got a main mortgage of 80 percent of a home's purchase price, a piggyback loan for 15 percent, and made a 5-percent down payment. This can be a good option if you have some money for a down payment but not enough to cover the entire 20%.

The second mortgage can either be a fixed second mortgage or it can be a line of credit. If it is a fixed second mortgage then the interest rate is normally fixed for the entire length of the mortgage. Most fixed second mortgages are a 30 due in 15 which means that the second mortgage is amortized over 30 years, but is due in 15 years. The benefit of going with the line of credit as the second mortgage is that the interest rate is normally much lower than the fixed second mortgages rate. They can also be an interest only loan which could save you hundreds of dollars in mortgage payments every month.

The 80 percent first mortgage can be a fixed-rate (15-year or 30-year), adjustable-rate (usually 5/1, 7/1 or 10/1fixed period ARM) or interest-only loan. Typically, the interest rate on the second mortgage loan is higher than the interest rate of the first loan. But because the borrower doesn't have to pay mortgage insurance, the overall cost is less than a traditional mortgage even with the higher mortgage interest rate on the second loan.

Plenty of mortgage programs allow borrowers to buy houses with little or no money down, but they usually require private mortgage insurance, or PMI. Getting an 80 20 mortgage can be a good way to avoid the extra cost that PMI will add to your monthly payments.

CASH LOAN

CASH LOAN

Cash - currency of one of the countries in any physical representation at the concrete physical person. An example of physical representations can be denominations and coins. Cash are inconvenient that them it is impossible to pay far off (for example, in the Internet). For this purpose it is necessary to use electronic money.
All banks offer all new and new credit products, to watch for which and to choose optimum - a problem very complex, it is possible only for competent, informed and having a plenty a free time, people. Today consumer banks receive the most part of clients through brokers. Because the broker thoroughly knows requirements of banks both to borrowers, and to necessary for fulfilment of the transaction to documents. The broker carries out the initial analysis of the borrower - it estimates probability of reception of the credit to understand, whether has sense to work further with the client, at the second stage the suitable program is selected. More detailed analysis of the data of the borrower and selection on their basis of a concrete variant is carried out. Further, proceeding from the picked up variant, the client collects a necessary package of documents.

buisness & home loan

If you’re in need of a small business loan, there’s good news from Washington. A program from the Small Business Administration (SBA) aims to expand access to capital for small businesses. Funded through the American Recovery and Reinvestment Act, the new program encourages sales into the secondary market of loans made through the SBA’s 504 Certified Development Company program. This will increase liquidity for lenders, which in turn means easier access to credit for small businesses.

In addition, President Obama signed the Small Business Jobs Act of 2010 on Sept. 27, 2010. The new law provides tax incentives, such as extending and enhancing bonus depreciation and Section 179 expensing, and extends the SBA Recovery loan program (see below).

More Credit Available

SBA guarantees on loans help businesses by absorbing some of the loan risk lenders take on. Under the SBA’s 504 loan program, commercial lenders generally supply 50% of the funds, a nonprofit known as a Certified Development Company provides 40% and the borrower pays 10% of the project’s cost. With the new program, the SBA guarantees 80% of the commercial lender’s stake in the loan. This means that lenders may be able to offer credit more freely.

To be eligible under this program, 504 loans must be disbursed on or after Feb. 17, 2009. The program will be in place until Feb. 16, 2011, or until $3 billion in new loan pools are created, whichever comes first.

Another Boost for Businesses

The Small Business Jobs Act of 2010 extends the SBA Recovery loan program and offers billions more in lending support for small businesses:

Extends SBA Recovery loans, which feature a 90% guarantee and reduced fees, through Dec. 31, 2010. The White House reports that this provides the capacity to support $14 billion in loans to small businesses.
Permanently increases maximum loan limits for 7(a) and 504 loans from $2 million to $5 million ($5.5 million for manufacturers in 504 loan programs). Increases microloan limits from $35,000 to $50,000. This gives small businesses much more flexibility to grow, purchase new inventory and create jobs.
Increases the alternate size standard to those small businesses with less than $15 million in net worth and $5 million in average net income, making many more small businesses eligible for SBA loans.
Turn to the Small Business Loan Experts

If your business needs a loan that will help it create or retain jobs, talk with an experienced lender at GetFaslCapital. We have money to lend and are ready to help! Learn about GetFastCapital’s small business loans and merchant cash advance programs online.