What are instalment loans? Installment loans are the types of loans that require the borrower to pay specific amount every month over a certain period until the total loan amount including interest is liquidated. Instalment loans can be secured or unsecured. Good examples of instalment loans are car loans, student loans, mortgage loans and home
Impact of Credit Score on Your Mortgage Interest Rate. Among many factors that will determine the mortgage interest rate your lender may ask you to pay is your credit score. However, the impact that your credit score will have on the calculation of your mortgage interest rate will depend on the type of mortgage you
Prequalification Vs preapproval In this article, I will try to use one stone to kill two birds. I will provide you a guide on how to get preapproved for a mortgage loan and at the same time show you the difference between prequalification and preapproval. It is good that I start with the basics so
Down payment definition Down payment is the initial amount a buyer pays toward the purchase of an expensive good or service. Certain items such as cars or home usually require huge amount of cash outlay to buy. It is unusual that many people will not be able to afford hundred per cent payment. For this
As a first time home buyer, there are many things you should know so that you can avoid some unnecessary mistakes. Of course, you don’t need to know everything but there are certain basic things every first time home buyer should know so that they don’t learn their lessons in a hard way. Home buying
What debts are bad debts? Can there be good debts at all? I know that the topic of this article can be confusing to some people. The decision whether certain debts would be described or categorised as bad debts or good debts will be taking out of accounting or business context. We are going to
FHA Loan provides a good option for low income home buyers who want to obtain mortgage loan but don’t have much money to pay for down payment. The reason is that, FHA Loan does not only offer low down payment, the loans are insured by the Federal housing Administration. Prospective borrowers should understand that Federal
What is debt to equity ratio? Before I start discussing about the meaning and significance of debt to equity ratio, the best place to start is to define financial ratio. The reason is that, without having a basic knowledge of financial ratios, you may find it difficult to understand what the debt to equity ratio
Direct Stafford Loan is one of the common student loans available to undergraduate and graduates students in U.S. Direct Stafford Loan is a federal student loan and it is guaranteed by the U.S government. Direct Stafford Loans can also be referred to as Direct Loans. The interest rates on the loans are usually fixed and
A reverse mortgage is a special type of home equity loan that is available to senior citizens of 62 year and above. Unlike the conventional mortgage loans where you are given a loan upfront and you start and continue to pay monthly instalments over the loan period, the reverse is in the case for reverse
