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The Three Most Popular Types of Loans
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New Vehicle Loan with You Have No Credit History
A new vehicle loan is one way to start your credit history. If you have no credit history, then rates will be slightly higher for your first car loan. But through smart shopping and some financing tips, you can save yourself some money.
Finding Financing
You can find vehicle financing through a number of sources. Dealerships have the highest costing loans since their overhead... Read loans article
Refinance Car Loans Online
Refinancing your car loan online is now more convenient. Your online application can be approved within an hour with most online car loan lenders. In as little as a day, you can have a check in hand to pay off your old lender and start saving money.
When To Refinance
A decline in interest rates is the most common reason to refinance a car loan. However, improvements in your c... Read loans article
The Three Most Popular Types of Loans
Getting a loan can be frustrating. It helps to know a little bit about the types of loans that are most popular. Knowing about what is available will help you make a more informed decision. The bottom line about loans is to make sure you absolutely need them because in the end you have to pay them back.
The most popular loan type is a car loan. Car loans can come from many sources and are probably the easiest for someone with poor credit to get. The main purpose for a car loan is to buy a car. You borrow the amount to pay off the car and then make fixed payments for a fixed period of time. Interest charges and other fees may be applied depending on the lender.
Home loans or mortgages are used to buy a home or make repairs to a home. There are two types of home loans- conventional and government. Conventional loans follow certain terms and conditions set by the lender. They include interest rates and other fees. They can have a fixed or variable rate. Fixed rates mean your payments are the same amount for the life of the loan. Variable means your payments change with changes in the interest rate. Government loans include, FHA(Federal Housing Administration), VA(Veterans Affairs), and RHS (Rural Housing Service) loans and loans offered through state or local agencies. These loans are usually income based and can provide help with down payments and negotiating interest rates.
The next popular loan type are student loans. Student loans are used to pay for education. These loans can be private or federal. Private loans are credit based and come from conventional sources like banks. The Federal Stafford loan is a government type loan that has three different types. The subsided loan type is based on need, has a variable rate and is paid back starting six months after graduation. The unsubsidized loan type is not need based, has a variable rate and is paid back starting six months after graduation. The last type of Stafford loan is the PLUS or parent loan for undergraduate students. This loan is made to parents and they can borrow as much as needed. It is not based on need or income.
These three types of loans - car, home and student- are the most popular types of loans people obtain. They all are used for a specific purpose. While they vary in how to obtain them and how they work they all are examples of general loan types.
Summaries of the three most popular types of loans was written by Craig Dawber, Find out all you need to loans and finance on this web-site
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VA Loans
VA will guarantee a maximum of 25 percent of a home loan amount up to $89,912, which limits the maximum loan amount to $359,650. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms. If you're thinking of purchasing a home in the Cleveland Ohio area, contact me for more information or a list of lenders specializing in VA loans.
GENERAL RULES FOR ELIGIBILITY You are eligible for VA home loan veteran benefits if you served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard and were discharged under conditions other than dishonorable after either:
* 90 days or more, any part of which occurred during wartime, OR * 181 continuous days or more (peacetime)
TWO YEAR REQUIREMENT If you: * enlisted (and service began) after September 7, 1980, OR * were an officer and service began after October 16, 1981 You must have completed either: * 24 continuous months or more, OR * the full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime)
YOU ALSO MAY BE ELIGIBLE IF YOU: were discharged for a service-connected disability, or
* were discharged for the convenience of the government after completing at least 20 months of a 2-year enlistment, or
* completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime), and
* were discharged because of a hardship, or were determined to have a service-connected compensable disability, or
* were discharged or released from active duty for a medical condition which pre-existed service and has not been determined to be service- connected, or
* received an involuntary discharge or release from active duty for the convenience of the Government as a result of a reduction in force, or
* were discharged or released from active duty for a physical or mental condition not characterized as a disability and not the result of misconduct but which did interfere with your performance of duty
* are an unremarried spouse of a veteran who died while in service or from a service connected disability, or
* are a spouse of a serviceperson missing in action or a prisoner of war.
ACTIVE DUTY SERVICE PERSONNEL
If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When an ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have wartime service.
MEMBERS OF THE SELECTIVE RESERVE
"Selected Reserve" means the Selected Reserve of the Ready Reserve of any of the Reserve components which consists of units and individuals who participate actively in paid training periods and serve on paid active duty for training each year. This includes Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve, and coast guard reserve as well as Army National Guard and Air National Guard.
ELIGIBILITY MAY ALSO BE ESTABLISHED FOR:
certain United States citizens who served in the armed forces of a government allied with the United States in World War II. * individuals with service as members in certain organizations, such as Public Health Service officers, cadets/midshipmen at service academies, officers of National Oceanic and Atmospheric Administration, merchant seamen with WWII service, and others.
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Realty One / Cleveland Ohio
Cecilia Sherrard is a full time dedicated Realtor in Northeast Ohio. With years of experience and knowledge, she has maintained a multi-million dollar producer status. Servicing areas such as: Westlake, Lakewood, North Olmsted, Rocky River, Cleveland, Brook Park, Parma, etc. Visit her website at http://www.youshouldown.com
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