When it comes to getting funds fast, especially when facing a financial emergency created by the arrival of an unexpected bill, everyone is under pressure to find an affordable loan option. Even members of the military can suddenly find themselves in a tight spot. Thankfully, the availability of military loans with no credit checks provides an opportunity to deal with the situation quickly and efficiently.
It is no secret that military personnel enjoy some excellent loan terms because of their special employment situation. But that does not mean that they are never in need for fast loan approval. Nor does it mean that such approvals are guaranteed.
There are clear advantages to securing a military loan without the lender taking the time to check the credit history of the application, but there are also some limitations that should be considered. This is why we list below some of the key factors that applicants should consider.
Approval With Less Trouble
Usually, an applicant has a certain amount of anxiety waiting for news about whether their application has been accepted or rejected. But when applying for a military loan with no credit checks, there is little reason for such concern. Why? Because the credit history of the applicant is ignored.
What this means is that even a bankruptcy ruling or recent default on a loan is not taken into account, making it possible for even applicants with extremely low credit scores to get approved. The fast loan approval is made possible by the fact that the lender does not spend time checking out such matters, so a decision can be made in just minutes.
The basis of approval is exclusively on the income earned and the ability to meet repayments. All that needs to be confirmed is affordability, and then the military loan can be granted.
Limited Funds For Fast Approval
Even with military lenders, there is a certain trade-off involved, with the convenience provided by ignoring credit histories repaid by the fact only limited loan sums are available, and at higher interest rates than usual. But despite these compromises, getting a military loan with no credit checks still offers great benefits.
The loan sums typically on offer range from $100 to $1,500, which means that a major debt problem is hardly going to be covered. However, when a financial emergency crops up and fast loan approval is a must, this is ideal.
The interest rate, meanwhile, is higher to permit the lender to make a profit despite an extremely short repayment term. These military loans would be regarded as payday loans in civilian terms, with rates as high as 30% and repayment periods as short as just 14 days.
Finding A Competitive Loan Deal
The advantages offered through military loans with no credit check still outweigh the extra cost of the loans, but there is still a challenge in finding the best deals available. Arguably the best resource to use is the internet, where online lenders offer good terms.
When looking for fast loan approval from a recognized military lender, the usual terms and conditions are required, but military membership also needs to be confirmed. Your military ID card should be enough to do this.
And because the US government is the employer, the applicant cannot have a stronger employment status. There is very little reason why approval cannot be given in minutes, and the military loan funds deposited in a matter of hours. But always look for the military approval insignia to ensure the fairest treatment too.
Sunday, December 8, 2013
Mortgage Options for Active Duty Military Personnel and Veterans
If you are an active duty military member or veteran and are interested in buying a home, are having trouble meeting your mortgage payments or are interested in refinancing your current mortgage, there are numerous options at your disposal. Outlined below are some mortgage programs that cater to homebuyers and homeowners in the military.
VA Home Loan Program
Run by the US Department of Veteran Affairs (VA), the VA home loan program is a guaranteed loan program for veterans and active duty personnel. Although you get the loan from a private lender, the VA backs the loan with that lender. That means if you ever have trouble making the payments, the VA covers any losses that the lender may incur. Essentially, a VA loan guaranty is like insurance that the VA provides to the lender. Advantages of the VA home loan program include low or no down payment, no private mortgage insurance, a limit on closing costs, and no penalty fee if you pay your mortgage off early.
Cal Vet Home Loan Program
Specifically designed for military veterans who want to buy homes in California, the Cal Vet home loan program boasts low or no down payment and low interest rates. It is also easier to qualify for a Cal Vet home loan. Cal Vet home loans are offered in amounts of up to $521,250. The program is available at no cost to California taxpayers. Interest rates are "locked in" from the date that you apply. The Cal Vet home loan program obtains the loan guaranty from the VA. Eligibility for the Cal Vet home loan program has been expanded, so most veterans buying a home in California are now eligible. There are no prior residency requirements.
Military Forbearance Option
If you're facing financial hardship because of an injury you incurred during active duty, military forbearance might be an option. Military forbearance is an agreement between you and the lender that temporarily suspends or reduces your monthly mortgage payments during the forbearance period. The forbearance period may last for up to six months.
The military forbearance program enables you to overcome short-term financial problems and receive the help you need to get back on your feet. After the forbearance period is over, you are responsible for repaying the amount that was reduced or suspended. You can either pay it back by lengthening the term of your mortgage and moving those payments to the end, making a one-time payment or adding a specific amount to your monthly payments until it is paid back.
Interest Rate Reduction Refinancing Loan
The Interest Rate Reduction Refinancing Loan (IRRRL), also known as the Streamline or "VA to VA" loan, is a refinancing loan that offers current VA mortgage holders the opportunity to take advantage of low interest rates. To qualify for an IRRRL, the new interest rate must be lower than the existing rate. For an IRRRL to be worthwhile, your interest rate should be at least 1% lower than your existing rate. If you're refinancing from an adjustable rate mortgage to a fixed-rate mortgage, however, the interest rate may increase.
VA Home Loan Program
Run by the US Department of Veteran Affairs (VA), the VA home loan program is a guaranteed loan program for veterans and active duty personnel. Although you get the loan from a private lender, the VA backs the loan with that lender. That means if you ever have trouble making the payments, the VA covers any losses that the lender may incur. Essentially, a VA loan guaranty is like insurance that the VA provides to the lender. Advantages of the VA home loan program include low or no down payment, no private mortgage insurance, a limit on closing costs, and no penalty fee if you pay your mortgage off early.
Cal Vet Home Loan Program
Specifically designed for military veterans who want to buy homes in California, the Cal Vet home loan program boasts low or no down payment and low interest rates. It is also easier to qualify for a Cal Vet home loan. Cal Vet home loans are offered in amounts of up to $521,250. The program is available at no cost to California taxpayers. Interest rates are "locked in" from the date that you apply. The Cal Vet home loan program obtains the loan guaranty from the VA. Eligibility for the Cal Vet home loan program has been expanded, so most veterans buying a home in California are now eligible. There are no prior residency requirements.
Military Forbearance Option
If you're facing financial hardship because of an injury you incurred during active duty, military forbearance might be an option. Military forbearance is an agreement between you and the lender that temporarily suspends or reduces your monthly mortgage payments during the forbearance period. The forbearance period may last for up to six months.
The military forbearance program enables you to overcome short-term financial problems and receive the help you need to get back on your feet. After the forbearance period is over, you are responsible for repaying the amount that was reduced or suspended. You can either pay it back by lengthening the term of your mortgage and moving those payments to the end, making a one-time payment or adding a specific amount to your monthly payments until it is paid back.
Interest Rate Reduction Refinancing Loan
The Interest Rate Reduction Refinancing Loan (IRRRL), also known as the Streamline or "VA to VA" loan, is a refinancing loan that offers current VA mortgage holders the opportunity to take advantage of low interest rates. To qualify for an IRRRL, the new interest rate must be lower than the existing rate. For an IRRRL to be worthwhile, your interest rate should be at least 1% lower than your existing rate. If you're refinancing from an adjustable rate mortgage to a fixed-rate mortgage, however, the interest rate may increase.
How Do I Obtain a Home VA Loan
A home VA loan (VAHL) is a mortgage loan that is guaranteed by the US Department of Veteran Affairs, also known as the VA. The VAHL program began in 1944 through the original Servicemen's Readjustment Act, or the GI Bill of Rights. The GI Bill provided veterans with a federally-guaranteed home loan with no down payment, making the dream of homeownership a reality for millions of veterans and their dependents.
VAHL are made by private lenders, such as banks, credit unions, and mortgage companies. Contrary to popular belief, there's little red tape involved with getting a VA loan. In fact, the application process for a VAHL isn't much different from the application process for any other kind of mortgage. If you're a veteran who's interested in buying a home, here are the steps you need to take in order to obtain a VAHL.
Apply for a Certificate of Eligibility
Get your Certificate of Eligibility (COE) by completing VA Form 26-1880 (Request for a Certificate of Eligibility for VAHL Benefits) and submitting it to the VA Eligibility Center along with proof of military service. If you've already begun the loan application process, you could even ask your lender to assist you in obtaining the COE. Check the status of your application for a COE in 10 days.
Find a Lender
Locate lenders that participate in the VAHL program. Shop around for a good lender because interest rates, closing costs, and discount points vary widely from one lender to the next. Get pre-approved for a loan, so you can determine how big of a loan you'll get. The lender will review your credit history and income information to determine whether you qualify for a home loan. Consider looking for VA Lender Appraisal Processing Program (LAPP) lenders because they can process VA loans faster than other lenders.
Find a Home You Want to Buy
Shop around for homes and decide on a home that you want to buy. You could use the services of a state-licensed real estate agent to take tours of different homes and find a home that suits your requirements. Make sure that your purchase and sales agreement includes a "VA Option Clause," which is also known as a financing contingency. This clause makes the contract subject to approval for a VA guaranteed loan.
Order an Appraisal
Typically, your lender will order an appraisal from the VA. Your lender will send a VA form to a state-licensed real estate appraiser, who will visit the home to determine the market value of the property. Bear in mind that the VA's appraisal is not a home inspection or guaranty of value - the VA doesn't guarantee the condition of the house. Furthermore, lenders cannot request specific appraisers and the appraisers are not VA employees. The lender will review the appraisal and the borrower's credit, income, and assets to decide whether or not the loan should be granted.
Close the Sale and Move into Your New Home
If the loan is approved, you need to contact a state-licensed insurance agent. Typically, the title of the home is examined and insured by a title insurance company that may also prepare closing documents and enter them into public records. Once that's all taken care of, you can move into your new home!
The GI Bill provided veterans with a federally-guaranteed home loan with no down payment, making the dream of homeownership a reality for millions of veterans and their dependents. If you're a veteran who's interested in buying a home, here are the steps you need to take in order to obtain a VA home loan.
VAHL are made by private lenders, such as banks, credit unions, and mortgage companies. Contrary to popular belief, there's little red tape involved with getting a VA loan. In fact, the application process for a VAHL isn't much different from the application process for any other kind of mortgage. If you're a veteran who's interested in buying a home, here are the steps you need to take in order to obtain a VAHL.
Apply for a Certificate of Eligibility
Get your Certificate of Eligibility (COE) by completing VA Form 26-1880 (Request for a Certificate of Eligibility for VAHL Benefits) and submitting it to the VA Eligibility Center along with proof of military service. If you've already begun the loan application process, you could even ask your lender to assist you in obtaining the COE. Check the status of your application for a COE in 10 days.
Find a Lender
Locate lenders that participate in the VAHL program. Shop around for a good lender because interest rates, closing costs, and discount points vary widely from one lender to the next. Get pre-approved for a loan, so you can determine how big of a loan you'll get. The lender will review your credit history and income information to determine whether you qualify for a home loan. Consider looking for VA Lender Appraisal Processing Program (LAPP) lenders because they can process VA loans faster than other lenders.
Find a Home You Want to Buy
Shop around for homes and decide on a home that you want to buy. You could use the services of a state-licensed real estate agent to take tours of different homes and find a home that suits your requirements. Make sure that your purchase and sales agreement includes a "VA Option Clause," which is also known as a financing contingency. This clause makes the contract subject to approval for a VA guaranteed loan.
Order an Appraisal
Typically, your lender will order an appraisal from the VA. Your lender will send a VA form to a state-licensed real estate appraiser, who will visit the home to determine the market value of the property. Bear in mind that the VA's appraisal is not a home inspection or guaranty of value - the VA doesn't guarantee the condition of the house. Furthermore, lenders cannot request specific appraisers and the appraisers are not VA employees. The lender will review the appraisal and the borrower's credit, income, and assets to decide whether or not the loan should be granted.
Close the Sale and Move into Your New Home
If the loan is approved, you need to contact a state-licensed insurance agent. Typically, the title of the home is examined and insured by a title insurance company that may also prepare closing documents and enter them into public records. Once that's all taken care of, you can move into your new home!
The GI Bill provided veterans with a federally-guaranteed home loan with no down payment, making the dream of homeownership a reality for millions of veterans and their dependents. If you're a veteran who's interested in buying a home, here are the steps you need to take in order to obtain a VA home loan.
Thursday, December 5, 2013
Best Structured Settlements - Let's Have An Insight
Structured settlement is a major concern associated with financial zone. It is a powerful tool constructed for injured people. People usually choose this tool instead of going for one-lump payment from the law-suit. Through this facility, people fetch regular payments for a specific time-frame in order to satiate future goals and needs.
Structured settlements have many financial advantages:
• Guaranteed payment which is delivered by the annuities to pay for your structured settlement.
• Lifetime exclusion from all sorts of taxes including income, capital and dividend gains taxes.
• Eligible for private and federal health care plans.
In simple terms, this settlement is a sort of financial security which can be earned by any individual. All you need is the information and motivation. In this article, we have tried to incorporate all the aspects of structured settlements for your knowledge. You can call it as insurance for your injuries, but you cannot consider it equivalent to health insurance. Through this financial tool, you can enhance your funds by reaching top-notch insurance companies. This money can be dispersed in different fashion as per your requirements and needs. You can acquire it for lifetime, on a monthly basis, quarterly, for a set time-frame, semi-annually, annually and in many other forms. One thing which I would like to mention is that you have to understand the importance of professional firms for structured settlements. Try to approach those firms which specialize in this financial tool and deals best.
Situation of each and every individual is different and therefore, if you are under the shelter of a professional, things will be sorted and accessible. This settlement is available for an individual as well as for the family. If you really wish financial security for your dear ones, fetch this financial tool instantly. It is very essential that you should be clear regarding your financial plan. Here, I would like to lend certain advice regarding the purchase of this financial security.
The first and the most important thing is that take enough time when you are on a hunt to find someone who can pay you bulk amount for your structured settlements. It is just proposed so that you can extract maximum funds. Make all your doubts clear and then move ahead with the company, so that you may not get ripped off. Secondly, the company which you have chosen should give you least pain over such issues. Never be hasty while making such important decisions as ultimately you are going to be the sufferer. Take ample time and then proceed.
Get surrounded by a company which is ready to answer all your queries. If you have a feeling that it is not lending the real answers, you might check out for another firm. The company should be in a phase to answer all your questions as a treat. Keep this aspect in mind and you'll directly reach the legitimate structured settlement company.
Structured settlements have many financial advantages:
• Guaranteed payment which is delivered by the annuities to pay for your structured settlement.
• Lifetime exclusion from all sorts of taxes including income, capital and dividend gains taxes.
• Eligible for private and federal health care plans.
In simple terms, this settlement is a sort of financial security which can be earned by any individual. All you need is the information and motivation. In this article, we have tried to incorporate all the aspects of structured settlements for your knowledge. You can call it as insurance for your injuries, but you cannot consider it equivalent to health insurance. Through this financial tool, you can enhance your funds by reaching top-notch insurance companies. This money can be dispersed in different fashion as per your requirements and needs. You can acquire it for lifetime, on a monthly basis, quarterly, for a set time-frame, semi-annually, annually and in many other forms. One thing which I would like to mention is that you have to understand the importance of professional firms for structured settlements. Try to approach those firms which specialize in this financial tool and deals best.
Situation of each and every individual is different and therefore, if you are under the shelter of a professional, things will be sorted and accessible. This settlement is available for an individual as well as for the family. If you really wish financial security for your dear ones, fetch this financial tool instantly. It is very essential that you should be clear regarding your financial plan. Here, I would like to lend certain advice regarding the purchase of this financial security.
The first and the most important thing is that take enough time when you are on a hunt to find someone who can pay you bulk amount for your structured settlements. It is just proposed so that you can extract maximum funds. Make all your doubts clear and then move ahead with the company, so that you may not get ripped off. Secondly, the company which you have chosen should give you least pain over such issues. Never be hasty while making such important decisions as ultimately you are going to be the sufferer. Take ample time and then proceed.
Get surrounded by a company which is ready to answer all your queries. If you have a feeling that it is not lending the real answers, you might check out for another firm. The company should be in a phase to answer all your questions as a treat. Keep this aspect in mind and you'll directly reach the legitimate structured settlement company.
Mortgage Broker Is Best at Renewing Mortgages
Getting your first mortgage is a major step forward and it involves quite a bit of work. Most people see mortgage renewal as nothing more than a chore that they would like to avoid. What these people don't realize is that the mortgage renewal period is actually a great opportunity to save money, or to pick up more favorable mortgage terms. With help from an experienced mortgage broker you can easily improve your mortgage and save yourself a little money in the process.
Shop Around for Better Rates
One of the best reasons to use a broker is that they aren't affiliated with any one lender and are more than willing to help you shop around for the best renewal rate out there. When the time comes to renew your mortgage make sure that you have as many options available to you as you can. By comparing many different lenders you can find out if you are currently getting the best interest rate on your mortgage, or if you can land a better deal instead. Thanks to a wide variety of options through a broker you can often save thousands of dollars by using their services.
Free Transfer to New Institution
Most homeowners assume that when they transfer to a different lender they are going to have to pay a transfer fee, but this isn't the case. The new lender who agrees to pick you up for your mortgage renewal will pay the transfer fees for you. This means you can get a lender who offers better terms and you won't have to pay anything to switch over to them.
A Mortgage Broker Examines More than Just Interest Rates
Relying on a mortgage broker to find you lenders isn't just about interest rates on your mortgage renewal. Most brokers will take a close look at many other aspects of a renewal agreement as well. They will examine things like whether the account has a variable or fixed interest rate, what the amortization rate is, and what sort of payment policy the plan relies on. You may decide it's worth it to pay a slightly higher interest rate to go with a company that locks their interest rate in and also has a more lenient payment policy. This is all information that you can research yourself, but having a mortgage broker do the research for you is simpler.
Start the Renewal Process as Soon as Possible
Don't be one of those homeowners who waits too long to start looking for a new renewal on their mortgage a few weeks before the period is up. Instead begin looking for the best renewal rate about six months before you are actually due for the renewal. Most lenders are willing to guarantee you a renewal rate for up to six months before the time of the renewal. Starting earlier gives you the time you need to really do your homework and find the best deal out there.
Choosing a Mortgage with New Terms
It's simple to renew your mortgage with exactly the same terms that you were following previously, but that may not be in your best interest. For instance if you received a large promotion between when you got your mortgage and time for your renewal you could reduce the amount you spend in interest by upping the payment amount and reducing the length of your mortgage. A mortgage broker can help you look over options like this and determine what will work best for you.
Shop Around for Better Rates
One of the best reasons to use a broker is that they aren't affiliated with any one lender and are more than willing to help you shop around for the best renewal rate out there. When the time comes to renew your mortgage make sure that you have as many options available to you as you can. By comparing many different lenders you can find out if you are currently getting the best interest rate on your mortgage, or if you can land a better deal instead. Thanks to a wide variety of options through a broker you can often save thousands of dollars by using their services.
Free Transfer to New Institution
Most homeowners assume that when they transfer to a different lender they are going to have to pay a transfer fee, but this isn't the case. The new lender who agrees to pick you up for your mortgage renewal will pay the transfer fees for you. This means you can get a lender who offers better terms and you won't have to pay anything to switch over to them.
A Mortgage Broker Examines More than Just Interest Rates
Relying on a mortgage broker to find you lenders isn't just about interest rates on your mortgage renewal. Most brokers will take a close look at many other aspects of a renewal agreement as well. They will examine things like whether the account has a variable or fixed interest rate, what the amortization rate is, and what sort of payment policy the plan relies on. You may decide it's worth it to pay a slightly higher interest rate to go with a company that locks their interest rate in and also has a more lenient payment policy. This is all information that you can research yourself, but having a mortgage broker do the research for you is simpler.
Start the Renewal Process as Soon as Possible
Don't be one of those homeowners who waits too long to start looking for a new renewal on their mortgage a few weeks before the period is up. Instead begin looking for the best renewal rate about six months before you are actually due for the renewal. Most lenders are willing to guarantee you a renewal rate for up to six months before the time of the renewal. Starting earlier gives you the time you need to really do your homework and find the best deal out there.
Choosing a Mortgage with New Terms
It's simple to renew your mortgage with exactly the same terms that you were following previously, but that may not be in your best interest. For instance if you received a large promotion between when you got your mortgage and time for your renewal you could reduce the amount you spend in interest by upping the payment amount and reducing the length of your mortgage. A mortgage broker can help you look over options like this and determine what will work best for you.
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