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Boa credit card rental car insurance

Having worked in the mortgage industry for some time I have come across some pretty informed borrowers, and they usually get the best deals.

Rarely do uninformed borrowers get the "best deal", if they are working with reputable lenders they more than likely get a good deal. However, the difference between a good deal and your best deal could be many thousands of dollars over the life of a loan. For this reason I decided to put a list of things you should know before you go.This being said, the list will be minimal due to the fact if I make it too large or complicated most people will glaze over this material. Then they would find their selves in the same predicament of waiting for the lender to tell you these things and hoping they are correct. The list is:1) Credit Scores - You should know all three of your credit scores AND have a fully tri-merged report outlining all of your creditors. Check each and every entry on this report for accuracy, should you find errors you should immediately dispute them with the bureaus and the creditor. You see all over this website, and others, get a free credit report here. The truth is the only free credit repor t comes from www.annualcreditreport.com this is a free service that will in most cases mail you a report. This report is different than the ones a lender sees. It only list the people on the bureau and how they report, no scores. You should PAY for a fully tri-merged report with scores. It will cost you abut $35 bucks and is worth every penny. If you want you can apply to a credit management system and they will give you this free report too. One of the best can be found here.2) Documentation Type (Doc Type) - You should know what documentation you are prepared to provide. This distinction is the first thing a loan officer is going to determine when filling out your application and BEFORE he gives you a rate or closing cost. Lenders require that you PROVE: income, assets, employment, length of self employment, reserve assets, housing/ rental history, proof of insurance, collections are paid. Be prepared to show proof of anything that you dispute on your bureau with either a letter from the reporting party or undisputable proof that you are right. If you are unable to prove these things you may still get the loan....but the price is going up.The documentation type falls into these categories:Full DocLite DocNo DocThere are three main types of light-doc/no-doc mortgages.Stated-income mortgages tend to be for people who work but don't draw regular wages or salary from an employer. That includes self-employed people or those who make a living off commissions or tips. Stated-income mortgages are for people who make the money they say they make, but that amount doesn't show up on the bottom line of their income taxes. Expect to pay .5% - 1.5% premium over full doc loans.No-ratio loans are often the right call for wealthy people with complex financial lives, retirees who live off investments and people whose lives are in flux because of divorce, recent death of a spouse, or career change. Expect to pay .5% - 1.5% premium over full doc loans.Stated Income Stated Assets Are for borrowers that do not wish to share or can n ot share proof of income and proof of reserves in the bank. Expect to pay .5% - 1.5% premium over full doc loans.No-doc or NINA (no income/no asset verification) mortgages are for creditworthy people who want maximum privacy and can afford to pay for it. Expect to pay 1% - 2.5% premium over full doc loans.3) Loan To Value (LTV or CLTV) This is a measurement of how far into the value of the home you expect the lender loan. For example a $100,000 house with an $80,000 loan amount is 80% loan to value or LTV. We get this value by dividing the PRESENT value or sales price by the ACTUAL loan amount (PV/ LA = LTV). When you begin to go over 80% loan to value you are asking the lender to bear more risk, be prepared to pay more in the long run should you refinance or purchase above this LTV. Foreclosures happen most often on homes with less than 20% equity, and the banks know this.If you go over the 80% threshold on a conforming loan you will be made to carry mortgage insurance, otherwise known as PMI, MI. This is to protect the investor should they have to foreclose. There are ways around this such as doing a combination of loans with a conforming first and a non-conforming second mortgage, however the second mortgage always comes in at a higher rate thus costing you more for the loan. Know what LTV loan you are asking for before you go.4) Debt to Income Ratio (DTI) - This is where your credit bureau you bought earlier comes into play. Lenders will determine your ability to pay by your debt to income ratio. This is simply the amount of payments that show on your bureau plus the payment of the loan you are applying for divided by your GROSS income. (DEBTS + CURRENT PAYMENT / GROSS INCOME = DTI). Only use the minimum payment that you are required to pay and in most cases you can ignore payments with less than 10 payments remaining.In times past FHA set the standard for allowable card car credit rental boa insurance DTI Ratios they are currently at 33% & 44%. These ratios are called a Front Ratio and a back ratio. The front ratio is simply a percentage derived from dividing your mortgage payment (PITI) by your Gross Income. EXAMPLE - $1000 payment / $4000 gross income gives us a 25% Front Ratio. The back ration is simply the same formula we stated earlier. EXAMPLE $2000 total debts divided by $4000 total income yields a 50% DTI Back end ration.The back end ratio is used most commonly in non-conforming and conventional mortgages. I have seen borrowers with a 75% back end ratio get approved with other factors being present such as plenty of liquid assets, job time, low LTV and so on. So if your ratio looks a little high you may be ok as long as the other pieces of the pie look good. If not, you may be looking at a stated documentation loan.5) The Three C's - The 3 C's of credit comprise your entire financial life and stand for Character, Capacity and Collateral. You should look at these things as an underwriter would, because these are ultimately what the underwriter has to prove a case for before she signs off on your loan.Charac ter is the most important of the three C's. The underwriter will rank the importance of each of your current and past debts when measuring your capacity. Beginning with the most important credit, the mortgage, followed by installment loans, such as a car or personal loan, revolving loans, such as credit cards, and then all other loans. A mortgage lender is primarily going to be concerned with whether or not we have made our mortgage / rental payments on time, and then he or she will consider the other loans. Look at yourself as she would and give yourself a letter grade A-F.The second C of credit, Capacity, is a measure of how much income we have versus how much debt we have. As discussed earlier, debt is broken down into two categories. First, the mortgage loan size and resulting payments and second, all other debts and their resulting payments. In general lenders allow mortgage borrowers to use between 28% and 35% of their gross-pretax car boa rental credit card insurance income for mortgage payments and 33 % to 45% for all debts including the mortgage. Give yourself a letter grade here objectively A-F.The third C of credit, Collateral, is a measure of the size of your down-payment in the event of a purchase, and in the event of a refinance, it is the amount of equity you have in our home. It also calls into reason the over-all condition and desirability of the collateral. For Example a home worth $250,000 in the middle of a subdivision is a good collateral risk should the lender need to foreclose. However that same house set miles away from other homes of similar value, or surrounded by homes of lessor vale would call into question the ability to sell this collateral should foreclosure happen. Give yourself a letter grade from A-F on this as well.Now average these letter Grades together and this will give you a good picture of how your loan application will be viewed and why you may be asked to pay a premium over other borrowers.This material is, by no means, the whole picture when trying to price a mortgage. H owever if you know the answers to these questions before you go you will be a better informed boa credit card rental car insurance customer, know what questions to ask and as we said in the beginning. "The best informed customers always seem to get the best deal". 2

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DID YOU KNOW?

Mortgage brokers earn their living by bringing lenders and borrowers together. They are similar to real estate brokers, who bring buyers and sellers together.

As you have to be careful in getting a real estate agent, you have to take similar care to get a mortgage broker. The borrower pay the commission to the broker, so may encounter certain brokers who would be tempted increase the fee. One of the ways that he can achieve that is by approaching a lender who is charging a higher interest rate, resulting a high borrowing for you and higher commission for him.

Also, watch out for brokers who encourage you to take some extra mortgage for other expenses at home. It is always nice to have some extra money, but you should analyze what this extra cash would cost you. If your loan amount goes up, the net payment required to be paid goes up as well as the commission you pay the broker. Obviously, these brokers may not be the best suited for you.

Sometimes, the broker are awarded fee from the lender that they are suppose to pass on to you, but this does not happen always. You need to be vigilant and watch for any extra fees paid by the lender and listed on your closing statements. These are usually referred to as "paid outside closing" or "POC." Check your closing statement for such fees, which often are listed in a different place than other closing costs. Also, ask your broker if he is receiving any such fees because you would reduce his commission by the same amount as any "POC" fees.

So why would you use a broker? Brokers have access to several lenders and provide a wide selection of loan products and terms from which you can choose. Brokers will usually contact multiple lenders regarding your application.

The Small Business Administration states that business loans for women are on the rise, and will continue to be needed on an increasing basis in coming years. Business loans for women are more popular than ever due to a variety of factors.

1. Women are taking the initiative needed to become business owners and are opening new businesses.

According to the most recent data on businesses, available from the U.S. Department of Commerce, Bureau of the Census, there were 5.4 million women-owned businesses in the United States in 1997. The Bureau of the Census also stated that the number of women-owned firms grew almost three times as fast as all firms between 1992 and 1997. They have reported that the number of women-owned firms increased by 16 percent in this five-year period, compared to a six percent increase for United States firms in general. The 1997 Economic Census states that women-owned firms made up 26 percent of the nation's 20.8 million nonfarm businesses, employed seven percent of the 103 million workers, and generated four percent of the $18.6 trillion in receipts. The National Foundation for Women Business Owners states that the current estimated growth rate in the number of women-owned firms is nearly twice that of all firms, and this increase is a trend that is expected to increase even more in coming years. The anticipated increase in women-owned firms, therefore, brings about a tremendous need for business loans for women.

2. The past decade has shown a boom in the home-based business arena.

The increase in home-based businesses popping up nationwide is due very much to the idea that many mothers are starting businesses in order to choose a work-at-home lifestyle to bring income into the home, and at the same time, raise their children at home rather than placing them in daycare. While these home-based business are operated in a nontraditional work environment, in perhaps a nontraditional style of operation, they are nonetheless the same as other businesses in the style of carrying inventory, making purchases for the business, marketing the business, and creating a web presence. Business loans for women are crucial for small businesses such as these. Many have proven to be just as successful or even more successful than traditional businesses and businesses owned by men.

3. Women often purchase existing businesses.

Nearly no explanation is needed to stress the need for business loans for women in this area. Purchasing a business requires money, most often obtained through business loans for women or through another type of loan. Because more and more women are leaving the work place and carefully weighing all factors of owning a business, purchasing an existing business is a wonderful option for those that don't want the risk involved in actually starting a business. By purchasing an existing business, it allows the potential new owner the opportunity to carefully examine the existing business regarding many things, including its profitability, gross sales, and market position. A business that rates high in all three areas is a good business investment for a new potential business owner, especially a women with past business experience. Business loans for women can offer a new, potential business owner the opportunity needed to operate a successful business.

4. With more women in business for themselves, business loans for women are needed to offer women capital crucial for a business to succeed.

Regardless of whether the business is home-based or more traditional in nature, and whether it's a start-up business or was a purchased, existing business, capital is needed for a business to succeed, and to start, business loans for women are of great assistance. Business loans for women offer women a way of starting a new business with capital. Business loans for women can also assist women in increasing sales for an existing business, as well as marketing the business or expanding a business.

5. Women tend to choose to operate businesses in the services or retail trade industries.

According to the U.S. Census Bureau, more than seven out of every 10 women-owned businesses and firms are operated in the services or retail trade industries. Considering the nature of these two types of businesses, one can easily see why the need for business loans for women is on the rise. In order for a woman to successfully operate a retail trade business, for example, inventory is needed. While drop shipping can sometimes be an option, especially for an at-home retail business operated through an online store, more realistically speaking, inventory needs to be purchased. Business loans for women offer women the option of purchasing inventory to be sold in a retail business. Likewise, a service-related business normally operates with the use of equipment, and is often specialized equipment for that specific type of business. The availability of business loans for women offers women the opportunity to purchase equipment and supplies needed to operate and succeed in running a service-related business.

Business loans for women are increasingly important for female business owners. However, careful consideration should be taken before securing a business loan to make sure that the loan is truly needed for the business to expand and succeed, and to make sure that the loan payments will easily fit into the business' budget.










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