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Question 1

What is an Origination Fee for Loans?

Answer

A loan origination fee is a cost lenders charge to process the application. This fee is normally expressed as a percentage from the amount of loan. For instance, if you get a $100,000 loan the lender could charge 2% of that amount that is, $2,000, as the loan origination fee. 500 Loans Bad Credit No Guarantor.

Question 2

What is the term loan refinancing?

Answer

A loan refinance is a way to reduce your mortgage monthly payment. If you are current on your mortgage but you have experienced an increase of significant proportions in your mortgage interest or your monthly payment, this option may be an option. The lender will then remortize your loan. This means they'll spread the remaining loan over several years. The monthly payments will be lower because of this. However, because you're now making payments to pay off your loan for more years, you'll be paying more interest over the life of the loan. loans bad credit no guarantor.

Question 3

What is what is a "direct loan"?

Answer

Direct loans are educational loan, which is funded through the U.S. Department of Education. Direct loans are available to students who are approved by the Federal Direct Loan Program. There are two types of direct loans: subsidized and unsubsidized. While you are attending at least half-time at school, the government pays interest for a subsidized student loan. This is also true during deferment periods as well as the first six month after the completion of your studies. If you have a loan that is not subsidized you're responsible for the interest rate from the time the loan is disbursed until the loan is paid in full. You have the option to either pay the interest while in school or have it capitalized (added to your principal balance). 500 loans no guarantor.

Question 4

What exactly is a loan underwriter?

Answer

A loan underwriter makes sure that potential customers are suitable for a loan. In making a final decision the underwriter must consider the borrower's credit rating, debt-toвАУincome ratio, and work history. The underwriter can deny a loan application if they feel the borrower isn't a suitable candidate or is too risky. If they find that the borrower has the proper qualifications and is not at risk, they will give approval to loan approval. 500 Loans Bad Credit No Guarantor.

Question 5

What is a loan Underwriter?

Answer

An underwriter for loans is accountable for verifying that a potential borrower has the right qualifications to receive an loan and is worthy of receiving one. When making a determination, an underwriter will assess the credit rating of the borrower, debt-toвАУincome ratio, and work history. If the underwriter determines that a borrower who is a candidate is not qualified or too risky, they'll deny the loan. If the underwriter is of the opinion that the borrower is qualified and has safe the loan is approved. loans bad credit no guarantor.

Question 6

What is a discount point?

Answer

A discount points is a cost that the borrower pays to the lender to secure a loan with less interest. One point is equivalent to one percent of the loan amount. The lender is liable for $2,000. If you took out a loan of $100,000 and you paid two points, it would be $2,000. People who want to lock in a low interest rate on their loan will use points. The problem is that points can increase the total cost of the loan. So borrowers should only be paying points if they think that they will benefit more in the life of the loan than what they be paying in points. 500 loans no guarantor.

Question 7

What is a Non-QM loan?

Answer

Non-QM loans are mortgages not meeting the traditional Qualified Mortgage regulations. Non-QM loans are designed for those who do not fit to the standard lending criteria, such as those with less credit scores or with a an increased ratio of debt to income. The approval process for loans that are non-QM can be harder than for traditional mortgages due to higher interest rates. They can still be an option for those who don't meet the requirements for traditional mortgages. 500 Loans Bad Credit No Guarantor.

Question 8

What is Heloc loans?

Answer

A HELOC loan or home equity line credit is one type of loan that allows the borrower to draw on an revolving loan. The loan is usually used to pay for large expenses like home repairs or renovations as well as educational expenses as well as medical expenses. The amount borrowed is usually determined by the equity of the borrower's home. The interest rate of an HELOC loan usually is lower than the interest rate on a traditional mortgage or personal loan. HELOC loans generally are more expensive than credit cards however the HELOC interest rate is typically lower. loans bad credit no guarantor.

Question 9

How much is pmi on an fha loan?

Answer

The answer to this question is not exact. It could vary based on numerous factors like the amount of loan, down payment amount and the mortgage insurance company. An FHA PMI on a loan is approximately 0.5 percent to 1.0% of its total amount each year. The cost could range from $500 to $1,000 annually to insure your mortgage for an amount of $100,000. 500 loans no guarantor.

Question 10

What is a direct loan?

Answer

Direct loan is a loan provided by the U.S. Department of Education. Direct loans are provided through schools which have been authorized to be part of the Federal Direct Loan Program. Direct loans come in two forms either subsidized or unsubsidized. A subsidized loan is provided by the government when you're in school at least 50%, for a period of six months after graduation and throughout any period of deferment. A loan that is not subsidized will see you paying interest beginning the day the loan is made until the last payment. There are two options available to you either to pay the interest at school while you are enrolled or have it capitalized (added to the principal balance). 500 Loans Bad Credit No Guarantor.