Chase Bank Loans Department Phone Number

Question 1

How do you calculate the apr of loans?

Answer

The annual percentage rate (or APR, for short) is a measure of the cost to borrow money. It is calculated each year in percentages. It is the amount of interest that is charged on the loan, the points mortgage insurance, as well as any other fees charged to the lender. The APR of a loan is calculated by determining the interest rate, amortization period, and any charges. The formula is APR = (1 + interestRate) * NumberOfYears (100). As an example suppose that you are given a $100,000 loan over 30 years with a 6% interest rate. Your APR is 6.684%. Chase Bank Loans Department Phone Number.

Question 2

Who are micro-lenders?

Answer

A micro-lender can be described as a bank that lends money to small companies or individuals, typically with a limit of under $50,000. Micro lenders usually provide loans to entrepreneurs and other low-income borrowers who might not be able to get loans from traditional banks. Since they have to take on more risk of lending to those who may not be able to pay back the loans, micro lenders usually have high interest rates. However, they also be a valuable resource by aiding entrepreneurs in getting their businesses on the right track and expand. Chase Bank Department Phone Number.

Question 3

What is a "payday loan"?

Answer

Payday loans are short-term, non-secure loan that is due on the next payday. Payday loans are utilized by borrowers to pay unanticipated expenses or bridge financial gaps until their next payday. Payday loans can be costly and it is crucial to be aware of the terms of any loan agreement before signing. Chase Department Phone Number.

Question 4

What is an FHA loan, and what are its advantages?

Answer

FHA loans are mortgages insured by the Federal Housing Administration. FHA doesn't lend money; it is the insurer of the loans. The FHA will reimburse the lender for any loss if you fail to pay with the loan. The FHA loan comes with a number of advantages over a conventional mortgage it's much easier to qualify for an FHA loan than conventional mortgages. FHA loans require a 3.5% downpayment. FHA loans typically offer lower rates of interest than traditional mortgages. FHA loans can be used to purchase a home, even if you have bad credit or have limited credit. Chase Bank Loans Department Phone Number.

Question 5

How much can I qualify for the VA loan?

Answer

The Department of Veterans Affairs (VA) does not have an upper limit on loans. Instead, it uses conforming loan limits established by Fannie Mae or Freddie Mac to determine the amount you can take out. These limits will vary depending the location you reside in. The VA can guarantee loans to the limits set by these guidelines. The VA will also guarantee any loan that exceeds these limits. If you need to borrow more, you will have to contribute additional funds. Use our online VA Loan Limit Calculator tool to find out the amount you might be qualified for. Chase Bank Department Phone Number.

Question 6

What is an ARM loan with 5/1?

Answer

A 5/1ARM loan is a mortgage where the interest rate stays the exact same for the first 5 years, and then it changes each year. The interest rate for 5/1ARM loans is fixed for five years, after which it is changed to an variable rate for the remainder of 25. Chase Department Phone Number.

Question 7

What are the various types of loans?

Answer

The different types of loans are personal, home, business, and student loans. A personal loan is an unsecured type of loan that is able to be used for any reason. These are loans secured by collateral that are used to purchase or refinance houses. These loans secured by collateral can also be used for the purpose of starting or grow businesses. Student loans can be unsecured loans that help you pay for your education expenses. Chase Bank Loans Department Phone Number.

Question 8

How can you calculate the amount of amortization for a loan?

Answer

There are many ways you can calculate amortization on mortgage loans. It is easiest to utilize an online calculator. A financial calculator or pencil and paper are other alternatives. For calculating amortization manually, you need the following information. -the amount borrowed вАУthe interest rate вАУthe loan term in months -the monthly amount of the payment. A $10,000 loan with rate of 6% over 5 year will yield a monthly of $1,006. Chase Bank Department Phone Number.

Question 9

What is a non-recourse credit?

Answer

Non-recourse loans cannot be secured by the borrower's assets. Lenders are only able to take collateral assets in the event that the borrower does not pay back the loan. For instance, suppose you get a loan to purchase the car. If you are unable to pay your monthly payment, the lender may repossess the vehicle but cannot pursue you for any extra money they might be owed. Compare this to a recourse loan, where the lender is able to make garnishments on your wages or pursue other legal action if you do not pay the debt. Chase Department Phone Number.

Question 10

How can PMI be removed from an fha loan?

Answer

There are many ways to remove PMI from the FHA Loan. One option is to build enough equity in the house. Another option is to hold off until the amount of the loan falls below 78%. There's also a program called "Mortgagee Release" that allows borrowers to discharge their PMI once they've paid down the mortgage balance by 80 percent of the property's initial value. Chase Bank Loans Department Phone Number.