Credit Union Bank Personal Loans

Question 1

What is the minimum downpayment required for an FHA Loan?

Answer

While the FHA loan down payment is subject to fluctuation, it's typically 3.5 percent of the total home cost. In order to be eligible to receive an FHA loan, you'll need to have a credit score of at minimum 580. However, if your credit score falls between 500 and 579, you may still be eligible for an FHA loan but will likely have to pay a greater down payment. FHA loans are available to veterans of the military as well as active service members. Credit Union Bank Personal Loans.

Question 2

What exactly is a direct loan?

Answer

A direct loan can be described as a loan funded by U.S. Department of Education. Direct loans can only be made to schools that are authorized to take part in the Federal Direct Loan Program. There are two types of direct loans: subsidized and unsubsidized. The government covers the interest on loans that are subsidized when you're enrolled at least half-time, during the first 6 months following the end of your schooling as well as during a time of deferment. You are responsible for paying interest on a loan that is not subsidized starting the day it's disbursed to the time it's completely paid. You can choose to either pay for the interest during school or have it capitalized (added to the principal balance). Credit Union Bank Personal.

Question 3

What is a secured loan?

Answer

A secured loan is a loan that is secured by an asset. The lender may take possession of the asset if the borrower is not able to pay for the loan. Secured loans generally offer lower interest rates since the lender is secured in case in the event of default. Credit Union Personal.

Question 4

What exactly is payday lenders?

Answer

A payday lender, which is a loan provider that offers short-term cash loans, lends cash to those who need immediate cash, and who have a large possibility of repayment. These loans can be for extremely small amounts, and are repayments can be made in two to four days. These loans are a good option for people who require urgent cash but don't wish to risk their credit rating or have poor credit. Credit Union Bank Personal Loans.

Question 5

What is a Hard-Money Loan?

Answer

A hard money loan is a loan that's backed by assets, like real property. These loans are usually used to fund short-term projects like fix and flips or construction. While they have more interest than conventional banks and tend to approve loans more quickly, hard money lenders are generally less costly. Credit Union Bank Personal.

Question 6

How do you check the status of your loan?

Answer

There are several options available to confirm the status of your loan. Contact the lender to obtain the loan status. A loan tracking program such as Loan Tracker Pro will provide the most recent information about your loan, including the date of origination (interest rate) and monthly payment amount and more. Credit Union Personal.

Question 7

What exactly is a loan statement?

Answer

A loan disclosure is a document that lists all terms and conditions of a loan. It includes details such as the rate of interest, the amount, and repayment schedule. A loan disclosure helps customers understand the terms of their loan. This helps them make an informed decision on whether or not to accept the loan. It protects lenders from possible legal action in case of disagreement. Credit Union Bank Personal Loans.

Question 8

What can be used for collateral in a personal loans?

Answer

You can use collateral to secure a personal loan in a variety of ways, such as the purchase of a home, a car, stocks or bonds. Before you begin the application process, it is important to consult with the lending institution regarding your options. Certain lenders may be more flexible in terms of what collateral is acceptable. It is always best for all parties to have an honest, open conversation with lenders about the available collateral prior to making an application. This will ensure that everyone is on the the same page, and will help prevent any surprises later on. Credit Union Bank Personal.

Question 9

What is a loan origination fee?

Answer

A loan origination fee is a cost imposed by a lender to cover the expenses associated with processing a new loan application. The fee is usually expressed as a percentage on the total amount of the loan. In other words, a $100,000 loan could be accompanied by a loan origination fee of 2%, or $2,000 Credit Union Personal.

Question 10

What is "lender credit"?

Answer

It's a form of credit offered by lenders to the borrowers. This allows borrowers the opportunity to take out loans than they would be able to borrow through their credit card. Credits for lenders are provided by lenders to get more business. They usually take the form or a percentage off the amount of loan. For instance, if you were to get a loan of $10,000 and the lender credit was 10%, you'd be required to pay back $9,000. The credit of a lender can be dependent on the lender to the next. It is important to shop around to examine rates before choosing the preferred lender. Credit Union Bank Personal Loans.