The Finance Blogger


Online Lending A Scam Or the Real Deal

June 14th, 2016 ernie Posted in Online Mortgages No Comments »

Online Lending A Scam Or the Real DealTake special care when applying for a loan online. What most people want to know is online lending a scam or the real deal? The answer is that some sites are real and will even be competitive. But many sites are not and you may not be dealing with who you think you are! Deal with the main banks and lenders in your area. Check the url of the site you are on. If it does not look legit it probably is not. Some sites are just phishing sites which is to say they are trying to get your personal information to use it for their own gain. They might take out a loan on your behalf or sell your information to someone else to be used. Either way it will hurt you financially in the long run.

Online Lending A Scam Or the Real Deal

If you already deal with a regular bank, call them and apply in person or from a site you use on a regular basis to do your banking.

If you must use another site do some research first. lol for reviews online. Check out what people are saying about this lender.

If you cannot find out information on them or it looks suspicious, moved on to another lender. Also review the terms and conditions . Rates and fees might be really high and cost you more money than you  are prepared to spend. Be careful with online loans!

 

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Online Mortgage Loans and Pre – Approval

January 31st, 2012 Debt Posted in Online Mortgages 1 Comment »

Online Mortgage LoansAnother excellent question from one of our readers concerning online mortgage loans! The question was whether a person should wait until they have picked out a home they are interested in purchasing to apply for a mortgage or whether they should pre-apply for a mortgage before they have even found a home that they may be interested in. This is a common question that many consumers have when they are looking for their first home. They want to know how much they can afford and how big a house that they can afford.

Apply for Online Mortgage Loans

We believe that the answer is and always should be to apply for a mortgage ahead of time. Applying online is an excellent way to find a mortgage and become pre-approved for a mortgage. The reasons are as follows:

  • You know how much you can get financing for in advance
  • You understand the value of home you can afford
  • You can make an offer without conditions

These are the three main reasons for requesting mortgage approval ahead of time, whether it is through an online mortgage service or a traditional mortgage service such as a bank. We will explain in a bit more detail.
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Questions about an Online Mortgage Loan

January 24th, 2012 Debt Posted in Online Mortgages No Comments »

Online Mortgage LoanWe received a question about online mortgage loans from a reader about whether they should apply for pre-approval of a mortgage or if they should place an offer first on a home that they wish to buy. We  will answer his questions in our next post about an Online Mortgage Loan and discuss why sometimes it is a good idea to apply in advance for a pre-approved mortgage. We can tell you right now that being pre-approved for a mortgage gives you a lot more confidence when you place an offer on a home. You already now that you can afford it and you can place a no condition offer on the table which is very attractive to many sellers.

Online Mortgage Loan

Question to Debt Counselor:: We are planning to purchase a home in the next year or so and have started looking at homes to get an idea of the prices, the areas we would like to live in and to see what is available on the market. We have not made any decisions at this time, but we do have a question. Should we apply for a mortgage before placing an offer on a home or should we wait until we have found something we like and then apply for a mortgage based on the price of the home we would like to make an offer on? We thought that maybe an online mortgage loan service might be able to help us.

Do you currently have a mortgage? :: No, we are currently renting

Home/Mortgage Loan Amount :: Not sure

Other Loans, Including Credit Cards:: a small car loan, the balance is about $6,500 and nothing on our credit cards
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Reverse Mortgage Loans

October 16th, 2011 Debt Posted in Online Mortgages No Comments »

Reverse Mortgage LoansThe last question we received from one of our readers was about reverse mortgage loans. They are seniors on a fixed pension. They were wondering if a reverse mortgage loan would be the right thing for them to augment their income. This would allow them to take advantage of the equity that has built up in their home. This extra income would make their lives much more comfortable and pleasant in their older years.

They are also considering going on several trips and this money would come in handy to cover the cost of these trips. They are considering traveling when they still have their health and are able to enjoy these trips. They stated that their fixed income pensions are sufficient to live on and cover all of their daily expenses. They currently do not have any debts, loans, mortgages or credit card balances.

Reverse Mortgage Loans

This couple is one of the fortunate ones in that they are financially independent and have sufficient funds to live on with out needing to cut back on their lifestyle.

Regarding the first question, anytime you can be debt free is a big plus and being naturally conservative, we not only applaud this approach, but advise people to strive towards debt freedom and avoid taking on additional debt. Our advice as a result for this couple is to avoid any kind of debt and avoid reverse mortgage loans as well.

However they may still wish to go ahead with a reverse mortgage loan so here is some more information about them which may help readers and this couple decide if they wish to proceed with a reverse mortgage loans.
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Questions about a Reverse Mortgage Loan

October 16th, 2011 Debt Posted in Online Mortgages No Comments »

Reverse Mortgage LoanWe received a question about a reverse mortgage loan from a reader and will answer his questions in our next post. Many people have probably seen advertisements on TV and in the newspapers about reverse mortgages, so this is very timely. They are aimed at seniors primarily who generally have a lot of equity in their homes and do not want to move. They are struggling to make ends meet and could use some of this equity to make them more comfortable in their retirement years.

Question to Debt Counselor re Reverse Mortgage Loan

My wife and I are retired, living on a fixed income and finding it a bit difficult to live on our pension income. We are looking for suggestions about reverse mortgage loans and how to take advantage of the equity in our home and be able to enjoy life a bit more while we can. There is also some concerned about losing our home should we use all of the equity and also signing it over to someone. We really would prefer to stay in our home and avoid having to move to an apartment. We thought that maybe a reverse mortgage loan might be the right approach for us.

Do you currently have a mortgage? :: No we do not have a mortgage or any other debts at this time

Home/Mortgage Loan Amount :: $00.00

Other Loans, Including Credit Cards:: None , credit cards all carry a zero balance.

Are you employed and for how long:: Retired , living on a fixed income pension
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Online Loan Applications

April 21st, 2011 ernie Posted in Online Mortgages 1 Comment »

Online Loan ApplicationsLately I have been doing some work for a customer of mine that I was initially a little unsure about. So I thought I would blog about it here and see if there was any reaction within the online community.

These are short fictional stories about people who are looking for loans. Basically anyone who falls into any of these descriptions has not got a hope in hell of getting a loan. Some of them are down right funny, while others are so sad that you wonder what these people would do if they were real. They are stories about people hoping to borrow money under really difficult financial circumstances, which makes it unlikely that they will be able to be approved for this loan.

Reality or Imagination

The problem is that based on the reading I have done over the years and the stories we watch on TV, there are millions of people who fall into the category that would never qualify for a loan. In fact they should never be given a loan since they have no way of ever paying it back. They either do not have enough income, or if they do, they have no idea of how to manage their money and would treat the loan as almost like winning the lottery.

Now before everyone gets upset with me, I am just reporting what my opinion is. There are thousands of people who do not fit into this category, but there are a lot that do. For those people someone must sit down with them and show them how to manage money, how to save money and how to build up a good credit rating.

Again, all of those people who might be mad at me at this point should stop and think for a minute. What have you done lately to help anyone who needs a loan, who needs some cash  and who needs help to manage their money? In other words don’t throw stones when you live in a glass house.

Online Loan Applications

Anyway back to the online loan applications. I wonder how many people actually apply for loans online and give such crazy stories that they will never even be considered for a loan? We think there are a lot based on the comments to many of our posts about what people are looking for.

For example!

What about the guy who just got out of jail? Does not have a job and barely has enough to get by on. He could apply but would not be considered. It is just too high a risk for the lenders to take in regard lending money.

What about the person who has huge credit card bills, a so so job and bad credit. Would you ever loan them any money. Not me. Again the risk for the lender is just too high.

What about the person who is perpetually late on making their payments? Loans, credit cards, utility bills, it really does not matter. What matters is that all of this gets put on a credit report somewhere and they get to have the worst credit rating possible. No loan for them.

Summary

So if you are looking for an online loan application, try to make some sense out of it and have a good story that the loans manager can at least consider. No bad credit, no late payments, limited debt, good job , well paying job, a job that you have worked at for a while and a history of repaying loans. Make sure you have a bank account that shows no checks passed with insufficient funds. You just might qualify for a loan!

 

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