Borrowing

As the qualifications for small business loans become more difficult to meet, many small business owners are looking for alternatives. Many have found that going with an online lender has advantages over banks and other traditional lenders, although there are some disadvantages as well. One of the reasons small business owners are looking at online
0 Comments
When applying for a loan, most small business owners assume they will be evaluated only on the information they supplied on their application, but that’s not always the case. In fact, when applying for a loan from an online lender, that lender often takes into account things such as the social media profile of the
0 Comments
The U.S. Securities and Exchange Commission oversees cases involving mortgages, but the Federal Trade Commission (FTC) has recently stepped in to ban several companies from operating in the mortgage industry after finding them guilty of making false claims to homeowners. The companies, Redstone Law Group and Surety Law Group, voluntarily agreed to the ban in
0 Comments
Much of Wall Street was pleased in June when all but two of the largest U.S. banks passed the so-called “stress test” applied by the Federal Reserve. What is this stress test, where does it come from, and why do the results matter to Wall Street? The stress tests come from the Dodd-Frank legislation that
0 Comments
When travelers use credit cards in other countries, they are generally charged a foreign transaction fee. This covers the extra costs of transferring money from a U.S. credit card company to the business in the other country, including the exchange fee. Many different credit card companies are now dropping this fee. According to a 2016
0 Comments
There have been lots of not-so-nice adjectives directed at the payday loan industry. Add “sinful” to the list, according to a 2016 survey from LifeWay Research sponsored by Faith for Just Lending. The study included 1,000 respondents across thirty states who indicated a Christian religious preference. The majority of the states were chosen based on
0 Comments
Many businesses make use of credit cards for daily purchases, and some new small business owners even finance their entire business on credit cards in the beginning. A business can make use of various reward points and other perks to save money and build up its credit score, but there are some downsides to using
0 Comments
According to a survey by the Pepperdine Private Capital Access Index, small businesses are planning to expand this year. The survey found that 83% of respondents said they believe their small business will expand in 2016. Many added that they expect their total annual revenue to increase by an average of nine percent over the
0 Comments
Americans who have a down payment of around 20 percent or less may have to get mortgage insurance to qualify for the loan. However, some lenders do not explain what this is, and some borrowers walk away because they don’t believe they should buy mortgage insurance. Mortgage insurance provides lenders with a guarantee if the
0 Comments
Jumbo mortgages made at the six largest U.S. banks accounted for 24 percent of all mortgages in 2015. That’s an increase from 21 percent in 2014. All of these jumbo mortgages were larger than $417,000. Since 2008, they have become more popular with the larger banks, including Bank of America, J.P. Morgan Chase, Citigroup, PNC
0 Comments
One of the consequences of the foreclosure crisis is that mortgage companies were told they needed to be more proactive in contacting and helping delinquent borrowers. However, this comes into conflict with another mandate from the administration: reducing the number of calls that consumers receive on their cellphones. With the two mandates in conflict, the
0 Comments
Mortgage relief scams have become more common as of late, but a number of homeowners are unaware of these fraudulent activities and their consequences. These scams begin when the scammer calls a homeowner and claims they can help the consumer negotiate a loan modification or some other type of foreclosure relief with the homeowner’s mortgage
0 Comments
Borrowers may file for bankruptcy when they no longer have the funds to pay their debts. While this may come from taking out too many credit cards and not properly budgeting, it may also occur due to a sudden illness, becoming unemployed, or any other type of unexpected financial situation. When an individual files for
0 Comments
The Consumer Financial Protection Bureau has announced a new proposal to target bad payday lending practices that can trap customers in unsustainable long-term debt. The proposals would extend consumer protection to various kinds of short-term or cash loans including auto-title loans, payday loans, and some installment loans, requiring lenders to make more efforts to establish
0 Comments
Google has announced that on July 13, their search engine will ban all ads related to payday loans. These loans often have triple digit interest rates and the search engine company has added them to its list of dangerous products, for which it will not run advertisements. This announcement comes less than a month before
0 Comments
If you are one of the brave men and women serving our country in uniform, you face enough dangers. You do not need anyone attempting to take financial advantage of you by capitalizing on the unique challenges of military life. Unfortunately, you can find many payday loan lenders and other purveyors of short-term, high-interest loans
0 Comments
On Tuesday, the Department of Housing and Urban Development (HUD) announced that they will soon be releasing a new set of guidelines for the sale of all mortgages that were once guaranteed by the US government. These new regulations come in response to a number of legislators criticizing the loan sales, saying that they allowed
0 Comments
There are a number of programs that help homeowners with their monthly mortgage payments, but not all homeowners know about them. Some of these programs are connected to employers. While not all employers offer assistance, those that do often find job seekers fighting for open positions. Homeowners can also find help through a number of
0 Comments
Making a down payment on a house could be your biggest investment you make. Now there is a way to protect that investment. Private Mortgage Insurance (PMI) is a method of protecting lenders from risk if you put down a lower down payment on a home (typically less than 20%). The PMI principle assumes that
0 Comments
While the term ‘refinance’ is most often used with mortgages, it can apply to any type of loan. Many borrowers have taken advantage of low interest rates to refinance their home loans, but some have also refinanced their auto loans, student loans, and even credit card debt via a home consolidation loan. For some, even
0 Comments
For many homeowners, paying off a mortgage occurs only once in their lifetime. Taking on a large debt, especially one that lasts for thirty years, is a substantial commitment that deserves to be celebrated once it’s over. However, once the celebration is done, it’s important that homeowners take the time to make certain that they
0 Comments
Bank of America (BoA) has reported 2016 first quarter earnings from mortgage banking as $433 million, a decline from their $694 million in the first quarter of 2015. This is due to the bank selling fewer secondary market loans, Chief Financial Officer Paul Donofrio reports. Donofrio explained that the bank’s strategy is to place more
0 Comments
At various times in life, your mortgage can seem overwhelming – either from the size of the monthly payments or the overall amount of interest you will pay. If you are looking for methods to save either way, here are a few suggestions: Consider Refinancing – Fixed interest rates are going up again, but they
0 Comments