Specialty banks and credit unions finance branded/rebuilt titles. USAA and many credit unions will finance salvage or rebuilt title cars. When buying an older car with a rebuilt or ‘branded’ title, most financing companies will request an independent Fair Market Value appraisal of the vehicle before approving your loan. It is important to understand the…
If you can’t get approved for a mortgage, consider exploring alternative loan programs like FHA or USDA loans. Inquire with a loan officer for more options to better fit your financial situation. Being denied a mortgage may be due to factors such as a dip in your credit score, increased debt, paperwork errors, or a…
Loan flipping refers to the predatory practice of repeatedly refinancing a loan over a short period, charging the borrower fees for each transaction. This involves refinancing a mortgage with high fees to extract equity from a home, offering little or no benefit to the borrower. Loan flipping, a term used in the finance industry, involves…
To save money on your mortgage, shop around for the best rates and negotiate with lenders to get a lower rate. Consider making biweekly payments and refinancing to end private mortgage insurance early. These strategies can help reduce your mortgage costs and save you money in the long run. Are you looking to save money…
Yes, you can get two personal loans at the same time. There’s no rule that limits the number of personal loans you can have at one time, so you can have two or more. If you’re considering taking out multiple loans, it’s important to understand the potential impact on your credit and financial situation. While…
An interest reserve is a portion of a loan set aside to cover interest payments during a specific period. It allows the lender to advance funds for interest charges on the outstanding loan balance. This reserve provides security for the lender and ensures timely interest payments. Understanding the concept of interest reserve is crucial for…
A 10-year ARM mortgage is a home loan with a fixed interest rate for the first 10 years, after which the rate adjusts annually. This type of mortgage offers a lower initial rate for the first decade, providing potential savings for those who plan to sell or refinance within that period. For many homebuyers, the…
Yes, student loans can affect your ability to qualify for a mortgage. Lenders consider your debt-to-income ratio when assessing your mortgage application. If your student loan payments result in a high debt-to-income ratio, it could impact your mortgage approval. When applying for a mortgage, having student loans may affect your eligibility due to the impact…
A Stafford Loan is a student loan offered by the US Department of Education to eligible students. It helps finance education at accredited institutions. Stafford Loans, from the William D. Ford Federal Direct Loan Program, are low-interest loans for eligible students to cover the cost of higher education at various institutions. These loans can be…
To become a loan officer in Texas, register with the NMLS to start the process of earning your license, which ensures you can legally practice as a loan officer. Becoming a loan officer in Texas requires dedication, education, and the development of specific skills. The process can take around three to four years, depending on…
Title insurance is calculated based on the property’s purchase price and the insurance company’s rate per thousand. The insurance cost is determined by multiplying the purchase price of the property by the rate per thousand used by the insurance company. When it comes to purchasing a property, it’s crucial to consider various expenses, and title…
A Reassignment of Title is when a dealer transfers ownership of a vehicle to another person. In Texas, licensed motor vehicle dealers can perform a Reassignment of Title, allowing them to buy a vehicle from one person and then transfer ownership to another individual. This process is similar to “flipping” a vehicle for profit. It…
If you owe a bank money and do not pay, your account may face garnishment or levy. Creditors may go to court to collect the debt. Failing to pay a bank debt can result in wage garnishment or property liens by the bank or collection agency. The debt doesn’t vanish when it falls off your…
In Chapter 7 bankruptcy, you may lose your house if you have substantial equity in it. However, if your house has little or no equity, you can usually keep it. When considering Chapter 7 bankruptcy, it’s essential to understand how it may impact your home. By examining the specifics of your situation, you can determine…
The Home Affordable Refinance Program (HARP) is a mortgage refinancing program for underwater borrowers. It allows them to refinance into more affordable mortgages. HARP helps homeowners with little to no equity in their homes to obtain better loan terms. This program is particularly beneficial for those who are underwater on their loan and have a…