Consumer Portfolio Services is a sales financing company based in Austin, Texas. It provides indirect automobile financing to individuals with past credit problems, low incomes, or limited credit histories. The company specializes in servicing and purchasing retail automobile contracts and is focused on providing financing to consumers who have difficulty obtaining loans through traditional channels….
Property tax levied means the total amount of money to be raised from the property tax, as set forth in the budget for the local government or tax jurisdiction. It is the tax amount imposed on real estate or personal property by the government based on its assessed value. Property tax levies are essential for…
Yes, mortgage pre-approval can lock in the rate, providing a guarantee for a specific period. Mortgage pre-approval allows potential homebuyers to determine the loan amount for which they qualify. It involves a lender evaluating the buyer’s financial status to estimate the maximum amount they can borrow. Additionally, it offers the advantage of locking in a…
A HELOC loan, or Home Equity Line of Credit, is a type of loan that allows homeowners to borrow against the equity in their property. It functions as a revolving line of credit with a variable interest rate, secured by the home as collateral. This means that the amount of credit available is determined by…
A Qualified Mortgage is a type of home loan that meets specific guidelines to ensure the borrower’s ability to repay the loan. It is designed with less risky features to increase the likelihood of loan affordability and requires the lender to make a good-faith effort to determine the borrower’s repayment ability before approving the mortgage….
To qualify for dental financing, the credit score requirement varies based on the lender’s criteria. Generally, for conventional financing, a minimum credit score is necessary. However, specific credit score thresholds may differ among different lenders. It’s essential to research and compare various financing options to find the best fit for your specific credit situation and…
You can get your 1098 mortgage form online by logging into your lender’s website and downloading it from your account. Many lenders offer this option for easy access to tax forms. If you’re looking to access your 1098 mortgage form online, there are several ways to do so. With the convenience of online access, you…
A mortgage deed is a legal document that pledges real estate as security for a loan. It outlines the terms and conditions of the mortgage agreement, including the borrower’s and lender’s rights and responsibilities. When purchasing a property, a mortgage deed is a crucial component of the transaction. This document formalizes the agreement between the…
After closing on a house, avoid making large purchases or opening new credit accounts. Additionally, refrain from making any changes to your financial situation that could affect your mortgage approval. Congratulations on successfully closing on your new home! It’s an exciting time, but it’s essential to be mindful of what you do in the aftermath….
Closing costs that are tax deductible include mortgage interest, buying points, and property taxes. On the other hand, fees for services like title insurance and appraisals are not tax deductible. When it comes to deducting closing fees on your taxes, it’s essential to understand which costs qualify for tax deductions. As a homeowner, being aware…
Yes, settling a debt can hurt your credit, as it may lead to a drop in your credit score. Debt settlement typically has a negative impact on your credit score, depending on various factors. Debt settlement, while providing relief from outstanding obligations, can have adverse effects on your credit score. Factors such as the current…
A Direct Loan is a low-interest loan for students and parents provided by the U.S. Department of Education. These loans help cover the cost of education and are not obtained from a bank or financial institution. Direct Loans, offered through the William D. Ford Federal Direct Loan Program, are a vital financial resource for students…
Correspondent lending involves a lender originating and funding a mortgage, then selling it to another financial institution or investor. It differs from mortgage brokering as the correspondent lender underwrites and funds the loan using their own resources. This process often involves selling the loan to a larger primary lender or on the secondary mortgage market….
To calculate debt service, use this formula: Debt Service = Principal Repayments + Interest Paid. Debt service is crucial for assessing financial health and debt capacity. Understanding how to calculate debt service is essential for individuals and businesses alike, as it helps in evaluating the ability to meet financial obligations. By knowing the debt service,…
Yes, felons can get loans, but their criminal record may affect their credit and job stability. Despite these challenges, demonstrating financial stability and a steady source of income can improve their chances of securing a loan. For individuals with a felony conviction, obtaining loans can be a challenging process due to the impact of their…