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Free Money Saving Auto And Home Loan Tips?
from: Tim GormanFree Auto Loan Tips
The following tips should help increase your chances of getting a car loan at a better rate.
Tip #1 - If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan.
Tip #2 - If you have currently have bad credit then repair it before applying for an auto loan.
Tip #3 - If you've recently moved then wait until you have lived at your new address for 6 months before applying for a loan.
Tips #4 - If you have had a previous auto loan or home mortgage on your credit report then your chances for a new loan improve greatly.
Tip #5 - Try and pay off all of your credit card balances or at least lower them. You may want to consider finding the best debt consolidation loans to erase all of your credit card bills. The bottom line is don't keep a high debt load or credit card balances.
Tip #6 - You must have a stable job or occupation.
Tip #7 - Other examples of credit extended to you should appear on your credit report. Verify this with a quick and easy online credit report. Also avoid charge off's on your credit report.
Tip #8 - If you've filed bankruptcy before then you should wait 3-4 years before trying to get an auto loan.
Free Home Loan Tips
Tip #1 - Make Bi-Monthly Payments: Instead of paying your mortgage with one monthly payment switch to paying half of your loan payment every 2 weeks. The savings comes from the 26 half payments you make which add up to 13 monthly payments versus the regular 12 payments you would normally make in a year. The end result is you save a large sum of money on the interest owed and you'll own your home a lot sooner!
Tip #2 - Choose a 15 year mortgage instead of a 30 year mortgage: You'll end up with a higher monthly payment but in the long run you also save tens of thousands of dollars in interest charges, especially if you shop for the best home loans you can afford.
Tip #3 - Mortgage Refinancing: Currently this is the most popular trend. You refinance your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for several years or more.
Tip #4 - Buy down the rate: The seller or builder, or through innovative pricing, can help you buy down your mortgage rate for one, two, or three years.
Tip #5 - Consider an adjustable-rate mortgage (ARM): If you think you will be in your house for less then 5 years then perhaps you should consider an ARM. An adjustable-rate mortgage (ARM) starts with a considerably lower interest rate, but then adjusts every year. This type of loan moves a little bit of the risk away from the lender, and the lender rewards you with a lower rate. Usually these mortgages are capped to rise not more than two percent in any year, and not more than five or six percent for the life of the loan for your protection.
About the Author
Timothy Gorman is a successful webmaster and publisher of Military-Loans-Online.com – Which provides free money saving loan quotes on all of your loan needs to include home equity loan information that you can research in your pajamas on his website.
No Cost Home Mortgage Refinance News
Obama Mortgage Refinancing Plan: A Bailout by Any Other Name - National Legal and Policy Center
 National Legal and Policy Center | Obama Mortgage Refinancing Plan: A Bailout by Any Other Name National Legal and Policy Center And mortgage lending is high on his priority list. In his speech, he announced a plan that "gives every responsible homeowner the chance to save about $3000 a year on their mortgage, by refinancing at historically low rates...A small fee on the largest ... Obama's Refinancing Plan Means Fee for Homeowners Help for Some Homeowners Barack Obama | Homeowners have earned a fair shake from banks |
BofA Stalls Refinance Work as Wells Is 'Open for Business' - BusinessWeek
 Bloomberg | BofA Stalls Refinance Work as Wells Is 'Open for Business' BusinessWeek The government's Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and strained capacity at Bank of America, which exited some mortgage lines last year. The US program, now dubbed HARP 2, ... Chris Vigil: New plan aims to help struggling homeowners New HARP Could Help Up to 6.7 Million BofA Said to Put Off Refinancing Clients as U.S. Spurs Demand |
REAL ESTATE: Refinancing program expands for Fannie/Freddie borrowers - Press-Enterprise
 Bloomberg | REAL ESTATE: Refinancing program expands for Fannie/Freddie borrowers Press-Enterprise By contrast, it may be a good time to remind the owners of upside down mortgages whose loans are owned or guaranteed by Fannie Mae and Freddie Mac that an expanded refinancing program is expected to become available sometime in March. And it does not ... Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Markets As Mortgage Refinancings Surge, Banks Struggle Mortgage Bonds in Eye of Storm as Refis Decline: Credit Markets |
Mortgage refinancing is on the rise - Washington Post (blog)
 Christian Science Monitor | Mortgage refinancing is on the rise Washington Post (blog) According to the Mortgage Bankers Association, mortgage refinancing is on the rise, increasing 9.4 percent over the previous week and 5.7 percent over the past month. He also predicts that the changes the White House recently made to the Home ... Mortgage applications jump on refi demand: MBA Mortgage rates: How low can they go? Mortgage applications jump as interest rates hit new lows |
Mortgage deal nears as holdout states join - Reuters
 USA TODAY | Mortgage deal nears as holdout states join Reuters By Aruna Viswanatha and Karen Freifeld (Reuters) - California and New York, two big holdout states in a $25 billion mortgage settlement, are expected to join the deal, smoothing the way for an announcement on Thursday, according to a person familiar ... Source: NY, California to sign mortgage settlement States Negotiate $26 Billion Deal for Homeowners |
Capps Urges More Action on Housing - Santa Barbara Independent
 Santa Barbara Independent | Capps Urges More Action on Housing Santa Barbara Independent By Brandon Fastman (Contact) Noting that almost 30 percent of the homes in California are underwater — meaning that they are worth less than the amount owed on their mortgages — Congressmember Lois Capps is advocating for principal reductions as part ... MICHELLE MEYER: If You're Counting On Housing To Save The Economy, You'll Be ... |