Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit
Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit
Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit
Bad Credit Blog is a useful guide to anyone who has low credit rating. At Bad Credit Blog you will learn to get credit loan with low credit
• Appraisal Fee: When any asset or property is given as a security, the market value of the same has to be objectively assessed. This is done by the appraiser and the fee he charges to do the same is known as appraisal fee.
• Annual Fee: In credit cards of revolving line of credit, a certain fee has to be paid every year to the leader. This is known as annual fee.
• APR (Annual Percentage Rate): The interest on a loan, in terms of percentage, for a period of one year is called as annual percentage rate.
• Asset: Anything of value that is owned by a person or persons or organization is known as an asset. This includes money like cash, bank accounts, investments like share certificates and property like residence, land, office, etc.
• Bankruptcy: When a person’s liabilities and debts exceed the assets he has to his name, he is said to be in bankruptcy
• Bad Credit: If a person is in bad credit, then it means that person has defaulted in the repayment of one or more of his loans.
• Bad Credit Home Loans: Any loan that is given to a person in bad credit to purchase a house is known as bad credit home loan.
• Bad Credit Mortgage or Bad Credit Mortgage Loan: Any secured loan that is given to a person in bad credit is known as bad credit mortgage loan.
• Bad Credit Mortgage Broker: Any broker who arranges a bad credit mortgage for a person in bad credit is known as a bad credit mortgage broker. They offer their services for a commission.
• Bad Credit Personal Loans: Any personal loan or unsecured loan given to a person in bad credit is known as bad credit personal loan.
• Bad Credit History: If any person has defaulted on one or more of his loans, then he is said to have a bad credit history. Lenders prefer not to lend money to such people.
• Bad Credit Refinance Loans: Many times you may not be pleased with the rates and terms of your loan. You may want to take a new loan to replace the previous one and such new loans are known as bad credit refinance loans. They may be secured loans or unsecured loans.
• Bad Credit Refinance Mortgage: A secured bad credit refinance loan is known as a bad credit refinance mortgage.
• Bad Credit Refinance Mortgage Lender: Any lender who issues a bad credit refinance mortgage is known as a bad credit refinance mortgage lender.
• Billing Cycle: The intervening period between two bill statement dates is known as billing cycle. This is normally around 25 days.
• Credit Score: A credit score is an indicator of the credit worthiness of a person. When you make prompt payments. take few loans, etc. you add to your credit score and when you default, You reduce your score. A high credit score implies you are highly worthy of credit and vice Versa.
• Closing Cost: Whenever you take a loan, you have to pay certain closing costs to the lender. These processing charges may be recurring or non-recurring charges.
• Default: When a person fails to make a payment on his loan, it is said he has
defaulted on the same.
• Defaulter: The person who has defaulted on his loan is known as defaulter.
• Equity: When you take a. loan by giving some asset as a security, you can get a loan only up to some 80%. to 85 % of the value of the asset. The remaining 15% to 20% of the value of the asset is called as equity. This equity value keeps increasing as you continue making repayments on your loan and as the value of your property increases. You can take a Second Mortgage on the same property based on the equity you have on it.
• Fixed Rate Loan: A loan that has a fixed rate of interest is known as a fixed rate loan.
• FICO Credit Scoring System: FICO is the abbreviation for Fair ISAAC & Co. This company is a reputed credit reporting agency. All lenders contact this agency to know the credit scores of their potential borrowers. Based on this store only, they decide whether to issue loans or not and at what rate to issue the same. For example, no lender will give a loan to a person who has a credit score below 500.
• Fixed Monthly Payment Schedule: When your repayment schedule has a fixed amount to be paid every month, it is known as a fixed monthly payment schedule.
• Fluctuating Monthly Payment Schedule: When the amount you have to pay every month on your loan repayment schedule varies or fluctuates, it is known as a fluctuating monthly payment schedule.
• Fixed Rate Mortgage: If the interest rate of a loan remains fixed for the entire duration of the mortgage, it is known as fixed rate mortgage.
• Home Mortgage Refinance Loan: When you refinance your home loan by way of a mortgage, it is known as home mortgage refinance loan.
• Home Mortgage Loan: When you take a loan to purchase a house by offering the house itself as a security, it is known as a home mortgage loan. In these types of loans, you can stay in the house you have given as a security. But, if you default on the loan, the lender has the freedom to take possession of the house and sell the same to realize his money.
•Jumbo Mortgage: In America, a jumbo mortgage is one in which the amount of loan is higher than the industry-standard of conventional conforming loan limits. Since, in this type of mortgage, the loan amount is higher, it implies a higher risk for the lenders. To meet this, the lenders charge a bigger down payment and higher interest rates. Jumbo mortgage is also known as a “non-conforming” mortgage.
• Lender Research: Before taking any loan, you should do a lender research. This means you should shop around and get quotes from various lenders. You should do the research and make comparisons before choosing the loan best suited for you.
• Market Research: Before taking any loan. you should do a check on the market and find out the interest rates, loan terms, duration, etc. that are prevalent in the market. This is known as market research
• Mortgage: A secured loan is known as a mortgage.
• Mortgage Refinance Application: The form that you fill up requesting the lender for a mortgage refinance is known as a mortgage refinance application.
• Refinance Mortgage: Any mortgage loan that is taken to refinance an existing unfavorable loan is known as a refinance mortgage.
• Refinance: A new loan with favorable rates and terms taken to replace an existing unfavorable loan is known as refinancing.
• Refinance Mortgage Rate: The interest rate charged on a refinance mortgage is known as a refinance mortgage rate.
• Secured Loans: Any loan that is availed by giving an asset as a security is known as a secured loan. Normally such loans are got by securing assets like land, building, jewels, car, share certificates, etc.
• Sub Prime Lenders: No lender will lend money to a person in bad credit because of the enormous risk involved. The lenders who come forward to do the same are known as sub prime lenders. They charge exorbitant rates of interest.
• Unsecured Loan: A loan that is given on personal worth and which has no security attached is known as an unsecured loan.
• Variable Rate Loan: A loan whose interest rate varies is known as a variable rate loan.
• Warranty Deed: A ‘warranty deed’ is drawn by the granter. It conveys the title of a real property. It warrants a good, clean and clear marketable title to the property.
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