Loans - 7th Generation Advisors

Your Guide to Multiple Types of Mortgage Refinancing Options

31/10/2022 Blaze Medrano 0 Comments 4 tags

There are many reasons why you should refinance your mortgage. Maybe interest rates have gone down, and you want to take advantage of the lower rate. Or perhaps you need to switch from a variable-rate mortgage to a fixed-rate mortgage to stabilize your monthly payments. Whatever the reason, once you decide to refinance your mortgage, you’ll see some refinancing options available. Now you may be wondering which refinancing option works for you. Well, keep reading. We’ll explore the different types of refinancing and help you determine which option is best for you.

Cash-In Refinance

With a cash-in refinance, you’ll refinance your mortgage for higher than what you currently owe. You’ll get the difference in cash. You can use this cash to make home improvements or pay off other debts, such as a car loan. A cash-in refinance will usually have a lower interest rate than a home equity loan or line of credit. But keep in mind that if you have a low credit score, this refinance may not be an option for you.

Rate and Term Refinance

The next type of mortgage refinance option you have is a rate and term refinance. As the name suggests, with this refinance, you’ll just get a new loan with a lower interest rate. The terms of your loan, such as the length of the loan, will stay the same. This is different from a cash-out refinance, where you get a lower interest rate and take some of the equity out of your home in cash. A rate and term refinance is a good option if you want to lower your monthly payments or reduce expenses on interest over your loan life.

VA Streamline Refinance

Did you know that as a veteran, you may be eligible for a VA streamline refinance? Also called an IRRL or Interest Rate Reduction Loan, a VA streamlined refinance gives you a lower interest rate with little or no documentation. If you currently have a VA loan and your interest rate is higher than the current market rate, then a VA streamline refinance may be a good option.

Short Refinance

Some homeowners are upside down on their mortgages, which means they owe more than the value of their homes. If you’re in this situation, you can do a short refinance. With a short refinance, your lender agrees to forgive some of the debt you owe. In exchange, you’ll get a new loan with more favorable terms, such as a lower interest rate or a longer repayment period.

Remember that a short refinance will usually require you to have good credit and enough equity in your home. Now that you know about the different mortgage refinancing options available, it’s time to decide which one is best for you. When refinancing, consider several factors, including your current financial situation, your goals for refinancing, and the current loan type. Be sure to compare different offers from different lenders before making a decision.…

Three Tips for Getting a Loan for the First Time

14/04/2020 Blaze Medrano 0 Comments 0 tags

Getting a loan for the first time can be frustrating. This is because most lenders operate on behavioral scoring loan appraisal system that studies your history and peg your loan limit to your credit score. This form of underwriting is important as it curbs loss of revenue due to credit risks. This explains why most financial institutions would be shy from being your first lender. They don’t have any of your credit history. Does this mean that you will not get any loan if you have no credit history? No, you simply need to learn how to avail of no credit history loans.

1. Request a friend or family member to list you on their credit card as an authorized user

This process is easy as it doesn’t approval from the credit card company. The primary credit card holder simply adds your name to his credit account as an authorized user. As a result, you will be issued with a credit card with your name embedded on it. This way positive credit reports will be submitted to the credit reference bureau every time you use the card. This will boost your credit limit and give you access to loan facilities.

2. Ask a friend or family to co-sign

This is one of the best ways of how to avail of no credit history loans. Simply request someone who has good credit ratings to co-sign for a loan in order to boost your chances of qualifying. Getting this person will not be easy because the loan will bind him legally. This means that, if you happen to fail to pay your loan installments his credit line gets smudged. Therefore, the person must be able to trust you enough to co-sign a loan with you.

3. Apply for a credit card

In this case, you will make an application to the credit card issuer. You will be required to bank a security deposit that will match your credit limit. In most cases the deposit could average $300 to $500. This deposit will act as security against your credit card line. This way, you will be able to build your credit history as you use the credit card.This will open doors for you to access loans with high credit limits.

In summary, you do not have to worry on how to avail of no credit history loans anymore. We have noted that many lenders avoid issuing loans to first timers. Therefore, it is important that you use any of the above-suggested methods to boost your credit history. Little by little your credit score will grow, and you will be able to access loans with a high credit limit.

You can also consider payday loans and get a loan with no credit history.…

Why People Take Loans from Moneylenders

06/03/2020 Priscilla McLean 0 Comments 1 tag

Whenever you need to access some money within a short time, borrowing from a licensed moneylender can be a good option. The amount of money you can borrow from a moneylender depends on a variety of factors, such as your income level. Some of the top reasons why people take loans from moneylenders are highlighted below.

To Consolidate Debt

Debt consolidation can be done when you have more than one debt, and you wish to combine them. You take a bigger loan that will repay all your debts, and then you are left with only one loan. Debt consolidation might result in you paying a higher amount of interest, but it does spread the duration of time for repayment.

To Establish a Business

Another common reason people take loans from moneylenders is to establish businesses. All businesses usually require some form of capital to start. Taking a loan and using it as capital is a good idea as the business will help to repay the loan if it is successful. A loan can also be used to expand a pre-existing business.

To Pay School Fees

People also usually loan money from moneylenders to pay their school fees. That is quite common for individuals at the higher education levels, where the school fees are generally quite high. Parents can also take loans to pay the school fees for their younger children who are not yet in a position to pay for themselves.

To Renovate a Home

If you are a homeowner, you may have to invest in home renovations for a variety of reasons. For example, your house may get damaged during a storm, which you have to repair as soon as possible. If you do not have enough money in your account, taking a loan from a licensed money lender becomes an excellent alternative.

To Cater to Unplanned Emergencies

Some unplanned events and emergencies may occur, which will require you to source money within a short time. In such cases, going to a moneylender is usually one of the first options. Financing funeral expenses and paying medical bills are some of the examples that may require you to source money from moneylenders.

To Go on a Vacation

There are numerous cases of people who take loans from moneylenders to go on a vacation. That is more of the case if the vacation is going to be a bit costly. The loan can also be for a honeymoon if you probably spent most of your money on the wedding ceremony.…

Why You Should Opt for Quick Payday Loans

25/04/2019 Blaze Medrano 0 Comments 2 tags

Loans have saved the lives of many who have found themselves in different emergencies or other tricky situations that require some financial aid. You might be caught up in some of these situations when you have little or no money. An example might be when you are cornered by bills that have passed their deadline date. You should not worry because several lenders can sort you out. Banks are the most popular lenders you will come across.

We have also seen the emergence of different lenders who offer. You can try all these options to save yourself from the financial difficulty you are going through. When it comes to borrowing, you will be required to pay back the sum with some amount of interest after some period. Failure to comply will get you blacklisted by the relevant bodies.

There are credit bureaus that usually monitor the repayment habits of different people. Those who make late repayment or nothing at all usually get blacklisted, and they cannot access any loan till they are cleared. Make sure you repay your loans early to stay free from all this. Online payday loans have turned out to be the best option for many over the recent years. Here is why you should try them.

Quick Deposits

The money will be deposited faster to your account when you borrow an online payday loan. This is a bit different from other traditional lending procedures where you have to wait for some time. What you have to do is apply for your loan and wait for a few minutes or at most one hour to get the amount deposited to your account.

Bad Credit Doesn’t Matter

You don’t have to worry about getting a payday loan because you have bad credit. This is something many don’t look into as they will require other information to confirm whether you are eligible for a loan. Most lenders will ask for your employment details and additional personal information which you have. Such cannot bar you from accessing this loan if you have a poor credit score.

Convenience

You get to enjoy some high level of convenience with online payday loans. This is because borrowing is done online unlike using conventional methods where you have to walk to the bank or other lenders to acquire your loan. You can request for a loan from the comfort of your home and have it deposited to your account. How about you try this type of loan.…