Choose Secured Loans Among Different Loan Types the Online Way

Why waste your valuable time and energy visiting and speaking to high street lenders to avail a loan or other financial products when you can use the Internet. These days it is so easy and convenient to research, apply and quickly obtain what you want and need online.

An online secured loan is particularly easy to avail. You simply need to look at the websites of different lenders and find the ones that best suit your budget and financial needs. You will be asked to complete a short one-step application form, including information about your financial position and also about the sum and term of loan required. In return you will receive quotes from the lenders detailing their terms and conditions and also the interest rate of the loan in question.

The process is not only quick but also very convenient as you can go online at a time that suits you either day or night. It is also worth mentioning that by using the Internet you won’t be charged any fees for information or for processing a loan application.

With regards to an online secured loan, it is provided to you against collateral that you need to offer. The collateral is normally your home or property but you can use other assets such as a car, jewellery etc provided that the value of the asset covers the amount of the loan.

The collateral gives the lender piece of mind that the loan will be paid in full. If it is not then the lender will seize your asset and sell it to recover any unpaid money and because of this lenders are even happy to offer a secured loan to borrowers who have a history of bad debt.

It is worth knowing that because of the security of the collateral you have ammunition to get the best interest rate available from your lender. Online secured loans can range from £5000 to £500,000 with repayment terms of 1 year up to 25 years. The money borrowed can be used for a multitude of purposes including home improvement or repair, a new car, holiday, education, wedding, debt consolidation etc.

There are many advantages to online secured loans; lower interest rates, repayment terms to suit your needs, there is the use of a loan calculator which calculates the interest rate for you, any documentation and paperwork is brief, the process is quick, easy and convenient and there is no chance of your information being used anywhere else as everything is confidential.

About the Author
To find here information about Secured Loans and about other types of Loans, visit us.

First Time Buyer Home Loans - Things To Consider When Applying Online

As a first time home buyer, there are several things you should consider when applying for a loan online. First, do you know what type of loan you want? Secondly, do you want personal service or better rates? And finally, how do you plan on scheduling in a home loan?

Type Of Loan

Mortgage loans come in a variety of financing forms to best suit your needs. You can choose a fixed rate loan, which is a traditional choice. Or you can choose an adjustable rate loan that will lock rates in three years or later. Other options include an interest only loans, balloon loans, or jumbo loans.

All these different types of mortgage loans have their advantages and disadvantages. To pick the best one for your financial situation, read up on mortgage loans. Most online mortgage lenders offer helpful articles on their websites to help you understand terms and rates. You can also email them if you have a particular question.

Online mortgage lenders handle all the same loans that a traditional bank would handle. In fact, mortgage brokers can find financing packages that a traditional bank might not be able to offer.

Better Rates With Streamlined Process

Trading in an office visits for a streamlined online loan process allows you to save money on your mortgage loan. Some mortgage lenders eliminate loan fees, while others reduce their interest rates. Add up the cost of the interest and fees to find the lowest priced financing package.

Scheduling A Home Loan

One surprise for new home buyers is the amount of time required to apply for a mortgage loan. Filling out the application is simple enough, but a traditional bank may require you to go in multiple times to review paperwork and sign forms. Online mortgage lenders allow you to complete paperwork online at your convenience. When you do need to sign the forms, you do it in the presence of a notary that you schedule.

While online mortgage lenders simplify the paperwork, you will still need to keep in contact with your lender to ensure the funds are processed on time. A simple email or phone call made once a week should be enough to keep the process on track and inform you of any possible delays.

About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com,an informational website online about various types of loans. To view our list of recommended mortgage lenders online, visit this page: http://www.abcloanguide.com/mortgageloans.shtml

Getting the best Auto Loan Rates

Getting a good auto loan rate is not luck, but rather a skill that you must learn. There are good auto loan rates available if you know the tricks of the trade and how to negotiate to get the best deal for you. Remember, you should not be afraid or nervous when trying to negotiate your auto loan because you will be saving yourself money. That should give you the courage to try and get the best auto loan rate available. Follow these suggestions as well to guide you in buying a new care and negotiating your auto loan interest rate.

Auto Loan Tip #1 Buy at the End of the Month
Frequently car dealerships have contests and the winner of the contest gets a good prize, whether it is monetary or physical. Generally, theses contests are a month long, so by the end of the month the salesman are crazy to make a sale regardless the price. So, you will be able to negotiate a better price on your vehicle during these types of competitions. The lower the cost of your vehicle, the better terms you might be able to get for your auto loan.

Auto Loan Tip #2 Have Good Credit
Now this might seem obvious to you, but everyone is not aware how their credit will affect their auto loan rate. If you have great credit, go buy a car whenever you want because you have grounds to negotiate an auto loan on. If you have bad credit, work on rebuilding your credit for several months and then try to get an auto loan. This effort alone will help you in more areas than just your auto loan rates.

Auto Loan Tip #3 Negotiate Your Auto Loan
When talking to an auto loan lender don’t divulge how much money you can spend per month on your auto loan. If you throw out the highest number then this will be the starting point and exactly what you want to avoid. Instead, negotiate with the lender, know your limits however and that there are other car dealers and lenders out there. You never should accept a first offer without trying to get a better deal.

Finding a Home Loan with Bad Credit

Finding a home loan that is affordable when you have bed credit can seem nearly impossible and can be very frustrating. However, there are lenders out there who will approve your home loan regardless of your credit history. Yes, there will be some fees and catches associated with this, but it is possible. There are some things you can do, however, to help you buy a home and be approved for a home loan even if you have bad credit. The following suggestions will prepare you for getting a home loan even with poor or bad credit.

Home Loan Tip #1 Online Lenders
Finding a home loan can take up a lot of time going from lender to lender. So, it’s better to shop online for a home loan and have home loan lenders bid for your business. You supply your personal information and then home loan lenders respond to you with their basic home loan rates considering your personal situation. Then, you will be able to quickly choose between a variety of options for your home loan and find the best one for you. Remember, if you have a high interest rate you can always refinance your home loan once you get your credit in shape.

Home Loan Tip #2 Down Payment
A home loan approval for people with poor credit generally requires a 10-20% down payment. Basically, the higher the down payment you can make the better home loan rates you will receive. When you make a large down payment you have immediate equity, which goes a long way to you being approved for a home loan.

Home Loan Tip #3 Mortgage Insurance
If you have mortgage insurance your home loan will more likely be approved. The reason for this is home loan lenders want to feel secure when making a home loan, and if you have bad credit then that security is not there. However, if you have mortgage insurance the home loan lender feels more comfortable making the home loan to you despite your bad credit.

Cash-Out Refinance Versus Home Equity Loans

Let's say you have a home that's worth $150,000 and you owe $100,000 on the mortgage. That means you have $50,000 of equity in your home, which is like having $50,000 in a savings account. A cash-out refinance allows you to access that equity. For instance, if you need $10,000, you can refinance your mortgage so that you owe $110,000 and the lender then gives you $10,000 in cash at closing.

Since every homeowner's situation is different, your best option will depend on your specific circumstances. Quicken Loans has several mortgage options to choose from. When you compare cash-out refinance loans further, there are a few things you should consider in order to determine what's best for you:

• Speed
  Need cash fast? Cash-out refinances can be done as quickly as two weeks.
  
• Rate
  A cash-out refinance loan typically has a lower rate than a home equity loan and can be done without taking out a second mortgage.
  
• Term
  Cash-out refinances lump all your payments into one low payment instead of having multiple payments due each month.

A Quicken Loans mortgage expert can help you learn more about a cash-out refinance loan. With your own personal mortgage expert to guide you, you'll have no trouble determining if this loan is right for you.

Homeowner Tax Deductions

Deducting Mortgage Interest. Mortgage interest on a primary residence is usually fully tax-deductible, unless your mortgage balance exceeds $1 million or you took out a mortgage for reasons other than buying, building or improving a home.

To claim this tax deduction, you should fill out Schedule A, labeled "itemized deductions." Your lender should send you a "Form 1098" that tells you how much mortgage interest you paid for the year. You should record your interest deduction on line 10.

Late payment charges also may be deducted as home mortgage interest if not for a specific service received in connection with your home loan. The same is true for mortgage prepayment penalties—if you pay off your mortgage early and incur a prepayment penalty, you can deduct that penalty as home mortgage interest (subject to the same requirements for late payments).
Deducting Real Estate Taxes. Real estate taxes, which are annual taxes based on the assessed value of a property, also are tax deductible. Your mortgage interest statement may list the amount of real estate taxes you paid if your taxes and homeowners' insurance were placed in an escrow account when you closed on your mortgage. If real estate taxes aren't included, you could review your cancelled checks to determine your total real estate tax deduction.

Deducting Loan Points Paid on a Purchase. The points you pay on a purchase mortgage are deductible the year you made the purchase. You can deduct any points you paid—and that a seller paid on your behalf*—if you meet the following criteria:

• The loan is secured by your primary residence and the loan was used to buy, improve or build the home.
  
• Paying points (and the amount of points paid) is not an irregular practice in the seller's geographic area;
  
• The points are computed as a percentage of the loan principal;
  
• The points are clearly delineated on the buyer's settlement statement; and
  
• You put cash into your home purchase in an amount at least equal to the points you were charged.

Seller Paid Points are Deductible by the Buyer. When a seller pays points for the buyer (or in other words, buys the mortgage rate down) the buyer gets a lower mortgage rate.
Deducting Loan Points Paid on a Refinance. If you refinanced last year, you may be able to write-off any points you paid to buy down the mortgage rate. To do so, you deduct the points proportionately over the life of the new loan. For example, if you took out a 30-year loan, you would deduct 1/30th of the points you paid each year.

Have you refinanced more than once in recent years? Many homeowners may have overlooked an important opportunity. Say, for example, you refinanced in 2003 and paid points. You can deduct 1/30th of those points in that tax year. However, say you refinanced again in 2006, paying off that 2003 loan. The remaining points from the 2003 refinance-that is, those that hadn't yet been deducted-can now be deducted in full since that loan has been paid off.

Deducting Interest on a Home Equity Loan. The interest on a home equity loan is usually tax-deductible*. However, if your home equity loan when combined with your first mortgage amount, increases the debt on your home to an amount more than the property's actual value, there may be deductibility limits. Usually, you can deduct the smaller of interest on a $100,000 loan or your home's value less the amount of your existing mortgage.

Bring Your Money Home

Whether you are looking to purchase a new home or sell your existing home, BECU can help you navigate the world of mortgages. Looking to tap the equity in your home? We can show you how to put your home equity to work for you.

Home Loan Solutions
Research your loan options; learn about refinancing, first-time home buying and our Real Estate Services program. You can even apply for a home loan online.

Homeowner's Insurance
Homeowner's policies with protection you need for your home and valuables—all with exclusive member discounts.

Home Equity Loans
Learn about your options for putting your home's equity to work for you.

Home Loan ResourcesLook up your mortgage account information, access calculators, learn about free home buying seminars and much more!!