Free Money Saving Auto and Home Loan Tips
Free 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.
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Latest News
 New Zealand Herald | US Rethinks Roles of Fannie, Freddie Wall Street Journal - The main focus is on the government-backed buyers of home loans: Fannie Mae, created in 1938, and its younger cousin, Freddie Mac, formed in 1970. ... Government plans new credit, mortgage programs Lenders Become Proactive Mortgage relief gets stuck |
 The Star-Ledger - NJ.com | General Growth gets 2-week reprieve on loans Chicago Tribune, United States - The real estate investment trust said it and the syndicate of lenders "are continuing their discussions" on a longer-term extension to the loan, ... GGP Gains Two-Week Extension on $900M Loans General Growth gets 2-week extension on $900 million in loans General Growth Properties gets loan extension |
 Wall Street Journal Blogs | Restoring the flow of credit to entrepreneurs Los Angeles Times, CA - A Treasury Department program aims to make it easier for lenders to find buyers for the loans they make. By Cyndia Zwahlen The credit crunch looks like an ... Forbes: Let the Small Business Administration work SBA Applauds Treasury Action to Bolster Secondary Market for Small ... Feds hope to unfreeze SBA, consumer lending |
 Emirates Business 24/7 | Can the Federal Government Save the Student Loan Market? findingDulcinea, New York - by Anne Szustek The Federal Reserve recently announced a $200 billion lending facility for private student loan lenders. Is this the best way to make higher ... The Fed boosted emergency loans to banks and firms Fed Commercial Paper Holdings Rise to $295.1 Billion (Update2) "Oops, We Meant $7 TRILLION!" What Hank and Ben Are Up to and How ... |
 New York Times | Turning Around the Idea of Student Loans New York Times, United States - “This is a five-year loan, and that helps ensure a certain amount of longevity for this project.” Justin said he first became interested in poverty issues ... |
Student debt levels portend rising loan default rates Indianapolis Star, United States - They were aiming to win big so they could pay off their student loans. "If you don't try, you can't win," said Brown, a 26-year-old marketing consultant. ... |
Hedge Fund Manager Hendry Bets on Deflation With UK War Loans Bloomberg - The “Jolly Long Bond,” as Hendry calls the war loan, will be the most reactive to deflation because not having a maturity means it has long duration, ... |
Loss of college loans lender may have little effect Spartanburg Herald Journal (subscription), SC - The financial aid director for Spartanburg Community College stressed that these types of supplemental loans are separate from the Stafford Federal Student ... |
Detroit's Big 3 Will Try Again To Get Federal Loans NPR - They're going to try, again, to convince Congress to give them federal loans. They say they need the money to avoid an industry collapse. ... |
 Boston Globe | Problem-solver Boston Globe, United States - Bair's plan to systematically modify 2.2 million loans for defaulting borrowers has drawn widespread support - except from the Bush White House. ... Avoiding your own mortgage collapse Efforts are under way to head off foreclosure |
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