Skip to main content

Considering a Loan?



Hi Neighbors!!

Today we are going to talk a little about loans. There are many reasons that people decide to get loans.  For instance, we had some credit card debt, as well as, one of my daughters needed braces.  I did not realize how expensive braces are these days! I mean they have always been somewhat expensive, but $4500-$6000?  Anyway, we ended up taking out a small mortgage on our home rather than a home equity loan.  We made this decision after some discussion with one of our sons, who is a loan officer.  He helped us to make educated choices when we were offered the two different types of loans.  Our loan has a set interest rate that will not change for the duration of the loan, and there are no penalties for paying off the loan early, as well as a few other benefits.  Remember that what worked for us may not be what will work for you.

Now, if you are anything like I am, you might be wondering, how many kinds of loans are there? I mean, you just go into your financial institution and get a loan, right?  I did a little research.  Just consider the type of loans available: conventional loans, conforming loans, non-conforming loans, secured loans, unsecured loans, open-ended loans, close-ended loans, personal loans, business loans, even payday loans. If you are self employed, there are self employed loans you can apply for even though you do not have pay stubs from week to week to show your income.  Which one is right for you?  These are all good questions and yes, you can receive a loan while self employed, you just have to have the proof of income and whatever else is needed by the institution you are getting the loan from.



You may want to get advice from friends or a financial advisor before you make your final decision.  I was so glad we were able to go to our son with questions.  Below are some question you will want to ask the loan officer, or at least know the answers to before signing the paperwork.
1. Is there a fixed term?
2. Is it a fixed interest rate, or does it vary or change?
3. Is there a pre-payment penalty?
4. Do they bundle insurance in with the loan?
5. What fee is charged on a home loan if they have to send someone out to do an estimate on the value of your home?
6. Are there any hidden fees?

Make sure all your questions are answered and you fully understand what they are describing before signing.  We actually had 48 hours in which to change our mind after signing the paperwork, just in case we decided to back out or go another route.  Our bank's loan officer was very helpful and answered all the questions we had.  I am sure we drove her crazy sometimes with questions, but never be afraid to ask those questions.  We are very happy with the way our loan worked out and are satisfied with the terms of our loan.  Now all our credit card debt is paid off, my daughter has her braces on and we are working towards paying extra on the loan to pay it off early. I hope that some of this information will help you make a knowledgeable decision.

Have a great day!  See you soon!







Comments

Popular posts from this blog

Before the Wrath Movie

 Hi All!! Have you heard about Before the Wrath?  This highly rated film is narrated by Kevin Sorbo. ● Highlights the importance and impact of Biblical prophecy ● Narrated by Kevin Sorbo and featuring: ○ Jack Hibbs - Theologist and host of “Real Life” on SiriusXM ○ Amir Tsarfati - Founder and President of Behold Israel ○ Jan Markell - Founder of Olive Tree Ministries ○ JD Farag - Theologist and Eschatologist ○ Scott McConnell - Exec. Director of Lifeway Research ○ Jay McCarl - Ancient Middle Eastern Anthropologist ○ Lizette Dillinger - Qualitative Director of LifeWay Research ● YouVersion 5 day reading plan available - https://www.bible.com/reading-plans/20059-before-the-wrath Before the Wrath 1. Talking points: ● #1 Christian movie in Am I did find much of the movie interesting and informing.  I am not sure I totally agree with all their points, but it did challenge me to go look and research for myself. Where can you purchase Before the Wrath: Landing page: ​https://www.

Prilosec OTC $25 Rebate plus a $100 AMEX Giveaway

Hey Neighbors! Do you suffer from heartburn? I do sometimes. I personally can not eat really spicy foods. Problem? I LOVE MEXICAN! So does my whole family. My husband enjoys really spicy foods and sometimes suffers from it. Solution? Have you heard about Prilosec OTC? If not perhaps you would like to try it. Prilosec OTC has a special offer going on right now through February 15th. Buy 2 Prilosec OTC and get $25 back. Now, I personally have not tried Prilosec OTC yet. But according to the site: "How and Why Prilosec OTC® Works Prilosec OTC Blocks Heartburn When you eat, millions of tiny pumps in your stomach lining create acid to break down food. Normally your lower esophageal sphincter (LES) works as a door, opening and closing to let food pass from your esophagus HEARTBURN GLOSSARY Esophagus: Tube connecting the mouth to the stomach; a passageway for food; part of the digestive

Big Apple Pet Supply Multifunction Pet Carrier Review and Giveaway

Hey Neighbors! Here is the most unique and useful pet carrier I have ever seen! I found it at Big Apple Pet Supply . It is a Multifunction Pet Carrier for Dogs and Cats ($72.49). This is a multifunctional pet carrier for cats and toy dogs. Of course it is for Roxie! I am going to describe each feature. Roxie in her new Multifunctional Pet Carrier for Dogs and Cats. See all the ventilation in the side. It has an easy lock. You can open and close it with one hand. And it is designed so your pet can not accidentally unlock and open the door. There is what they call an Opening Top Hatch. The top of the carrier is divided into two and is hinged so you can open the top to reach your pet. Complete ventilation is provided by all the vents for optimum air flow. I could not believe all the vents in this carrier! The front door is clear for increased visibility of your pet. It is designed to be secured in a vehicle with a seat belt through a handle on the top. The external a