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Need A Loan? Get Your Facts Before Commiting

By Jeff Coor

There’s always a time in every persons life when they need a loan. For a lot of people the realization strikes when they are looking through their mail at a pile of bills and find themselves thinking, “I need a loan today”. For others, the moment may strike when they decide that they are ready to stop renting an apartment and starting owning their own home.

If you need a home loan, that’s obviously one of the bigger and more complicated types of loans out there. When looking into a serious purchase like a home, it’s really important to shop around with different lenders and see who can provide you with the best options.

One of the biggest mistakes first time home buyers make is not exhausting all of their lender options. Looking for the best rates is recommended, though it is possible that your credit report could show these inquiries if you shop around excessively. This should not have a large impact and should not deter you.

Sometimes there are instances when you need a loan for something other than for a home. In these instances, there are other options. The most common of which is the payday loan, which takes a look at your past pay checks and lends you an amount of money relative to your weekly pay rate. The interest rates on these types of loans can be up to 400%, so it is imperative that you repay these as soon as possible to avoid excessive debt.

It is possible for a person with a credit score of 600 or lower to get a mortgage for 30 year duration fixed rate mortgage with an interest rate around seven percent. Someone who has a credit rating closer to 700 could qualify for a mortgage with an interest rate near six percent. This may not seem like a great rate, it can present some savings in comparison to some sub prime mortgage loans, which can have huge amounts of interest. You can also score some lower monthly mortgage payment rates this way as well. When you have bad credit and need a loan it is even more important to shop around for lenders and see what rates they can offer you.

Whatever you do, when you need to get a loan make sure you check around before committing to anything. Work with a lender with a good reputation so that you can get the best rates possible. Also make sure that you are confident about your ability to make the payments in a timely manner. Loans and mortgages play a big part on your credit score. Shop carefully and you can avoid having to take out another loan in order to pay the initial one, which is an all too common occurrence.

There are times in life when you just know that you need cash, whether to buy a house, a car, or unexpected emergencies. Going into the bank or lending office knowing about your situations and rate factors may help you get better rates.

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Article Citation
MLA Style Citation:
Coor, Jeff "Need A Loan? Get Your Facts Before Commiting." Need A Loan? Get Your Facts Before Commiting. 21 Jun. 2010. uberarticles.com. 26 Oct 2014 <http://uberarticles.com/finance/loans/need-a-loan-get-your-facts-before-commiting/>.

APA Style Citation:
Coor, J (2010, June 21). Need A Loan? Get Your Facts Before Commiting. Retrieved October 26, 2014, from http://uberarticles.com/finance/loans/need-a-loan-get-your-facts-before-commiting/

Chicago Style Citation:
Coor, Jeff "Need A Loan? Get Your Facts Before Commiting" uberarticles.com. http://uberarticles.com/finance/loans/need-a-loan-get-your-facts-before-commiting/


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