Article by Personal Finance Guru
Almost two years ago, my friend embarked on a journey to build her dream home. For Sarah and John, buying the dream house in Sacramento seemed only fitting. Buying a home may be your dream, but you cannot afford to be carried away by emotions only. You are trying to build a concrete home, so you need to be realistic. But not everyone is fortunate enough to have a huge bank balance to tap into. They approached the bank for home loans to finance their home. With a 20% down payment and bank loan they were short of couple of thousands to make that home their dream home. Then one of our neighbors suggested purchase money loan. On doing some research we found out that purchase money loan is a form of seller-financing used in real estate. Instead of a third-party, such as a bank, providing a large sum of money to finance the purchase of a home, the seller simply agrees to let the buyer make installment payments over time. A recourse loan is one in which the seller/lender can sue the buyer/borrower for the balance of the loan if the buyer fails to make payments or defaults on the loan. We approached our seller and he agreed to finance the remaining amount through purchase money loan. Sarah and John could see their next 50 years of married life in their dream house
Nothing is permanent in life, including finding yourself in a bad financial situation. You can have a bad credit rating due to several factors, such as loss of job, irregular and late repayments, and credit card debt. In such a situation, bad credit loans are like an oasis in the desert providing the much-needed money for your various needs. Bad credit loans can be used for emergencies due to hard financial circumstances or for leisure. Moreover, such loans are available even to those people who have bad credit or no credit. Anyone can face credit problems at some time or the other in his/her life and bad credit can happen at any time due to various factors. Even the most financially sound people can suffer from bad credit and if this happens, you should try to get a bad credit loan to tide over your financial predicament. There are two types of bad credit loans: secured bad credit loans and unsecured bad credit loans. Consumers prefer the unsecured type as they do not have to put up any guarantee, although both the types are popular.
Home loans are undoubtedly very important in buying a new house. But there are various other things, which are of important as well. In fact, a home loan checklist is pivotal to the entire process of applying for a home loan. It is that piece of paper that endows you with a great deal of leeway, saving you time and energy. The loan market is a jungle out there and you need to hunt around getting a loan with a best catch. Many people make the mistake of signing up for the first home loan lending company that they come across. But this is where they go wrong. Unless you shop around for the best rates, they are not going to come your way. For every lender who is willing to offer you good rates, there might be another lender willing to offer one percent lower. All that you need to do is search and you will find a better home loan lending company. Another aspect of home loan companies that needs a special mention is that you may want to make sure that you do not have to sign any contract before you read all the fine lines in the contract. There are many companies that offer extremely low rates and then charge you hidden charges. In the end you end up paying more than what you would have ever wanted. Remember, it?s a jungle out there.
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http://www.bills.com/bad-credit-loans-to-consolidate-my-bills/
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