Car Insurance Quote

Car Insurance Quote

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• Quote Comparisons- You wouldn’t buy your car without finding out if you can find the same model cheaper and shopping car insurance quotes should be no different. That’s why CarInsuranceQuotes.com will come back with multiple quotes for you to look at and then make the decision on which company you like the best.
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• Car Insurance Resources- Information on different places to get car insurance quotes.
• Car Insurance FAQ- Commonly asked car insurance questions people have when they shop for car insurance quotes online.
• Car Insurance Tips- Things you can do to lower your car insurance quotes today and for the future.
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CarInsuranceQuotes.com wants our customers to be well informed when they shop for car insurance. That is why CarInsuranceQuotes.com offers informative articles that will help you make the best decision possible on car insurance policies. Some of these articles include:
ping experience when you’re looking for vehicle insurance and more.

Prepay Your Home Loan

Those who thought themselves to have sailed safely by buying floating rate loan at 7% in 2003 are now highly tensed. Most banks are charging around 11.50% interest rate.

Let's take a case supposing home loan amount to be Rs 10 lakh and the tenure as 20 years. With the increased rates, the EMI changes from Rs 7,753 to Rs 10,000 or if one wants to keep the EMI amount same, the tenure would increase by more than 10 years.

Kind of Options Available

It is always adviseable to pre-pay any loan, including the best home loan, if you have extra cash available with you. Most people think that the principal amount outstanding has not reduced even after paying EMI for three to four years.

Considering the above example again, if the borrower prepays at the end of fourth year, the outstanding principal is still around Rs 9 lakh. The borrower is repaying a higher proportion of interest in the initial EMIs. The interest can hover anywhere around 80% in the beginning.

Interest component falls down and principal component goes up as a proportion of the EMI with the loan tenure. For that reason, many of home loan borrowers assume not to prepay an apt way, say, after half way through the loan tenure, because the interest falls.

The interest outgo as a percentage on outstanding principal will remain same every time. As home loan rate is evaluated using reducing balance method, the interest rate is always evaluated on the remaining outstanding principal.

Now, the interest which requires to be distributed accordingly in the remaining tenure would also be low, resulting in lower interest amount component. However, there would come no change in the rate of interest which will remain same at both the periods.

Your home loan tenure should not be a driving factor for you to narrow down on the option of prepaying the loan. It should largely depend on current interest rate and the amount of spare cash with you.

 Source: www.guide2homeloan.com/articles

The Home Loan Balance Transfer

What is Balance Transfer all about?

There are times you find that the interest rate on your home purchase loan that you were paying at the rate of 10.5 per cent per annum was quite high in comparison of 9 per cent offered by some other bank.

In this case you can trigger off the balance transfer option with your existing bank, under which the unpaid portion of your home loan would get transferred to your desired bank, thereby taking benefit of the difference in the interest rates.

Things to take care of:

• Tenure of loan: Ideally, you should consider taking the balance transfer option when the remaining part of your payment period is more than 5-years.
  
  There is no point in transferring the home loan from one bank to another if you end up paying pre-payment and other processing charges even more than the difference of amount you had to pay towards interest in the normal course.
  
  
• Pre Payment Charges: Banks like SBI, IDBI and ICICI offer benefits like payment of the pre-payment charges to your existing bank. So you must confirm the same with the new bank that are they ready to deal with this matter or not.
• Additions in the loan amount: You must confirm that the amount of your home purchase loan is perfectly in line with the balance you had in your previous bank. It may happen that your new bank pays all pre-payment and processing charges on your behalf and add the amount later to the principal amount of your housing loan.

In such case, you have to suffer the impact of compounding, which does not favor you in the long run.

Final Word:

Seeking balance transfer option needs the similar degree of caution and study that you undertake while taking home loan. And of course, you can save a considerable amount of interest charges under this option once you strike the right chord! 

Source: www.guide2homeloan.com/articles/

The fixed rate home loans

Usually, when news media splashes reports on banks increasing home loan interest rates in India and their impact on Equated Monthly Installment (EMI), you deem it better to opt for fixed home loan rate. In fact, your banker may also advise you to go for the same.

Now ideally as it should be, we assume that once you select fixed rate plan for yourself the rate of interest will remain unchanged over the entire tenure of the repayment period irrespective of any subsequent increase in the same. But actually this is not the case.

Here we demystify the nature of fixed interest rate housing loan transaction for you so that you could make an informed decision over the matter.

• All the banks include the reset clause on fixed interest rate in their home purchase loan agreement papers. So if you had taken the loan @ 10.5 per cent for 15 years it does not mean that the same rate will be applicable all across the period.
• India’s largest public sector bank State Bank of India (SBI) has introduced a clause as per which it has right to revise the fixed rate home loan after two years. Similarly, Canara Bank and Corporation Bank also have similar provisions to revise the rates after 5-years of disbursing the loan.
• Private sector banks and Non Banking Financial Corporations (NBFCs) are also following the same policies and the rates too are revised from time to time.

Force Majeure Clause

So, while you read your home loan agreement papers, you can spot statement like this:

“Provided further that from time to time, the bank may in its sole discretion alter the rate of interest suitably and prospectively on account of change in the internal policies or if unforeseen or extraordinary changes in the money market conditions take place during the period of the agreement.”

This is called Force Majeure Clause that enables the lender to undertake appropriate modifications in the interest rates on home loans they sanction to their borrowers. 

 source: www.guide2homeloan.com/articles

The Mortgage insurance : For Long on Income and Short on Cash

Many borrowers confuse mortgage insurance with mortgage life insurance, which pays off the mortgage if the borrower dies. While the lender doesn’t want the borrower to die, it is more concerned about the fate of the loan. Historically, when a borrower
has gone to foreclosure and the house has been sold, the lender received only about 80% of the value of the property. Also, the first years of a mortgage are the years of greatest risk. These facts mean several things to the borrower:

1. The less cash you put down, the more expensive the mortgage insurance.
2. If the type of loan is a higher risk, such as an ARM or any loan with increasing payments, the mortgage insurance is more expensive. Mortgage insurance protects the lender against loss if there is a default and foreclosure on the mortgage. Normally mortgage insurance covers the top 25% of the loan, thereby reducing the lender’s exposure to 75% of the value. For example, consider a $100,000 purchase made with 5% Mortgage Insurance 71 down. That creates a very high risk for the lender. In a foreclosure situation it could lose $15,000 or more. The company is not interested in making a high LTV loan without some protection, so it requires that the borrower purchase mortgage insurance to lower the risk.


There are ten mortgage insurance companies that lenders use. Most lenders have companies that they prefer to deal with because they have developed a good working relationship.

Most of these companies’ rates fall within a close competitive range, but they can change periodically. Before submitting the loan to the underwriter for approval, the lender will choose the mortgage insurance company that it feels will give the best service. The borrower is not involved in this part of the process other than to pay the premium.

Today, most mortgage insurance is “delegated.” That means the lender is delegated by the mortgage insurance company to approve the loan for them. Sometimes the mortgage insurance company’s underwriters will be required to approve the loan. If the loan is computer-approved with MI, the computer will assign the level of coverage, possibly lowering the cost to the borrower.

The MI company used is often determined by its relationship with the lender. A lender may work with three to five companies, rotating the loans given to them based on these relationships. Mortgage insurance companies can help lenders get lower interest, more investors, or just plain lower the cost per loan. Depending on the agreement between the lender and the MI company, a certain percentage of the lender’s loans requiring MI will be assigned to that company. So, mortgage insurance companiesc



an do more than just provide risk coverage.

Is There Poor Credit Home Loan Today?

If you were wondering if poor credit home loans still exist, then you will want to read this article. Specifically, we will discuss what has happened to bad credit mortgages, where you can go to get a mortgage if your credit is bad, and the best things you can do to improve your chances of qualification. After reading this article, you should have a good understanding of where bad credit loans are today.

A few years ago, if you wanted to buy a home but did not have good credit, you had many options. Mortgage professionals used to joke that if you could fog a mirror you could get a mortgage! There were sub-prime lenders who would lend to people with scores down in the 500'. Lenders offered 100% financing at good rates to people with scores down to 620. There were others who offered no doc and stated income loans. Unfortunately, the implosion of the mortgage market has changed that.

In today's mortgage market, people with scores below 620 have almost no options unless they have a sizable down payment or are looking to refinance and have a great deal of equity in their homes. Those with scores less than 700 but above 620 are looking to the FHA for mortgages. This is the best place to look for poor credit home loans in today's market. The benefits of going with FHA is that they will accept lower scores than other non-insured lenders and they place more of an emphasis on your recent credit file. Once you are approved, your interest rate is not generally impacted by your credit score.

If your score is less than 620, unless you have access to a significant amount of cash, you will need to work on improving your credit score. Fortunately, there are numerous things you can do. You will want to start by getting a copy of your credit bureau. You can get this for free at http://www.annualcreditreport.com. Once you have this report, you will want to go over it carefully and notice any errors or negative credit reporting that you feel is questionable. Pay attention to accounts that are reporting late, negative accounts reporting more than seven years after the date of last activity and your credit card limits. Starting with the two or three items that will have the most impact on your credit score, you will want to dispute these items with the three credit bureaus.

Once you have completed your first round of disputes, you will want to continue the process until you have corrected any errors on your report. While you are doing this, you will want to work on paying off as much revolving debt as you can. Paying each individual credit card to down below 30% of the limit is ideal. If you lack positive good credit, you may get a parent or spouse with good credit to add you as an authorized user to an account with a low balance.

While bad credit home loans are not as prevalent today, for people with scores over 620, they still exist. Those with a score lower than this will want to take steps to improve their credit score. Hopefully, you now have an understanding of where bad credit mortgages are today, and what your options are.

Wendy Black Polisi is the founder of creditrepaircollege.com. To learn more about poor credit home loans and credit restoration please visit her on the web.

Article source:
http://ezinearticles.com/?expert=Wendy_Black_Polisi

How to get loan from the web

Most people think the web is end all of mortgage lending. But, there are many differences in how the use of the web is perceived. There are those who think the web will
be the demise of all mortgage lenders as we know them. All loans will be submitted through a web site with a faceless, and sometimes,voiceless, lender. Or, the lender will speak to you, and may
even send you friendly emails. No more going into a lender’s office and wasting precious time. In a perfect world, this could happen.
The others think the web is a fad, and borrowers will ultimately come back to the comfort of dealing with a friendly face. The truth lies somewhere in between. The World Wide Web is here to stay,
and it is a major tool in the mortgage lending industry. Just how it is used is still evolving. My company has, in my humble opinion, the best combination. We have branch offices in many states, but
not everywhere. We are always upgrading our technology to provide the borrower with the best advances in lending. We take loan applications face-to-face, over the telephone, and through our
web site. The big advantage is that we will always have an experienced loan officer handling the loan. The borrower and Realtor
know where to find me. Or, as one Realtor told me recently, she
knows where to come if I mess up the loan and cause the borrower,
and her, any pain. This comment came after a web lender
delayed one of her sales significantly and the borrower ultimately
went to a local lender. Even if I take the loan by telephone or
through our web site, I will be in contact by telephone, mail, and
e-mail. If the borrower is buying locally and applying from afar,
they know I will be available in person after they move.

The website is a very important tool for the borrower who does not have time, or is
too far away, to come into the office. They can apply in the middle
of the night, naked. Once the loan is downloaded, I will call them
to confirm and to get any additional information necessary for the
approval. And to make sure they are applying for the best loan to
serve their needs.

At the very least, anytime you use an on line lender, they
should meet certain standards:
1. They should be well-known, established, and wellfunded.
2. They should provide all fees and costs up front before
the borrower applies for the loan.
3. They should have experienced people handling all the
loans.
4. They should be readily accessible by telephone, at the
very least, and preferably at a local or regional office.
5. They should be familiar with the area or have a local contact
who does know the area.
6. They should have enough variety of loan products to
make sure all possible ways to finance the property are
available. And the lender needs to know how to use
them.
7. Their application site should be very user-friendly and
capable of answering basic questions. It also should have
a toll-free number to call if the borrower wants to talk to
a person before making any type of application.

There are other services that should be offered, but if they
meet the aforementioned standards the borrower will at least have
a reasonable chance of getting the best loan. But I wouldn’t count
on it. Even lenders where you can go right to the office have a hard
time getting good knowledgeable people. A lender far away and
handling a large volume of loans from a central site will not be able
to have anywhere near enough experienced personnel. I don’t
know anything about the markets in California, other than the fact
the state is slowly slipping into the Pacific. Why would you expect
someone in California to know anything about the markets in Virginia,
or the costs associated with closing a loan there?

At the time this book was revised in 2000, several on line
lenders had failed, leaving many borrowers to frantically search for
another lender. One Realtor friend of mine who lists several builder’s
houses told me he had a large number of purchasers who decided to
apply on line, and every one of the loans had been a nightmare. Of
course, most of the worst ones will eventually be weeded out. You
just want to make sure your lender has staying power.

Manufactured home loans for prospective homebuyers with bad credit

Manufactured home loans are easy to get and can help you boost your credit score as well. Many prospective homebuyers’s who can’t buy traditional homes due to their credit problems frequently select manufactured homes. A bad credit mobile home loan has some similarities with a conventional mortgage loan.

the question now is "How can you get bad credit manufactured home loans?"

Manufactured homes or mobile homes are normally financed like personal loans instead of real estate loans. The financing procedure is similar to that of a television or a car. However, due to the growing popularity of mobile homes, financing of mobile homes has achieved plenty of market.
If you want that, you typically need to have a good credit. At present, people with poor credit scores can qualify for these loans at a somewhat higher interest rate. Nevertheless, you would need to substantiate that you have a steady source of income and repayment ability to qualify for a bad credit mobile home loan. Lenders might necessitate you to own the lot where the mobile home is to be placed.

There are many lenders that offer loans for both the mobile home and the lot. On the other hand, there are lenders that just offer loans for the mobile home where you have to arrange for the lot by yourself.
Options for bad credit mobile home loans

The package for mobile home financing comes with various features such as adjustable or fixed interest rates, single permanent construction loans and finance of up to 95% of the home value. You can get the affordable rates for short-term financing. In addition, you can get construction plans designed as per your convenience.

One of the options for financing mobile homes is the single permanent rate or one time close construction rate. This is a single step program and if you go for this option, then you can obtain a fixed interest rate throughout the construction period. Once the construction is complete, this would change into a permanent loan.

If you go for two-step option for financing mobile homes then you can take out a loan of up to 90% of the value of a vacation home and up to 95% of the value of the permanent home. This is derived from the prime rate throughout the construction period and would remain for a construction period of one year.

The third mobile home financing option is the lot loans. The lot loans are offered to people who have discovered the location to fix the manufactured home but are still to construct the home