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A good credit rating is an important criteria for getting loans. Learn how to manage credit card debt and improve credit scores in this free video series on personal finance from a licensed mortgage broker.
There are 16 videos in this series:
Home Equity Lines of Credit (HELOC) involve a bank loan which becomes the second loan behind a first mortgage, with a payment rate determined by the loan amount, not the entire line of credit. Learn how borrowers pay off a Home Equity Line of Credit, in which the monthly rate increases with the loan amount, with information from a licensed mortgage broker in this free video on personal finance.
A line of credit can be extended to a business or an individual based on the equity of the property put up as collateral. Learn how the rates of monthly payments for a line of credit are determined by the rate agreed upon with the lender in this free video on personal finance from a licensed mortgage broker.
A loan calculator determines the rate of payment on a loan by factoring in the length, terms and amount of the loan. Find a loan calculator online to figure out payment information for home, car and other loans with the tips in this free video on personal finance from a licensed mortgage broker.
The loan mortgage loan process is similar in every state: apply to a lender or mortgage broker to obtain the loan, though some states require an attorney to close the loan. Learn about the loan closing process, including the role of lawyers and title companies, in this free video on personal finance from a licensed mortgage broker.
Both loan officers and mortgage officers broker loans from lenders to their clients; mortgage officers must have a license, while loan officers do not have to have a license, though they cannot work for a mortgage company without a license. Learn more about the differences in qualifications between a mortgage officer and a loan officer in this free video on personal finance from a licensed mortgage broker.
Most lenders will give business credit to individuals with good personal credit. Some lenders will offer a loan to a business once the applicant provides personal information on the loan guarantor. Learn how to fund a business with a business loan with the banking advice in this free video on personal finance from a licensed mortgage broker.
The rate of credit card interest was often set when the applicant signed the paper work to obtain the credit card from the credit card company, lender or bank. The payments reflect how much the card holder owes in relation to the lending rate. Learn about credit card interest and balance transfers in this free video on personal finance from a licensed mortgage broker.
To calculate the terms of a loan, find a loan calculator online and enter the payment and the rate, then the calculator will determine the length of the loan. Find out how to determine the terms of a loan for a car note, credit care or home mortgage in this free video on personal finance from a licensed mortgage broker.
The Loan-to-Value (LTV) ratio of a loan refers to the value of the property or the purchase price, compared to the remaining loan balance. Learn how to calculate a loan-to-value ratio to determine the ratio of outstanding debt on a property versus the market value of that property with the tips in this free video on personal finance from a licensed mortgage broker.
Corporate credit is based on the credit rating of a business. Banks will often extend a business loan based on a strong personal credit rating, which allows that individual to act as a guarantor for a loan. Find out how to get a corporate loan based on a personal credit rating, or by applying to a secondary lender, in this free video on personal finance from a licensed mortgage broker.
A credit card is based on a line of credit as determined by the credit card company, while a debit card is tied to the amount of money in a bank account. Decide whether to get a credit card, which allows users to overextend their funds, or a debit card, which can keep spending in check, with the advice in this free video on personal finance from a licensed mortgage broker.
Many banks, such as Capitol One and First Premier, will issue credit cards to people with bad credit, though these cards have high rates and low spending limits. Revive credit after bankruptcy by obtaining a transitional credit card and paying monthly payments on time, according to the tips in this free video on personal finance from a licensed mortgage broker.
A certified credit counselor must pass state and national exams to obtain a license in order to help people with credit problems, such as credit card debt, by reducing payments or account balances. Find out how a credit card counselor can help you reduce your credit card debt by working directly with credit card companies, in this free video on personal finance from a licensed mortgage broker.
In order to obtain credit, people must be in good standing with a credit card company or build credit by getting and maintaining a number of low-ceiling cards. Find out how to establish good credit standing by improving your credit card payment history with the advice in this free video on personal finance from a licensed mortgage broker.
The first step to fixing bad credit is obtaining a credit report, which often have erroneous information on people who have a similar name or social security number. Challenge the information from a credit report by hiring a professional credit repair company with the advice in this free video on personal finance from a licensed mortgage broker.
An important part of monitoring credit is asking credit bureaus to put a fraud alert on a credit report to keep someone from stealing a social security number and the credit history associated with it. Sign up with an online credit monitoring service to get monthly e-mails in order monitor a credit report with the tips in this free video on personal finance from a licensed mortgage broker.
Buying a first home is a major milestone in the life of a twentysomething college graduate or a newly engaged couple. It’s one of those things people get excited about and look forward to for years, hoping that in six months, if reasonable interest rates and a healthy housing market hold, it will be the perfect time to start scouting for that perfect little fixer upper in a middle class neighborhood, preferably with good schools nearby, a local park, and an active community organization. But aside from the aesthetic and practical concerns associated with purchasing a home, there is a large financial quality to the process that often gets overlooked or under-emphasized. A house is one of the largest financial investments people will make over the course of their lives, and having their ducks in a row, so to speak, would be wise before they accept responsibility for a 15- to 30-year mortgage loan. In this free video series on personal finance from a licensed mortgage broker, find out about lines of business and personal credit. Want to know how the mortgage loan process works or how to improve a bad credit rating? Watch this free video series and find out how to manage credit debt.
Adriel Torres Adriel Torres has been in the mortgage business for over a decade. He has owned two mortgage companies and is a licensed mortgage broker. Torres has been doing credit repair since 2001, and he was regional sales manager for two national sub-prime lenders. Torres is the current owner of ultimatecredittoday.com.dkdk
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