Brandoh.com

Posts Tagged ‘loan’

When performing a credit card review, the realization dawns that the competition between credit card companies and issuers has rarely been fiercer. Deals favoring the consumer abound and there is a willingness to negotiate better rates in order to lure competitor’s cardholders away. If you do a review on some of the top issuers, it is clear that they are generally very eager to expand their market share and focused on retaining their existing clients by continually enhancing the products and services they deliver.

But just how far are they willing to go? This particular review on the platinum credit card deals offered by Discover, American Express and Chase, tells the story.

Credit Card Review on Discover ® More
Discover does not offer the widest variety of credit cards, but was selected by Keynote Systems as the #1 ranked site in terms of customer experience for account prospects. The Discover More review found their platinum package competitive in terms of the initial interest rate charged:
” 0% introductory APR for 12 months;
” 0% on balance transfers;
” 10.99% upwards on purchases;
” 20.99% on cash advances;
” 28.99% on default.

As a part of the overall review, we also looked at the rewards offered with the Discover ® More credit cards:
” The credit card cash back rewards amount to 5% on items like travel, apparel, home, gas, restaurants, movies and so forth;
” There are 5% to 20% cash back rewards at specific online merchants and an additional 1% on all other purchases made.

This review found the fact that there is no expiry date on the rewards, that the rewards are generous and that there is no ceiling imposed on the value of the rewards, very appealing features.

Credit Card Review on American Express Optima ® Platinum Card ®
American Express has been in existence since 1850, making it the second oldest company covered by this review. It operates in 130 countries worldwide. Their platinum deal offers the following:
” 0% introductory APR for 6 months;
” 8.9% on balance transfers, then 6% for purchases thereafter;
” 6 % upwards on purchases;
” 23.24 % on cash advances;
” 21.24 to 31.24% on default.

As a part of the review, we also looked at the rewards offered with the American Express Optima ® Platinum Card ®credit card:
” Allows you to accumulate points – 1 point to the dollar – for all purchases charged to the card;
” Points earned can be redeemed as entertainment, retail, and travel rewards.

This review found the interest rates very attractive and the rewards scheme offered quite flexible. The rewards scheme leaves the redemption of the points to the card holder’s discretion. As with all American Express credit offerings, only applicants with good a credit report will be likely to qualify.

Banking has evolved with time. The entire infrastructure and concept of traditional piled files and documents has given away to a much more sophisticated and sleek outlook. Moreover with technology growing with a rapid pace the time consuming factor has been replaced with doorstep banking methods which permits you to carry on with your banking 24/7 without having to pay the bank any visit. Money orders and transfers have taken a backseat for Online Money transfers, Card and mobile banking.

When Banking started of for Independent India, you had Nationalized and regional banks handling the country’s finances. As the years progressed you had more branches opening up. The 80s and 90s saw a whole lot of Global Banks like Standard Chartered, Barclays, Grindlays opening their banks up in India. Still banking didn’t seem to be convenient. The modus of transaction was pretty gloomy and boring with people having to wait their turns to visit the teller’s counter to complete their transactions. With technology coupled with the internet coming into play banking solutions have become more custom made for the average consumer. Online Banking ensures that a person is tuned completely with his finances at any given point from any part of the world. Ditto for mobile banking. The last couple of decades also saw numerous Indians migrate abroad on a bid to pursue their lives and carrier. Getting monetary transactions wasn’t easy then. Postal services and courier faux passes weren’t that convincing. Now with banks offering many solutions NRI Banking has also been made easier.

Various facilities for NRI Banking consist of NRI Savings account, NRI Term Deposits and provision to remit money to India. Mobile Banking and Online Banking also offer Mobile bill payment and online bill payments respectively. Typical business banking ensures commercial as well as retail banking services. In Commercial Banking, various corporate entities and major industrial houses are liable to be offered loans to proceed with their business and financial commitments. This kind of banking is generally profitable as it includes a large amount of money. Incase of retail banking services which is basically mass marketing business transactions, direct transaction with individuals which includes loans, various accounts and deposits, and locker facilities banks look to improve their consumer base. Establishing good customer relationship strengthens your financial base as with every major deal that you incorporate via your customers adds to your treasury. As of now the Retail section is undergoing a strain courtesy the recession. The failure to repay debts has seen the fall of global financial houses. So it is very important that a thorough examination is done to ensure know your customer (KYC) norms prior to issuing major loans.

Banks also provide special facilities to their HNI (High net individual) worth customers. These people generally have a huge amount invested with the financial house and indulge in hefty transactions. They are provided with world class banking facilities termed as Priority Banking and Premier Banking, both words justifying their meaning. Savings account for the average investor has also been made easier where you no longer need a referral to open an account or minimum balance to save in your account (* condition applies in both cases). Currently the major Global players in the Indian Finance Sector include Standard and Chartered, HSBC and Barclays. Banks of Indian origin that have gradually made waves include ICICI, HDFC, SBI and Axis Bank. All in all modern day banking has every element that ensures Wealth Management Services for the longer run.

Most people are truly unaware of the various misnomers, misunderstandings and myths being propagated in regard to home loan modifications. At the Loan Modification Help Center, we have put together a list of common myths people tend to believe about loan modifications. This is so you can see the truth and make an informed decision about your current financial situation without having to go on false information and lies.

Myth – Your bank or lender wants you out of your home and wants to own your home. This is an unfortunate myth that people believe far too often. To put it bluntly, your bank wants your money, not your home. They earn more money if you can make payments than they do if the home goes into foreclosure. Foreclosures not only cost the bank money from your lack of payment, but there are attorney fees, agent commissions, potential landscaping costs, home rehabbing and more when doing a foreclosure. All of that is good news because it means negotiating a loan modification makes them more money than sending your home into foreclosure.

Myth – Your terrible credit score will keep you from qualifying for a loan modification. To be quite honest, nothing could be further from the truth. Unlike the option of refinancing your way out of trouble, a loan modification simply adjusts the terms and perhaps reduces the balance of the loan you already have. In fact, a loan modification could potentially improve your credit score over time, especially if it prevents you from ending up in foreclosure or bankruptcy.

Myth – You are not able to qualify for a loan modification because you are not behind on your mortgage payments. In the past, this may have been true, the truth today however is that the eligibility requirements are constantly changing and differ among lenders. Plus, with new legislation handed down from President Obama, new doors have opened on this front. Many lenders are now working out loan modifications with borrowers who are up do date on their payments. A qualified California home loan modification attorney can help you recognize what your options are with different lenders.

Myth – You would be better off walking away from your home or declaring bankruptcy than getting a California loan modification. You certainly could walk away from your home or file for bankruptcy, but they are not the best options when you are facing a foreclosure situation. If you walk away from your home, the lender is unlikely to pursue legal action against you, but in some jurisdictions the lender can pursue financial options to collect the remaining money owed. Filing for bankruptcy may be better than just walking away from your home, but a bankruptcy will leave major blemishes on your credit report for a decade.

A California home loan modification attorney can walk you through the entire loan modification process and help navigate the myths from the realities. If you are interested in a California home loan modification, contact an attorney who can be of service and who can tell you the truths about the industry, the market and what your options are.

Construction to Perm loans are a single close loan, and the consumer obtains financing before construction. This gives the homeowner cash to pay the builder and complete the construction. Construction to Perm is a fully amortized loan. Nothing changes in the term ? it?s one mortgage. One of the greatest advantages to the homebuyer with this type of home financing is some lenders allow interest only payments while the home is under construction. This gives the homebuyer a low payment option in the beginning while living somewhere else. Once the home is occupied, the mortgage payments are changed to principal and interest payments.

High credit scores are important to lenders for construction to perm mortgages. Liquid assets are also carefully scrutinized. For homebuyers interested in construction to perm financing, the lender will look for adequate savings to pay for the mortgage during the construction period of the loan.

Expect a 3-10% down payment to be required, depending upon the loan amount for the construction to perm financing. Smaller pieces of land or smaller loan amounts will require a lower down payment.

From the vantage point of the loan officer, construction to perm loans are a win-win situation. The homebuyer is purchasing a loan they feel comfortable with. They have a reasonable payment during construction, and business with the lender is concluded at the time the loan is made. This type of loan allows the person building their custom dream home to take control over their biggest asset during the most critical phase: construction. With financing in place, the borrower can make sure the final product is exactly what they want it to be.

Lenders require standard credit documentation and high credit scores for construction to perm financing. Lenders also request: 1. Final plans and specifications (needed to obtain appraisal) 2. Purchase contract for lot (or settlement statement if already purchased) 3. Property profile (a description of materials for custom building). 4. Line item cost breakdown from the builder 5. The builder?s construction contract 6. A copy of the builder?s license 7. The builder?s statement or application (showing the company as approved or applying to be approved to build a home). In addition to these documents, it is essential that the homeowner obtain the necessary permits to build in the community.