How do banks charge interest on loans? The answer may surprise you. Checkout this video: How Interest Works Interest is the price of money, and it is calculated as a percentage of the principal, which is the amount of money borrowed. For example, if you take out a loan for $100 at an annual interest…
Have you ever wondered how hard it is to get a land loan? Well, the answer may surprise you. Follow these tips to make the process go smoothly. Checkout this video: The Different Types of Land Loans There are four main types of loans that you can use to finance the purchase of land. They…
A loan that is secured by collateral and has a term of one year or less is most like a short-term collateralized loan. Checkout this video: Introduction A collateralized loan is a loan that is backed by collateral. The collateral can be in the form of property, such as a home or a car, or…
If you’re planning to buy a home, you may be wondering how much you can borrow. The maximum loan amount for a conventional mortgage varies by county. Checkout this video: Introduction A conventional loan is a type of mortgage that is not backed by a government entity, such as the Federal Housing Administration (FHA) or…
Who Really Owns Loan Depot? When you apply for a mortgage with Loan Depot, who do you think is funding your loan? Checkout this video: Loan Depot’s History Loan Depot was founded in 2010 by Jeff and Jason Weiss, two entrepreneurs who saw an opportunity in the mortgage industry. The company has grown rapidly in…
A loan’s principal is the original sum of money borrowed from a lender. Interest is charged on the principal, which is why it’s important to understand how it works. Checkout this video: Introduction The principal amount of a loan is the amount borrowed, not including any interest or fees. For example, if you take out…
If you’re stuck in a Plain Green Loan , don’t despair! There are a few ways you can get out of it and start fresh. Read on to learn how. Checkout this video: Introduction If you’re stuck in a high-interest Plain Green loan, you’re not alone. Many people have found themselves in this situation after…
Find out how much equity you need for a home equity loan and compare lenders that offer loans with low equity requirements. Checkout this video: How home equity loans work A home equity loan is a lump sum of cash that’s essentially borrowed against the equity of a home. Equity is the difference between the…
The Paycheck Protection Program (PPP) loan is a government-backed loan designed to help small businesses keep their employees on the payroll during times of economic hardship. The program was created in 2020 in response to the COVID-19 pandemic, and it is currently set to expire on March 31, 2021. However, there is talk of extending…
If you’re in the market for a car loan, you’re probably wondering what the average interest rate is. Here’s what you need to know. Checkout this video: Introduction Most car buyers don’t realize that the interest rate on their auto loan plays a big role in how much money they’ll ultimately pay for their car….