If you’re considering taking out a loan , you may be wondering what loan underwriting is and how it works. Keep reading to learn more about this important process. Checkout this video: What is loan underwriting? Loan underwriting is the process a lender uses to determine whether to approve or deny a loan application. The…
If you’re in the process of applying for a mortgage, you may have come across the term “loan commitment.” But what is a loan commitment, and what does it mean for your mortgage application? Read on to find out. Checkout this video: Introduction A loan commitment is a formal offer by a lending institution to…
If you’re looking for a loan from a credit union, there are a few things you’ll need to do first. Here’s a quick guide on how to get started. Checkout this video: Overview A credit union is a financial cooperative that is owned and controlled by its members. Unlike a bank, a credit union does…
Considering an FHA loan but not sure if it’s the right fit? Read on to learn about the key differences between an FHA loan and a conventional mortgage, and find out which is best for you. Checkout this video: Introduction If you’re a first-time homebuyer or looking for a low down payment loan, you may…
If you received a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA), you can find your loan number on the loan forgiveness application. The loan forgiveness application is the document you submit to your lender to request forgiveness for your PPP loan. This application includes your loan number, as well as other…
You may think you need to be a veteran to get a VA loan, but there are actually a few other ways to qualify. Read on to see if you might be eligible for a VA loan. Checkout this video: General Qualifications All service members on active duty, members of the National Guard and reservists…
If you’re wondering how long it will take for your PPP loan to be approved, you’re not alone. Many small business owners are eager to get their hands on this much-needed financial assistance, but the process can seem a bit daunting. Here’s a quick guide to give you an idea of what to expect. Checkout…
If you’ve recently been approved for a car loan, congratulations! You’re one step closer to owning your own vehicle. But now that you’ve been approved, what’s next? In this blog post, we’ll walk you through what you need to do after you’ve been approved for a car loan. We’ll cover everything from shopping for a…
You’ve probably heard the term “principal” used in reference to a loan, but what is principal on a loan? This article will explain what loan principal is, how it’s used, and how it affects your loan. Checkout this video: Introduction The principal on a loan is the original sum of money that you borrowed from…
Interest payments on a loan can be calculated using the loan’s interest rate, term, and principal. This guide will show you how to calculate interest payments on a loan so that you can make informed financial decisions. Checkout this video: Introduction When you take out a loan, you agree to pay back the principal (the…