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…
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…
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…
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…
Follow these tips on how to pay off your car loan fast and get out of debt sooner. Checkout this video: Introduction Paying off your car loan as quickly as possible can save you money in interest and help improve your credit score. Follow these tips to pay off your loan fast. 1. Make bi-weekly…
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….