2019 on tips for finding an auto financing lender

Should You Apply Jointly Or Individually For A Mortgage If Married?

Mon, 30 Dec 2019 09:03:31 +0000

Getting approved for a loan to buy a house is not always the simplest and fastest task to accomplish, and if you are married, you have the choice between applying for a mortgage with your spouse or on your own. While most married couples will apply together, many do not, and here are two good things to evaluate as you decide which option is right for you as you compare options for mortgages.

Consider the credit scores of each person

One factor that greatly affects your ability to even qualify for a loan is your credit score, and that is why this is the first thing to consider as you try to decide whether to file together or alone. What is your credit score? And what is your spouse's credit score? If you both have great scores, applying together is likely the better option when you need a mortgage. Having two people with great credit scores will make your approval easier with any lender.

If one of you has bad credit, though, it may be better to apply individually for a loan. In this case, the spouse with poor credit could cause problems in the mortgage-lending process. The lender might deny the loan due to the low credit score of the one spouse, so having just the one spouse with good credit apply might improve the odds of getting approved.

Compare the income individually and jointly

The second huge factor to consider is the income you each have. The amount of income you have will affect your eligibility for a loan and the loan amount you qualify for. Therefore, considering both spouse's credit is vital, but factoring in their incomes is also vital. If you add your incomes together, you would have more income to use to qualify for a larger loan amount.

This is the main reason couples apply jointly in many cases, as it helps them open up their options for buying more expensive homes. The downside of applying individually when married is that the lender will only consider the income of the person who applied instead of adding up the incomes of both spouses.

If you are not sure which option you should use, talk to a loan officer. A loan officer can help you understand more about the options you have and help you determine the best strategy for your situation. Call today to find out more information about mortgage loans.

Four Things A Veteran Should Know About A VA Loan

Tue, 29 Oct 2019 10:27:16 +0000

If you are a veteran, there is a good chance that you have earned the benefit of a Veterans Administration loan. These loans can be a good deal for a veteran looking to buy a house, but there are a few things you should know about them.

Not every veteran will qualify

You need to check with the Veteran's Administration to determine your eligibility. Although most veterans qualify, there are certain minimum times that you will need to have served. This will depend upon the years you served and the branch of service. There are exceptions to this that relate to injuries suffered while in service. An example of someone who does not qualify would be anyone given a dishonorable discharge; any other discharge status will make you eligible.

You don't need great credit

Because these loans are backed by the government, there is little chance a lender will lose their money if a borrower defaults on the loan. For this reason, the credit scores that a lender looks at to approve a VA loan are generally lower than a regular home mortgage. But because they do not want to go through the process of recovering their loan money, each lender will have a minimum standard for a credit score. Whereas most lenders will be looking for good or better credit, a lender offering VA loans may only require a fair credit score.

You may need only a small down payment

Keep in mind that these loans are only offered by approved lenders in the private sector. For this reason, it is their loan requirements that you are interested in. Along with lower credit scores to qualify, you may need less of a down payment or none at all. Except for expensive homes, there is no requirement by the VA for minimum down payments. Some lenders may require only a small percentage of the loan as the down payment. This is attractive to a borrower, but you need to make sure you can afford the monthly payments.

The process for closing is a little different

Although the process is basically the same as with other mortgages, there are a few additional steps that need to be taken. For example, someone from the VA will need to see the house to make an appraisal, but the additional inspection and paperwork add very little to the total time to close on a home.

If you want to buy a house but don't think you can afford one, you may be surprised to find out that you can buy one with a VA loan. If you are eligible for this benefit, it is worth exploring because a VA loan is among the best deals for a mortgage that you will find.

For more information on VA mortgage loans, contact a lender near you.

3 Useful Tips When Opening Up A New Checking Account

Fri, 04 Oct 2019 08:06:58 +0000

There may be a time in your life when you need to open a checking account with a new bank. You may have moved to a new city and thus have to change banks. Well, as long as you keep these tips in mind, opening up this new account will be a breeze.

Avoid Monthly Maintenance Fees

It's pretty interesting to find out just how many banks today charge fees for having an account with their branch. This is unfortunate because it takes hard-earned money out of your pocket. Fortunately, not every bank takes this approach.

There are some that actually have no monthly maintenance fees. These are the banks that you should consider opening a new checking account with. Finding out which banks these are involves searching online and possibly calling branches directly. Just get this no-fee confirmation first before opening one of these accounts.

Assess the Reputation of Different Banks

When vetting various banks to open a checking account with, you should take into account their reputation. This will give you an idea of what it's like to have a checking account with each particular bank long-term. Finding this information out is easy. You just have to look over account member testimonials.

These should be readily available online and they'll provide all sorts of insights you need to know about various banks in your area. For example, they can let you know about a bank's customer service, fees for being over-drafted, and minimum balance requirements. Consider opening an account with the bank that has the most positive testimonials.

Look Over ATM Locations

It often goes overlooked, but the number of ATM locations a bank has is an important determining factor for deciding where to open a checking account. What you'll need to do is search for ATM locations associated with a particular bank.

Make a note of these locations and keep in mind their proximity to important locations in your life, such as your primary residence, work, and attractions you visit frequently. The more ATMs a bank has around these locations, the more convenient it will be to withdraw money for various activities.

At some point, you may be required to open a new checking account. Even if you haven't done this in a while, it will be a smooth process as long as you know what to look for in a bank. The right precautions will ensure your checking experiences work out great for the foreseeable future.

Are VA Loans A Good Choice For First Time Mortgage Borrowers?

Mon, 09 Sep 2019 03:39:26 +0000

If you've been exploring home financing options available to first time home buyers, you may have taken notice of offers of VA loans. These are loans backed by the government that are given to people who've served in the military, their spouses, and certain qualified family members. Let's take a look at whether they represent a good alternative for you when compared to other kinds of mortgages.

Qualifying

Those who've served in a branch of the military for 90 days during wartime or 180 days during peacetime are qualified for VA loans. Serving 6 years in the reserves also qualifies a borrower to take out a VA-backed loan. They also may extend this privilege to their spouses, although partners might have to file some additional paperwork to invoke this privilege if the qualified spouse is currently deployed.

Financial institutions do still have the right to assess credit worthiness just like they would with other sorts of mortgages. No one is giving away a free house, but these kinds of loans are a good way for first-timers to get their feet in the door without having to jump through as many hoops.

What's Special About VA Loans?

A major upside of a loan from the VA is that you won't have to put any money down. Likewise, you won't have to put up home insurance, an additional cost that frequently catches cash-poor first time home buyers off guard.

Your loan can be combined with other kinds of financing, too. If you find a house that exceeds the limits of the program, let the loan officer at the bank know what your situation is so they can help you work something out. Be aware that additional qualifying requirements associated with more standards loans are likely to apply if you go this route.

Limits

The limitations applied to loans will vary based on the average cost of a house in the area where you are buying. Nationally, most loans are limited at around $480,000 for 2019. This number may go higher in high-cost regions, such as Northern Virginia, for example.

Funding fees also apply. Members of the armed forces can obtain loans for 2.15% of the loan amount. If you make a down payment of 10% or more, you will see this amount reduced to 1.25%. Reservists and National Guard members usually will pay around 0.25 basis points more on the funding fees for their loans.

What You Need To Know About Bail

Mon, 29 Jul 2019 06:59:04 +0000

The very first thing just about everyone who goes to jail wants to do is figure out a way to get out as quickly as possible. If this is the situation you find yourself in, you should know that you have multiple options available to you. Here's how you might be able to post bond and what you need to know while you are out on bond.

So How Do You Get Out?

The judge or law enforcement officer involved in your arrest will likely provide clear instructions, but in general, there a few different ways to make bail, if you are eligible for it. The simplest method is, of course, just to pay cash for the full amount of the bail, but that could get expensive. Another option would be to put up something you own, like your car or your house, as collateral for your bail. But even that has its downsides. If you are even so much as late to your next hearing, you risk putting your property in jeopardy.

Instead of doing either of those things, consider working with a bail bonds company. The bail bonds company will accept a smaller payment from you in exchange for paying your bail in full. You'll never get your payment back as this is the "premium" you are paying for the service, but the bondsman will get refunded by the court when you show up for trial.

Tips to Remember While Out on Bail

Regardless of how you post your bail, you should keep a number of things in mind. First, you need to be on your very best behavior between now and your trial date. If you mess up and get arrested again, your bail from the first offense will be revoked and good luck trying to make bail a second time. It's almost certain you'll be in jail for at least some length of time if this happens.

You should also be mindful of your travel. Your bail might come with conditions that you can't leave your local state while out on bail. If you do need to travel for any reason, you need to get permission from the court before doing so. Leaving the state or country while out on bail without permission will likely result in a warrant for your arrest and you'll also be on the hook for the rest of the money the bail bond company paid to get you out.

Contact a bail bonds company today for more information. Companies like First Choice Bail Bonds can help.

Reasons To Consider A Reverse Mortgage

Sun, 23 Jun 2019 17:59:23 +0000

When it comes to mortgages, most people want advice on how to pay theirs off. But reverse mortgage loans offer a different kind of opportunity. You can receive cash now for the equity in your home that you've already saved up over time. While a reverse mortgage loan isn't for everyone, there are a number of reasons why this might be the right solution for you. Here are some scenarios where a reverse mortgage might make sense.

You Want to Let Your Retirement Accounts Mature Further

If you are getting close to retirement age, you might be thinking of taking money out of your 401K, IRA, or other funds. But depending on your exact age, there might be penalties involved to taking out your retirement money too soon. If you want to retire now, or at least begin the process of ramping things down in the workplace, a reverse mortgage can help you do this while allowing you to preserve your retirement account for a few more years.

The idea is that you can use the reverse mortgage loan to start living like you are retired now, and then when your retirement accounts completely mature, you can cash them out and use a portion of it to pay off the reverse mortgage. This will let you exit the work force early while avoiding the tax penalties that can come with cashing out retirement plans too soon.

Get a Second Home for a Second Source of Income

Are you looking to generate a long-term source of income in retirement? One possible idea would be to get a second home that you then rent to another family. You'll get the reverse mortgage and use those funds to purchase the second home, and then you make sure the rent you receive every month covers your other expenses. If you play your cards right, a reverse mortgage can help create an ongoing revenue stream.

Start Your Business Now

Business loans can be hard to get if you are just starting out. Normally a bank will want to see some track record of success before giving you money. If you have a killer business idea but no funds to get it started, a reverse mortgage can help. You take the money and use it to launch your business and keep it going during the first couple of years.

Contact a reverse mortgage expert today for more information.

3 Ways To Get Out Of Jail

Sun, 19 May 2019 14:52:46 +0000

When you have gotten arrested, you want to be able to get out of jail as soon as possible. There are various ways that you can get out of jail. All of them depend on you going through an arraignment process first. That means that you are going to have to appear before a judge, where your attorney and the DA will tell the judge what their recommendations are, after you have pled guilty or not guilty. So, what are the various suggestions that the attorneys can make?

Own Recognizance

Being released on your own recognizance means that you are going to be released under your own supervision. You aren't going to need to have to check in with anyone and you are being trusted to make sure that you meet any requirements that you might have been given. If you are a minor and are released that way, it will be to the supervision of a parent or other responsible adult. Generally, the people who get released from jail this way are people who are first time offenders, those who committed a minor crime, those that have a strong tie to the community, or a combination thereof.

House Arrest

Another option is to go through something like house arrest. With this option, you will wear a tracking anklet. That anklet will have the perimeters of the areas where you are allowed to go and any rules as to how long you can be out of your house, and if you are out of those perimeters or rules, the anklet will notify the monitoring agency, which will then notify the police. The anklet is generally programmed so that you can go to work or school. You will have to follow a certain route to the places where you need to go, and that route will be timed.

Bail Bond

The judge may say that you can get out of jail using a bail bond. The way that this works is that you are going to talk to a bail bond agent. They will be able to pay your bail after you pay a deposit. The bond agent is guaranteeing to the court that you will appear before them when you have been scheduled. If you renege on your commitments, the agent will send a recovery agent after you so that you will appear in court.

If you have been arrested, you want to be able to get home as soon as possible. There are different ways that could happen.

How To Get Your Credit Score Ready For The VA Loan Application Process

Tue, 30 Apr 2019 09:23:35 +0000

If you are a veteran and you are working on getting a home, you first need to take some time to clean up your credit report. When getting a VA loan, your credit report matters. You will get a lower interest rate if you have a better credit score. You will also be able to put aside a lower down payment if you have a better credit score. That is why you need to take some time to make sure your credit report is in good shape.

Check Your Credit Report

First, you need to check your credit report. You need to start by requesting a copy of your credit report from all three major credit reporting agencies. The reports from each agency will not be the same; each agency has a different formula for figuring out your credit score, and they collect information differently.

Getting a copy of your report from all three major credit reporting agencies will allow you to most accurately see how your credit is being reported. This will give you the most accurate information you need to fix your credit score.

Boost Your Credit Score

If you have a positive record of paying your cell phone as well as your utility bill on time, you can give your credit score a nice little boost by signing up for a program like the Experian Boost. This, for example, will help improve your credit score that you get from Experian. They will start to look at your utility and cell phone payments and use your history of on-time payments for these important bills to improve your credit score.

Create a Plan for Paying Off Debt

Next, you need to create a plan that will allow you to pay off your debt. You need to lower your debt to credit ratio by paying off your loans. You want the debt that you carry to be lower than the available credit that you have access to.

Start by paying off your credit cards. Your credit cards are primarily how your debt to credit ratio is calculated, and your credit cards often carry the largest interest rate. Work on lowering the balance on all your credit cards. Get your credit card balances as close to zero before you apply for a loan.

Keep Your Credit Cards Open

Once you pay off your credit cards, keep them open. Use a credit card to pay a bill or two each month, and then keep the balance below zero. Closing your cards can damaging to your credit score, which is why it is best to keep your credit cards open once you pay them off.

Take Care of Any Mistakes

If you find mistakes, you are going to need to investigate and come up with evidence that shows that the information is wrong. You will have to write to the credit reporting agency, and it can take a while for your credit report to change.

Before applying for a VA loan, take some time to check your credit report, pay off credit card debt while keeping your credit cards open. Work to increase your credit score will help you take advantage of better terms on your VA loan.

Reach out to a VA home loan service to learn more.

The Best Ways To Speed Up A Bail Bond Service

Sun, 24 Mar 2019 15:22:25 +0000

When your loved one is thrown in jail, you will likely want him or her out as soon as possible. However, if you don't approach bailing out your loved one in the right way, it may take longer than you might hope. Fortunately, there are methods you can use to expedite the bail bond process.

Work with 24 Hour Jail Bail Services

If you do not have the funds to bail someone out of jail, your best option is to turn to 24 hour jail bail services. While you could use any bail service, the last thing you want is to wait until morning. You may not be available in the morning to visit the bail service, they might have other clients ahead of you, and it might take time to complete the process. With a bail bond, you'll only have to pay a small fraction of the bail set by the court.

Know All the Facts

The first step is to know exactly what you will be paying. This is something you must find out to be able to locate a bail service that will be able to help you. Have all the information related to the case available to you. The service will often need to know the crime the defendant is accused of, personal information involving the defendant such as his or her name, the inmate number, and the location of the jail.

Visit the Office

The fastest way to obtain bail services is to stop by the office. While working in person, the bail bondsman will be able to provide you with more insight into the process. However, it doesn't hurt to ask ahead of time if there is anything you should bring with you. Find out if there is an email or fax machine number you may send paperwork to. Know the bail schedule so you know when he or she may be released. There might be a different process depending on the crime that is committed.

Contact a Lawyer

It's also a good idea to speak with a lawyer since there can sometimes be complications with the bail process. The District Attorney will sometimes choose to not press charges, which would lead to the judge exonerating the bail. The District Attorney may then choose to press charges for a different crime and you may need an entirely new bail. Therefore, with complicated circumstances involving criminal law, it doesn't hurt to also work with a lawyer.

Getting A Business Checking Account

Wed, 27 Feb 2019 10:13:54 +0000

Once you've started a business, the first thing you should do is get a business checking account. While you can theoretically continue to operate under your personal business account, a business checking account is important for a few reasons. Here's everything you need to know about the process.

What Do You Need to Get a Business Checking Account?

To open a business checking account, you first need to apply for a Federal Employer Identification Number (FEIN). An FEIN is a lot like an SSN: it identifies your business to the bank. This just ensures that your business is able to be held responsible for the account. Also like an SSN, your FEIN will be used to assign your business a credit score.

Other than a FEIN, the requirements to get a business checking or savings account is going to vary by bank. Some banks are going to require that your business deposit a certain amount of money. Others may require that you be in business for a certain amount of time.

Some banks let you open a business checking account completely online, while others do require that you schedule an in-person meeting at one of their locations.

What Are the Advantages of a Business Checking Account?

There are actually a number of advantages to using a business account:

Business accounts come with better support and more favorable rates. Banks like doing business with other companies. They tend to offer companies more benefits than individuals, including better interest rates.
Business accounts separate your personal and business funds. Co-mingling personal and business funds can make you liable for business debts. It can also make it hard for you to track your income and your expenses.
Business accounts start to establish your business as an entity. By creating a relationship with a bank, you'll have an easier time getting bank loans or business lines of credit later on.

For the most part, a business checking account is going to afford you some benefits from the bank, while also making it easier for you to manage your money.

Getting a business checking account is only optional if you're a Schedule C business owner or if you're operating an S-Corp sole proprietorship. Otherwise, it's really essential. You can contact your local banks and credit unions to find out more about the advantages of business checking accounts and the steps that you need to take to get one.

Locked Up? Two Easy Ways To Obtain Your "Get Out Of Jail" Card

Tue, 29 Jan 2019 16:17:02 +0000

Being arrested for the first time can often seem to come out of nowhere. You probably didn't even know that there was an arrest warrant out there for you -- until that random police stop ended with you in the backseat being hauled off to jail. Now the question becomes: what can you do to get out as quickly as possible? The information below should supply you with the information you need to get out of jail without unnecessary delays.

Call Up A Bail Agent

Although you might have seen bail bonds agents in movies or on television, it can be confusing to really understand how the process works. Do you need to pay your full bail amount to the agent? Can they come bond you out no matter what time of the day or night it is? Are there strict requirements for you to receive help? These are all valid questions with simple answers that might surprise you.

The first thing you should know is that you usually will not have to pay the entire amount of the bond that has been set for you to the bail agent. Bail agents usually have a fee that is approximately 10-15 percent of the cost of your bond. In exchange for their fee the agent will act as the surety, which guarantees you will show up for your court date. It's very important for you to remember to go to court -- if you don't, you essentially forfeit the fee that you paid to the agent, and they then have the right to send a bounty hunter after you to take you back to court and stand in front of the judge. Circle the court date on your calendar and underline it in red so you won't forget. For more information, you can contact companies like Justice Bail Bonds.

Try To Get Out On Your Own Recognizance

If you are an upstanding citizen who basically plays by the rules, and you have obtained a good standing in the community, then you might be able to get out of jail on your own recognizance. Being released on your own recognizance means that you give your word and promise to show up in court. This is easier to do when you have family or job responsibilities, because judges believe your duties should be enough to keep you from running away.

Don't sit in a jail cell any longer than you absolutely have to. Follow these tips and you should see the light of day very soon.

Arrested: Dealing With A Loved One's Arrest

Sat, 05 Jan 2019 09:03:49 +0000

It's the phone call almost no one expects and never wants to get. When a loved one phones you from behind bars, you know you want to take action but may be confused as to what to do and when to do it. Read on for a guide on what to expect and how to help your loved one get out of jail.

The Arrest

In all likelihood, your loved one was read their Miranda rights, handcuffed, and then transported to the local jail in a police vehicle.

Jail Procedures

At the jail, the accused will be processed. In most cases, this processing consists of being fingerprinted, photographed, and undergoing a physical search and/or examination. In some case, your loved one might be tested for the presence of drugs or alcohol using a blood or urine sample. Clothing will be exchanged for a jail uniform and then they will be placed in a cell. In some cases, the cell is a temporary holding cell but they also might be placed in a single cell. The final part of the processing is a records check. Your loved one's identifying information is fed into a national database to check for warrants. Using this information, a decision is made about bail.

Bail, No Bail or Own Recognizance

Your loved one's criminal record and other factors are considered when deciding about bail. Bail is a promise to return to court at a future date and to stay out of further trouble in the meantime. In some cases, first-time offenders of minor crimes are released without having to pay bail. This is known as being released on their own recognizance and often your loved one is free from jail within hours or a day or so. Unless the crime is very serious or your loved one has an extensive criminal record, bail will be offered.

How to Handle Bail

Bail amounts can be high. Most people have a difficult time coming up with the large sums required to gain their loved one's freedom. Bail is usually set at an official court meeting known as an arraignment. This takes place within a few hours or days of the arrest, depending on local practices. Once the arraignment has occurred, you can find out the amount of the bail by phoning the jail.

Bail Bonds

It's not necessary to pay the full bail to free your loved one. Contact a bail bonding company to find out the amount of a bond. Bail bonds are paid to the bonding agency and they use their own funds to secure the release of the person by paying the full amount of the bail. Once the defendant fulfills the requirements of bail, they are refunded to bail. The bond money you pay, however, is not refunded. Most of the time, the bond costs between 3% and 7% of the bail.

To learn more about bail bonds, speak to a bonding agent.