A combo loan is a form of mortgage loan involving a combination of two loans against one asset, most commonly a house. The combo loan was created to eliminate the borrowers' need for private mortgage insurance when financing more than 80 percent of the home's value.Continue Reading
Lenders require mortgage insurance to protect their investment on mortgages issued with little or no down payment. If the borrower defaults on the mortgage, the mortgage insurance company comes in to reimburse the lender. Mortgage insurance is not free, however, and the borrower must make monthly premium payments to the mortgage insurance company despite the fact that the insurance protects lenders and not homeowners.
A combo loan is a method for getting around mortgage insurance requirements. This is because combo loans divide a mortgage into two loans: one to pay the down payment and another, more typical mortgage. In this way, borrowers work around the 20 percent down payment requirement needed to forgo mortgage insurance. While this method can help homeowners obtain a loan without a down payment, it should be noted that this loan structure does not offer default risk that is less than that of a traditional mortgage with no down payment.Learn more about Personal Loans
Applying online for an instant payday loan involve going to the online lender's website, logging onto the website (depending on the lender) and then filling up the online application form on the website. During the application process, applicants are usually asked to provide their Social Security number, driver's license or photo ID and proof of income. While payday loans may appear to be helpful when finances are short in between paychecks, borrowers should be wary, as online payday loan scams abound, according to the Federal Trade Commission (FTC).Full Answer >
Get a payday loan by filling out an online application form or submitting a faxed application, states About.com. Upon application approval, the lender deposits the funds into your checking account and electronically withdraws the finance charge or the loan payment from your bank account every payday. Lenders market their online payday loans through paid ads, online search, emails or referrals.Full Answer >
As of June 2105, a loan modification form is available for downloading at MakingHomeAffordable.gov, according to the U.S. Departments of the Treasury and Housing and Urban Development. The form is part of a package that applicants for the Home Affordable Modification Program, or HAMP, must submit to their mortgage companies.Full Answer >
You can apply for a Magnum cash loan by visiting the company's website at MagnumCashAdvanceLoans.com and filling in an application form. Magnum then connects you with a number of lenders who evaluate whether or not to offer you credit.Full Answer >