Personal Loans

A:

HARP stands for the Home Affordable Refinance Program. A HARP loan provides a refinancing option intended for people who are able to stay current on mortgage payments but are in a financially adverse situation with their mortgage as a whole and owe the current value of their home or more.

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  • How do you write a letter requesting a loan?

    Q: How do you write a letter requesting a loan?

    A: A letter requesting a loan should be clear, provide all necessary information, and be typed using the standard fonts and format style on a computer word processor program, according to AviatekBank.com. Spelling and grammar errors should be avoided to appear as professional as possible, and it should use formal language.
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  • What is a HARP loan?

    Q: What is a HARP loan?

    A: HARP stands for the Home Affordable Refinance Program. A HARP loan provides a refinancing option intended for people who are able to stay current on mortgage payments but are in a financially adverse situation with their mortgage as a whole and owe the current value of their home or more.
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  • Who is a co-applicant on a loan?

    Q: Who is a co-applicant on a loan?

    A: According to Investopedia, a co-applicant is a person who is seeking a loan in addition to the primary applicant. A co-applicant increases the chance for the loan to be approved.
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  • What is the difference between a grantor and a grantee?

    Q: What is the difference between a grantor and a grantee?

    A: The grantor is the seller and the grantee is the buyer. In terms of selling a home, for example, the grantor is either the owner or the company extending the mortgage and the grantee is the person buying the home.
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  • How old do you have to be to get a loan?

    Q: How old do you have to be to get a loan?

    A: In order to get a loan, an individual must be at least 18. According to CarsDirect, teens under age 18 remain minors, and legal contracts they sign are not binding.
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  • How can I get a loan if I am unemployed?

    Q: How can I get a loan if I am unemployed?

    A: To secure a loan while unemployed, search online for lenders that specialize in high-risk loans and have programs that do not require employment information on their applications. These applications can be completed in minutes. Be prepared to provide your address, Social Security number and bank account information.
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  • What does "conditionally approved loan" mean?

    Q: What does "conditionally approved loan" mean?

    A: A conditionally approved loan is a loan approval based on the financial and credit information that an applicant has provided, and it is subject to final verification. Final verification includes employment and income verification, and additional documentation, such as pay stubs, bank statements and utility bills, is required before the loan is completely approved.
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  • What does "qualifying a buyer" mean?

    Q: What does "qualifying a buyer" mean?

    A: In real estate, "qualifying a buyer" refers to a process of determining whether a buyer has sufficient finances to purchase a home, according to the National Association of Realtors. Qualifying a buyer helps the real estate agent know which homes are best to show the buyer. Items that qualify a buyer include credit score, income, debt ratio, down payment funds and mortgage pre-qualification from a bank.
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  • Can you get payday loans without a checking account?

    Q: Can you get payday loans without a checking account?

    A: While it is possible to get a payday loan without a bank account, chances are that more information is needed in order for the lender to verify the applicant's income, says HowStuffWorks. The lender may charge higher fees for applicants who do not have bank accounts.
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  • What is a signature loan?

    Q: What is a signature loan?

    A: According to Investopedia, a signature loan is a personal loan that does not require collateral to secure, typically issued by a bank or other financial institution. The loan is issued based on the customer's signature on the loan papers and his word that the loan is to be repaid. Because the loan is unsecured, it is also sometimes called a character loan or good faith loan.
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  • Q: How do you take out a loan against a 401k?

    A: If the plan allows loans, account holders can take out a loan against a 401(k) by contacting their 401(k) provider or employer, and submitting an application, reports Nolo. The limit to the loan is $50,000 or 50 percent of the vested account balance, whichever is less, according to the IRS.
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  • Q: How do you negotiate a debt settlement?

    A: To negotiate a debt collection settlement, evaluate your cash flow to calculate the amount you can devote to debt payments, request the debt collector to delete all negative details from your credit records associated with the settled debt and record the full agreement in writing before handing the payment, recommends For Dummies. If the debt collector declines the negotiation, call your creditor to make a deal with that company directly.
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  • Q: How do you find a sample loan agreement in a PDF format?

    A: As of January 2016, LeapLaw.com offers several types of sample loan agreements to preview in PDF format or to purchase for varying prices. Options include a bridge loan agreement, short-form loan agreement, and term promissory note with a bank as the lender. Additionally, sample loan agreement templates are viewable on LawDepot.com and RocketLawyer.com, although these sites do not provide the agreements in PDF format.
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  • Q: What is HARP eligibility?

    A: To be eligible for the Home Affordable Refinance Program, a person must have a mortgage through Freddie Mac or Fannie Mae that is in good standing. The loan can't have been refinanced previously through HARP, and the Loan-to-Value ratio must be higher than 80 percent.
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  • Q: What is SPS loan modification?

    A: SPS loan modification is a modification or change to a loan that is serviced by Select Portfolio Services, Inc., according to the SPS website. A popular loan modification choice with this lender is a modification of a home mortgage, which allows homeowners to keep their homes.
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  • Q: How do you apply for a loan from Golden Valley Lending?

    A: To apply for a loan with Golden Valley Lending, fill out the online application to get a loan offer, explains Golden Valley Lending. Provide requested personal information such as your address, name and Social Security number to initiate the application process.
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  • Q: What are the advantages of private loans?

    A: The pros of private loans versus standard loans from financial institutions include minimal paperwork, no requirement for collateral, lower interest rates, no credit check and flexible terms. In many cases, relatives, friends, colleagues or private investors who loan money are open to changing terms if the borrower's life situation changes.
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  • Q: How do you get a GMAC vehicle loan?

    A: As of 2015, GMAC vehicle loans are managed by Ally Auto, a branch of Ally Financial, according to CarsDirect. Loans from Ally Auto cover personal and business auto financing for all vehicles from the GM brand family, including Buick, Chevrolet and Maserati, according to Ally Auto.
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  • Q: How do you apply for fast loans?

    A: To apply for fast loans, look for credit providers. Read their terms and conditions, and choose the one with the best terms. Fill out a loan application form. Pick up the cash from the bank or lending institution after approval.
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  • Q: How do federal employees apply for loans?

    A: Federal government employees can apply for loans for emergency situations by mailing or faxing the application available on the Federal Employee Education and Assistance Fund website, notes the agency. They can also apply for loans against their Thrift Savings Plan accounts with Form TSP-20, though they may borrow only against their own contributions, not those made by the government, notes Thrift Savings Plan.
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  • Q: What are mortgage rates at TD Bank?

    A: As of March 2015, TD Bank's mortgage rate is 4.050 percent for a 30-year fixed rate conventional loan of $225,000 to purchase a $300,000 single-family home, states TD Bank. Bank customers receive a 0.125 percent rate discount. The loan requires 359 monthly payments of $1,080.68, and one $1,080.70 payment.
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