Compare Loans Questions and Answers

loans?????

Q) any student loans that arent from fafsa since i missed the deadline (tonight)??

A) The FAFSA is your best way to get the least expensive students loan, so what an entire year and apply before your state's deadline not the federal government deadline, which is the one that just passed. Applying before your state's deadline means you might get a better loan or a possible grant if you qualify. Your best bet is to go to a junior college for two years since the fees are much less than a going to a university for a full four years. The loan rate on non federal loans is quite high 12 percent compared to about 4 to 6 percent usually for a federal student loan. Don't try to cosign with someone as it usually puts the other person in a bind (it can ruin friendships and family ties) if you default on the loan. Almost all banks have a student loan that you can apply for, just remember for next year to apply before your state's deadline.

loans.....?

Q) I got someone to cosign for my autoloan but will they be able to if they have a few loans already taken out?

A) only if their credit allows it, if they are not capable of taking on your loan on top of what they're already paying, then most banks wouldn't allow it.

Loans?????

Q) I am looking to get like a $2000 loan to pay off a credit card bill but I have no idea how they work or if such a little loan is possible. How do you go about getting a loan and how exactly to they work? Does getting a loan give you bad credit?

A) Lots of people borrow money; phone book is full of banks and lenders. Check to make sure you are dealing with someone reputable. Don't pay an upfront fee to borrow. Make sure the interest rate is LOWER than what you are paying on the card; otherwise it doesn't make much sense. Borrowing money doesn't hurt your credit if you keep borrowing in line and pay promptly.

Loans????????????????

Q) Can you pull a loan from land that you own???

A) I assume that you are asking if you can borrow money using land that you own for collateral? The answer to that question is yes. Go to your bank or credit union.

Amcapital loans ALERT!!!!!?

Q) COMMONWEALTH OF MASSACHUSETTS OFFICE OF CONSUMER AFFAIRS AND BUSINESS REGULATION 10 Park Plaza - Suite 5170, Boston MA 02116 (617) 973-8700 FAX (617) 973-8799 TTY/TDD (617) 973-8790 www.mass.gov/consumer DEVAL L. PATRICK GOVERNOR TIMOTHY P. MURRAY LIEUTENANT GOVERNOR DANIEL C. CRANE DIRECTOR FOR IMMEDIATE RELEASE: April 19, 2007 CONTACT: Kimberly Haberlin (617) 973-8767 (617) 947-8942 Consumer Affairs Issues Consumer Alert on Advance-Fee Loan Scam And Pay Day Loans BOSTON - The Office of Consumer Affairs and the Division of Banks today issued a consumer alert warning consumers about a potential advance-fee loan scam and an illegal pay day loan operation recently advertised in the Boston Metro. ADVANCE-FEE LOAN SCAM Advance-fee loan scams generally involve the promise of easy credit regardless of credit history. Upon completion of a loan application, the entity requires a consumer to wire a percentage of the loan amount, various fees, or payment of insurance in order to secure the loan. Upon collection of the fee, the loan is never delivered. Amcorp Capital is operating a website at www.amcorpcapital.com. The only contact information provided on the web site is a toll free telephone number and an email address. The web site also lists a business address of One Boston Place, Boston, Massachusetts. Amcorp Capital claims to offer mortgage loans, education loans, personal loans, and automobile loans. This entity is not licensed by the Division of Banks and calls to the company have not been returned. An investigation by the Division of Banks has determined that no such business is located at the One Boston Place address. Moreover, the Amcorp Capital’s web site was apparently created on April 11, 2007. Similar to other advance-fee loan scams, the website promotes the availability of easy credit regardless of credit history. Based upon discussions with consumers, Amcorp apparently requires, upon completion of a loan application, that a percentage of the loan be paid up front directly via wire transfer. The Office of Consumer Affairs and Division of Banks strongly urges consumers not to do business with this entity. “This has all the earmarks of an advance-fee loan scam,” noted Director of Consumer Affairs Daniel C. Crane. “Consumers should know that no legitimate lender would require an upfront payment to secure a loan. Consumers should also be extremely cautious when dealing with companies that you do not know. All efforts should be made to safeguard your personal information such as bank account, credit card, or social security numbers. For more information on advance loan scams please see information from the Federal Trade Commission available at http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm. ILLEGAL PAY DAY LENDER Director Crane also announced that Commissioner of Banks Steven L. Antonakes had sent a letter to the Boston Metro requesting that the publication cease accepting print advertisements from pay day lenders. Commissioner Antonakes sent a similar letter to the Boston Metro in February 2005 and the newspaper, until recently, had not run advertisements for pay day lenders. “Pay day loans carry exorbitant interest rates and can quickly lead consumers into escalating debt,” said Director Crane. “There is also a high risk of identity theft as this company’s advertisement provides virtually no identifying information.” Commissioner Antonakes added, “There are no payday lenders licensed or based in Massachusetts. Under the state’s small loan law, annual interest rates on these loans are capped at 23% and fees are limited to $20. Pay day lenders typically charge annual percentage rates averaging 300 percent and fees averaging $30.” Pay day loans are short term, small sum, high rate, unsecured personal loans that use consumer checking accounts (either post-dated checks or electronic access) to secure repayment of the amount borrowed. Repayment of the full amount and lender fees are typically due within 14 days or with the borrower's next paycheck. Partial payments are rarely allowed so if a borrower can't repay the full amount within the required timeframe, the loan is usually rolled over for additional periods of time and additional fees. If you believe you have been a victim of this advance-fee loan scam or pay day loan operation, call the Division of Banks’ Consumer Assistance Unit at 1-800-495-BANK (2265). DON'T FALL FOR THIS COMPANY!!!

A) They also work under the web address www.amcapitalloans.com which has a physical address of 41 Marietta st nw in atlanta, ga. There is no such company in this building. DO NOT SEND THEM MONEY! No one should have to pay money to receive money. I just lost $1000 to them so I speak from hard learned experiance. I'm making it a priority to see them shut down. Post to every website you can find, call the AG off ice in you state and send a report to the BBB. None of the above can return your money, but the word will get out faster and maybe they'll be found.

No docs loan/stated income home loans?

Q) I need some help with no docs/stated income home loans. My husband and I are in the process of getting pre-approved for a home loan. I was assigned a loan officer that asked for all documents, W-2, pay stub, bank statements, 401K. I provided him with all documents. He told me he will be using a stated loan because the fact the my husband pays child support will disqualified us. My husband credit is in the upper 700's close to 800 for the highest and mine low 700 lowest 706. Now here come the question is this loan officer trying to take advantage of us? If we provided proof of income don't we should be doing a full loan documentation? Oh and he is using my credit score vice my husband and he stated the reason child support again, we were approved already for a mortgage but the loan officer was not honest and we backed out of the deal and child supports was never an issue. I live in the San Diego, CA area. Can I make this loan officer use my husband score and full loan doc? Thx

A) Without knowing the full scenario although you described it very well I would state that it may be easier for both of you to go no doc because you dont have to verify the history of your financials. No doc loans are for the very elite FICO score persons who can qualify. Yet, be careful that you are not getting hit with rate charges because you are going No Doc. Some pro's to going No Doc are Quicker Funding Times and Closing Times over the traditional full doc. Child Support is such a stickler to banks and lenders that it can mess up the process of closing a loan. Make sure you can sit down with the loan officer or have the LO answer all your questions in regards to why it benifits you to go No Doc over Full Doc. If he/she cannot explain to you in a way that you can understand than get yourself another LO. Good luck.

Quicken Loans?

Q) I've been dealing with Quicken Loans, pre-approval, "locked" in rate, etc. They sent me the final details and all of a sudden my loan changed from a 30 year fixed to a 30 year "interest only" loan. They did not tell me it was going from a normal loan to an interest only loan. I also caught her in a lie. She stated she was Eastern Time and saying up "just as late" as me to work on this loan. Then, she left a message saying "Well, you're a few hours ahead of my time zone". She also joked with me on the phone on how they have other people vote for the Quicken Loans person who has been answering questions on this site. It makes them look like people "approved" of the question when it's just there other buddies at there company voting on the answers. This just baits new people into their loans. Please stay away from this company. I guess I am just wondering if anyone has had the same experiences I had. I don't want a response from the fake quicken loan lackeys.

A) You've addressed two things in your question, a problem with your loan and Quicken Loans "scamming" on Answers, so I'll deal with the most important one first - your loan. And I promise you, I'm no fake Quicken Loans lackey. I'm the Home Loan Guru and I work for Quicken Loans, which is an official Yahoo Answers Knowledge Partner. I'm sorry to hear about your problems with your loan and I'm sure that your mortgage banker can work out any issues you are having. I hope you have specifically explained to her that you want a fixed-rate loan and not an "interest-only" mortgage. If you don't feel like you are getting 100% of the service you feel is required, ask to speak to her director of mortgage banking. If they don't help you to your satisfaction, you can call Quicken Loans Client Relations at 800-863-4332 and someone will help you with your problem. Customer service and customer satisfaction are not just a theory with us. It's the duty of every banker to completely give the best service possible. If you want, you can contact me through my profile and I'll personally look into your problem for you. I assure you that no one is intentionally trying to scam you. And regarding the time zone issue, we do have an office in Scottsdale, Arizona, so it's possible your banker works there. But the vast majority work in either Detroit or Cleveland in the eastern zone. Now regarding your banker telling you that Quicken Loans bankers vote for our answers. I've never heard that and I'd actually like to speak with your banker, so please do get in touch with me if you don't mind and give me her name. I'm curious as to why she would tell you something that is so untrue. In fact, most of our answers get just a few votes and we have over 2,500 bankers and 5,000 total employees so if we were instructing our employees to "fake" votes, we would be having a lot more votes than we are getting. Yahoo Answers didn't make us a Knowledge Partner because they think we are being untruthful in our answers and questions and voting. We are truthful and we answer questions with real information, not spam junk. I'm sorry if you feel otherwise, but it just isn't true. And again, I'm sorry to hear about your problems with your loan. I urge you to please get in touch with your banker, our Client Relations team, or me and we will address your loan problems to your satisfaction. You should never have to settle for a loan that isn't 100% what you want and expect. We will take care of your problem. Please get in touch with us.

Loan officers will be held responsible for Stated Loans gone bad?

Q) This question is posed to mortgage industry professionals (consumers can chime in also). There is a new required document for stated loans coming to the industry. It is a Predisclosure Questionaire form that must be signed by the originator and borrower that basically says: *The income you are stating is what you trully make *You understand the terms of the loan and your broker explianed to you thoroughly (and so on). This form will then be used after the loan closes for the Lender to call the Borrower and verify the info they initially gave. If the loan goes EPD the borrower will be called again and the questionaire will be re-evaluated. If anything is false the LOAN OFFICER will be buying back the loan. Whether you've stated $1 more than what they make or more, it is still that. Stated. A statement, no matter wage earner or self employed. Otherwise you would have taken them full document so please do not get up on your high horse. Has anyone else heard this?

A) I've heard the gov't is going to come down hard on the mortgage brokers - but not on banks. Hmmm....sounds fishy. Stated income is stated income regardless of what institution got the loan for you. It is clear that the banking industry has paid off many politicians so they will be excluded from just about all of the mortgage legislation going around right now. Another sad situation in a nation that continues to spiral downward. Stated income loans have always been a bit shady but a good loan officer will know to back up their numbers with documentation - even if that documentation never leaves the file.

student loans affecting my credit score?

Q) Hey, I am a freshman/sophomore in college paying for it all on my own...which is why I am just about 17,000 dollars in student loan debt as of right now. I have the following loans Federal Stafford Loan 2,625 Federal Stafford UnSubsidized loan 4,000 Federal Stafford Loan 2,625 Sallie Mae Tuition Answer loan 7,500 My question is...while these are all deferred while I am in school, do they affect my credit score at all? I need to make sure my credit stays good so that I can continue to finance my education becuase the financial aid system is a joke. If having these debts sitting on my credit is damaging, then I am in jepordy of not being able to complete my college education...somone please let me know. my biggest concern is that I need to be able to get the tuition answer loan again in the future. Thank You.

A) Federal student loans do not affect your credit negatively unless you are more than 30 days late or miss payments. If you make your payments on time, they will only have a positive affect on your credit.

Private student loans to move out of my parent's house?

Q) Hi. I'm looking for information on private student loans. My main issue is that the loan will be strictly for living expenses, not tuition or books. My mother is willing to pay for my tuition and books but she is not willing to co-sign my loan and we can no longer live in the same house. I need a private loan to pay moving expenses (first, last and security, phone, electricity and internet deposits) plus future living expenses (food, gas, rent, etc). My credit is at least good, maybe excellent due to a previous student loan that was paid off (always on time). I am not currently employed since I am a half-time to full-time student (depending on the semester). So far I am clueless on loans even though I have read many bank loan website faqs. Any and all advice appreciated (except recommending your personal loans - no ty, I want a well known trusted bank). If you can foresee any difficulties for me, have any advice, etc, it will be much appreciated. I don't want to get screwed on interest

A) I would recommend that you first apply for a federal student loan. These loans do not require co-signer or credit checks, and have very low interest rates and very leniant repayment terms. A federal student loan is very limited though, and therefore will definitely not cover all the expenses you have described. This is where the private loan comes in. You can pretty much apply for a private education loan through any major bank (Citibank, Wells Fargo, Bank of America), so you might want to first check with the bank that you currently bank with. Just complete the application, they will check your credit and let you know of any other required documents, then make you an offer of the amount and interest rate you are approved for. Then, they will need to request your school to certify the loan. This means that the school verifies that you are enrolled in the minimum number of units and that your awards do not exceed your schools estimated cost of attendance. Other than banks, you can check with lending companies such as Sallie Mae, Nelnet, or The Education Resource Institute (TERI).