By Dianne Mylenbusch
Getting loans and coping with a high-quality credits historical past are monetary instruments you should use via lifestyles. This instruction manual charts a path via lending associations and their forms. even if you are going again to varsity, paying for a house, or financing a big domestic buy, it can pay to borrow -- and repay your loans -- correctly.
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Extra info for Cliffsnotes Getting a Loan (Cliffsnotes)
____________ (C) 4. To find your estimated mortgage amount, multiply line C by the mortgage factor associated with the interest rate of your mortgage, listed in Table 5-2, and write the result on line D:. F 52 4/30/02 2:54 PM Page 52 CliffsNotes Getting a Loan 5. 05 and write the result on line E. ____________ (E) You multiply line D by 5 percent because most lenders require a minimum 5 percent down payment. If the down payment is more, the amount you multiply by must match that percentage. You have now calculated your estimated monthly income available for a mortgage, your total affordable mortgage, and your minimum down payment.
Homeowners insurance: Insurance that protects you and the lender from loss of building and furnishings from hazards, such as fire. ■ Mortgage insurance: Protects the lender from some financial loss if the borrower defaults (falls behind in payments or no longer can repay). Many lenders don’t require mortgage insurance if your down payment is at least 20 percent of the price of the house. Be sure to ask when you apply whether this insurance is required. ■ Escrow account: A special bank account set up in your name to collect money from your monthly payment to pay property taxes, homeowners insurance, and, if needed, mortgage and flood insurance.
Another very popular source of open-end credit is the bank credit card: Visa or MasterCard. You may receive applications for bank credit cards in the mail nearly every day. Each one has a new promotion: a lower interest rate, bonus airline miles, free gasoline, or gift premiums. All sound enticing and oh-so-easy to get. Ending up with a wallet full of credit cards may be easy, but your goal is to use them wisely. Don’t turn credit use into credit abuse. Home equity loans A home equity loan is based on the equity (market value of your home minus all outstanding loans against it) in your home and can be arranged as a line of credit or as an installment loan.