California | Home Loan | Mortgage | Refinance

Archive for January, 2012

COLUMBUS, Ohio, Jan 30, 2012 (BUSINESS WIRE) — Barry Habib has returned to the mortgage industry as the chief market strategist for Residential Finance Corp. (RFC), a Columbus, Ohio-based lender. Habib, an American entrepreneur who created the …
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As the Obama administration, state attorneys general and the nation’s biggest banks close in on a settlement over allegations of widespread mortgage fraud, Nevada’s attorney general is pushing back with concerns and questions. Meanwhile a Feb. 3 …
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KWD: 17/564 = 3.01%

Military auto loan

Military auto loan is similar to the usual auto loan. There are a number of specialist lenders that only caters to military auto loan. Bank of America offers military auto loan financing for cadets, midshipmen and newly commissioned officers Special Loan Program.

In order to apply of Bank of America’s military auto loan or the unsecured loan, those qualified can call between 7 a.m. and 8 pm Central time from Monday through Friday.
Eligibility criteria for military auto loan applicants include:
Qualified applicant with a checking account
Favorable credit check
Must be committed to serve on active duty for at least 36 months
Copy of active duty orders or latest LS or notification of active duty assignment. Or, Commander, PAS, PMS, PNS, AOC or Tactical Officer confirming your coming active duty entry date and commitment in the loan application certification section.
If no active duty orders or notification of assignment and no active duty date, you can apply for special six-month deferred auto loan or three-month deferred Unsecured loan. Payment begins at the end of the deferral period even if you have not started active duty. You can have the Commander, PAS, PMS, PNS, AOC or Tactical Officer completes the loan application certification section to confirm your active duty commitment.
Apply for Auto loan and one unsecured loan at preferred rates up to two years after entering active duty. (HPSP and USUHS officers can apply up to two years after completing medical school.)
Second lieutenants and ensigns must have less than two years of active service.
ROTC and academy senior must serve on active duty for at least 36 months.
Newly commissioned officers who enter the National Guard or Reserve forces must be in a paid drill status and can apply within two years of commissioning. And must agree to direct deposit of drill pay and regular deposits of civilian income and provide documentation of civilian incomes.

Bank of America’s military auto loan program allows cadets, midshipmen and new commissioned officers to pay for a new or used car with low-rate military auto loan. Decisions on military auto loan applications are usually within 10 minutes.

Military auto loan for new cars enables you to avail of up to $25,000 including tax, title and license fees. You can defer the first payment up to six months. And finally, military auto loan for new cars finance the current year models at new car rate.

Military auto loan for used cars allows qualified military personnel to borrow money up to full retail value in NADA pricing guide which could run to $25,000. Military auto loan for used cars can defer first payment for up to six months.

Bank of America also offers military auto loan refinancing which can refinance existing new and used auto loans with other financial institutions at special loan rates.

You can also avail of military auto loan through Unsecured loan. This loan allows one to borrow money for major purchases which could be up to $5,000 and defer first payment up to 3 months if not on active duty yet.

There is also Unsecured/New auto combination loan option for military auto loan. You can borrow up to $25,000 with $5,000 available in cash. This loan is for new automobiles only. And the military auto loan applicants must have active duty orders.

The Federal Reserve announced this week that it does not plan to raise interest rates until 2014 at the earliest. Does this mean you can expect another two years of 4 percent mortgage rates? Not necessarily. While the Federal Reserve plays a major role in …
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The Obama administration on Friday announced it would significantly broaden the pool of consumers eligible for mortgage modifications by opening its program to owners of rental properties and homeowners burdened by medical and credit card bills …
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“Raise your credit score!”

“Repair your credit!”

“Fix your credit! 100% guaranteed!”

You may have seen one of these ads. Such bold promises and with prices to match. However, the Federal Trade Commission (FTC) has released a Consumer Alert against fraudulent credit repair scams, asking consumers to be wary of claims like these.

Instead of relying on quick credit repair schemes to fix your credit score, why not do the repairing yourself? There are many ways you can raise your credit score without spending a single cent. All you need is some amount of credit score understanding and what steps are needed to maintain or build a good credit.

Improve your Payment History

Your payment history is the first factors included in calculating your credit score, so it makes sense that you raise your credit score by improving your payment history. So how do you do it?

Well, the answer should be obvious. Pay your bills on time. If you have missed any payments, get current and stay that way. As much as possible, don’t wait until your bills are at collection. Collection accounts have a tendency to stick in your credit report. Then, you can kiss your hopes to raise your credit score goodbye.

Out of all these tips, the one important thing you need to remember is punctuality in making payments. That’s all. Once you’re passed that hurdle, then you’ll have no trouble trying to raise your credit score.

Lower Amounts Owed

As a rule, credit card debts should be kept at a minimal level. Even if you pay your credit card bills on time, the way credit card companies report your balances to the credit bureau could negatively affect your credit score. The credit card company does it once at any time of the month so if you haven’t yet made your payments at the time, it’s going to look to the credit bureau that you have a lot of outstanding credits.

You can’t raise your credit score if you keep charging numerous purchases in your credit card. Also, paying off your debt is a better option than moving it around. The most effective way to raise your credit score in this area is by paying down your revolving credit. Sometimes, owning the same amount but with fewer open accounts can help lower your score.

Improve Your Credit History

A trick used by some people in order to make it appear that they have a long credit history is to open multiple new accounts. But this scheme is too risky. If you open a lot of new accounts in a very short time, this could actually lower your score down and make you appear like a risky borrower.

Mortgage rates inched up this week, despite the Fed’s latest efforts to hold rates low. Some experts worry that as investors gain confidence in the economy, rates may keep climbing. Others say there’s still plenty of bad economic news to keep rates at the …
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