Hotel Loans - Now in the Credit Crisis

Where do you start? Hotel loans whether for purchase or refinance have taken a firm beating in this credit crisis. Basically, there are now only a few options on hotel loans. Probably 90% of all conventional hotel loan programs are gone. Deals over $3,000,000 are taking the worst of it, flagged or unflagged, conventional or nonconventional.

As many readers are aware, the issues on the commercial secondary market is the immediate cause of this mess. Very few banks are willing to portfolio hotel loans and instead are used to funding and selling the hotel debt off into the secondary market. Now since there are very few buyers, banks have to either pass on the deal or fund it and hold onto the loan in their balance sheet for the long term.

Most banks would rather portfolio more general purpose properties like office or retail before they'd consider hotels. So deals that banks where willing to underwrite and fund just a few months ago, they are now backing away from in fear that there won't be in buyers of the hotel loan.

Fixed rates on hotels are virtually gone. The vast majority of all hotel loans are now quarterly adjustable, based off of Prime. The typical margin is 2% - 2.75% over. Prime is now at 4% so most borrowers are looking at an effective rate of 6% - 6.75%. Ironically these are some of the best rates we seen in long time. But of course borrowers have to live with adjustable rates, and for some borrowers this is hard to do. Many don't care (that much) and or recognize that this is the only option.

Debt coverage ratios have in general become more conservative (no surprise here) to a minimum 1.35. Some banks want to see ratio's closer to a 1.4 -1.5 on conventional loans. Which basically means that the funding banks are "cherry picking". It also means that the loan to value will be very strong, most likely lower than 50% because the two ratios are tied together.

All in all, SBA loans rule the day with hotel financing. Again borrowers should be thinking about loan amount less than $3,000,000 to have more options. And on a positive note, despite all the carnage, borrowers are getting great rates, and high levels of financing through these government sponsored programs, like up to 85% on purchases and 80% on refinances. As always, the trick here is finding the banks that are actually funding deals with the government programs. Just as with conventional loan most banks that used to do SBA loans are "on hold" until the market returns.

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Online Loan - Incorporating Technology in the Loans Process

The use of computers was introduced immediately after its launch by loan providers to ease their operations. Internet technology that resulted in the emergence of the online loans was introduced later. Necessity is the mother of invention. The adage aptly holds in case of online loans. Borrowers always suggested a method wherein there participation in the loans process is minimised. Lenders too needed an online loan to lessen their own workload.

An online loan came to benefit both the borrower as well as the loan provider. The ease with which online loans resulted into will be best illustrated when compared with the scenario that prevailed before its inception. A borrower was required to be present at the loan provider's office for all the documentation. The situation became more troublesome when the period of operation of the loan provider matched the office timings of the individual. This excludes the plight of common borrowers who had to visit several lenders to check their loan offering. There was no other manner in which the borrower would have conducted the search in those days. Most borrowers who could not have borne the inconveniences of the process unwillingly accepted the offers that came to them, with full knowledge that they could have received better deals.

The benefit to the loan provider accrues in terms of the decrease that online loans have brought about in the paperwork. Details of each borrower needed to be documented. This would often be too time-consuming. Besides, there was unnecessary wastage of stationery and required the employment of personnel to undertake the job. An online loan saves for the borrowers on all these counts. Details of the borrower are received along with the application form. Duplication of work is made redundant and thus saves time as well as cost incurred by the loan provider. If the cost incurred in arranging an online loan is low for the loan provider, then it will willingly offer the loan at a low cost.

Online loans [http://www.easyfinance4u.com/secured_personal_loan.html] have become very popular now. People still hesitate in dealing with a virtual loan provider. There are basically two aspects to this hesitation. Firstly, there is the issue of reliability. People still need a personal bonding with the loan provider before acceding to the loan agreement. To make the process of awarding online loans more personal, some loan providers allow easy access to its representatives. Borrowers can easily consult the experts for getting justification on important issues related to the online loan.

The other issue that may affect the borrower's decision to get an online loan is of safety. The online scams that are regularly in news often are behind the vacillating decision. However, most loan providers make more than sufficient endeavour to ensure that the safety of the borrowers' information is upheld. The details of the borrowers are stored in a secured server to prevent unauthorised access. The latest encryption technology is used to ensure that borrowers get the maximum security of their data. Borrowers are also wary of the marketing companies that are forwarded their details for undertaking their marketing campaigns. This is expressly prohibited under Data Protection Act of 1998. Relevant bodies have been set up where a borrower can complain about such misuse of the personal information.

The delay in approval that most borrowers complained of earlier can be done away with an online loan. The search for matching loan offers starts immediately after the request for online loan is received. When processes are conducted online, they may be conducted simultaneously to lessen the time involved. A faster approval means a faster sanction of the loan amount to be employed instantly to the purpose.

Almost every major lending banks and financial institutions in the UK have introduced the online loans. Now every website gives borrowers the option to fill up the application form after studying about the loan provider and the loan they require on the website. An added advantage of the online loans is that borrowers can strike out the inappropriate loan providers by just looking at the information that they provide on the internet. To get a more realistic feel of the structure of the online loan, borrowers can request an online loan quote. The loan quote states the rate of interest, monthly repayments and such other details about the loan. And all of these without incurring any obligation to accept the deals being offered by a particular loan provider.

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Now is the Perfect Time to Lock-In a Fixed Loan!

FIXED LOANS

Have you considered changing that interest-only adjustable-rate loan into a fixed mortgage loan?

Now is the perfect time to do it while interest rates are at its lowest!

Currently, fixed loans are hovering at the 5% mark...with most major lenders offering mortgage rates below the 5% level on 30 year fixed. With the economy in its current state, now is the best time to get out of that interest-only loan and lock into a low fixed rate loan while rates are at some of the lowest levels that we have seen in years.

WHAT IS A FIXED LOAN?

A fixed rate loan is a loan in which the interest rate is locked in at that same rate for the life of the loan.

WHY DO I NEED TO CONSIDER FIXED RATE HOME LOANS?

Like most homeowners, you probably purchased your home during the real estate boom, using an interest-only mortgage loan. With interest-only loans, the homeowner is required to pay only the interest on the principal for a set period. Now that the economy has changed for the worst and most of those loans are starting to reset, a fixed rate loan is the best alternative for those looking to refinance. Since the current mortgage rates are fluctuating at the historically lowest levels, lock in your mortgage to a better loan today...COMPARE NOW...AND SAVE, BEFORE RATES START TO RISE! There are many ways to compare rates that are being offered by lenders...what we find to be most effective are the online forms which generally only take a few minutes to complete and will give a price comparison from a group of lenders.

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Tips for Getting the Very Best VA Loan Rates!

When you finally decide to take advantage of your VA loan eligibility you are already getting the very best 100% financing mortgage loan out there, but you will also want to ensure that you get the very best rate you can possibly get as well with your VA loan. Now most people new and old to the mortgage process have it in their minds that they will start an excel spread sheet and then attempt to call as many VA loan companies as possible over a week or even months to get multiple quotes and then compare to find the best deal around. However, I will explain why that is the last thing you want to do to get your very best VA mortgage deal. In this article I will lay out a few very simple concepts that should be able to help anyone in the mortgage shopping process get a better loan, a better rate, and better service from which ever loan officer they choose to use for their VA purchase or VA refinance loan needs.

When shopping for VA loan rates the last thing that you want to do is call as many lenders as possible to get quotes throughout an undetermined timeframe. As a matter of fact, being a mortgage insider for over 8 years now, I would say that tactic may be the best way to get the worst deal out there with the sleaziest of loan officers. The reasons being are these:

1. Mortgage rates change every day, usually more than once, so if you aren't comparing rates within at the very most 1 business day then you will be comparing apples to oranges.
2. Mortgage lenders know that this is what most people do and will low ball quote accordingly. They know that you most likely won't commit that day and rates will change by the time you do so they will low ball you knowing their bluff will not get called but you will be calling them (the sleazy lying lender) back.
3. Perhaps the most important, you will be focusing all of your energy on trusting lender's quotes rather than what you should be focusing on: finding a lender that you can trust with perhaps the most important financial decision of your life.
4. All of your quote comparison work will be a complete waste of your time and yield you nothing but: a worthless quote who's time has expired if even accurate at all, a list of lenders who were never up front with you in the first place about the real mortgage shopping process, and a ton of time and mental energy spent on a futile way to go about doing things.

So now that we have taken a look at what not to do and why, let's look at what we should be doing to effectively shop and score the very best VA loan rate and mortgage that you possibly can.

The number one thing to keep in mind when shopping for a VA loan is that you are not shopping for a loan or rate at all, you are actually shopping for a loan officer that you feel knows their stuff, and most importantly, that you can trust. The reason being is that since VA loan rates change multiple times daily and fluctuate much like stocks do in an open market, you must develop a working relationship with a loan officer that is in tune to these markets. As well as one that can be trusted so that when they call you and tell you to lock your rate, you know they are doing so in good faith for your benefit and not just trying to push another loan through the pipeline faster. Here are a few good ways that you can tell if you are dealing with a loan officer who you may be able to trust:

1. They ask you to fill out a complete application before quoting you rates. The person that asks this will be more interested in quoting you an actual rate that exists and can be locked right then rather than pulling something out of the air like most hoping they will be put at the top of your list and be called back.
2. They fully explain to you how rates work and the fact of the matter that neither they nor any other lender will be able to give you any rate that is significantly better than any other since they all come from the same wholesale source.
3. They ask you questions about things other than what rate you are looking for. Such as how long you are planning on staying at the residence, or other questions about your finances if looking to refinance. This means that they are more interested in putting together an overall loan structure which is beneficial for you and your family long term, rather than just telling you what you want to hear now so they will get the loan.

So in short, to get the very best VA loan rates and service out there you must find a loan officer that you can trust, and then trust your loan officer. From a loan officer's perspective, if they have treated you right and been honest and forthcoming with you, and you then return that trust with trust and ownership of your loan in them. Any loan officer will then do wonders for you behind the scenes which will help to improve your rate, your process, and you overall loan structure. No true professional in any field likes to feel like they are just a nameless row on a spreadsheet, so treat them with respect and as a professional and they will be that professional you want them to and need them to be.

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Understanding Best Payday Loans to Make Them a Rule Rather than an Exception

Any loan resulting in a release of cash during times of immediate financial crises would be termed as best payday loan. It is only after the purpose for which the loan was taken gets satisfied that we start thinking critically of the loan. It will be wrong to term this tendency as selfishness. Payday loans are actually made dearer by loan providers. Many borrowers actually decide to take loans at any terms stated by the lenders because of the urgency involved in the situation. Lenders will not miss to profit of this opportunity. Thus, we find best payday loans costing dearly to its borrowers. High rates of interest and large fees are often appended to the payday loan, thus increasing the cost of the payday loan.

However, this was not what you had expected of the best payday loan. High interest rates were expected, but not of the extent that adorns your payday loan now. Neither had you expected that the lender would charge as high a fees. It is when the payday loan comes over for repayment that the expensiveness of the loan comes into view.

Though it may be too late to think of this now, this serves as a lesson for the next time that you plan to take a payday loan again. Proper planning ensures that the payday loan can be conveniently termed as a best payday loan.

Firstly, borrowers need to understand that payday loans differ from the other regular loans in terms of the purpose to which they are employed. The needs to which the payday loan is employed are characterised with urgency. These are generally routine monthly expenses, requiring only a small amount towards their disbursal. Thus, regular loans, where large amounts are exchanged, may not be appropriate. Moreover, regular loans that take several weeks to be approved and sanctioned may not be appropriate for these expenses because of the urgency involved.

Individuals, who may have ended their monthly paycheque before the next paycheque becomes due, find themselves hapless in making any extra payments.Best payday loans provide access to funds at a very short notice. Through payday loans, borrowers can draw funds in the range of £80 to £400. Depending on the needs of the borrowers and the lending policy adhered to by the lender, the borrowable amount may further go upwards. These funds will be used by borrowers to expend with ease.

Payday loans are short-term loans. The amount has to be returned with the interest within a month; sometimes within weeks. Lenders may employ different methods to get back the money. The most popular of these is the post-dated cheque system. The cheque is dated for presentation on the desired date. On the specific date, the amount is automatically cut from the borrowers account. For this purpose, some loan providers would require the borrower to have a checking account.

The post-dated cheque may also serve as collateral. In this sense, Best payday loans may also be regarded as secured loans. Borrowers, who desire to have best payday loans without the clause of collateral, will have to further search the UK financial market. The concept of unsecured payday loans is fast catching up with lenders in the UK, and it may not be much difficult to have best payday loans without collateral.

There are certain essentials that the borrower needs to have in order to become eligible for best payday loans. The borrower needs to be employed with a regular income that is transferred directly into his bank account. The borrower must have a chequebook and a checking account as mentioned before.

An important advantage of best payday loans is that credit history will not be checked. Borrowers with bad credit history will specially find the clause beneficial. Many loan providers may not even require borrowers to present their social security number.

Online application and online processing suit best payday loans. Best payday loans need to be approved fast in order to meet the immediate needs. Online applications transfer personal and loan details quickly to the loan providers. Thus, online application contributes towards a faster approval of best payday loans.

Though best payday loans present a convenient method of drawing cash during emergencies, they must not be misused. Expert advice ensures that borrowers have enough knowledge to make a proper use of payday loans.

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No Credit Check Loans - Now Do Not Concern For Your Past Bad Credit Scores

Want to have quick additional cash help but you are really hesitant or feeling embarrassed to disclose your credit scores? Your blemished credit scores are adding negative impact on your financial status? Having low credit scores with the presence of various bad factors like insolvency, foreclosures, arrears, defaults etc. are creating issues in getting a loan help? No credit check loans are suitable loan service for you. These loans are available to you with ease without concerning about your past credit records.

All the UK residents can apply with no credit check loans if they can fulfill the eligibility criteria required for the loan approval. The borrower needs to be an adult with the age of eighteen years or more, hold a checking account and be in regular employment.

You can get loans with no credit history in two forms i.e. secured and unsecured form. Secured form is suitable service for those who are capable to pledge any valuable asset as a security. You can have the benefit of getting the huge loan amount ranges from £25000 to £75000 for the time period of 10 to 25 years. However, unsecured form is apposite for tenants and students who find difficult to pledge any collateral. With unsecured form, you are allowed to entail the loan amount ranges from £1000 to £25000 with the flexible repayment tenure of 1 to 10 years. There can be multiple expenses and desires that you are permissible to meet with this loan, such as:

-Paying off old debts
-Get a car of your choice
-Pay off home loan installments
-Start a new business
-Plan a dream wedding
-Send your child abroad for higher studies etc.

Internet is adding a great advancement in all fronts. There can be multiple lenders available online that are providing the loan service. Searching and comparing various loan quotes from different lenders helps you to find the affordable deal of all. To get the application, you are required to complete a simple application form with few required details. After the approval and you can find the loan money direct in your checking account within hours of approval.

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Get Advantageous Loan Terms On Your Fresh Start Loan

they choose bad forms of financing like using store credit cards or other expensive financial sources. Instead, it is now possible to obtain a fresh start loan which is specially designed for this purpose but it's not so easy to obtain advantageous terms. Let's see how it can be done.

Fresh start loans are meant to help those who are going through difficult financial situations. However, the credit stance of those who have financial problems is usually bad and thus there is a lot of risk involved for the lender.
That's why it is so difficult for someone with bad credit to obtain fresh start loans with advantageous terms.

Cutting Your Expenses Dramatically To Get A Good Deal On Your Fresh Start Loan

Fresh start loans will require a good income to afford the monthly payments that you are trying to keep as low as possible. Yet in order for them to be kept low, you'll need to be able to afford higher installments without difficulties. It may seem contradictory, but truth is that the monthly installments need to be only a small portion of your available income and that implies that you should be able to afford higher installments if you want to get lower ones.

In order to achieve this you can tag your expenses dividing them in essential and non essential expenses (that is the expenses you can't live without and the ones you can do without for a while). After you've done so, you need to cut any expenses but the ones that are strictly necessary. It may sound as an extreme measure, but keep in mind that it is only temporary and you'll be able to get a better deal to get a real fresh start.

Patience Is Sometimes The Only Way To Credit Recovery

Your Credit Score will be an important factor when it comes to obtaining a fresh start loan with advantageous loan terms. You need to improve it significantly before applying. There is no other way around this problem. And improving your credit score is a matter of discipline and patience. No late payments or missed payments can be recorded into your credit report for at least six months. This will grant you a fair credit score to apply for a fresh start loan and obtain advantageous terms.

An alternative to this, if you can't afford the time, is to apply with the aid of a co-signer with a good credit score. Chances are however that if you have someone willing to act as a co-signer that has good credit score, you wouldn't need to apply for a fresh start loan. The same goes to the use of collateral. But if you do have a property, don't doubt it; request a secured fresh start loan. That will guarantee you excellent terms on your loan that you won't be able to obtain with other means.

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Learn the Truth About the Small Business Administration Loans

There is a lot of misconception about small business administration loans, and what they are meant to do. Once you read this article, you will understand what it takes to get this loan, as well as some sample reasons as to why.

This is a type of loan that is usually given out to already established businesses. They want to either expand, or need to do a total office upgrade.

Of course, this doesn't have to be the reason, but they are the most common ones.

For some reason most people think this is the type of loan you would get BEFORE you start up your small business. However, they are quite mistaken.

This loan does not need a business plan, just a general outline of the last 2 years revenue, and profit. This should be pretty easy to do as long as you kept good records, and being in business, you should have at least had an accountant.

If you have not been in business for at least 2 years, with a good revenue flow, then it will be very difficult to get this type of loan, and you might be looking at getting a personal one instead.

The reason they look at your business and not you, is because the business is the entity requesting the money, so they have to base their answer on repay ability within the business it self. This would be like if you went and got a personal loan. They would look at your employment history, and make sure you make enough money to repay the loan.

Now that you have a better grasp on the truth around a small business administration loan, you will know if you qualify to even apply for this type of loan. Have you been in business for at least 2 years? And have a good revenue flow with good profit margins? If this sounds like your business, then you have the battle half way won already.

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Don't Overpay for Your Home Loan

WHAT interest rate are you paying on your housing loan? If you are paying 3.5 per cent or more, you might be overpaying. With the US Federal Reserve cutting interest rates, the Singapore Inter-bank Offered Rate, or Sibor, has been on a downward trend. Sibor is the rate at which banks lend to one another. Currently, the three-month Sibor has fallen to about 1.4 per cent, down from about 2.5 per cent last year.

Banks have started lowering interest rates offered on housing loans to as low as 2.08 per cent. Thus, if you're paying an interest rate of 3.5 per cent or more, it might make sense for you to refinance your housing loan to enjoy interest savings. If consumers hold the view that interest rates are likely to fall, choosing a housing loan package pegged to Sibor would enable them to automatically enjoy lower interest rates as Sibor moves lower.

For example, if your outstanding loan is $500,000 and you're currently paying 3.5 per cent interest with a remaining loan period of 20 years, the total interest savings for the next three years from refinancing can work out to $13,831.38. After factoring in the cost of refinancing, the net interest saving still works out to $13,331.38. Thus, by refinancing, you can be 'richer' by over $10,000.

Floating rate vs Sibor/SOR pegged packages: Each bank will usually set its own board rate and after deducting a 'discount factor', arrive at the floating (adjustable) interest rate charged to clients. The problem is that each bank will set its own board rate arbitrarily and there might be occasions when Sibor rates fall, and banks don't reduce the interest rates charged on floating (adjustable) rate packages. Thus, in a bid to increase the transparency, some banks have recently introduced housing loan packages with interest rates pegged to Sibor or Swap Offer Rates (SOR).

The advantage of such packages is that as and when inter-bank offer rates move up or down, your interest rate would be adjusted as well - it would not be at the bank's discretion. Currently, Sibor/SOR have fallen below 1.4 per cent and interest rates charged on such loans can be as low as 2.08 per cent.

With the US expected to continue cutting interest rates in the next few months, Sibor is expected to remain low or even fall further in the next six to 12 months. Thus, if consumers hold the view that interest rates are likely to fall, choosing a housing loan package pegged to Sibor would enable them to automatically enjoy lower interest rates as Sibor moves lower.

Beware: Fixed rate packages typically come with lock-in periods. Some banks recently also adjusted interest rates charged on their fixed rate packages downwards to an average of 2.58 per cent for the first three years. However, such packages come with a penalty period of three years. Thus, such packages might not be suitable for consumers who intend to sell their property within the next three years, as they are liable to a penalty fee.

Should you apply for a housing loan now for properties purchased on a deferred payment scheme? You might have purchased a property on a deferred payment scheme and only need to take a loan when the project gets its Temporary Occupation Permit (TOP), which might be in 2009 or 2010. Should you apply for a housing loan now? By applying for a loan now, you eliminate the risk of loan rejection should there be any adverse change in your financial situation in future, for instance, a pay cut or job loss when the property is ready. You also eliminate the risk of banks granting a lower loan quantum should the property market turn and prices fall. To safeguard your interests, you can choose a loan package that allows you a free loan conversion so that you can switch to a better package should one be available nearer TOP.

Cash in on your property without selling it: With property prices having gone up in the past three years, you might now own a property whose value has doubled. In that case, your current debt-to-asset ratio might have fallen considerably. For instance, say you bought a $1 million property three years ago and took an 80 per cent loan, or $800,000. Currently, the loan outstanding is about $750,000, while the current value of this property might have gone up to $2 million. This means your current debt-to-asset ratio is only 37.5 per cent. How can you benefit from the rise in the property price without selling your property? You can consider taking an equity loan on the property. For instance, in the above example, subject to your credit score, banks might grant you an additional equity loan of up to $850,000. To be conservative, you can consider taking up a lower equity loan of, say, $450,000, bringing your debt-to-asset ratio to a comfortable 60 per cent. You can use the $450,000 equity loan granted by the bank to start a business, or even to invest in another property. The interest rate on equity loans in Singapore is very low and can be as low as 2.2 per cent currently.

Should you pay off or reduce your housing loan?: The Singapore government has projected the inflation rate in 2008 to be about 5 per cent. On the other hand, the interest rate on housing loans is about 2.2 per cent. Thus, we have a rare scenario of negative interest rates, that is, a person who takes a housing loan is actually ahead of someone who saves money in bank deposits because of the shrinkage of money from inflation.

On the other hand, interest rates on bank deposits have fallen to about 1.5 per cent. With inflation at 5 per cent, it means that a consumer is losing 3.5 per cent a year by putting money in bank deposits.

Instead of paying down your housing loan which charges low interest rates of less than 3 per cent, you can consider investing your cash in a stable investment that is not subject to large price fluctuations and offers higher returns than fixed deposits. One example is UK-traded endowments, which have a guaranteed cash value and generate annual returns of 6-8 per cent.

How to choose a suitable housing loan?: There are over 113 different housing loan packages available in Singapore at any one time. Each package has its own unique features, with its own pros and cons and different terms and conditions. Consumers might be confused by the wide array of choices. In the last few years, with the emergence of independent mortgage brokers in Singapore, home loan shopping and comparison have been made easier.

Basically, an independent mortgage broker who knows your requirements can help you zoom in on the most attractive home loan packages suitable to your needs. You typically do not have to pay for the service of a mortgage broker as banks pay them a fee.

In more advanced countries such as the US and Australia, people usually apply for home loans through a mortgage broker rather than go to the bank directly. In Singapore, many people are still unaware of the services and benefits of engaging a mortgage broker, but things are likely to change with public education and increasing awareness.

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Need an Amortization Calculator? A Loan and Mortgage Amortization Formula Will Do the Trick

Amortization refers to the changes in the principal balance of a loan - such as a mortgage loan - over time. Each month, a fixed payment is made. A portion of that payment goes toward paying interest on the loan to the lender. The rest goes toward the loan principal, or amount still owed on the loan if it were to be paid off today.

Over time, as the principal gets paid down, a greater portion of the fixed monthly payment amount goes toward paying down the loan's principal. Therefore, the loan gets paid down faster as time goes by.

If you are looking for an amortization calculator for a mortgage loan, you may want to learn the formula for amortization. That way, you can set up your own calculator in a spreadsheet program such as Excel.

The following are two formulas for mortgage loan amortization. The first formula tells you how to figure out your monthly payment based upon certain assumptions about the loan. The second formula helps you to actually build an amortization table - month by month - for the life of the loan. This is useful if you want to figure out how much principal you will owe at any time in the future during the life of the loan.

The Formula to Calculate Your Monthly Mortgage Payment

Note: the formulas below assume that you have a conventional loan whereby interest is compounded monthly.

Let us start by defining some variables for use in the formula:

P = principal, the amount owed on the loan

I = the annual interest rate (expressed as a number from 1 to 100)

L = loan term, in years

J = monthly interest amount in decimal form = I / (12 x 100)

N = loan term, in months = L x 12

M = monthly payment

Here is the formula:

M = P * ( J / (1 - (1 + J) ^ -N))

Note that ^ means "to the power of":

To solve, just follow these steps:

1. Calculate 1 + J, then take the result to the power of -N (minus N).

2. Subtract the result from 1.

3. Take the inverse of this result (1 / X).

4. Now, multiply the result by J, then by P.

The Formula to Calculate the Amortization Table

And now, here is the formula to create your own amortization table. Again, let's start by defining the variables:

P = principal, the amount owed on the loan

J = monthly interest amount in decimal form = I / (12 x 100)

M = monthly payment

H = your current monthly interest = P x J

C = the amount of principal you pay for the given month = M- H

Q = new principal balance (after current payment) of your loan

Now, to calculate the amortization table month by month, you will need to follow these steps:

1. Calculate H, which is P x J. This is your current monthly interest.

2. Calculate C, which is M - H. This is the amount of principal you pay down for the given month.

3. Calculate Q, which is P - C. This is the new balance of your loan.

4. Now, set P = Q and repeat steps 1 to 3 for the following month. Repeat for each month of the loan.

Knowing how to calculate your own monthly payment and amortization schedule is a powerful way to not only understand the process better, but also to allow you to set this up in your own spreadsheet program.

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Raise Money in Today's Economy Leveraging Private Loans

How would you like to raise money and spend it however you choose? You can use the money to:

Invest in your business to get it to the next level
Buy and sell real estate
Pay your mortgage
Payoff your credit cards
Buy a new home
Payoff your car or buy a new one
Take that family vacation you have been putting off
Put your children through private school
Or just about anything else that your heart desires!

You can basically raise money to spend however you want and have other people pay it back! Sounds crazy, I know. But, it really can be done if you have the knowledge to do it the right way. The best part is that it requires:

- No credit checks
- No applications
- No background checks
- No begging the banks for a loan
- No monthly payments

You may be thinking, "There is no way that this is even remotely possible!" Well, actually it is very possible and happens all the time. You can make it happen for you by gaining knowledge on obtaining private loans. Most people take out a loan from a bank to buy things and consolidate their bills.

Just about everyone in America for years took out home equity loans to do the same. Then came the financial crisis and everything came tumbling down. Many people do not have equity in their homes anymore and thus their ATM machine has dried up.

So, where do you get the money you need in today's economy? The answer is, "Private Loans". Now there are many different ways to get and use a private loan. There are also rules and regulations on what you can and cannot do in raising private lender money. You should gain the knowledge you need in order to do this the right way.

Also, you want to make sure you are prudent with how you raise, spend, and payback the money. If you are smart, you will raise the money, spend the money to invest and make more money, payoff your debts, and the best of all, have other people pay back the money you borrowed. Now, you are thinking, "How do I do that?"

First, let me say that too many people want the short cut and do not invest their time and money in gaining the knowledge to be successful. Too many people are impatient and want to be rich overnight. Take the time to develop a business plan that will thoughtfully map out how you are going to make this happen.

You can accomplish your goal by leveraging a business to borrow the money and pay it back. You will need to make sure you handle your accounting properly with what you use for the business and how you pull money out to use personally.

You might own your own business now. Many people that have a job have some sort of business on the side too. If you do not, then you need to seriously look into starting one. When you have a business, you have all types of write-offs. Everyone should own a business of some type.

If you do have a business right now, then you may have already experienced going to the bank and trying to get a loan. That was fun right! What is the first thing the banks ask when you ask them for a loan? "What collateral do you have?"

I believe most people in this situation do not have any collateral or very little. This is a major reason why many small business owners can not get the funding they need to grow their business, especially in today's economy.

You can get the money you need for your business or for any other reason too. You just need the knowledge of what type of business, how to leverage that business, and how to get the right collateral to secure your private loans. Do this and you can raise all the money you need to accomplish your goals.

To Your Success!

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5 Insider Loan Modification Tips Reveal How to Force the Bank to Cry Uncle

Are you late on your mortgage? Has it been weeks since you got a good nights sleep? Do you feel you really messed up bad and have let a lot of people down. Do you want to save your home?

The obvious answer is Yes, you do want to save your home. Otherwise you wouldn't be reading an article about 5 Insider Loan Modification Tips now would you? Lets think things through a little further here.

What is your largest investment ever? If you are like most of us, it's your home. What's it worth? $100? $10,000? More likely your home is worth hundreds of thousands of dollars. Which brings me to the question, "What are you doing trying to learn tips on the Internet?" This is not the time to be cheap.

Do you know anything about doing a loan modification? Anything at all? If the answer is "no" or "a little..." then you need to wake up. You are risking a QUARTER MILLION DOLLARS and you don't know what you are doing.

Tip #1 - Get Help

Are you thinking you are going to go this alone and negotiate with the bank yourself? How did that work out last time? What you have to understand is the employees of the bank aren't working for you, they work for the bank. Their job is to get the bank the best deal they can. This is their job and the better they do it, the better they get compensated. They do this all day, every day. Anything you do that much you get pretty good at. How many time have you done this before? Do you really plan to still do this on your own?

Tip #2 - Get Help

OK, I'm going to ask you a couple of questions that a banker might ask you.

• What is your front end ratio?
• What is your total DTI?
• Do you have any positive equity in your home?
• What is the loans LTV?
• Have you filled out the VOE's?
• You told us three years ago you could make the payments, now you say you can't. What happened?"
• Why should we believe you?
• Aren't you really doing this because you made a bad decision a few years back and now you want us to bail you out?

To a banker this is pretty basic stuff. We all know that the front end ratio is your total income divided by your house payment and is expressed as a percentage. Your DTI is the Debt to Income ratio and means your total income divided by all your debt including your credit cards and house payments and any other payments like car payments. If you didn't know these things, you can see why you are probably going to lose your house. Do you know HOW to answer the hard questions? Are you beginning to see the problem? You need to follow Tip #3. Tip #3 is probably the most sensible thing to do. Can you guess what it is?

Tip #3 - Get Help

You've probably read that all loan mod specialists are scams. This just isn't true. There is a whole industry of people out there who make it their business to help someone save their home from foreclosure. Some are very good at what they do and boast success rates in the 90% range. They do their jobs well and expect to be compensated. Generally speaking they will charge between $3000 and $4000 or they may charge a percentage of the homes value. Think about what your home is worth to you. What would it be worth to save it from foreclosure and negotiate a comfortable payment?

For some people it may be worth $5000-$10,000 if they really loved the house and were certain they would never be able to buy one like that again. Maybe there is some sentimental value that goes along with the home. Three thousand would seem like a bargain.

You may agree its worth it but still don't want to take a chance so you think you are going to do it yourself. All I can say is at least you are trying but your odds aren't good. You should think about what is the best way to increase your likelihood of success? There are free loan modification programs to assist you, not do it for you. These are generally set up by government or non-profit organizations. There is a lot of hurry up and wait with government type agencies. If you take the non-profit route, I hope you are really patient.

Tip #4 - Take an online loan modification course

If you insist on doing this yourself, at least arm yourself with the best and most ammunition you can. Learn about the loan mod business. What are the banks looking for? What are some tried and true success methods others have used? What should you never say? What should you say when they say...?
These are things you should know before negotiating with the bank, not after. If you know exactly what they are looking for, show them how you meet the criteria and verify it, how can they turn you down?

Tip #5 - START RIGHT NOW!
You have been putting this off long enough. It may be too long already. There is a point of no return where no matter what you do or say, you are going to lose your home. It's inevitable. You must give the bank plenty of time to do what ever it is banks do in this situation.

At this moment, your frame of mind should be "I can do this! Let's get started now!" It feels very good when you actually commit to doing something positive in your life. Its the uncertainty; the not-knowing whats going to happen next that gets people depressed. You should feel empowered that you have decided to take control of your life and stop letting people push you around.

Let me be the first to with you Good Luck on your loan modification and congratulations on taking charge of your life.

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Free Debt Consolidation Loan - Getting Out of the Debt Trap

Debts can cause a lot of misery, which is why a free debt consolidation loan is a good option. Through a free debt consolidation loan, you can conveniently repay existing loans after merging them into a single low interest loan. Most debtors get into trouble due to impulsive spending and overuse of credit cards. Credit card loans have a short term and very high interest rates. This makes it more difficult for most debtors to repay them. The longer it takes you to repay loans, the higher the penalties and interest that will accrue.

How To Get A Free Debt Consolidation Loan

Free debt consolidation loan can be availed by anyone, no matter how bad your credit report. A free debt consolidation loan helps you avoid bankruptcy. You need not fear creditors knocking at your door either, your debt consolidation company will negotiate with them on your behalf.

Once your debts are merged into a single debt on lower interest rates, you need to find the funds to repay them. For this you can either save from your income by making changes in your lifestyle and pay the monthly installment; or you can take a free debt consolidation loan to repay the loan.

While it is comparatively easy to get free debt consolidation advice, you may need to look harder to find free debt consolidation loan. You should start by looking at the organizations attached to the government, as they are more likely to provide better credit card debt consolidation help in case you cannot afford to hire a debt consolidation firm. These organizations may not provide free debt consolidation loan or even negotiate with your debtors, but they will surely instruct you on how to approach your debtors on your own.

Credit Card Debts

A free debt consolidation loan will help you achieve your target of getting free of your debts much faster. You have the benefit of lower interest rates and longer loan period. Credit cards are major culprits for most people in a hopeless debt situation, since they have a high rate of interest. Multiple credit cards add to the debt problem.

If you are finding it tough to pay your debts, or are facing potential bankruptcy, start looking for a free debt consolidation loan now. It can make the difference between a financial ruin and a happy, secure future.

In case you cannot hire a debt consolidating company, look for government and non-profit organizations to help you. Through a free debt consolidation loan you can repay your outstanding dues.

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