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The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...
For example, making payments on the mortgage can evince an intent to assume it, as can paying less than the value of the property (if the difference is the amount outstanding on the mortgage). Absent an assumption of the mortgage by the purchaser, the purchaser buys the property subject to the mortgage, which means the property is still ...
Using a 40(k) loan to purchase a car could be a smart move if it's the least expensive option. Before using this option, consider the potential drawbacks, including fees and missing out on ...
Indirect financing is arranged by the car dealership where the car is purchased. Legally, an indirect “loan” is not technically a loan; when a car buyer obtains financing facilitated by a dealership, the buyer and dealer sign a Retail Installment Sales Contract rather than a loan agreement.
Increasing balance (negative amortization) Amortization schedules run in chronological order. The first payment is assumed to take place one full payment period after the loan was taken out, not on the first day (the origination date) of the loan. The last payment completely pays off the remainder of the loan. Often, the last payment will be a ...
Key takeaways. Your current balance (or outstanding balance) and statement balance are two entirely different figures. But your current balance and statement balance can occasionally align ...
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
If you buy a used car from a different manufacturer’s dealership, note that it can only be certified by the dealership, not the manufacturer. “An example of that would be a Nissan at a Honda ...