San Diego, California
Telephone - Cell:
(619) 300-8819
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Copyright © 2006 by Bob Schwartz San Diego real estate broker Certified Residential Specialist
Promotions Unlimited All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. | | Remember when Applying For a Loan...Anyone thinking about applying for a loan needs to carry out a little research first; otherwise you may end up with something that does not meet your needs. By adhering to these rules you should not only get a good deal on the loan but also not be faced with any unwanted charges that can be added on. Research and finding suitable lenders is the first step; look for as many suitable lenders as you can, so that you can find the very best deal.
To make things a little simpler, many comparison websites have been created which do all the hard work for you; where it may have taken many hours to find the details you needed previously, it now takes a matter of minutes. However, remember that if you ask for a detailed quote when you apply for a loan, the lender will have to look at your credit report; too many lenders looking at your credit report can affect its rating, so make general enquiries until you are sure the lender is right for you. Although, the APR is important, it is not the only issue involved that you should be concerned about; there may be other charges you need to be aware of that could increase the costs even though the annual percentage rate is low.
Loan payment protection is a worthwhile option as it will cover the costs of repayments should you be sick or injured; you aren't obliged to arrange it with the lender so try other companies as well. You may find that some aspects will be covered by your contract of employment and will not be needed so this can reduce the cost of insurance cover. For small amounts, there is absolutely no need to apply for a loan which is secured; if have good enough credit to borrow without collateral, then do so.
Although unsecured loans have higher rates, they are less risky because your home will not be at risk if you cannot make the payments. The part that most people overlook is the agreement as they are in a hurry to sign and have the money transferred into their accounts; this is where all the potentially dangerous clauses are hidden that have financial penalties. Many lenders will charge a premium if you want to arrange an early settlement on your loan and there will probably be other charges that apply if you miss, or even make a late repayment.
It is always wise to take out a loan for the shortest period possible unless there are special circumstances; the overall amount you repay is considerably greater the longer the repayment term. This rule is not so important if the loan is for alterations or improvements to your home whose worth increases in time; however, is it something you really want to do just to buy a car so think about the total interest payments on the loan rather than just the monthly payments. When you apply for a loan make sure you know you can afford to make the repayments; the reason for the loan is also important because you could cause problems with your credit score if there are problems paying, later on.
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