Debt Consolidation Center

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Loans-Center.com is dedicated to assisting consumers that are having difficulties with their personal finances. We offer many solutions from different top rank financial service organization through debt consolidation programs that can help clients into reducing their overall debt.

We understands the countless circumstances that force people into debt: medical emergencies, sudden loss of job, and over spending. These recommended programs will tailor a repayment plan to meet your particular needs. Creditors will arrange the best possible financial assistance so that you repay your debt and meet living expenses at the same time. We will help decreasing credit card debt and interest, lowering and consolidating monthly payments, eliminating your late charges and over the limit fees, and managing and improving credit rating.

Frequently Asked Questions

What will closing costs be?

These are expenses that must be paid when a loan is closed, title transferred, and loan money given out. These costs include things such as an origination fee, appraisal fee, credit report, title insurance, attorney fee, etc. Every lender must give you an estimate of the closing costs within a few days of receiving your application.

What prepaid items will I pay?

When you close your loan, you will have to prepay some expenses for your home that will occur in the year. Taxes and insurance are examples. Interest is another. You may have to prepay interest on your loan the day the loan closes until the end of the month. That's called accrued per diem interest.

How long will the loan approval take?

This can be very important, especially if you need to close on a house quickly. Processing and approval can be different for different lenders. Be sure to ask how much time to allow.

Is there a prepayment penalty?

There may be times when you want to pay more than your scheduled monthly payment, allowing you to pay your loan off early. Be sure to ask about prepayment policies.

What loans are offered?

Know your choices. If a lender offers you a loan that you've never heard of before, make sure you learn why it's different.

Is there an Interest rate lock-in policy?

Ask if the quoted rate is guaranteed, and for how long.Is there a written lock agreement?

Does the loan have a call option?

A call option would allow the lender to require you to pay off the full loan balance at a time before the loan.

What are points?

A point is an up front fee the lender charges. One point is equal to one percent of the loan amount. For example one point on a $45,000 loan would be $450. The lender determines how many points are charged. Most allow customers the option of paying "points" in exchange for a lower interest rate on the loan. Points paid at closing, either by the buyer, the seller, or split between them are subject to government guidelines or you may lose the contract.

Terminology

Adjustable or Variable rate Mortgage (ARM or VRM) - A mortgage loan in which the interest rate varies in accordance with changes in a specified index, and may result in changed monthly payments. 

Application - an oral or written request for an extension of credit. Usually a printed form on which the lender collects credit, income and debt information about a prospective borrower, plus the facts about the property being used to secure the loan. A fee may be charged for the application.

Appraisal - an inspection of the property to assure that its market value exceeds the amount of the loan. A fee may be charged for the appraisal.

Closing - the time and date set for the transfer of the property from seller to buyer and/or for the signing of loan documents.

Escrow Account - money collected in advance by the lender, usually on a monthly basis, for the payment of real estate taxes, betterments and/or insurance.

Fixed Rate Mortgage - a conventional mortgage loan with a set interest rate and equal monthly payments for the entire term of the loan.

Lender - the company or person, sometimes referred to as the mortgagee, who offers the mortgage loan.

Point - an often non refundable sum of money, equal to 1% of the principal amount of a mortgage, charged by the lender to cover certain costs of making a loan. The number of points charged must be disclosed to the borrower in writing prior to closing.

Private Mortgage Insurance - protection for lenders against borrower default. Paid for by the borrower and usually required when the down payment is less than 20% of the purchase price.

Title Insurance - protection against loans due to defects in the title that were not uncovered in the title search and not listed in the title report. Both the lender and the borrower may purchase title insurance to protect their own interests.

Title Search - an examination of legal records to check the validity and completeness of the title to the property. The search my uncover any liens, overdue assessments;or other claims against the property.

Truth in lending - federal and state laws that require lenders to provide borrowers with full disclosure of the true cost of a loan and easy to understand information about the annual percentage rate and terms of the loan.