Information About Loans That The Rich Don't Want You To Know!

 

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You have to love banks when it comes time for you to apply for a loan.  It never ceases to amaze me that they will readily loan money to those who don't need it and make it next to impossible for regular hard working folks who do need it.  I was turned down for a loan for $5,000 from Sovereign Bank even though my income was high just because I wouldn't give them collateral.  The thing was, I was just trying to open a line of credit...sort of like a credit card.  I thought it would be nice to deal with a place that I could see face to face.  Oh how wrong I was.  It was easier to get a credit card the same day with a $25,000 limit and an interest rate at 8.9% fixed.  If you must get a personal loan, I would suggest using a credit union.  They are much more friendly to the average American.  I will list some links to them so that you can go check out their rates.

Now we all need car loans and I have the perfect solution for that.  I found through my many dealings that one company stands out in the process.  Capital One auto financing is unbelievable when it comes to ease of getting the loan.  I bought three cars in the last two years and used three different loan companies with differing results.  Only one stood out for low interest rate and getting the check to me quickly...capital one.  I will suggest this though, your local credit unions have been stepping it up when it comes to auto finance.  They have dropped rates to sometimes lower than the big players.  If you are in the market for a car loan, go to Capital One auto financing and see what you can get than go to your local credit union and see which one is better.  I don't think you will beat those two options. 

 

Student Loans:

As for student loans, they are what got me to where I am right now.  But I always feel bad for today's students.  I owe $60,000 for one bachelor degree and two master degrees.  If I were to start the same education today, I would end up with a debt close to $200,000 by the end of my schooling.  It seems that degrees are getting priced higher than the pay will allow for. 

The easiest solution is to apply for all the grants and scholarships you can.  When that doesn't cut it and you maxed out the guaranteed student loans from the government, you will be forced to have your parents help you out with a parents plus loan.  There are other loans out there, but none as potent as those two though.

 FUNNY STORY:  I heard about a guy who got all the credit cards he could and paid for all his college on them.  At that point he continued to make the minimum payments through his graduate year.  At that point, he transferred his balances of over $50,000 to other cards and continued to make minimum payments.  When he graduated and before he got a job, he filed for chapter 7 bankruptcy and had the debts wiped cleaned.  Instant scholarship.  Moral???  No, but neither is the credit card companies jacking up 15 million interest rates in one day.  Read about Citibank and you will see. We find better ways to beat the credit card industry at their own game then the guy above, but make no mistake, the credit card companies would happily take every dime from us if we would let them.

 

Mortgages:

Let me start by saying that getting a mortgage is probably the single most hated thing that I have ever done.  They treat you like a nobody and they dive into every aspect of your life.  With that said, it is something that all of us will have to go through.  My first home was a little $69,000 place that I thought would be no problem for the bank to okay.  My wife and I earned 80K a year and that was a lot back then.  And after weeks of negotiating, we were okayed.  It is one of those moments when getting a mortgage just doesn't seem worth it. 

My suggestion to everyone is to take advantage of the first homebuyers tax credit and secondly to have a co-signer ready to make the process much more simple.  If your parents are willing to co-sign, you will be able to get through the process easily.  Let's face it though, no one wants to ask for that kind of help.  Another way to get the loan is to have someone put a cd at the bank and tell them to use it as collateral and that when you have 20% equity, then they can have it back.  The person still gets interest and you get a 100% financing.  (Write me if you need more info...it works...I know because I did it.)

I also used quickenloans.com online for a mortgage once.  They are very quick and knowledgeable.  I called them to see if I should refinance and they were honest enough to tell me it wouldn't be worth it if I moved in under 6 years.  They could have easily just let me do the refinancing  and made their profit.  That is the kind of service that I trust and best of all is that all the paperwork is signed in your own home. 

I would write about refinancing but that falls into the same category of mortgages.  There are benefits to this, but watch out for the fees.

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