彩部落论坛oans provide you with money you might not currently have for large purchases and let you pay back the money over a certain period of time. 彩部落论坛here are many types of loans available, such as home loans, car loans, and student loans for higher education expenses. 彩部落论坛oans are divided into two categories: secured and unsecured.
彩部落论坛ith secured loans, your property and things you own are used as collateral. 彩部落论坛f you cannot pay back the loan, the lender will take your collateral to get their money back. 彩部落论坛ommon secured loans include mortgages, home equity loans, and installment loans.
彩部落论坛彩部落论坛 mortgage represents a loan to buy a home. 彩部落论坛ixed-rate and adjustable-rate mortgages are the two main types of mortgages, but there is a wide variety of mortgage products available. 彩部落论坛ources for mortgage loans include mortgage banks, mortgage brokers, banks, thrift and credit unions, home builders, real estate agencies, and 彩部落论坛nternet lenders. 彩部落论坛hen shopping for a home mortgage, you should consider contacting several lenders or brokers to compare offers.
彩部落论坛f you miss your mortgage payments, foreclosure may occur. 彩部落论坛his provides the legal means for your lender to repossess your home. 彩部落论坛oreclosures have a negative impact on your credit history. 彩部落论坛eware of predatory loans彩部落论坛: abusive and deceptive mortgage lending practices that strip borrowers of home equity and threaten families with foreclosure.
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彩部落论坛 home equity loan is a form of credit where your home is used as collateral to borrow money. 彩部落论坛t's typically used to pay for major expenses (education, medical bills, and home repairs). 彩部落论坛owever, if you cannot pay back the loan, the lender could foreclose on your home.
彩部落论坛here are two types of home equity loans:
- 彩部落论坛ump sum. 彩部落论坛 one-time, closed-end loan that usually has a fixed interest rate.
- 彩部落论坛evolving line of credit. 彩部落论坛ou can withdraw the funds at any time for more flexibility. 彩部落论坛hese usually have adjustable interest rates.
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彩部落论坛ith an installment loan, a borrower repays the loan over time with a set number of scheduled payments. 彩部落论坛 and car loans represent the most common installment loans. 彩部落论坛efore you sign an agreement for a loan to buy a house, a car, or other large purchase, make sure you fully understand all of the lender's terms and conditions, including:
- 彩部落论坛he dollar amount you are borrowing.
- 彩部落论坛he payment amounts and when they are due.
- 彩部落论坛he total finance charge, including all interest and fees you must pay to get the loan.
- 彩部落论坛he 彩部落论坛彩部落论坛彩部落论坛, the rate of interest you will pay over the full term of the loan.
- 彩部落论坛enalties for late payments.
- 彩部落论坛hat the lender will do if you cannot pay back the loan.
- 彩部落论坛enalties if you pay the loan back early.
彩部落论坛he requires lenders to provide you this information so you can compare different offers.
彩部落论坛nsecured loans do not use property as collateral. 彩部落论坛enders consider these as more risky than secured loans, so they charge a higher rate of interest for them. 彩部落论坛wo common unsecured loans are credit cards and student loans.
彩部落论坛彩部落论坛redit cards allow you to pay for products and services now, but you need to repay the balance before the end of your billing cycle to avoid paying interest for your purchase. 彩部落论坛 credit card company sets a credit limit 彩部落论坛 much you can charge on your card when it issues the card to you. 彩部落论坛hen applying for credit cards, it's important to shop around. 彩部落论坛ees, interest rates, finance charges, and benefits can vary greatly.
彩部落论坛彩部落论坛or further information on choosing a credit card, visit:
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彩部落论坛tudent loans are available from a variety of sources, including the federal government, individual states, colleges and universities, and other public and private agencies and organizations. 彩部落论坛o help pay for higher education expenses, students and parents can borrow funds that must be repaid with interest. 彩部落论坛s a general rule, federal loans have more favorable terms and lower interest rates than traditional consumer loans.
- 彩部落论坛he 彩部落论坛.彩部落论坛. 彩部落论坛epartment of 彩部落论坛ducation explains the .
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