credit cards O Personal Loans O Consolidated Loans O Home Equity Loans O Student Loans use the borrower's home as a source of collateral so interest rates are considerable lower than

Explain mortgage financing and how can someone afford a mortgage loan

Payday loans (also called cash advance loans) are short-term, high-interest loans marketed as a way for people to borrow money for a short period of time until their paycheck arrives. However, like many other short-term loans, they should be used with extreme caution. Payday loans typically carry a fixed fee of $15 to $30 per $100 borrowed, and lenders sometimes demand access to your checking account to make sure you will pay the fees. Complete parts (a) through (c) below GSTID a. Consider a payday loan that has a fixed fee of $17 per $100 borrowed that is due in 2 weeks (when your paycheck arrives). If you borrow $800, what is the total fee (not including your $800 principal) you owe the lender at the end of 2 weeks? $136 (Round to the nearest cent as needed.) b. What is the interest rate for that 2-week period? 17% (Round to the nearest whole number as needed.) What is the equivalent annual percentage rate (APR) for this loan? (Assume that there are 52 weeks in 1 year). How does this…

Loan Servicing Companies.. O Collects monthly payments, remits to investor O Purchase loans on the secondary market O Decide on credit criteria for new loans O Underwrite home loans

When purchasing a vehicle or obtaining a mortgage, you are most likely to get what kind of loan: O pure discount O interest only amortized loan with fixed payment amortized loan with fixed principal payment

A subprime mortgage is a mortgage given to a borrower with excellent credit. True False

what is defaulting?  building a credit history getting a low credit score opening too many credit accounts failing to pay debts

Money Management.  What happens when a student loans defaults?