Tag Archives: Payday Loans

When Should You Refinance Your Home?

When facing foreclosure, refinancing your home can act as an alternative to bankruptcy. It’s also often easier than obtaining the original loan was. You already own the property, plus, if you’ve owned it for a considerable amount of time, you likely have equity. This does not, unfortunately, mean that it will be significantly cheaper. For this reason, it’s important to weigh whether the savings from a lower interest rate will offset the costs associated with refinancing. Here are some steps to take in doing so. Steps to Determining if You Should Refinance Your Home Evaluate your finances – You should undertake refinancing the same way you tackled getting your first loan. This means assessing your credit history and correcting any errors to get your score as high as possible. This way, you’ll qualify for the lowest interest rates. In addition, you can use online mortgage calculators to see where you…
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Are Payday Loans and Auto Title Loans Risky?

The Fort Worth Star-Telegram recently reported that Arlington’s City Council approved restrictions on how payday and auto title loan lenders can do business in an attempt to help consumers. According to the news source, Arlington became the first city in Tarrant County to regulate lending service providers. The restrictions limit payday loan limits to 20 percent of a borrower’s gross monthly income and auto title loans to 3 percent of his or her gross annual income (or 70 percent of a vehicle’s value). Additionally, the new restrictions prohibit the renewal or refinancing of installment loans and require documents to be made in Spanish and Vietnamese, as well as English. The new restrictions will take effect on January 1. The rules are based on suggestions made from the Texas Municipal League’s model ordinance regarding loans, which are used by 27 other cities in the state. Consumer advocacy groups say that payday and…
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