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Financing Terms to Know
If you are interested in getting some financing for a car or home, there are some important terms to know about before signing the dotted line. Before securing a loan or applying for a line of credit, familiarize yourself with the following terms and definitions.
Fixed - Regardless of where you apply for your personal loan or business loan, like at a credit union or corporate bank, you will want to strive for a fixed rate loan. If your credit is bad or you have little money to put down on the purchased item, a fixed rate will ensure that your monthly payments cannot increase due to a variable interest rate.
Variable - A variable interest rate is often offered to those with bad credit or many personal debts. If you're applying online, use the provided calculator to estimate how much your monthly payment could fluctuate with a changing percentage rate.
Principle - The principle refers to the capital that you borrowed to purchase a home or car. The lending company will then charge interest on that principle. When you are making your monthly payments, you often pay down the interest before you pay back the principle borrowed. Online calculators help determine how long it will take to pay off the principle.
Clear Title - Financing can only be provided if there is a clear title on the item being purchased. This means that other lenders can not have any standing claims on the property if it is to be sold.
Origination Fee - The origination fee is in addition to the interest charged by a bank. This fee covers the initial cost of processing the application and dispersing the loan.
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If you're having problems making payments and handling your financing, seek advice and assistance from our local Onyx area loan experts. Providing the best service available to help you manage your finances.
Financing is a broad term to include any and all types of finance, from investments, to personal credit, to debt consolidation. It can also involve home equity, insurance, mortgages, and land and property value. Rates vary by financial institution and type of account. People looking to get assistance with managing their personal or commercial finances often seek out financial consultants, accounts, and personal finance managers.
Such professionals can guide clients on the right path to secure investment strategies, wise credit decisions, and business management tactics. Whether clients need help with a personal credit situation, lender advice, or private mortgage insurance, financing experts can help.
The Internet is also a wealth of knowledge, with financing sites providing calculators, virtual assistance, guides to start-up business financing, college searches, classifieds, loans, and business blogs. Online financing experts can also provide advice pertaining to taxes, money management, car and auto loans, home equity, payments and collections, venture capital, and self financing.
Financing, the science of managing funds, is an exciting career choice. It is diverse, providing an array of employment opportunities, and allowing for interaction with people on many levels. Professionals within this business can own their own business or work for someone else. They may dabble in accounting or banking, or they may focus strictly on stocks and bonds.
There's no shortage of financing tips out there, so consumers can visit a bookstore or local library, or browse online for a wide variety of topics. Listings can be found on the Internet and in the phone book of qualified financial planners and brokers.