Loan Resources and Information.

You know the old “Shell Game” …

where they put the pea under one of three shells and you have to keep your eye on the right one.

Let’s talk a little about the Lender’s shell games we are seeing a lot more of in the current cool financing climate.

These are tricks lenders are using very frequently in the last 6 months. Tricks that can radically lower the amount of money they’ll approve you for on your next commercial purchase.

Tricks you need to see coming from a long way off and be prepared to defend against.

The Loan To Value (LTV) Bait and Switch

Right now, the LTV Ratio may be the main number you use to estimate the amount of money you can get on a loan.

You may say to [ Continue Reading ]

Slowly it crept up, and now faced with debt the offers for more credit cards start coming in. There is equity in the home, and those offers to refinance to pay off other debts are sounding more and more appealing. Does it make sense to tap equity in a home to refinance other debts?

The answer is, depends. There are some factors, which must be considered. First, are you prepared to risk the asset that keeps you warm at night? Some analysts advise on never taping those things, which are necessary for food clothing and shelter. Taping into the equity in your home may provide immediate relief but what happens in the long term if you are unable to pay it back or the mistakes made (if any) to cause the situation you are now in are repeated?

If you have a lien against the [ Continue Reading ]