Finance Questions

Archive for May, 2009

Question: How long do I have to wait to re-finance my condo?

I just re-financed 4 months ago. I needed the funds and didn’t check the fine print. I ended up with a mortgage payment increased by almost $400 and with less money in the end because they discoved a $5000 early payoff fee at the end of the deal. I know I was an idiot going for the quick fix. My credit is awful as well. I just want to decrease the payments. i have the GI bill-never used it.

Answer: Sugar (the poster above me) I would check into what you mortgage person told you. It sounds to me like you may be getting scammed. I recently stated working on a refi for someone I met on Yahoo who was told the same thing. Some chop shop broker house ripped her off and put her in a horrible loan. It has only been three months since her purchase and I am going to be able to save her $300 without any points or fees. Because the market moves so much (and a major election is coming which suggests rates will decrease to make the economy look better) I never put my clients in loans with prepayment penalties. Just something to think about. Hopefully this doesn’t sound like an ad it is just honesty. Feel free to email me directly if you have any other questions or to run a scenario with me.

Upside-down Loan Mortgage Refinance Presentation – Principal Reduction

2007 Pontiac G5 #1370401 in Hollywood FL Ft-Lauderdale, FL

Question: How do I find a list of all the special finance lenders available?

My dealership needs more special finance banks.

Answer: Lending tree .com

Creating a Special Finance Operation: Doing it Right

Question: Can Ocean Finance truly consolidate all of my small loans into one single monthly repayment?

Answer: Ocean Finance are one of the UK’s leading finance brokers. They have been established for over 20 years and are reputable. As for one of the previous posts, obviously paying your debts without having to borrow is always the best option, however if this was a viable option then maybe it would have been looked at first????

Ocean Finance deal with what are called ‘Secured’ Loans, ie you secure the loan against your home. This is not as scary as it may seem, it is technically a second mortgage on your home. The best thing about secured loans is that if you can clear it early, you are only charged 1 month’s interest as a penalty (this is the law) which is much lower than you may expect if you re mortgaged for example.

As Ocean Finance are well known, there are lots of scammers out there. Make sure you only deal with the real company. As with most real companies, they will not operate from a hotmail, yahoo or gmail email address, and they will not have a phone number that looks like a mobile (ie starting 07xxx). See their website at www.oceanfinance.co.uk to make sure you are dealing with the real deal.

Ocean Finance

Question: How do I remove this from my credit report?

All of this is from applying for a vehicle & trying to build my credit, I didnt apply for all of these at different times. Some were through those companies that say they can get you approved and this is what has happened to my credit.TOTCRDTSRV 06/27/07 Miscellaneous And Public Record
CITIFINANC 06/25/07 Finance
THD/CBSD 06/25/07 Finance
HFC 06/02/07 Finance
CITIFINANC 06/01/07 Finance
CITIFINANC 05/14/07 Finance
CSC MTGE 05/01/07 Miscellaneous And Public Record
USBK 04/23/07 Banking
COMBK CNSM 04/20/07 Banking
GREATSTHBK 04/20/07 Finance
WELLSFARGO 04/20/07 Finance
AMERICRDT 04/19/07 Finance
CAP ONE AF 04/19/07 Finance
CHASE 04/19/07 Banking
HSBC AUTO 04/19/07 Finance
PRMRAUTO 04/19/07 Automotive
TRIADFINCO 04/19/07 Finance
WACHDLRSRV 04/19/07 Finance
BLU SPGS F 04/18/07 Automotive
HSBC AUTO 04/18/07 Finance
JFMOTORS 04/18/07 Automotive
This is just half the list
LESSON LEARNED!!!
Loads of inquires

Answer: Wow, you are tanking your score with that many inquiries man!!! They don’t drop off until 2 years.

Anytime you car shop, a dealer can submit your file to as many banks as he/she thinks will finance you. So inquiries can quickly add up.

Really, you can’t do anything but suck it up. Companies are not obliged to remove inquiries if they had permissible purpose to view your credit.

I guess you could start with a couple goodwill letters to those creditors, but I’m pretty sure that will get you no where.

Inquiries hurt more when you have lower than average credit, more or less (YMMV) 4-5 points per inquiry, so watch out!

Marc Sheinbaum of Chase Auto Finance “Auto Finance Today”