Finance Questions

Posts Tagged ‘finance’

Question: Auto loan- Wife has excellent credit I don’t have any credit. Who should sign?

I have recently arrived into the USA from England and although I had excellent credit in the UK it counts for squat here! I’m also self employed which doesn’t help either.

My wife (the reason I moved here) has excellent credit. We are looking at getting a Capital One Auto loan as we need to purchase a new car and we don’t want to be locked into car dealership finance schemes. We are trying to figure out if it would be better for her to sign the loan agreement alone, or If I were to joint sign would the fact that I have no credit status yet significantly increase the APR, or worse be rejected and thus put a blight on her credit score.

I called Capital One, but they told me the system was automated and they didn’t know what would happen until the actual application was sent. For some reason they can’t run both scenarios on spec just to compare.

Answer: You should get the loan with her as a co signer. Yes the interest would be higher, but it would allow you to establish your credit here. Getting a denial won’t put a blemish on her record, someone checking her credit might, but also, if you go to like several different places for auto financing and they all check your credit, others are going to look at the credit report and just say that you were checking to see who had the best rates. The FICO score might go down a little, but probably not, if she doesn’t go out and sign up for every card she sees. But like i said, even if it does, a person who would actually look at your report is going to see that obviously you didn’t just decide to go on a credit card spree or anything like that, and they will take that into consideration.

personal car leasing deals

Question: I own a condo in San Diego that I am currently upside down on by about $75,000.?

I was transferred to New York and began renting out the unit and I bought a new house in New Jersey. I am comfortable with this arrangement and can meet my financial obligations. I just put a large chunk of money down on my new house and have pretty much no liquid assets left. I just received a letter from my mortgage company stating that my loan was a CalHFA loan and I am obligated, per the terms of my agreement (which I was not aware of) to maintain that property as my primary residence. If not, I have one month to obtain new financing or sell the property. I can not obtain new financing because who would finance a property for $75,000 more than it is worth? I can not sell because I could not pay the balance at closing. I just want to keep comfortably meeting my obligations as I am now. Isn’t this what is in the best interest of the mortgage company, the state of California, the real estate market, and me? Do I have any options?

Answer: Some lenders require you to occupy a property as your primary residence. Apparently this is the case with your mortgage loan, as this is a[ state government mortgage loan.

Under the circumstances with your new place of employment this is not gonna happen.

You might try

#1 Deed in lieu of foreclosure- You would request the lender to take the property instead of going through the normal foreclosure procedure. California lenders normally use the non-judicial foreclosure procedure.

#2 Short Sale- Obtain the services of a real estate agent that is well versed in the application and approval of short sales from your lender.

#3 Foreclosure- Allow this condo to go through the foreclosure procedure by no longer paying the monthly mortgage payments.

#4 Contract Modification- Notify your lender that your job has required to relocate, you have a renter, is able to continue paying your monthly mortgage payment, therefore you are requesting that the occupancy requirement be modified to make this a non-owner occupied property. This is all that you would want to modify. They might attempt to change your interest rate, this is not what you want, so make sure that all other parts of the contract remain unchanged.

Number 1-3 would reflect a negative on your credit report for several years.

I hope this has been of some benefit to you, good luck.

‘FIGHT ON”

FHA 203k Rehab Loan

Question: What problems can occur in construction projects in terms of economics and finance?

Hello, i have the following question which im having difficulty in answering.
Please may someone post a reply with just the key main elements which can affect a construction project in terms of economics and finance.
I currently have inflation and deflation, is there any more?

Thanks

Answer: One of the most significant factors would be the length of time it takes you to cash out. Very often construction projects get in trouble because the cost of the funds you need for the construction goes on much longer than you anticipated.

Glossary of Islamic Financial Terms: The AZ Guide

Question: can I claim my finance as my dependent if he is out of work ?

My finance is currently out of work ,Can I file as head of household and claim my fiance as dependent on my tax return ?

Answer: You can claim him if he earned less than $3300, and he lived with you for entire year of 2006. However, you would not be able to get the earned income credit for him, because he wouldn’t be considered a qualifying child nor a qualifying relative. You would only get him as an exemption, which will be $3300 as an adjustment to your gross income.

Finance: Investing & Saving : How a Household Budget Works

Question: What is the difference between corporate and quantitative finance? what jobs can you get?

Hi, i plan to study Bachelor of Finance at Australian National University, however i have to choose to major in either of “corporate Finance And Investment management” or “quantitative finance”. From what i udnerstand, corporate finance is more theoritical and has to do with business financing while quantitative finance has to do with math. could someone tell me more about both subjects? what kind of job can you get after studying each of these?

FYI I have a very strong mathematical background but i dont like computer programing. I did very well (not bragging) in all the other subjects in highschool as well. I do have interest in math but i want to study somehting that would help me secure a gd job. what do you suggest?

Answer: I’ve been a finance student for some time, let’s see if I can help you.

Quantitative Finance is more math related than Corporate finance. I don’t know if ‘majors’ are the same in Australia as they are here but, when I read about quantitative finance programs in America they are usually Financial Engineering programs. Graduates from these programs tend to take jobs as “Quants” for large stock market brokers and can earn over $750,000 USD a year.

The Descent of Finance