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Archive for the ‘Loans’ Category

If you’ve been struggling to keep up with mortgage payments for a while and simply can’t afford your home loan, walking away from your mortgage may be a last resort.

In the wake of the recession, millions of Americans have had to give up the American dream of living in their own house and have been forced into foreclosure or bankruptcy.

Continue reading “Should You Walk Away from Mortgage Debt You Can’t Afford?” »

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Q: We have a 5% loan and we owe a little over $132,000 left on it. It was appraised at $168,000 in June 2010. We are now looking at refinancing it at 4.25%, and it was appraised at $148,000 dollars. Since the appraisal was low, we will have to take out PMI but it is only a $20 or so difference in payment.

Still at a 30‑year loan, and we plan on staying here for some time in the Midwest. Is it a good idea to refinance at this time, or leave enough alone? We have three kids in college and not a lot of money in savings.

A: The only good way to know whether or not a mortgage refinancing makes sense is to run some numbers and to do a break‑even analysis.

Continue reading “How to Know When to Refinance Your Mortgage” »

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Many people who have heard of peer to peer lending understand that it is a form of social lending that removes the bank as the middleman.

However, there are a lot of other factors about peer-to-peer loans, the peer to peer lending process or the P2P industry in general, that many people don’t understand.

Here are six things you probably didn’t know about peer-to-peer lending.

Continue reading “Peer to Peer Loans: 6 Things You Need To Know” »

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Q: What is a peer-to-peer loan or peer-to-peer lending?

A: In the U.S., peer‑to‑peer lending is a relatively new form of social lending that removes banks as the middlemen in a loan transaction.

With a peer-to-peer loan, an individual – sometimes called the lender or the investor – provides funds to a borrower and does so through the help of an intermediary company Two of the most popular peer-to-peer lending companies in America are LendingClub.com and Prosper.com. They screen borrowers and facilitate the loan process for individuals who want loan money to other individuals or their “peers.”

The whole idea behind peer-to-peer lending is that individuals who have additional cash to invest are readily available to loan money to borrowers in need who might otherwise not be able to get the funds they require through traditional sources such as a bank.

Peer-to-peer lending is also called P2P or person-to-person lending.

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