Archive for March, 2011

Low Rates and Easy Loans with SpeedTrack Loans

SpeedTrack Loans is a financial institution that specializes in giving home loans from fixed mortgages to refinancing. Right now, SpeedTrack Loans is offering 30 year fixed mortgages with a fixed rate of 4.375%. With the average mortgage rate running at 4.77%, this rate is about one of the lowest borrowers can get.

And the rates aren’t the only thing that’s good about SpeedTrack Loans. This institution provides a user friendly website that allows people to enter brief information on their online form and a selection of what kind of loan you want. Their mortgage lender department will then contact you to know more about your situation.

Giving out of information isn’t a one-way street. SpeedTrack Loans will provide you with a wide variety of contact information to choose from like e-mails, phone numbers, and even pagers so you can get a hold of their personnel in a quick and efficient manner.

People who are low on cash for down payments also have a reason to rejoice. If you can’t afford a 20% down payment, SpeedTrack Loans allows you to give only 5% while still being able to qualify for a 30 year fixed mortgage on your primary residence. Their loan categories include refinance loans, home purchase loans, and home equity loans.

Other rates is 3.625% for 15 year mortgages, and 2.75% for 5 year ARM’s. Finally, SpeedTrack Loans is not location sensitive. Being an online lender, anyone from all over the USA can apply for a loan. What more can you ask for? Check out their website to see what SpeedTrack Loans can truly offer you.

Deciphering Your Credit Report

It’s advisable to check your credit report at least once a year to gain an understanding of how your credit score appears to your creditors. The thing is, when we do check our reports, we have trouble making sense of it. So how do you read a credit report?

There are four main parts to a credit report. Your personal profile, credit history, public records and inquiries. Read over each section of the report and scan it for errors.

1. Personal Profile – Your personal profile contains all your basic information such as your name, address, birth date, social security numbers, and previous addresses and employers. Misspelling of your name can be common when creditors record your name wrong. However, it is important to check if there is any discrepancy in address as this can alert you of a possible identity theft.

2. Credit History – This is where you can find an itemized list of your current and past accounts, including balances and arrears. You will find the name of the creditor and account number for each bill. There will also be a column that identifies the nature of the account such as individual, joint, authorized user, terminated, and others. Other information such as the history of the account may also be seen.

This part of the report will show whether you have a high credit limit and it also indicates the number of installments you have left for any loan. The balance remaining on the account, any due amounts, and the status of accounts will be noted.

Creditors will also check whether you have more revolving accounts than installment accounts. Revolving accounts is one wherein there is no fixed ending date to the debt. Installment accounts are when there are fixed payment and a specific ending date. Revolving debts are less attractive to creditors and will not help build your credit.

3. Public Records – This report contains records that will also be seen in local, state and federal courts. This shows whether you have declared bankruptcy, have tax liens and other monetary cases. Even overdue child support records may be included. Public records will remain with your credit score for seven to ten years and can be a negative blow against your credit score.

4. Inquiry – Inquiries are classified between hard or soft. Hard inquiries are those initiated by you, while soft inquiries may come from companies that wish to offer promotions on credit and current creditors that are monitoring your account. It is generally not advisable to have too many creditors view your credit report as the frequency of inquiries can appear as a negative to some lenders.

Finally, your credit score may be seen in your report. This score will determine whether an individual will qualify for a loan or not. High credit scores will mean better rates for the borrower, while lower rates can also leave the borrower subject to loan denial. Credit scores can range from 300 to 850.

Fixed Mortgage Rates Down, ARM’s Up

Now would be a good time to seal that loan when it comes to getting a fixed mortgage. The average rate for 30 year fixed mortgage and refinance rates are down at 4.77%, comparing to last week’s 4.81%. 15 year mortgages are averaging this week at 4.08%, down from last week’s 4.11%.

30 year jumbo rates are going low at 5.29%, with last week at 5.35%. 15 year jumbo rates are averaging at 4.71%, .07 points down from the prior week’s average of 4.78%.

If fixed mortgage rate borrowers are rejoicing at the drop of rates, those who already have an adjustable rate mortgage can’t say the same.

Current refinancing and mortgage rate on 1 year ARM’s are at an average of 3.14 %, just a tiny bit higher from last week’s rate of 3.13%.

3 year ARM’s are experiencing a higher jump, going at 3.47%, compared to last week’s 3.37%.

5 year ARM’s are now at 3.18%, the only ARM rate that’s down this week, compared to last week’s 3.24%. 10 year ARM’s are also going down with 4.18%, with the previous week at 4.22%.

Interest only adjustable mortgage loan rates trend is variable with the loan term. 3 year interest only rates are up from 3.51% to 3.57% this week, while 5 year interest only ARM’s are significantly down from 3.48% to 3.29%. 7 year interest only ARM’s are also down from 3.95% to 3.75% this week.

Fixed rate mortgages are good to go this week with a consistent drop in rates. ARM’s and interest only ARM’s are seeing a peak with short term mortgages such as 1-3 year loans, whereas longer terms are seeing a drop in rates.

The Fastest Way To Eliminate Multiple Credit Card Debt

According to a poll from, 70% of American consumers are in debt. The question is, are you one of them?

Many consumers are now deep in debt, with not just one credit card, but with multiple credit lines. The sheer weight of it all are getting debt ridden credit card holders seeing doom as they struggle to keep up with monthly minimum payments. If you’re feeling hopeless about your debt, there’s still a way out of it.

The fastest way out of multiple credit card debt is by setting up a system. Call it whatever you like, but this system definitely works for everyone. Here’s what you need to do:

1. Set aside a certain amount of money to pay off the minimum balance of each credit card debt. If you can set aside more, then that would be better.

2. Check each debt you have and write down the amount due, and the minimum amount required.

3. Once you have your list, go through each one and calculate the loan that has the least Debt Cash Strain Factor (DF).

4. You can calculate the DF by dividing loan balance over the minimum payment (Loan balance / minimum payment)

5. The debt that has the lowest number is the one you should pay off first. Let’s call it “Debt #1”.

6. Pool all of the money you have set aside for the minimum payments of your credit card debts and pay it all to debt #1. Don’t worry about not paying your other credit card debts, you will get back to them sooner than you think.

7. Since you have paid off more of debt #1, this will make your monthly interest payments lower and you will quickly be able to pay it all off.

8. After paying off debt #1 completely, use the same amount of money (or more) you set aside every month to pay off debt #2.

9. Repeat the process until you pay off all of your debts.

Paying off only the minimum balance will take you forever to get rid of that debt. This is because you’re only paying the interest and not putting anything in the principal. With this system, you’ll be paying off the principal with each loan you decide to pay off first, ridding you of the loan burden one by one.

And if you’re really deep into financial trouble and you’re not able to shell out the money needed for minimum payments, that’s the time when you need to make significant lifestyle changes such as cutting down on expenses.

One thing to remember with ridding yourself of debt is to set up a system, and forget about it. Leaving your mind open to positive influences and a money generating mindset.

Jumbo CD’s with Jumbo Rates

Jumbo CD rates aren’t called jumbo for nothing. The minimum investment amount for this type of certificate of deposit is usually around $100,000.00. If you’re an individual who prefers to invest large sums of money in certificates of deposit, jumbo CD rates would be a good choice. This is also the type of CD companies invest in due to the large amount it can accommodate.

Rates can vary among different banks and the length of time you intend to keep the money in the CD. Aside from checking the interest rate, taking note of the APY or annual percentage yield is also a good indicator of how much you will really be getting at the specified time. Here is a list of the best jumbo CD rates from different institutions, including the best rate for varied time frames.

1. 1 month jumbo CD
APY: 0.50%
Rate: 0.50%
Compounded monthly

2. 3 month jumbo CD
Nexity Bank
APY: 0.75%
Rate: 0.75%
Compounded Daily

3. 6 month jumbo CD
Metropolitan National Bank
APY: 1.15%
Rate: 1.15%
Simple interest

4. 1 year jumbo CD
Metropolitan National Bank
APY: 1.35%
Rate: 1.35%
Simple Interest

5. 3 year jumbo CD
Transportation Alliance Bank
APY: 1.92%
Rate: 1.90%
Compounded Daily

6. 5 year jumbo CD
Nationwide Bank
APY: 2.50%
Rate: 2.37%
Compounded Daily

These rates in each time category are by far the best in jumbo CD rates as of the month of March. One thing to note with any type of interest earning vehicle is to check the number of times the interest is compounded. The more often it’s compounded, the more money you can earn. The best deals are from Nexity Bank, Transportation Alliance Bank and Nationwide bank for giving out daily compounded interest at such high rates.

What You Should Know About Adjustable Rate Mortgages

Dying to move out of your apartment and into your first home? Getting a home loan can help you achieve your dream. However, when purchasing a house, it’s important to know about the ins and outs of the mortgage you’re planning to get.

One important factor that must be considered is the interest rate on the mortgage. Banks and mortgage companies usually have different payment schemes to entice buyers into getting a loan. Some of these loans might be structured in such a way where borrowers will pay only a little in the beginning, but will be obligated to pay more in the end. One such loan is the adjustable rate mortgage.

Adjustable rate mortgages or ARM’s are common in different banks and financial groups. This type of mortgage has interest rates that are based on an economic index. Common indexes are one, three or five-year Treasury securities. Aside from the index, the mortgage is also subject to the lender’s margin or markup. Lenders will place an additional amount to the index to profit from the loan that you’re getting.

An ARM has an adjustment period between potential interest rate adjustments. This period can differ in various ARM’s. You might notice ARMs being described as 1-1, 3-1, or 5-1. The first figure represents the period where your interest rate will stay the same as the first you got the loan. The second number represents how often an adjustment will be made after the initial period has ended. In the examples given, the second number means that rates will adjust annually.

Buyers who are not familiar with how an ARM works can be attracted by the initial rate of the mortgage which may seem very low compared to fixed rate mortgages. However, what they don’t know is that some indexes can be very volatile, resulting in frequent changes in interest rates after the adjustment period. This can subject buyers to having to pay higher interest rates than they are used to, getting them in a financial fix when it’s time to pay up.
Although ARM’s are not very advisable to the usual home owner, it does have its uses. ARMs are a good option for those who are planning to sell their home within the first few years. This could also be an option for those who are expecting an increase in salary or income in the near future. Real estate dealers who sell houses within months can also benefit from this type of loan.

If you’re determined to get an ARM, it’s important to check three things. The first is the index. Look for an index that has remained fairly stable in the past five years. This will give you an idea of what range your future interest rates will be. Second, check how much the margin is. Third, look for a lender that has excellent customer service and request for a full disclosure on the terms of the ARM. It’s always best to be informed before signing that contract.

Remember that although ARM’s might have juicy initial rates, these rates can (and will) go up as time passes. Get an ARM only if you’re certain that you can pay up on future rates.

Top 7 Tips On How To Choose The Right Bank

Banks are in the business of making money out of your money. Whenever a depositor puts cash in his account, banks invest this in other vehicles and give the depositor back a small portion of the earnings. With the tiny amount of interest banks are giving out for savings accounts, it’s only natural that we demand the best service.

Banks are sprouting out all over America, and with the accessibility of online banking, it’s getting harder to do due diligence with all of these banks. So how do we choose the right bank? Here are the top 7 things to look for when choosing a bank:

1. FDIC Insurance – Banks can close. This has become evident during the financial crisis when in 2008, twenty-five banks were shut down and taken over by the Federal Deposit Insurance Corporation. Banks that are FDIC insured can guarantee every account up to $250,000. If your bank closes, at least you know you’ll be getting your money back and it won’t be lost in the wind.

2. Low To None Minimum Requirements – Having low to none minimum requirements can be especially useful for ATMS. This means that even if you’re hard on cash, you can withdraw as much as you need without fear of being charged extra for going below the minimum requirement.

3. High Return on Investment – Look for a bank that gives high CD rates, checking account and savings account rates. Usually, local and smaller banks give bigger rates since they are still trying to get depositors to invest with them. If you’re looking for growth of your money, check your local banks.

4. Low Loan Rates – Availing of loans can be advantageous whether you’re using it to buy a new home or car, or if you’re using it as leverage for your business. Whatever the case may be, having loan rates at rock bottom would always be the best scenario. Check with your bank on interest rates on loans, their terms, and their flexibility.

5. Online banking – The world is fast changing and banking is keeping up with the change. Gone are the days when everyone had to go to the bank branches to deposit. Banking can now be done online or through mobile. Make sure your bank has these features, and also be sure to check on the reliability of their online security.

6. Numerous ATMS – Most banks charge a fee if you withdraw from another bank’s ATM. Having accessible ATMS of your bank can save you a lot of money in ATM charges.

7. Customer Service – The best way to know a bank is to ask its personnel. Bank staff and managers are key in finding out special promotions, inside information on foreclosures, and techniques to get the most out of your money. Also, time is money. If you’re in a rush and you need to close a deal or get quick cash, having excellent customer service will save you the headache.

Don’t slack off in choosing the right bank. Once you’ve opened an account with one, it’s a chore to transfer to another when you’ve realized that bank is not for you. Money is essential to all of us, and it’s only right that we spend some time to double check.

Get Your Teen To Save More With REALTunes Checking Account

Wondering how to get your teen to save more? The REALTunes Checking Account from NorStates Bank just might be able to help.

Instead of giving out checking account rewards of higher interest rates which teens might find boring and uninteresting, NorStates Bank is giving away free iTunes downloads as an alternative. By performing simple banking functions every month, account holders will be able to receive iTunes download refunds which may be more satisfying and relatable for youngsters.

Aside from having the chance to get free music from the likes of Lady Gaga, Katy Perry, Maroon 5, and other popular artists, iTunes applications and ring tones are also included in the package.

By signing up, account holders can earn up to $9.95 free iTunes download refunds. Plus they will be able to earn up to $4.95 of the same refund for each statement cycle. This checking account has no minimum balance required, no monthly service fees, and has nationwide ATM fee refunds. Other perks include free internet banking with bills payment functions, unlimited check writing with no per-check fees, free online statements with check images, and a free MasterCard debit card with UChoose Rewards.

To earn the iTunes rewards, here are the three things that your teen will need to do each month:

1. Perform 10 signature-based debit card transactions
2. Access Interenet banking once
3. Enroll and receive statements electronically

If these sounds like something your teen (or perhaps you, if you’re interested) is already doing, then getting rewards would be pretty simple. However, if the qualifications aren’t met for one statement cycle, there’s no need to worry. By the next month, your teen will be able to re-qualify for the iTunes downloads and ATM fee refunds.

NorStates Banks is located in Illinois, with branches in Waukegan, Gurnee, Round Lake Beach, Winthrop Harbor, and Antioch.

BRINKS Financial Group Gives Lowest Mortgage Rate at 4.5%

30 year fixed rate mortgages from banks and financial institutions are already considered low when they’re at a 4.7 – 4.9% rate. However, BRINKS Financial Group can give you a mortgage rate for as low as 4.5%.

BRINKS Financial is a division of GoldStar Financial Group and is located in Ann Arbor, Michigan. The company has been serving Ann Arbor for 15 years, and holds the lowest mortgage rates in the Ann Arbor area. BRINKS Financial Group also specializes in helping Michigan residents and Michigan first time home buyers. BRINKS financial group is experienced in helping home buyers take advantage of the $8000 tax credit, giving home buyers big savings on their first home purchase.

Aside from providing friendly Ann Arbor Mortgages, BRINKS Financial also specializes in Novi mortgages, West Bloomfield mortgages, Rochester mortgages, and Grosse Pointe Mortgages. For those living in these areas, or who would like to relocate, BRINKS Financial Group provides an easy to navigate website where you can input your details to get to a mortgage rate that suits your profile. They have a section in their website called the Purchase Assistant, which is an online guide and fill up form where you can input your details based on the questions and choices that they post.

The 4.5% 30 year fixed rate is based on a $200,000 loan with a 20% down payment computation. Mortgage rates will vary on the amount of loan you are planning to take, the amount of down payment you can afford, and the number of years you plan to finish payments. Whatever your situation is regarding the home loan you plan to take, BRINKS Financial Group can give you the lowest rates in the area.

Aside from loans for purchasing a home, BRINKS Financial also offers loans for refinancing, and loans for consolidating debt. If you need mortgage help, their staff and experts are also available to give customer service and to answer questions when needed. Other institutions that also give low rates are Mortgages by Golden Rule, also at 4.5%, and Ameriplus Mortgage Corp. at 4.625%.

Navy Federal Credit Union Offers Highest CD Rate at 3.5%

With the best CD rates banks are offering at 1.35%, finding a certificate of deposit with an annual interest rate of 3.5% can be startling. But indeed it can be done. The Navy Federal Credit Union is offering a chunky interest rate of 3.5% in their 12-year certificate of deposit.

If this already sounds too good to be true, it gets even better. The Navy Federal Credit Union is only imposing a minimum deposit of $50. Plus your money will be compounded daily. That means more earnings for the depositor. The only tricky thing to this is, whether who can open an account.

The Navy Federal Credit Union does have some requirements when it comes to membership. Only those who have served in the Army, Air force, Department of Defense and of course, the Navy can be eligible. However, this membership also extends to family members. And once these family members have joined, or opened an account, they too will be able to extend the membership opportunity to their family members as well.

Since 1933, Navy Federal has grown from having seven members to three million. It’s vision statement clearly reflects that they are friendly to their depositors, holding close to their saying: “You can leave the military, change employers, move, retire, get married—and never have to leave Navy Federal. “Once a member, always a member.”

The Navy Federal Credit Union also offers different certificate of deposit packages which depositors can choose from. It offers the special, standard, low minimum, jumbo and IRA packages. The IRA certificate aims to help members plan for their retirement, and to help them reach their financial goals. Aside from certificates, the Navy Federal offers a wide range of services, ranging from mortgages, money markets, credit cards, retirement and insurance, and even gift cards.

Considering the slight exclusivity of membership, those who are eligible are lucky to be able to take advantage of the 3.5% CD. Having a rate that high at this time is certainly a feat, one that only Navy Federal can accomplish.

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