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Personal Financial Health

mortgage ratesIn these difficult times it is even more important to manage your financial health as well as your personal health.

The Money Loan Store provides the expert financial information you need for mortgages, student loans, personal loans, car loans, credit cards, second mortgages, equity loans, bad credit loans, and tips on managing your credit.

Mortgage Loans for Purchase or Refinance

Mortgage loans for purchase of real estate or the refinance of your present home, are offered at the best rates available. Compare several loan offers with just one application and then select the loan that has the best interest rate and terms for you. Apply now for a fast pre-approval.

Construction Loans

Thinking of building your new home? Find out what you need to know about construction loans. You can start here with the basics of construction loans including learning all the construction buzz words.

Car Loan Payment Calculator

smart loans

Shop for an auto loan before going to the car dealer. Fill out the fast application and get immediate approval. Compare several offers and pick the best one for you.

You can also refinance your auto loan the same way. Compare your present payment with a new lower payment and see how much you can save every month.

Bad Credit Loans

When your income is drastically reduced the first place you look to save money is by not making loan payments. This can have a serious effect on your credit report which will in turn effect your ability to borrow money. If this has happened to you, there still may be ways to borrow money with a special bad credit loan. You can request up to $10,000 in one fast application.

Latest Financial News that Affects You

Jun 19, 2021
Refinance Your Mortgage Today 1.75%
Mortgage rates have dropped again
Save thousands of dollars on your mortgage by refinancing while interest rates are low. 15 year mortgages are less than 2%. Many homeowners have already begun the process because saving money is more important than ever. Us this online mortgage calculator to see how much you can save. More info...

Jun 17, 2021
RV Rentals for Your Florida Vacation
Book Your RV Now
Join the RV movement. By renting an RV, the whole family can travel safely and enjoy a new adventure. There are RVs of every size and budget and you can book safely through RVShare where you can search among thousands of available RVs. More info...

Jun 14, 2021
Fast Student Loans | School Year 2021- 2022
Look at alternatives to loans
Now is the time to apply for you student loans for next semester. Be sure to shop for the best loan for you. There are many variables like fixed or floating interest rates and pay back periods. LendingTree student loan programs offer a way to get the best student loan offers with just one loan application. Don't hesitate to apply as it is free and there is no obligation. More info...

Jun 12, 2021
Pay Off Your Credit Card Debt
Pay off High Cost Credit Cards with a Low Cost Personal Loan.

Personal Loan Requirements

Loan applications are accepted with any credit score but there are additional minimum requirements from the lenders.

-Age/ID/Residency Status - You must be 18 or older to be eligible for a personal loan. You must also have a valid Social Security number, and be a legal U.S. citizen or a permanent resident.

-Income - In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders may require a pay stub or other form of income verification such as tax returns.

-Bank Account - Most lenders require a valid checking account, as once a loan is approved, your lender or lending partner will deposit your funds directly into said account.

-Credit Type - Most loans do require that customers demonstrate a pattern of responsibility. To be eligible for a personal loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; and must not have any recently charged-off accounts.

More info...

Jun 12, 2021
Private Mortgage Insurance - When is it Needed
When You Can Cancel PMI


Private mortgage insurance (PMI) is required for loans of more than 80% LTV. The borrowers pays PMI as part of their mortgage payment.

Private mortgage insurance (PMI) provides coverage to the mortgage lender in the event of default. The private mortgage insurance premium is paid by the borrower.

Mortgage lenders generally require private mortgage insurance on all high loan-to-value ratio loans (typically, loans that exceed 80 percent of the property's value). When a lender has this type of coverage, a portion of the loan is guaranteed so that the lender carries no more risk on a high loan-to-value ratio loan than it does on a loan with a ratio of 80 percent or less.

Private mortgage insurance companies offer several programs for mortgage lenders, but the most popular plan reduces the lender's risk exposure to 75 percent of the property's value or loan principal. The higher your Loan to Value the higher the PMI insurance premium.

For each mortgage loan that is to be covered, the lender submits a packaged loan file with an application for mortgage loan insurance to the private mortgage insurance company. The loan file package includes the loan application, credit report, verifications of deposit and employment, and the appraisal report. The insurance company usually completes its processing quickly - often within 24 hours - and issues a commitment to insure. Typically, the mortgage insurance is added to the monthly payment for the mortgage. The cost of such insurance can be substantial and add over $100 per month to the mortgage payment.

However there are two recent major changes to PMI insurance that benefit the consumer. First, effective January 1, 2007, PMI insurance became deductible on income tax returns.

Homeowners Protection Act

Secondly, on July 29, 1998, The Homeowners Protection Act was passed which required automatic cancellation of private mortgage insurance by the lender when the loan to value ratio reaches 78%.

As another option, homeowners are now able to ask lenders to cancel PMI after their equity reaches 20 percent as long as they are current on their loan payments and their home has not depreciated below its purchase value. Lenders may require an appraisal for determining current value before agreeing to cancel the PMI. Lenders are also allowed to continue private mortgage insurance for a longer period of time for certain high-risk loans.

The legislation requires lenders to provide disclosures to borrowers about cancellation of private mortgage insurance. Lenders are required to give an initial disclosure to the borrower at the time of closing that indicates when private mortgage insurance could be canceled at the borrower's request and when it would be automatically canceled even if the borrower did not specifically request it.

Amortization Schedule

Lenders must also provide an amortization schedule at loan closing for all fixed rate mortgage loans covered by PMI insurance.

Additionally the legislation requires that an annual disclosure be given to the borrower that would explain the borrower's right to cancel private mortgage insurance. This disclosure could be included with other annual disclosures, such as the escrow account disclosure or the report of interest paid.

If the insurance were canceled (either at the borrower's request or when automatically terminated by the lender), the lender would send a notice to the borrower. The lender would arrange for a refund of a portion of the insurance premium, if appropriate.

More info...

Jun 7, 2021
4th of July Tank Tops
Get ready to show the flag.
Ameritank topscan Flag Tank Tops Women Patriotic Shirt USA Flag Stars Stripes Print Sleeveless T-Shirt 4th of July Tee Tops. Shop this top plus many more Fourth of July shirts and hats for the whole family. More info...

Jun 5, 2021
Orlando Hotels on Sale for Boo Bash at Disney and Halloween Horror Nights at Universal
Including Disney World and Universal Studios hotels
Ready for your summer vacation? Ready for the 4th of July weekend? Ready for Labor Day Weekend? Book now for your Disney World hotel or a Universal Studios Hotel. Staying at a hotel on the Disney World property adds a whole new dimension to a Disney vacation. Book now, save big, and don't be disappointed.
Oh wow. Halloween is back in Orlando and Disney and Universal have bigger plans than ever. The special after hours Boo Bash admissions at Disney World start in August. Those staying at a Disney World hotel will get first preference on tickets to this after hours event taking place select nights August 10th through October 31st.
Universal Studios is back with Halloween Horror Nights on select nights SEPT. 3 OCT. 31, 2021. This event is hugely popular. Book your hotel now. More info...

Jun 3, 2021
Need Money Fast?
Get a low cost personal loan.
Did you run up your credit cards during the last few months? Apply for a personal loan at a low-interest rate and get the money you need to pay the rent or pay of your credit cards. Personal loans can be used for any purpose and the interest rate is much lower than credit cards. Apply now. More info...

Jun 3, 2021
Planning a Trip to Florida this Summer?
Hotel Bookings are going fast in the Sunshine State
Now is the time to make those reservations for Memorial Day, Fourth of July, and Labor Day weekend. You owe to your self to head down to the land of sun and surf to enjoy a family outing. The beaches are open, the theme parks are open, and the hotels are ready. More info...

Jun 1, 2021
Get Ready for the 4th of July and the Olympics in Japan
US Olympics July 23 - August 8, 2021
This is the time of year for enjoying outdoor activities on the most patriotic holidays of the year. You will want to show your strong patriotism with your special 4th of July clothes and other gear that display the American flag that we are all so proud of. Take a look at this selection in our American Flag store. More info...

May 15, 2021
Casinos in Orlando
Orlando, Florida
Casinos in Orlando. There are no casinos in Orlando. The closest real casino is located at the Seminole Hardrock Hotel Casino in Tampa, Florida, about an hour and ten minutes away from Orlando. This Las Vegas-style casino features hundreds of slots and card rooms including high stakes poker and blackjack.
Drop over for a few nights and enjoy the action. It is an easy drive down I-4 west to Tampa. Bus shuttles are also available if you prefer. ESCOT Bus Service. Reserve your spot online or call 844-537-ROCK (7625).
Click to learn more and book a room. More info...

May 8, 2021
Mortgage Assumption Agreement
What is an assumption agreement
A Mortgage Loan Assumption Agreement is commonly used for allowing a third party to assume the obligations of a mortgage loan. The loan assumption agreement frees the original borrower from the note and mortgage.

The lender must approve any assumption agreement and will usually take steps to underwrite the assuming parties credit. More info...

Apr 17, 2021
Florida Vrbo Vacation Bookings
Book Now For Memorial Day and Fourth of July
Many vacationers are choosing to drive to their vacation destination and to rent a house from Vrbo for the isolation they want. Florida offers one of the largest selections of rental homes in the country, and many within easy driving distance of the Southeast United States. More info...

Apr 6, 2021
Vrbo Vacation Rentals in Florida
Avoid the Crowds at Hotels and Restaurants
Many people are choosing to rent a house or condo to avoid the crowds associated with hotels during the COVID-19 era. Meals may be prepared in the residence or ordered in.
All of the rentals are offered through a professional rental site that checks references and shows you ratings by previous renters. There is even a cleanliness rating. More info...

Money Smart News Continued...

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