Cash loan – Condenetint Sat, 25 Sep 2021 03:55:01 +0000 en-US hourly 1 Cash loan – Condenetint 32 32 Cash-strapped Pakistan’s offer for $ 1 billion IMF loan could run into obstacles – Mysuru Today Sat, 25 Sep 2021 03:55:01 +0000

Prime News, International (Islamabad), September 25: – Pakistan, with increased debt levels, is considering another $ 1 billion loan from the International Monetary Fund (IMF). Negotiations for the deal will begin from October 4. At a time when Pakistan’s relations with the United States and the West have deteriorated dramatically, especially as a result of its role in Taliban-ruled Afghanistan, the country is hoping to secure a debt swap deal. against nature. .

The debt-for-nature swap basically means that Pakistan would be exempt from repaying the amount but would have to commit to investing the money in environmental and biodiversity conservation.

The IMF, meanwhile, has appointed a new country leader for Pakistan, “ahead of high-stakes talks to release a billion-dollar loan tranche,” the Express Tribune said. “The talks will take place amid deteriorating Pakistani relations with the West and threats to fragile stability in the country’s external economy,” the news agency said.

IMF to review Pakistani economy under Article IV

The IMF is also set to review Pakistan’s economic contours under Article IV of the multilateral agency’s statute. As part of the review process, the IMF holds bilateral discussions with its members on economic and financial policies and data. Usually it is an annual affair

Why is this important? Based on this report, the IMF decides on the direction of the lending model. The report also acts as a credible information platform for other international lenders.

During Pakistan’s last Article IV review in 2017, Pakistan’s extensive economic and trade ties with China were noted. (MR, Inputs: Agencies).

Leave a reply


Source link

]]> 0
What to do about applying for a loan when you lose your job Fri, 24 Sep 2021 17:02:44 +0000

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

The Covid-19 pandemic has devastated the finances of many people. Maybe you’ve been fired from your job, or maybe you’re a gig worker who has experienced a significant drop in earnings. Even if you’ve kept your job while embracing a work-from-home model, we’re learning that things aren’t static. As businesses reorganize for the new normal, more organizational changes could be on the horizon.

But even during times of economic uncertainty, many of us continue to move forward with our life plans. Whether you’re buying a new car, exploring options for taking out a personal loan, or considering buying a new home, your employment status is a big part of your borrowing equation.

If you were employed when you applied for a loan and then lose your job, this has implications for the borrowing process.

“If you lose your job, you can assume that all your financial plans will be put on hold, but it’s still possible to apply for a loan,” says Baruch Silvermann, CEO of The smart investor. “Although it can be more difficult, it is still possible to get approved for auto loans, personal loans and mortgages.”

Your main obstacle will be convincing the lender that you still have the option of making regular payments on time each month, he explains. “Your lender may consider other sources of income such as social security benefits, disability benefits, public assistance or pension funds,” Silvermann continues.

In addition, you can also use the income of your partner or a family member by making them a co-signer on the loan, he says.

Up front, Select offers some tips on how to deal with a job loss during your borrowing process:

It’s not a lost cause

Even if you’ve lost your job, Silvermann says there are still a number of things lenders will be looking to see before approving a loan under these circumstances. They understand:

Strong credit history

“If you can show that you can handle any debt responsibly with a history of on-time payments, especially since you lost your job, they may be more prone to approval,” he says.

Good credit / debt ratio

Lenders can also set a minimum credit score requirements, so be sure to look at your credit utilization rate and make sure you haven’t maximized your credit accounts while you’ve had little to no income, says Silvermann.

Access to a qualified co-signer

If you have someone who will guarantee your loan and have strong credit, this could be a way to avoid job loss when approving the loan.

Be open with your lender

When you apply for a loan, including a mortgage, you sign a document stating that you will be honest with the facts and figures.

“Typically, when you apply for a mortgage, you should notify your lender of a change in employment. You will sign a statement at closing that everything in your application is still up to date,” says Mark McArdle, assistant. Director, Mortgage Markets at the Consumer Financial Protection Bureau. “To sign this and withhold the relevant information would be a fraud.”

Even if you don’t have a job, you have options. “For example, you can suspend your app while you secure additional work,” says McArdle. Also, if you have other sources of income, you may qualify for the same loan or a smaller one. “Being transparent with your lender and your loan officer is the best approach so that you can explore your options.”

Here’s a breakdown of what to do depending on the type of loan you’re applying for:

What to do if you are applying for a mortgage

Your plan was to take advantage of record mortgage interest rates. You’ve found your dream home, made an offer, and completed all the paperwork for a mortgage. And then you get the bad news. Losing your job is extremely overwhelming and stressful. The first thing to do is take a deep breath and give yourself a moment to put in place a strategy.

If you lose your job after applying for a mortgage, you should immediately call your lender and be honest with them. Your lender can discuss all of your options while determining if your loss of income is temporary, permanent, or if a spouse is still earning income, ”says Joe DeMarkey, Strategic Business Development Manager at Reverse Mortgage Funding LLC and Director of National Reverse Mortgage Lenders Association. “These factors can determine how or if you can go ahead with the loan, and whether there are programs in place that can help you when applying for the loan.”

What to do if you are applying for a car loan

If you are working with a dealership to finance the purchase of a car and during the process you receive a message that you are being fired from your job, the first thing you should do is share the update with your lender.

If you have an old car that still gets you from point A to point B, you may decide to postpone your purchase until you find a new job.

If you are unable to postpone buying the car, you can discuss ways to restructure your loan. One option is to extend the terms of the loan. For example, instead of taking a three-year loan, extend the terms to five years. This will likely lower your monthly payment.

You may also want to reconsider upgrades. You might be able to skip the tech package or forgo the expensive extended warranty. All of these small changes can make the purchase more affordable if money is tight.

What to do if you are applying for a personal loan

There are many reasons to take out a personal loan, whether it is a large home improvement project, starting a business, tuition, medical expenses, or a long-awaited purchase like a motorcycle or a boat.

If your professional situation changes when you apply for a personal loan, you may want to consider using a zero rate credit card to finance your project or purchase. For less urgent projects, it may make more sense to postpone your projects a bit until you find a new job.

If you need the cash to pay for your daily expenses while you’re between jobs, there are some options for personal loans, although you might not get the best interest rates. Do your research before taking out a loan. Some lenders like Marcus by Goldman Sachs and LightStream have online tools that you can use to determine if you would qualify for a personal loan without making a full application.

Do you have other sources of income?

The approval of a loan does not always depend solely on the job. For example, retirees can still apply for and get approved for auto loans, home loans, and personal loans.

But your chances of getting approved for a loan increase when you demonstrate a viable ability to repay the loan on schedule. Other sources include your spouse’s income, rental income from a separate property, payments from an inheritance, or support payments.

This additional income could very well influence the approval of a loan or mortgage.

What are the other avenues to follow?

If you don’t have other sources of income, there are still options.

Ask a co-signer

You can ask your family or friends to step in to help you. Perhaps a parent or sibling could co-sign your loan.

A co-signer will apply for the loan with you and share the responsibility for repaying the loan. Additionally, a co-signer is legally obligated to repay the loan if you, as the primary borrower, cannot make the payments. You must have a stable income and a good credit rating to be a co-signer.

Just make sure you have a clear plan for paying off the loan. Otherwise, missing payments could lead to loan default and severely damage the credit history of the co-signer.

Looking for a new job

It might sound obvious, but it’s best to start your job search as early as possible, especially if you’re in the middle of the mortgage process. Now is a good time to reach out to your contacts and let them know about your situation.

If you’re struggling to find a new job in your industry, consider looking outside your wheelhouse – your skills may be transferable to a new opportunity.

You can also take a part-time job to increase your income when looking for a full-time position. Often times, employers hire part-time workers with a plan for those hires to progress to a full-time position.

Consider the economy of concerts

Millions of Americans make a living by freelancing or hosting gigs like tutoring, ridesharing, bartending, nanny work, landscaping, or odd jobs. Although sometimes mortgage lenders can beware of the 1099 roles, careful bookkeeping can help demonstrate the extra income that these side jobs bring.

Consider the implications of your loan obligations without a full-time job.

Even though you may be able to find a co-signer or find additional sources of income, you should always do an assessment of your budget and finances before going ahead with a loan after job loss. .

Should you go ahead with a personal loan for that kitchen remodel, a mortgage for that 4 bedroom colonial center, or a car loan for that expensive new sedan? You really have to ask yourself if the loan obligation makes the most sense right now. Are you going to drain your savings, hurt your credit, or worse yet – default on the loan and make your co-signer pay off your loan debt?

There is a risk in taking out a loan if you cannot pay the monthly payments due to job loss. Your job loss will most likely be a problem in the short term, but you should seriously consider whether deferring the loan until you can once again find full-time employment is a better option.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

Source link

]]> 0
What happens to your mortgage when you die? Thu, 23 Sep 2021 23:52:09 +0000

Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”.

An important aspect of estate planning is deciding what will happen to your home after your death. The answer could be quite simple if the house is fully paid for. If not, you will need to consider the financial ramifications for your estate and for the person who inherits the house.

Here’s what happens to your mortgage when you die:

Who assumes a mortgage after my death?

No one automatically assumes your mortgage after you die. Your executor (i.e. the person you appoint to execute your will and manage your estate after your death) or administrator (i.e. everything is sorted out.

Later, the person who inherits the house may be able to take on the loan.

Good to know: If you are a co-borrower or co-signer with the deceased, you do not have to do anything to repossess the mortgage, because you are already responsible for paying it. You will simply continue with the payments. However, you should contact the mortgage agent to inform them of the death of the deceased.

How to take over the mortgage on an inherited house

Mortgages have a sellability clause, also known as an accelerator clause, which requires full repayment of the loan if it is transferred to a new owner. However, federal law prohibits lenders from accelerating a loan upon the death of a borrower. People who acquire property in this way are considered “successors in interest”, and lenders should treat them as if they were the borrower.

The law allows an eligible person to assume the loan, without having to apply or qualify, and to continue making payments. You also have the right to modify the mortgage to avoid foreclosure if you want to keep the house.

What are my options as an heir to a house with a mortgage?

If you inherit a mortgaged home, there are several options available to you. The best depends on your personal preferences and your financial situation.

If you want to keep the house, you can:

  • Suppose the mortgage: Federal law allows heirs to assume the mortgage loan of a deceased person in many cases. As long as you are a qualified successor – someone who inherited or otherwise acquired the property following the death of the owner – you can repossess the loan once the deed has been signed to you. The law also allows you to modify the loan if you are not financially able to make the payments.
  • Refinance the mortgage loan: You can also refinance the mortgage into a new mortgage as soon as the deed is signed for you. You will need to apply for the loan, qualify based on your own creditworthiness, and pay closing costs. However, refinancing could cause the interest rate to drop or the loan repayment period to be extended, which can make the home more affordable.
  • Repay the loan in full: Assuming you have the cash on hand, you can avoid mortgage problems entirely by paying off the balance in full. The house would then be yours free and unobstructed.

If you can’t or don’t want to keep the house, you can:

  • Sell ​​it: The house is yours as soon as the deed is transferred to you, so you can put it up for sale just like you would a house you bought yourself.
  • Let the lender enter: If you don’t want the house and don’t want to sell it – a reasonable move if you’re unlikely to be selling for a profit – you can just do nothing. After a period of time without payment, the lender will foreclose and repossess the house.

Important: Foreclosure can have tax consequences for the estate. Contact an accountant or lawyer before taking this route.

What Happens to a Reverse Mortgage When You Die?

The rules change when you inherit a house from someone other than a spouse with whom you are a co-borrower on the home reverse mortgage.

A reverse mortgage gives senior homeowners access to the existing equity in their home. These loans do not have to be repaid unless the borrower and his co-borrowing spouse die or move out of the home.

If you inherit a property with a reverse mortgage, you have the option of selling or keeping the house. The loan is not assumable, but you can keep the house by doing one of two things: paying off the balance or paying 95% of the value of the house, whichever is less.

Likewise, if you decide to sell the home, you’ll use the proceeds to pay off the debt owed on the loan – or an amount that is at least 95% of the home’s value – and then pocket the remaining proceeds.

Plan ahead

A crucial step in estate planning is to write a will detailing how you want your estate to be managed after your death, as well as who you want to name as executor. If you die intestate – without a will – the court will appoint an administrator to take on this role.

When planning to bequeath a mortgaged home, it’s important that you disclose the mortgage to your executor and loved ones, otherwise they won’t be able to make the payments and the home could be inadvertently lost.

Also, determine if the person who inherits your home will be able to afford the mortgage payments and maintenance. An estate or financial planner can help you develop a strategy to prevent your gift from becoming a burden on your loved ones.

Compare your mortgage options

Credible is a mortgage marketplace that allows you to easily compare rates and loan options. With Credible, you can get a streamlined pre-approval letter and view loan details from all of our partner lenders in just minutes. We also provide transparency on lender fees that other brokers typically don’t.

Credible makes getting a mortgage easier

  • Instant simplified pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or spammed.
  • A modern approach to mortgage loans: Supplement your mortgage online with banking integrations and automatic updates. Only speak to a loan officer if you want to.

Find rates now

About the Author

Daria uhlig

Daria Uhlig is a Credible associate who covers mortgages and real estate. His work has been published in publications such as The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

Read more

Source link

]]> 0
CEDA: The Keys to Creating a Strong Business Loan Application | Business Thu, 23 Sep 2021 11:00:00 +0000

Experts from the Cayuga Economic Development Agency helped Theresa Mendez, owner of Moonflower Macarons, obtain a loan from the Auburn City Small Business Assistance Program. Mendez is pictured near center holding scissors during Moonflower’s ribbon cutting on September 4, 2020.


Taylor Symes special for the citizen

Whether you are a brand new business or an existing business looking for funding, everyone can get funding in one way or another. As a technical specialist with the Cayuga Economic Development Agency, I underwrite business loan applications for the city and county small business loan programs. In addition to underwriting, I work hand in hand with the Cayuga County Industrial Development Agency and Auburn Industrial Development Authority. In these difficult times of COVID-19, the loan applications that are coming to my desk are from businesses trying to get back to normal. I also support startups and companies that need help with strategy and financial assistance. For businesses unsure of how to get a business loan, here are some guidelines for creating a loan application from an underwriter’s perspective:

Have an up-to-date business plan.

Being able to provide a business plan when applying for a business loan is a key part of underwriting. Whether it’s a brand new business or an existing one, a business plan is needed. As an underwriter, I pay close attention to a few main sections of the business plan: the executive summary, business objectives, market analysis and financial projections. The summary gives a big picture of what the business is, and the goals give me an idea of ​​where the business wants to go.

Source link

]]> 0
Fed divided on 2022 interest rate hike, signals impending cut in bond purchases Wed, 22 Sep 2021 19:15:21 +0000

The Federal Reserve signaled on Wednesday that a rate hike may now be justified as early as next year and that it is set to cut the number of bonds it purchases each month – measures that illustrate the increased confidence central bankers in the US economy despite the headwinds of slower growth and the Delta variant.

Officials have kept their key debt benchmark at 0-0.25%, where it has been since the coronavirus pandemic entered the economy.

Still, half of Fed policymakers are forecasting at least one interest rate hike in 2022, with at least four more hikes in 2023, according to the latest summary of economic projections. These would be the first rate hikes since 2018, reflecting a Fed that is becoming considerably more hawkish. Policymakers in July expected rates to take off for the first time at least twice in 2023.

Meanwhile, officials said the US economy has made “progress” toward maximum employment and price stability, the Fed’s dual objective of restoring more normal monetary policy as the economy recedes. recovering from the pandemic. The wording suggests that the Fed is about to announce a formal decision on when and how much it plans to slow its monthly bond purchases by $ 120 billion.

“If progress continues broadly as planned, the committee believes that moderation in the pace of asset purchases may soon be warranted,” the Federal Open Market Committee (FOMC) said in its post-meeting statement.

These decisions all have major implications for consumer wallets. The federal funds rate influences the amount consumers pay to take out short-term loans, from auto loans to credit cards, while the yields on savings accounts and certificates of deposit (CDs) follow rate movements. in parallel. The Fed’s asset purchases, on the other hand, influence longer-term borrowing, such as mortgage rates and refinancing rates, as well as expectations about inflation and economic growth.

“The Federal Reserve has planned the option of announcing a start of reduction at its next meeting in November, while keeping its options open in the meantime if the Delta variant or the debt cap delays the economic recovery,” said Greg McBride, CFA, Chief Financial Analyst of Bankrate.

The Fed faces an uneven economic environment

The Fed is putting more emphasis on getting Americans back to work, hoping to keep the economy running long enough to help the roughly 5.6 million workers who were employed before the pandemic get back to work. This means interest rates stay low for longer, but officials are grappling with an uneven outlook, making the typical juggle between peak employment and commodity prices trickier than usual.

Consumer prices rose the most in August in 13 years, while the Fed’s preferred method of tracking inflation in July rose the most since the early 2000s, according to recent figures from the Department of Labor and of the Ministry of Commerce.

The Fed now wants inflation to average 2% over time. Yet so far this year price increases have averaged 3% and are on track to exceed that figure. In the air is how much these increases have to do with temporary factors, with disrupted supply chains, shortages, high consumer demand and below-average readings from last year in the mix. Consumers, however, are starting to expect inflation at a certain level to be here to stay, giving businesses more leverage to raise prices and risking price hikes to become more sustainable.

At the same time, mixed signals are complicating how officials can keep up with maximum employment. About 8.3 million workers remain unemployed, unemployment is historically high and employers are adding jobs at a moderate rate, according to the August jobs report. Some measures suggest the labor market may be tighter than officials think, with job vacancies in August reaching a record 10.9 million, surpassing the number of unemployed.

Officials attributed this to continued apprehension of the virus, restrictions on childcare and increased unemployment benefits – which expired on September 6. Yet exits and retirements may have permanently reduced the pool of available workers. The Fed needs more time to say what’s going on, but surging inflation could test that patience.

The Fed refines its rate hike outlook

This economic backdrop is putting more pressure on the Fed’s rate hike outlook, as officials are increasingly less patient in keeping rates low in their latest projections.

Quarterly projections showed that half of officials (9 of 18) preferred to hike interest rates in 2022, up from just seven in June. Meanwhile, the Fed policymakers’ median projection for 2023 showed the fed funds rate within a target range of 1% to 1.25%, a percentage point higher than it is now.

The Fed also provided clues to its rate projections for 2024, with the median estimate of Fed policymakers pointing to a fed funds rate in a target range of 1.5 to 1.75% for the year.

Economic forecasts from policymakers were mixed, however. Officials see their preferred measure of price gains rise 4.2% in 2021, up from their previous projection of 3.4% in June, while falling back to 2.2% and 2.2% in 2022 and 2023, respectively. At the same time, policymakers no longer expect unemployment to drop as much in 2021 (revising their unemployment forecast to 4.8% from 4.5% in June), reflecting concerns about the Delta variant, Powell told reporters at a press conference after the meeting.

The Fed sees unemployment drop to 3.8% in 2022 and 3.5% in 2023 and 2024.

The US economy, through its broadest scorecard, has already recovered most of the ground lost to the pandemic, with gross domestic product (GDP) already surpassing pre-epidemic levels. The Fed’s extraordinary adaptation measures and massive fiscal stimulus since the onset of the crisis help fuel momentum, with President Joe Biden and former President Donald Trump signing their own massive $ 2 trillion packages. dollars – both of which sent stimulus checks to consumers and increased unemployment benefits.

The ultimate question, however, is how well that pace can be sustained. Economists expect the best economic performance in nearly four decades this year, but that high sugar level could fade as the stimulus works its way through the system. Other headwinds from the Delta variant could threaten the pace of the rebound, keeping consumers nervous at home and more workers on the sidelines. On Monday, stocks fell the most in four months, as investors faced concerns over slowing growth and China’s real estate sector.

Regarding GDP, policymakers have lowered their growth expectations for 2021 (5.9% against 7% in June), but expected a slight rebound in 2022 and 2023.

What it means for you

Higher prices can undermine your purchasing power, but consumers and investors still have steps they can take to minimize the impact.

Manage a diversified portfolio with investments traditionally protected against inflation, from dividend paying stocks and preferred stocks to real estate investment trusts. During this time, avoid leaving too much cash in fixed income investments, like bonds, which tend to be more sensitive to price increases.

Experts also say refinancing your mortgage could be a crucial way to free up money – money you can use to bolster your emergency fund or to fill your wallet to offset rising prices. A July Bankrate survey found that 74% of Americans with mortgages had yet to refinance despite record rates, meaning you didn’t miss the opportunity.

Even once the Fed begins to slow down its bond purchases, mortgage rates aren’t exactly destined to rise, experts say. However, don’t wait too long. Refinance rates are sensitive and fluctuate from week to week, which means it’s never a bad time to assess your finances and compare rates with other lenders in the market.

Consumers with high cost credit card debt will be better off if they can eliminate their excess balances now, when rates are still low. Analyze how much you would save in interest by estimating the cost of transferring your debt to a balance transfer card.

And while market participants might dread the idea of ​​less monetary stimulus, consumers and investors should applaud the news when it arrives, reflecting the economy is recovering from its worst crash ever. Nothing better for your portfolio, your investments and your job prospects than a solid outlook and sustainable growth.

Learn more:

Source link

]]> 0
Evergrande gave workers a choice: lend us money or lose your bonus Tue, 21 Sep 2021 17:13:15 +0000

When struggling Chinese real estate giant Evergrande ran out of cash earlier this year, it turned to its own employees with a strong case: Those who wanted to keep their bonuses should give Evergrande a short loan. term.

Some workers have asked friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped repaying the loans, which had been billed as high-interest investments.

Now, hundreds of employees have joined panicked homebuyers to demand reimbursement from Evergrande, rallying outside the company’s offices across China to protest last week.

Once China’s most prolific real estate developer, Evergrande has grown into the country’s most indebted company. It owes money to lenders, suppliers and foreign investors. He owes unfinished apartments to homebuyers and has racked up over $ 300 billion in unpaid bills. Evergrande faces lawsuits from creditors and has seen its shares lose more than 80% of their value this year.