Mortgage Notes Explained (FHA, Conventional, & More) + A Real Example

Before you're neck deep in a mortgage contract, you should know all the bits and pieces that go along with it and how it all works. 🧩 One important element in the home buying process is a mortgage note. 📃

What is a mortgage note, and how is it different from a regular mortgage contract? 🤔 Here’s the rundown: what defines a mortgage note, how it can be different for various loan types, and what it will include and look like.

Continue reading

How to Get a Home Loan on Bad Credit

Face it: If you were bankrupt before, or had a debt written off, your loan application is now entertainment (i.e. trashcan basketball in the bank office). Bad credit is a major pain; whatever your current status, the fact remains that you were once a financial risk. The bank remembers. In their eyes, you’ll always look like an unemployed, alcoholic hobo. Well, for three to seven years at least. But at MoneySmart, we know that people, like finances, change. And we’ve worked out some ways you can still get a home loan:

1. Approach Non-Banking Financial Institutes

Even if you pay your debts, the bank may not want to give you a home loan. Look at it from their angle:

Continue reading

I Can’t Pay My Student Loans, What Should I Do?

Are you constantly getting pestered by your loan company? Can’t find a reliable job post-graduation? Have other fees to pay and simply can’t afford to get out of debt yet? You aren’t alone. More than 20% of student loan borrowers are in default payment mode: meaning, they haven’t made a loan payment in at least 270 days. However, this plan has financial consequences. How to avoid it? Read on.

Continue reading

Car Loan Pre-approvals: The Most Common Questions Answered

If you’re buying a new or used car, getting a pre-approved loan will put you ahead of the game when you find the right one. It is something that experts highly recommend before you go to any showroom or dealership. Aside from giving you an idea of how much you can borrow, it also puts you in a stronger negotiating position and helps you get the best interest rate possible.

This article will answer and expand on the most common questions you might have about car loan pre-approvals.

Continue reading

8 Things You Can Do to Ensure Your PPP Application is Approved

Congress has passed a third round of stimulus that goes into effect the week of January 11th. This includes $284 billion in relief funds for small businesses to be made available through the Paycheck Protection Program (PPP) and a slew of updates for the Economic Injury Disaster Loan (EIDL) program that will go into effect on January 15, 2021. Click here to learn where you can apply for the new PPP funds and here for up-to-date information on the EIDL changes.

Now it’s good to remember that the application and allocation process for the original PPP program was anything but smooth. The funds made available through the CARES Act were exhausted in just under 2-weeks, and even with a more careful rollout, it’s likely that this next round will go just as fast.

Continue reading