Posts by Laney Jericho

How To Have Your Name Taken Off A Mortgage As A Cosigner

Cosigning a loan for a mortgage usually seems like a good idea. By having more than one individual sign for a loan, you are more likely to be approved for the loan because there will be two borrowers whom creditors can seek compensation from. A buyer with poorer credit can be much more likely to be approved of a loan if they co-sign with someone who has good credit. However, these benefits are under the assumption that the borrower you are co-signing for will make payments on time. If he or she does not, it can be difficult to get your name off of the cosigned loan, but still possible.

Refinancing The Loan

If the credit of the debtor with worse credit improves, it is more possible to refinance the mortgage to have the cosigner removed from the loan. This occurs when the lenders have become confident that the remaining debtor will pay back the loan.

Refinancing occurs after a homeowner has owned a home for a length of time in which he or she can afford a new mortgage that will replace the existing loan. If you are going to refinance the loan, you will need to inform the co-signer because you will need is or her cooperation. The borrower will need to meet the requirements for a new mortgage. Borrowers who do not qualify for a normal loan may qualify for a FHA loan if they have a credit score above 580.

Beginning The Process of Refinancing

Once the borrower has met the requirements, you should ask him or her to contact the lender to request a new loan. He or she will then need to request that you not be included on the new loan. Also, now is a good time for the borrower to shop for a new lender because his or her credit will not be hurt within a 14-day window.

Meeting The Requirements

To remove you as a cosigner, the home will often have requirements that it needs to meet. The home will need to be appraised to determine how much the home is worth in comparison to how much is owed on the home.

Having A Cosigner Release Program Written In

If you are entering a lease as a cosigner, ask for a cosigner release program. Under these programs, if the borrower makes a payment on time for a specific number of days, the cosigner can be released from the program.

For more information, talk to a mortgage company.

 

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4 Tips To Help You Manage Your Checking Account

If you are new to banking, managing your checking account can seem like an overwhelming task. Without proper management, you could soon find yourself facing serious financial issues. To help ensure that your checking account is properly managed, here are some tips that you can use.

Activate Email Alerts

Many banks offer email alerts for account holders. The alerts can be useful when you are trying to keep tabs on your checking account. Alerts can include messages when your account balance is below a certain amount or when you have insufficient funds to cover a check. If your bank offers email alerts, sign up for them.

Some banks also have text message alerts available. The alerts work the same as the email alerts and are readily available on your mobile device. Ask a bank representative to help you establish your alerts.

Check for Pending Transactions

Your available balance and your actual balance might be two different things. Depending on your bank, it is possible that pending transactions are not immediately deducted from your available balance. As a result, you could accidentally spend more than you have available. Before writing a check or using your check card, always check for pending transactions. If the transaction amounts have not been deducted from your available balance, do the math yourself before spending.

Review Your Statement Each Month

Some people make the mistake of tossing their bank statements each month. The thought is that they must be completely accurate. Although you will find that this is usually true, it does not hurt to carefully review your bank statements. You are not only looking for any errors made by the bank, but any transactions that you did not authorize. Report any unauthorized transactions immediately to your bank.

Avoid Writing Checks You Cannot Cover

It might seem obvious to state that the best way to ensure your checking account is on the right course is to only write checks you have money for, but there are many people who do the opposite. When you write a bad check, not only will you be faced with still paying the merchant for the items purchased, but you also could face bank fees and other repercussions.

Managing a checking account can take time and effort, but it is doable. Talk to a bank representative to learn other ways you can help ensure that your checking account is always in good standing. 

For more help, contact a company like Cheviot Savings Bank.

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5 Types Of Bail Bonds You Should Understand

One of the rights afforded to Americans is the ability to post bail after being charged with a crime. The process of posting bail can be a tricky one, especially if you do not know what type of bail you have been assigned. Before you lose hope, consider these five common types of bonds.

1. Released on Own Recognizance

When one is released on their own recognizance, they may not necessarily be required to actually pay money. Instead, they simply promise to attend all court proceedings as well as to avoid illegal activities in the interim. Unsecured bail is similar; however, unsecured bail requires that the defendant pay a fee if he or she breaches the bail’s terms.

2. Percentage Bail

This is a common type of bail in which the defendant deposits a small percentage of the bail amount upon leaving. The percentage is usually about 10%.

3. Surety Bond

This type of bail ensures that a third party is responsible for the defendant’s debt. These are the bonds you are likely to get from a bail bondsman. The agent receives 10% of the amount of bail up front, and they keep the funds whether or not the defendant comes to court. Some states, including Oregon and Kentucky, do not allow surety bail bondsmen. In these cases, bail is paid to and returned from the court without any violations of bail.

4. Property Bond

This type of bond requires the defendant to put up property equaling at least half the amount of bail. If the individual fails to appear in court, he or she may experience foreclosure.

5. Cash Bond

A cash bond requires the defendant to pay the entire amount of bail in cash. This money is returned to the defendant at the conclusion of the case. This is the option chosen if the judge believes that the defendant poses a significant flight risk. If the defendant fails to show up for court, the judge will issue a bench warrant and the defendant will forfeit the cash.

Some judges will issue combination bonds that allow the defendant to use several different methods of putting up bond. Additionally, some judges will put certain limitations on bail, sometimes in the form of protective orders and other conditions of release. No matter the case, understanding the way bail bonds work in the United States can help you move forward with a plan. Contact a bail bond company, like  All-Mobile Bail Bonds, for more info.

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Payday Loans Could Help You Overcome A Financial Disaster While On Vacation

Payday loans usually serve as solutions to common unforeseen emergencies such as car troubles or medical expenses. In reality, a payday loan could be very helpful when trying to address any type of crisis. Imagine if your credit or debit cards were stolen while on vacation. A payday loan could aid in overcoming the resultant financial woes.

Lost or Stolen Credit and Debit Cards Create a Catastrophe

Losing your credit/debit cards while on a vacation hundreds of miles from home leaves you at the mercy of the cash in your pocket and the very little remaining funds in your bank accounts.

Do not panic. Requesting a cash advance through an online payday lender provides an immediate solution. Once approved, the loan funds will be directly deposited into your checking account. As long as you can access the funds in the account, your money troubles are solved.

Accessing Your Loan Funds

Even if you do not have a working debit card, there are other options available to access the funds.

  • Explore Shared Banking

Visiting a local branch of the bank you do business with is the easiest way to withdraw the funds. If there is no local branch, see if your financial institution is affiliated with a shared banking network. Shared banking allows an account holder to conduct withdrawal and deposit transactions with other financial institutions in the same shared network. If a participating affiliate is in the vicinity, head there for a withdrawal.

  • Use a Money Transfer Service

No rule says you can only transfer money to another person. Once the loan funds are in your checking account, immediately wire the money to yourself. Then, go claim the cash. The drawback here is you may have to wait a day or two for the bank transfer to go through.

  • Keep a Check on File

A “quick cash” option would be to make out a series of $100 checks made out to yourself. Once the loan is deposited, go to a check cashing service to redeem the checks. Since you do no know how much money the loan will be approved for, keeping five emergency checks for $100 on hand helps you avoid having only one check and not enough funds in the account to cash it.

Ultimately, no matter where you are in the world, as long as you have a paycheck forthcoming, borrowing options exists. Just be sure you have a plan in place to actually procure the money.

For more information about payday loans, contact a company like 1st Choice Money Center.‚Äč

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What Determines The Value Of Old Coins?

It is a common belief that the older a coin is, the more valuable it is. While the age is a primary factor in determining the value of a coin, this is not the only aspect that needs to be considered. Professional coin collectors know that old coins must be examined closely to decide what their genuine value is. This is often done by an appraiser that has the knowledge and experience necessary to place a monetary value on old coins. These are some of the other factors that determine how much old coins are really worth.

Condition 

The condition, often referred to as the grade, is often the most important thing to consider when placing a value on an old coin. A special grading system is used and the condition of the coin determines the grade it will have. The more pristine the condition of the coin is, the higher it will be valued.

Rarity 

The rarity of an old coin also plays a role in how much it is valued at. However, there are two different types of rarity that are considered. First there is the condition rarity. If the coin is in excellent condition and receives a higher grade, it may be even more rare. There may be very few coins like it that are in mint condition, but it may be common in poor condition collections.

Absolute rarity is also considered. This factor determines the total rarity of the coin regardless of its condition. If only a few original versions of a certain coin were manufactured, the coin is considered very rare and may also be very valuable.

Supply and Demand 

Supply and demand also determine the value of old coins. The supply is determined by how many of a certain type of coin are still available on the market today. Demand determines how popular the coin is among other collectors and how much they have or will pay to get it. If the supply is low and the demand is high, the coin may have a very high value.

Metal Content 

In the past, many coins were made of precious metals. These included gold, silver or platinum. If a coin has a high content of any of these precious metals, it may be highly valuable.

You can get an idea of what your old coins are worth by having them appraised. If they are appraised for an amount worthy of reselling them, put them up for sale and see what other coin collectors are willing to give you for them. If you decide to keep them longer, their value may eventually increase.

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