Maine mortgage loans is committed to helping you find the right mortgage product for your needs in Auburn. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
At one point or another everyone of has encountered this
situation, not having enough money to make it to our next
payday. A common solution to this problem that seems to becoming
more popular is a payday loan. While a payday loan may be fast
and convenient, it may not be the best solution.
A payday loan company offers to loan you money based upon
repaying it and a service fee on your next payday. This often
seems like a perfect solution until you look closer.
There is a simple reason as to why we are seeing more payday
loan companies opening up and advertising so much. Payday loans
are very profitable for those doing the lending due to the high
interest rates and often end up being almost addictive for those
borrowing the money. A recent national survey of payday loan
companies found that only 37% of companies accurately reflected
their interest rate. At most places the interest rates varied
from 390% to 851% annually with the average being 474%.
Once you get into a payday loan agreement it is often hard to
get out of it due to the amount that must be repaid at once. In
fact 77% of people who borrow money from a payday loan company
can not afford to repay it in full so they roll the loan. When
your loan is rolled a portion of the total amount owed is paid
and the remaining amount of the old balance, including the old
service fees, plus the new service fees and interest rates are
added on to a new loan. Obviously it is very difficult to pay
down the loan when so much more is being added on to what is
owed.
If you can not afford to repay any of your loan then you may
receive an even bigger surprise than the interest rates. It is
common practice for you to sign a wage agreement that allows the
payday loan company to garnish as much of your pay as they wish
without having to go to court. Another option available to most
companies is charging you with fraud. In many areas it is fraud
to write a check if you do not have the money in your account to
cover the check and you may receive court order fines or even
some jail time.
If you find yourself in a situation where you need to borrow
from a payday loan company then perhaps it is time to pause and
reflect upon how you got to this point. Sometimes situations
arise that you have no power over but more often it is a fault
of bad financial planning. Now would be a good time to review
your monthly budget and try to see what went wrong and what you
can do to prevent the problem from occurring again.
Depending upon your situation, there may be better options for
you than a payday loan. For example, if you have a little time
to wait, you may be able to use funds in your 401K plan. Funds
withdrawn from your 401K you are only taxed at 10% and if you
make arrangements with your payroll department to repay the
withdrawal from your 401K then it is not taxable at all.
Before getting a payday loan make sure you have examined all of
your options. Do you really need this loan? Is there a mistake
on your credit report preventing you from getting a normal loan
or credit card? Can you change your monthly budget to avoid the
financial problem you are experiencing? Payday loans may seem
like a convenient option but a steep price comes with that
convenience.
About the author:
Jakob Jelling is the founder of http://www.cashbazar.com. Visit
his website for the latest on personal finance, debt
elimination, budgeting, credit cards and real estate.