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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.
You need to be wary of guaranteeing a loan. What would you do if
a friend or relative asked you to guarantee a loan? You would
probably like to help them by agreeing to guarantee the loan but
consider your actions carefully first and make sure you
understand what it involves.
You are being asked to guarantee a loan. Think carefully before
you do. If the borrower does not pay the debt, you will have to.
Be sure you can afford to pay if you have to, and that you want
to accept this responsibility.
You may have to pay up to the full amount of the debt if the
borrower does not pay. You may also have to pay late fees or
collection costs, which increase this amount.
The creditor can use the same collection methods against you
that can be used against the borrower, such as suing you,
garnishing your wages, etc. If this debt is ever in default,
that fact may become a part of your credit record.
Studies of certain types of lenders show that for guaranteed
loans that go into default, as many as three out of four
guarantors are asked to repay the loan.
If you guarantee a loan and your friend or relative misses a
payment, the lender can immediately collect from you without
first pursuing the borrower. In addition, the amount you owe may
be increased - late charges - if the lender decides to sue to
collect. If the lender wins the case, your wages and property
may be taken.
Despite the risks, there may be times when you want to guarantee
a loan. Your child may need a first loan, or a close friend may
need help. Before you guarantee a loan, consider this
information:
Be sure you can afford to pay the loan. If you're asked to pay
and can't, you could be sued or your credit rating could be
damaged.
Even if you're not asked to repay the debt, your liability for
the loan may keep you from getting other credit because
creditors will consider the guaranteed loan as one of your
obligations.
Before you pledge property to secure the loan, such as your car
or furniture, make sure you understand the consequences. If the
borrower defaults, you could lose these items.
Ask the lender to agree, in writing, to notify you if the
borrower misses a payment. That will give you time to deal with
the problem or make back payments without having to repay the
entire amount immediately.
Make sure you get copies of all important papers, such as the
loan contract. The lender is not required to give you these
papers; you may have to get copies from the borrower.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.