4 Simple Steps for Applying for a Mortgage Loan

Wednesday, August 16, 2017
Posted by admin under Mortgage Loans 

If you think you may want to buy a home, the value of pre-planning and taking action now can't be overstated. Doing four simple things will take you down the road to success when you apply for a mortgage loan and greatly improve your chances of having your application approved. Just remember, simple isn't always easy.

4 Easy Steps to a Mortgage Loan

1. Demonstrate Financial Readiness

This means having the cash you'll need for a down payment and other expenses, such as closing costs, inspections, and application fees. It means having a good credit score that shows you've paid your bills on time. And it means not having too much debt since the lender will be looking at your debt-to-income ratio.

2. Demonstrate Stability

Changes to your employment or income status can impact the mortgage process. Taking a lower-paying job or quitting your job to become self-employed means the lender will reevaluate whether or not you still qualify for the loan.

3. Know What You Can Afford

Lenders decide how much they're willing to lend you based on your income and credit report, but you have the best idea of how much you can really afford without stress.  Be smart and keep your housing expense comfortably within your means.

4. Meet with an Advisor

A good mortgage advisor can help you select the right home loan and loan rate. Most home loan applications follow a general process. While it can vary depending on the details of your particular situation, it typically takes several weeks for approval.

Getting pre-approved for a mortgage loan before looking at houses is emotionally and financially responsible. The process will tell you how much you can afford and the interest rate you’ll pay on the loan. The lender will provide a pre-approval letter, which means funds will be available as soon as a seller accepts your bid.

Catlin Bank may be able to help you with a residential mortgage. They have been serving the residents of Vermilion County.   The bank  has offices in Catlin and Georgetown, as well as ATMs in Catlin, Georgetown, and Danville.

They are committed to providing personal service with a personal touch for a full range of banking services includes residential mortgages, construction loans and various consumer loans, direct deposit, IRAs, certificates of deposits, on-line banking, debit cards and banking by phone. Contact Catlin Bank about applying for a mortgage loan.


Tagged #homemortgageloan  #easymortgageloans  #pre-approvedmortgageloans  0 Comments

Beginner's Guide to Small Business Loans

Wednesday, August 16, 2017
Posted by admin under Commercial Loans 

Small business loan application

In order to start or grow a business, or sometimes just keep the doors open and the lights on, many small business owners will need a loan. Some turn to family or friends, some find investors, some talk to a local banker about a small business loan in Vermillion County, and others seek an SBA loan.

Getting a loan can be a hurdle that takes time and causes stress, but knowing what to expect and understanding the process can reduce frustration. When you need a small business loan, here's some basic information that may help.

Why Do You Need the Money?

This is one of the first questions any lender is going to ask, so have a clear, specific answer ready. Be sure you include the benefits to the business.

What Type of Loan Should You Get?

The underlying reasons for the loan will help determine the type of loan you get. If this is a new startup, getting a loan will be difficult. Rather than look to traditional lenders, you'll need to have your own source of funds, such as personal savings. If you don't have enough money saved, you may have to borrow from family and friends, take out a personal loan, seek investors, consider a microloan, check out online lenders, try crowdfunding, or use credit cards.

You have more options if you're buying an existing business or if your business already has more than a year's history of revenue and expenses. In either case you might be able to leverage the accounts receivable, get a line of credit, get a small business loan in Vermillion County, IL, or qualify for an SBA loan.

Shop for the best loan. Determine the lender and financing most suitable for your situation. Compare small business loans in Vermillion County based on the total borrowing cost and terms. Make sure you can handle the payments, then choose your best option.

What Documents Do You Need?

If you apply for a small business loan, most lenders will want the following documents:
  • Business and personal tax returns (for prior 3 years if available)
  • Business and personal bank statements
  • Business financial statements (balance sheet, income statement, cash flow)
  • Business legal documents (Articles of Incorporation, business license, commercial lease, franchise agreement, contracts)
  • Business Plan (the Small Business Development Center located at DACC can assist you)
Applying for a loan may not be a lot of fun, but getting a small business loan in Vermilion County and getting your business on a sound financial footing and on track to meet your goals is rewarding.

Tagged Small business loans  loans Vermillion County  small business loan  0 Comments

Common Types of Consumer Loans

Wednesday, August 16, 2017
Posted by admin under Consumer Loans 

Loan paperwork

Sometimes, you may need a loan, but you aren't sure exactly which loan would be best for you and your needs. You can continue reading below for information on common types of consumer loans. If you're still curious about details, it's a good idea to speak with your bank and see what they recommend. It's important to keep on top of payments and make sure that you're only borrowing what you can manage to pay back.

Credit Cards

Some people have multiple credit cards, but they can sometimes be difficult to manage and pay back. If you're only making minimum payments on your cards, you can expect to pay on that amount for quite some time. Usually, it's advised you pay off your credit card debt as quickly as possible, since the interest rates can be rather high. Many credit cards will offer low interest or no interest for an introductory period, but after that time the interest rates tend to climb significantly. Although there's certainly no harm in having a couple credit cards, and they can assist you in building credit, it's a good idea to make sure that they keep them under control.

Personal Loans 

Whether you have emergency car repairs, a water heater to replace, or any other unexpected and larger expense, a personal loan might be your best bet. You can generally get a personal loan through your local bank or credit union, and you should be able to pay it back over a reasonable period of time and with manageable interest. A personal loan can also be a relatively easy way to build up your credit over time.

Vehicle Loans

For many people, this may be one of the first loans they ever take out. Whether for a used or new vehicle, a vehicle loan should also be kept manageable. Always remember that in addition to your loan, you will also be paying for gas, repairs, and insurance. Keep those numbers in mind to make sure that you aren't overextending yourself on the loan itself. Over time, it can build up your credit score, but there are easier and faster ways to do that.

Of course, there are also mortgage loans and other common loans available. For the best consumer loans in Vermillion County, you should always keep in mind what you need and what you can manage. Always take into account additional and associated costs, so that your loan is easy to repay.

Tagged Consumer Loans  Common loans  Personal loans  0 Comments