Personal loans are highly versatile, and lenders will allow you to use this loan for pretty much anything. Most people take out personal loans to consolidate debt, pay off medical expenses, get needed car repairs, or credit card payoffs.
Business owners can leverage their company assets to receive loans based on their income and expenses, lasting anywhere from 3 months to 25 years. Typically business owners will prove their income through sales receipts and a balance sheet with documented evidence. Then a lender looks at the possible risk of offering a loan and creates terms. Most business loans are used to expand, finance payroll, add inventory, or invest in equipment.
There are a lot of business loan options. You can probably find a lender if you can clearly communicate your need, and your ability to pay off the loan. The more traditional are SBA, lines of credit, short term, or long term loans. We also suggest working with a reputable bank or lender and not seeking alternative lending sources.
There are 5 main types of mortgages available. Conventional loans require a higher credit score of 620 or better and at least 3% down. FHA, or Federal Housing Administration loans, will work with credit scores as low as 500, and you may have to put down 3%-10%. VA loans are specifically for military service members, veterans, and surviving spouses. USDA loans are backed by the US Dept. of Agriculture and are designed for rural areas. Then there are non-conforming loans for high credit scores of 680 or higher and often require 20%. There are other options available, so you should prequalify first to see all the possibilities for your personal situation.
Yes and no. If you already have the capital to invest in a home, you don’t need a mortgage. Otherwise, you should get prequalified for your mortgage before setting your sights on specific properties. This process will tell you how much of a mortgage you can get and help focus your property search.