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1 month ago | 
bankrate.com | Kacie Goff |Varo Money |Thomas Brock
A chattel loan is a loan used to buy movable property — including manufactured homes. You can get a chattel loan from a lender to purchase a manufactured home, but you’ll need to figure out how to buy or rent the land to put it on separately.
These manufactured home loans often come with looser borrower requirements but higher interest rates than traditional mortgages. What is a chattel mortgage?
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1 month ago | 
bankrate.com | Kacie Goff |Varo Money |Elizabeth Rivelli |Kenneth Chavis IV
A fixed-rate mortgage has a consistent interest rate and a predictable monthly payment throughout its entire term. Most mortgages in the U.S. are fixed-rate mortgages. Within the category of fixed-rate loans, there are multiple options, including conventional and government-backed loans. What is a fixed-rate mortgage? A fixed-rate mortgage has an interest rate that remains constant throughout the entire loan period, or term.
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1 month ago | 
bankrate.com | Kacie Goff |Varo Money |Alice Holbrook |Thomas Brock
A first mortgage is the primary or original loan on a home, typically used to buy the property. “First” also describes the lender’s lien position on the property. If your home were foreclosed upon and sold, the lender of the first mortgage would have first claim to the proceeds. Generally, first mortgages are easier to qualify for than second mortgages, such as a home equity loan. What is a first mortgage?
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Jan 17, 2025 | 
bankrate.com | Kacie Goff |Varo Money |Alice Holbrook |Thomas Brock
If you file for Chapter 7 bankruptcy, you may be able to keep your home, especially if you have a relatively low amount of equity. If you file for Chapter 13 bankruptcy, you’re more likely to keep your home, provided you can make any missed payments along with your current ones. Immediately after bankruptcy, home loans are off the table, but you may be able to get a new mortgage within a few years.
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Jan 15, 2025 | 
bankrate.com | Kacie Goff |Varo Money |Jennifer Calonia |Troy Segal
Applying for a home equity financing is similar to applying for a mortgage. You may wonder, then, do home equity loans have closing costs? And how about HELOCs? While the average home equity loan closing costs can be comparable to primary mortgages — a range of 2–5 percent of the total loan — they’re often much less, amounting to around 1 percent. That’s partly because you’re borrowing a smaller amount (usually) and partly because some of the costs are cheaper or don’t exist.
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Jan 8, 2025 | 
bankrate.com | Kacie Goff |Varo Money |Rob Watts
The business loan agreement is the document that outlines everything about the loan and what is expected of you and the lender. The loan agreement includes various information, such as the loan amount, interest rate and fees and what happens if you default or break the agreement. Take your time reviewing the loan agreement and asking questions from the lender or a business attorney so that you have a full understanding of what you’re getting into.
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Nov 25, 2024 | 
bankrate.com | Kacie Goff |Varo Money |Rob Watts
Assets are quantifiable items — tangible or intangible — that add to your company’s value Liabilities are what your company owes to others, whether that’s an investor or a bank that issued a loan Equity is the dollar amount left when you subtract liabilities from assets, and it represents the owners’ value in the company Business owners should keep a finger on the pulse of three key components: their business assets, liabilities and equity.
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Nov 25, 2024 | 
bankrate.com | Kacie Goff |Varo Money |Rob Watts
Written by Edited by Published on November 25, 2024 | 7 min read Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy.
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Oct 29, 2024 | 
bankrate.com | Kacie Goff |Varo Money |Sarah George |Rob Watts
Backed by assets, secured business lines of credit may offer favorable rates and terms than unsecured lines of credit Unsecured business lines may still require a personal guarantee You can use a business line of credit to cover inventory, payroll, equipment purchases, repairs and more If you need access to short-term funds or want to build credit, a business line of credit may be the answer.
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Oct 22, 2024 | 
bankrate.com | Kacie Goff |Varo Money |Rob Watts
If you have fair-to-bad credit (a FICO score of 669 or less), you likely know you’re going to pay more in interest for any loan you get compared to business loans for excellent credit. While average rates for business loans in general range from 7 percent to 45 percent, not everyone will qualify for those rates. For example, average rates for small business loans for bad credit can range from 25 percent to 99 percent — or higher.
