Tag Archives: Credit Resources

4 Percent Rates Spur Rise in Home Purchases

Hoping to jump-start home sales, lenders have been slashing their loan interest rates to under 4 percent for many consumers.

According to facts released Thursday by Freddie Mac, 30-year fixed-rate mortgages (FRM) were averaging 3.99 percent. 15-year FRM were at an average of 3.27 percent, and adjustable rate mortgages (ARM) were staying low as well with a 5-year Treasury-indexed ARM of 2.93 percent and 1-year Treasury-indexed ARM of 2.8 percent. Lenders are hoping that these low interest rates will make people rethink home ownership, and so far, it has paid off. Home loan applications spike to a four-month high after Thanksgiving.

This is great news for people thinking about buying a home. These lower interest rates combined with the recent drop in unemployment mean that being a homeowner is attainable for more Americans, and people are taking advantage of the opportunity. 2011 was a tough year for the American people, and it is heartening that so many are giving new meaning to the phrase “home for the holidays.”

If you are looking for a new home, click on the Approved Home Loan tab above to qualify for the best available interests rates, and try out our Home Affordability Calculator here. You can also like Approved Loan Store on Facebook and follow industry trends on our blog.

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Wells Fargo Student Loan Interest Cuts: Deal or No Deal?

Recently, student loans have been all over the news. Some members of Occupy Wall Street are calling for the government to forgive student loan debt, and many young people are concerned about finding a job that will help them pay off their student loans.

In response to these growing concerns, Wells Fargo announced late last week that it will be offering lower fixed interest rates on loans for undergrads as well as lower rates for parents, community and career college students, and consolidation loans. With the new program, undergrad loan interest rates can be as low as 7.24 percent.

It may sound like a good deal, but Wells Fargo might not be the right choice for everyone even with the interest rate cut. As with all loans, consumers with better credit will get lower interest rates, and Wells Fargo’s student loans can still have interest rates up to 13.99 percent. Shopping around for the best rates is vitally important in today’s economy, whether a consumer has good credit or poor credit. Otherwise, lenders can end up spending more money than necessary.

Approved Loan Store is a great place to start looking for a student loan. They make it easy to find the best student, home, and car loans available. Click on the Student Loans tab above to learn more about finding the right student loan for your needs, and don’t forget to like Approved Loan Store on Facebook!

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Auto Loans on the Rise

Americans are feeling comfortable with credit again, particularly when it comes to car loans.

According to Bloomberg, auto loans are on the rise and heavily contributed to the year-end boost in consumer borrowing. Credit in the United States hit $2.46 trillion during the month of October, and non-revolving debt alone increased by $7.28 billion. Non-revolving debt includes student loans, mobile home loans, and auto loans.

What does it mean? Well, clearly lenders are more willing to approve consumers for a car loan, and consumers are more willing to invest in larger purchases. Recently, unemployment numbers started dropping and payroll numbers have been steadily going up in 2011. More consumers have a stronger financial standing than they did one year ago or two years ago, and many of them want or need a new car. Overall, more consumers are getting car loans now than they have since 2009, so it is an optimal time to look for an auto loan.

You might be looking to get a new car and want to shop around for the best deal. You might be concerned that you can’t get approved. No matter what your situation, Approved Loan Store can help you find the best car loan! Click on the Approved Car Loan tab above and fill out our car loan application. Also make sure to like Approved Loan Store on Facebook and keep up with our loan education blog here!

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Approved Loan Store Features: Car Loans

In the upcoming weeks, we will be running a regular segment on the site called “Approved Loan Store Features.” We hope that this segment will help introduce our readers to all the features of ApprovedLoanStore.com and take full advantage of the website. Today, we’ll be showing off the features for consumers looking for a car loan.

Approved Loan Store is the best place for consumers to start and end their search for a car loan. The tools on our website will help you understand what you can afford, how much you should put for a down payment, and where you can find a dealership to give you the best interest rates possible.

First, you will want to test out the Car Affordability Calculator, located under the Credit Resources tab. The Car Affordability Calculator will ask you how much you have saved for a down payment, the trade-in value of your current vehicle, what rebates are available, how quickly you want to pay off your car (24 months to 60 months), how much you can afford to pay per month, what is the possible interest rate you could qualify for, and what is the sales tax for your county of residence. Based on all of this information, it will tell you the price range that you could afford without breaking the bank.

Second, the Approved Loan Store wants you to understand all the terminology behind car loan agreements. If you don’t understand the terms used by car dealerships and what it would mean if you took a deal, then check out the Approved Loan Store Glossary, once again located under the Credit Resources tab. The Glossary includes an alphabetized directory of many of the most-used terms in loan agreements, explained simply so that anyone could understand it.

Thirdly, you can stay up to date on all the latest news in loans and interest rates by reading the Approved Loan Store blog. We will keep you informed of trends in the industry, the best times to buy, and how to adjust your budget when buying a car.

Finally, the ApprovedLoanStore.com lets you apply for a car loan online. After filling out a sign-up form online, Approved Loan Store will contact you by phone within 24 to 48 hours. From there, we will verify your information and review car buying opportunities in your area. Consumers with good and bad credit can both benefit because consumers with bad credit can find dealerships willing to work with them, and consumers with good credit can find an even better deal than they might have found on their own. We have connections to dealerships all over and banks that are ready to work with you to get you the best interest rates possible.

Stay tuned to our blog in upcoming weeks to learn more about all the features offered by ApprovedLoanStore.com, and follow Approved Loan Store on Facebook here.

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