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Cliff’s Notes Getting A Loan is a condensed version of the larger topic on how to go about getting a loan.

Cliff’s Notes book tells you all you ever needed to know in order to successfully qualify for a loan in this 121-page handbook.

Getting a loan can be time consuming and a bit overwhelming.  It is mainly overwhelming because of the unknown factors that you will encounter in the process.  This handbook is short and concise, and explains the process of obtaining a loan in a clear and straightforward manner, a good thing in these turbulent financial times.

So if you are in the market for a loan, it’s best to be prepared.  Obtain this handbook and read all that is involved in getting loan.

Many companies make it seem so easy, or lure you with a 0% APR, but there are many aspects of the process that are conveniently left out by these advertising ploys, until you have to face a loan officer or banker. By that stage you might feel you have gone too far to back out, or are already committed without having learned what the bottom line really is going to be.

This handbook will condense the massive amounts of paperwork and fine print that is often overlooked.  The main points,  the most important points, are featured and explained in detail.  The format is easy to read and comprehend, and is material that can be absorbed in a small amount of time.

Put your precious time to good use and learn all you need to know about getting a loan with this handbook.  Never worry about the hidden costs or fine print, because you will be prepared with the correct questions and a checklist to follow in order to make sure you are making the right decision for you and your family or business.

This Cliff’s notes booklet is a great asset to have when getting a loan; the information is short, simple and concise and will save you a great deal of time, money and hassle.

As a result, mortgage interest rates have begun to fall, and hundreds of thousands of homeowners have sought re-financing for a variety of reasons.

Besides being afforded the opportunity to save money (which is critical during this recession, so long as you are sure you are not incurring more risk), here are five other reasons why refinancing now is considered to be a goodidea.

1.  It takes advantage of lower interest rates to replace the higher rate you may be paying now.

2.  Refinancing from a 30-year to a 15 or 25-year mortgage will substantially yield savings as well.

3.  You can switch from an adjustable rate mortgage to a fixed rate mortgage.  Since the stock market has been so volatile of late, reassessing your mortgage loan is appropriate at this time.

4.  Some homeowners decide to refinance so they can pay off debts such as credit cards, student loans, or medical bills.  In addition, they may apply for refinancing if they decide to make improvements to their home, providing additional equity in the home. (Again, be careful about the reasons you want to re-fi. You don’t want to end up in worse shape than before).

5.  Refinancing is needed if the mortgage you are holding has a balloon provision that does not carry a conversion option.

Regardless of why you would choose to refinance now, it is not going to be all smooth sailing even if the interest rates are very favorable. There is a sea of paperwork and fees to wade through, and there may be rocks and sharks. So take time to research lenders’ rates, fees, and other conditions that apply.

In addition, before refinancing, it is important to ensure that you have paid down some of your debt.  This is particularly necessary since most lenders today will not offer lower interest rates if the FICO score is below 750.

Since the entire purpose of refinancing is to avail yourself of lower interest rates, anything you can do beforehand to improve your credit score and bring your overall credit rating up to excellent according to the lenders’ new standards, is worthwhile.

Refinancing one’s home during a recession is not to be taken lightly.  You need to look at your financial status and decide whether or not you can afford to do so at this time.

You also need to ensure that your job is secure, and that you have not missed any debt payments that could underscore the bank’s reluctance to offer lower interest rates during the refinancing process.

Learn as much as you can about refinancing.  Call several lenders and arrange an appointment with each. Then compare each option side by side in a table or graph in terms of terms, fees, any up front costs, and so on.

Use this comparison to help you decide on the company that offers the best rate and terms that will comfortably fall within your financial situation, and present and future prospects.

Adjustable Rate Mortgages:  The Pros

* An Adjustable Rate Mortgage allows for lower rates and payments early in the term of the loan.  This allows qualified homebuyers to purchase homes they could not otherwise afford.

* An ARM allows the borrower to take full advantage of the lowest rates without refinancing.  This means that as the rates drop, so do the monthly payments without having to pay the fees associated with refinancing.
* New homeowners tend to save more money.

The Cons

* With an Adjustable Rate Mortgage, rates can increase at any time during the life of the loan.  (The sub-prime mortgage crisis is all the evidence you need.)
* Most borrowers find ARMs too difficult to understand, leaving them to the mercy of the lender.
* In conjunction with ARMs, there is what is called a “negative amortization loan.” This means that you can end up owing more money.

How?  If the initial payments were set so low that they covered only part of the interest rate, the balance will be added to the principal.

Fixed Rate Mortgages: The Pros

* Rates and payments will remain the same for the outset.
* A fixed rate mortgage allows homeowners to manage their budget more effectively.
* Fixed rate mortgages are easy to comprehend.

The Cons

* In order to take advantage of falling rates, fixed-rate mortgages may be re-financed.  That means a few thousand dollars more in closing costs are incurred.
* There are no payments early in the term of the loan.  This can pose a financial burden for homeowners.
* Fixed rate mortgages are the same from lender to lender.  However, most financial institutions sell their fixed-rate mortgages into the secondary market.  As a result, adjustable rate mortgages can be “customized for individual borrowers, while most fixed-rate mortgages can’t.”

For more information, do your research online. It isn’t impossible to get a mortgage, but both parties need to really look before they leap in this current economic climate.