Archive for the ‘Bad Credit’ Category.

Where you’ll pay the lowest loan fees

5th October 2008, 07:42 pm 55 views

http://realestate.msn.com/Buying/Article_bankrate.aspx?cp-documentid=10658478&GT1=35000

North Carolina is the place to be for the lowest closing costs on your home loan. But no matter where you choose to reside, it’s likely there are hidden ‘junk’ fees you should demand be removed from the total.

New York, Texas, Florida. For the second straight year, those are the most expensive states in which to get a mortgage.

Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate’s annual survey of closing costs. The fees in the survey don’t include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.

Fees in New York City were highest, averaging $4,016 in Bankrate’s survey. Houston came in second, with fees that averaged $3,975. After that came Buffalo, N.Y., with fees averaging $3,845, and then Miami, at $3,683.

North Carolina had the least expensive closing costs in the survey, at an average of $2,650. The previous year, Indiana took the last spot.

The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state’s most populous city. Bankrate also surveyed Springfield, Ill.; Buffalo; San Francisco; and Sacramento, Calif., just in case Chicago, New York and Los Angeles were unrepresentative. It turns out that it didn’t matter much. Cities in the same state weren’t far apart in total closing costs.

Why New York is tops
New York tops the list for the fourth year in a row for two reasons. First, origination fees are swollen by taxes that the state levies directly on lenders, which are passed along to consumers. Second, lawyers customarily conduct closings in New York. Many closings are attended by at least three attorneys (for the buyer, seller and lender). In some other states, especially in the West, closings are conducted by title agents and escrow officers who charge less than lawyers.

When comparison shopping for a loan, pay attention to the origination and title fees. In most places, those are the costs that are subject to negotiation. Taxes aren’t negotiable, and most prepaid costs, such as prorated interest, vary depending on the day of the month when you close the loan.

Study the good-faith estimate
Even as the housing market has slumped in the last three years, fees have gone up, says Mike Kratzer, president of FeeDisclosure.com, a Bankrate company, which provides consumers with information to help cut their mortgage transaction costs.

He says appraisal fees have crept up recently, as lenders ask appraisers to do more thorough, time-consuming work. During the housing boom, lenders favored appraisers who did the job quickly and inexpensively. Above all, lenders favored appraisers who justified house prices that, in retrospect, were too high.

State-by-state closing costs

2008 rank

2007 rank

State

2008 closing costs

1

1

 New York - NYC

$4,015

2

2

 Texas

$3,975

3

N/A

 New York - Buffalo

$3,845

4

3

 Florida

$3,683

5

8

 Oklahoma

$3,558

6

9

 New Mexico

$3,466

7

7

 New Jersey

$3,432

8

4

 Pennsylvania

$3,411

9

16

 Alaska

$3,408

10

24

 Colorado

$3,358

11

N/A

 California - San Francisco

$3,321

12

5

 Ohio

$3,317

13

17

 California - LA

$3,250

14

35

 Kentucky

$3,213

15

27

 West Virginia

$3,201

16

11

 Connecticut

$3,200

17

25

 Michigan

$3,191

18

N/A

 California - Sacramento

$3,179

19

41

 Oregon

$3,161

20

6

 Hawaii

$3,134

21*

39

 Alabama

$3,130

21*

12

 Massachusetts

$3,130

23

19

 Maryland

$3,117

24

15

 Tennessee

$3,116

25

37

 South Carolina

$3,103

26

10

 Delaware

$3,098

27

46

 Arizona

$3,096

28

22

 District of Columbia

$3,086

29

33

 Idaho

$3,064

30

14

 Mississippi

$3,059

31

28

 Arkansas

$3,049

32

13

 Louisiana

$3,042

33

48

 Nevada

$3,039

34

38

 Washington

$3,028

35

20

 Virginia

$3,007

36

34

 Montana

$2,970

37

36

 Iowa

$2,940

38

44

 Wisconsin

$2,940

39

18

 Rhode Island

$2,932

40

26

 Minnesota

$2,930

41*

21

 New Hampshire

$2,922

41*

23

 North Dakota

$2,922

43

31

 Georgia

$2,900

44

43

 Nebraska

$2,891

45

32

 Utah

$2,882

46

51

 Indiana

$2,878

47

30

 Vermont

$2,872

48

49

 Illinois - Chicago

$2,869

49

N/A

 Illinois - Springfield

$2,826

50*

50

 Wyoming

$2,804

50*

36

 Iowa

$2,804

52

40

 South Dakota

$2,797

53

29

 Maine

$2,793

54

45

 Missouri

$2,758

55

42

 Kansas

$2,669

56

47

 North Carolina

$2,650

Category: America, Bad Credit, Credit Cards, Discover, Excellent Credit, Fair Credit, Home Buying  |  Comment

Orchard Bank Classic MasterCard

19th April 2008, 08:44 pm 35 views
bad credit credit cards
Ongoing APR Setup Fee Annual Fee Credit Bureau Reporting Credit Required
Prime + 8.15% $49 $49 Yes Bad Credit OK
 
New to the family of Orchard Bank cards is the Orchard Bank Classic MasterCard®.

Orchard Bank has long been known to issue credit cards to those who traditionally may not have qualified for credit. Whether you have damaged credit or restored credit, little credit or no credit at all, Orchard Bank is dedicated to educating you about obtaining and managing credit and giving you the means to apply those principles.

Orchard Bank is highly regarded by its cardmembers because of the outstanding customer service they provide, their modest fees, and their focus on educating their cardmembers.

Orchard Bank continues to be a leader in the ‘under-served’ credit industry.

Now you can begin building or rebuilding your credit status with a Classic card. See below for some of the many benefits the Orchard Bank Classic MasterCard® provides:

  • Great credit card to strengthen your credit
  • Reports to all 3 credit bureaus monthly, which can help improve your credit score
  • Get pre-qualified in less than 60 seconds for a card that fits your credit profile, at no risk to your credit score
  • Free Online 24-hour Account Access and Bill Pay
  • Periodic credit limit increases

Overall, the Orchard Bank Classic MasterCard® is another great card offered by Orchard Bank to help those people who need it the most. Orchard Bank has helped millions of people increase their credit score and get back on track. You’ve got nothing to lose and everything to gain with the Orchard Bank Classic MasterCard®.

Apply Now
Sidenotes: I think its better than any other offer unless they have some catch to play on you.
Category: Bad Credit  |  Comment

New Millennium Bank Secured Platinum Visa® or MasterCard® Card

19th April 2008, 08:37 pm 38 views
bad credit credit cards
Ongoing APR Setup Fee Annual Fee Credit Bureau Reporting Credit Required
19.5% $99.95 $59 Yes Bad Credit OK
 

New Millennium Bank offers a guaranteed credit approval for you, without a credit check! Receive a credit limit up to $10,000** (with both cards) in secured credit! You’ll also receive cardholder rewards, see rewards below. NMB offers the following benefits with their Platinum card:

  • Approval Guaranteed, regardless of income or credit history and status
  • Complimentary online account management and payments
  • No Credit Checks!
  • Reports to three major credit bureaus: Equifax, TransUnion, and Experian

Additional benefits include the following:

  • Emergency cash transfers
  • Free accident insurance of $150,000!
  • Free auto rental insurance
  • Free extended warranty protection

After receiving your processing fee, New Millennium Bank will send you instructions via email on how to redeem a Free Companion Airfare, which you can use to travel with a travel companion to most major US cities when purchased with one adult round trip airfare!

Along with a Free Companion Airfare, you will also be enrolled in The World’s Best Travel Club.com where you can receive discounts on all your travel needs. For example, your first condo booking through The World’s Best Travel Club.com will earn you a cash rebate of $69.00**!

Your credit line will be equal to and secured by your New Millennium Bank Savings account (Minimum deposit $300, Maximum deposit $5,000 per card)*

The New Millennium Bank Platinum Card provides a great way for consumers to improve their credit while enjoying platinum rewards at the same time.

Sidenotes: with even a bank saving account they will charge you a account setup fee & a $59 annual fee. so its a secure credit card and applied fees as if it was a regular credit card, I wont do it if I were you.
Category: Bad Credit  |  Comment