Apply for VA Loan

If you are an veteran and working in an armed forces or national guard for long time then you can obviously think of applying for VA Loans. Before applying you need to know the process. Here I can suggest you some ideas about applying for VA loans. I can suggest you first to contact VA loan specialist, so that all your questions get answered and your doubts get cleared.

There are different lending institute, but make sure that you qualify for the certificate for eligibility. You should serve the military for particular time period. Following are the basics requirement needed by an lending institute in order to provide you with VA Loans.

1. Honorable Discharge

2. Six years of service if you are in the reserves of National Guard, etc.

3. 181 days of active duty service if before 1980 and 24 months if you enlisted after 1980.

4. During war time there must be at least 90 days of active duty.

5. Surviving spouses of a Veteran who died from service related injuries and are not remarried may also be eligible.

Certificate of Eligibility:

“Certificate of Eligibility” is the document given by veteran administration on request. This is an essential document needed by lending institute as a proof that you are eligible for the loan. This certificate can be ordered on line.

Requirement for VA Loan:

Although certificate of eligibility is the basic requirement before applying for VA loans, but requirement do vary from lenders to lenders. Some are as follows:

1. A copy of your Social Security Card

2. A copy of your photo ID or Driver's License.

3. W2s for the past 2 years.

4. Current pay stubs for the past 2 pay periods.

5. Names and addresses of employers for the past 2 years.

6. Residence addresses for the past 2 years.

7. A list of any properties owned with Lender, mortgage balance and address of the property.

8. Account information on all open lines of credit, auto loans, or credit cards with account numbers, name of company, balance and monthly payment.

9. Account numbers and balances on all savings and checking accounts.

Thus I can say you that VA Loans is the best option for those who have little or no money down and you have all the listed above documents and you have chosen experienced lender. Then taking VA loan will be stress free for you.

Consumer Credit Counseling

Credit Counseling is one of the best way to pay off your debts properly. This credit counseling is provided by different organization in order to help consumer to manage their unpaid credit and to make them stress free.

Counselor help borrower to pay off their debt in smaller monthly repayment that is convenient for them. This credit counseling process is beneficial for those who are confused with different debts and lenders. Credit counseling services are easily available these days and for such service companies charge small amount of fees.

You need credit counseling if following signs are found:

• If you are using more and more income to pay off your debt.
• If you are making minimum payment due to your loans and credit cards each months.
• If you are near, at, or over your credit limit on credit card card.
• If you are often paying off your bill late.
• If you are borrowing money or using credit cards to pay off of things you buy with cash.

How credit counselor work?

At first, a counselor evaluates a borrower's condition and on the basis of that he makes a plan. And this plan helps the borrower to pay off his bills. Sometimes, legitimate counseling service can convince creditors to take less than borrowed amount and arrange a longer repayment period.

In case of credit counseling, most of the time borrowers do not need to pay their bills directly. But, instead of that, in every month they make only payment to the credit counseling service and that amount is distributed among their creditors in accordance with the agreements they have arranged. All together, their arrangement will help borrowers to lessen their loan load and manage their debt properly.

Thus I can say that Consumer Credit counseling is the service in order to prevent debt and to keep yourself debt free.

Minimize your debt during college times

According to the latest survey it is found that the college students are more prone to get into the debt and it is the college student who generally experience, what is called “No Money”. Thus is the peak time for all college going students to start thinking about minimizing your debt. I can suggest you 3 simple steps and it would be very easy if start following it.

Develop and stick to your budget:

From the very first day, when student enters in the college he/she has long lists of things to spend money on. There are two categories of things, the one we can go without and one which is of necessity. Always prioritized your things and always develop budget for every month. Budget should include monthly needs and expenses, including the cost. Developing budget is not a great deal, in-fact it is necessary to stick to your desired budget.

Think twice before applying for loans and credit cards:

Taking a loans or credit is not a big issue. At the time of issuing loans you will feel creditor to be the best person on earth, but when it comes to its repayment you feel him to be worst. One wrong decision will push you into life time financial problem.

Restrict on the amount of money while taking financial aid:

At the time of taking money, the large amount is always seems to be tempting and the position like grab and go the opportunity. Thus before taking extra money you should not overlook your future debt problem. Credit card debt is very common problem for college student. Thus before applying for credit cards you should think twice and always restrict yourself from taking too many credit cards.

When students completes their graduation and it is the time to pay back loans, some often ask themselves, why they borrowed all of the extra money. If you want to make your college interesting experience, then keep in mind the above suggestion and avoid going into debt.