Potential borrowers in Mississippi are subject to new lending laws that determine how much they can afford. These new laws encompass consumer loans for consolidating debts, mortgages, and automobile loans. If you wish to explore your options for Bank Loans Hattiesburg MS today, you should contact Central Sunbelt FCU to file an application.
Credit Building Loans
The purpose of the loan dictates the way in which the lender must approach your application. For instance, if you are just starting out and haven’t established credit, your lender may offer you a credit-building loan at a small value. These loans allow you to set up automatic drafts to repay the loan on your paydays. Through this option you establish credit with a lender and produce an excellent credit score.
Automobile Loans
In most cases, you are required to provide your lender with a down payment for any loan needed to buy a car. This protects the bank’s investment and provides you with a cushion in case you are late on a loan payment. Whenever you finance an automobile you are required to maintain full coverage insurance. This protects you and the bank from a total loss in the event of an automobile accident.
Mortgages
While most Bank Loans Hattiesburg MS may not impose as many restrictions, the way in which lenders are allowed to extend mortgages to borrowers has changed recently. The lender is required by law to ensure that you are able to afford a mortgage first. This requires them to review your income to debt ratio. This ratio determines whether or not your debts are larger than your incoming earnings. If this is the case, you are less likely to receive a mortgage. Your credit score also affects your ability to borrow.
Whether you need a car loan or mortgage, a lender can review your finances to determine whether or not you are ready for this long-term commitment. They are ready to serve your interests and help you acquire the money you need, when you need it. If you are ready to review these options, you should visit today.
