Credit Basics

I live in the United States, but I would like to purchase property in another country. Can I get a mortgage through CreditSoup on foreign property?

If you want to apply for a mortgage on a foreign property, you have to apply through a bank or other financial institution offering mortgages in that particular country. Currently, you cannot apply for a foreign mortgage (non-U.S.) at the CreditSoup web site in the United States.

What is the difference between APR and the interest rate of a loan?

The interest rate on a loan is the cost in repaying the amount you borrowed, multiplied by a certain percentage that the bank charges you for the time it takes you to pay it back. The APR includes all the costs the bank charges you plus the interest rate and the amount of the loan. When comparing interest rates from lender to lender, you want to look at the APR.

Do credit bureaus approve me for a loan?

Credit bureaus provide lenders with copies of your credit report. This is what most lenders base the decision on whether they are going to grant you credit or not. Credit bureaus do not make the decision for the lenders. It is up to that lender to decide what the acceptable criteria is for them.

What does APR stand for and what does it mean?

APR stands for Annual Percentage Rate. The APR on a loan includes the costs involved in securing the loan such as the interest rate, points and other related fees you will be paying annually. The APR is meant to provide you with a rate to use when comparing loans.

Should I use a home equity loan instead of an auto loan?

Home equity loans are a great alternative to auto loans. You can get a lower interest rate with a home equity loan than you can with an auto loan. What makes it even better is that the interest you pay on a home loan may be tax deductible.