Credit Rate Loan & Insurance Applications

What is FAQ - Credit Rate.net?
FAQ - Credit Rate.net is a leading online provider of finance. We try to bring our customers the best financial products on the market, from mortgage and payday loans to debt consolidation and insurance.

Home loans

How can I benefit by using FAQ - Credit Rate.net?
Our website is for anyone who knows what type of loan they want and who is looking for a low cost home loan with fast and easy approval. Check out the rates on the other websites, and then come to us for a low cost, efficient loan on the Web! It's fast, it's easy, and it's totally online.

What’s the procedure to apply for home loans online?
The procedure is extremely simple, all you need to do is just fill up the application form at our FAQ - Credit Rate.net website and submit it online. The approval takes place immediately after you submit the application on any of the business days.

Is my application and financial information secure?
We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

What happens after I apply with FAQ - Credit Rate.net on this website?
You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.

Is there an application fee?
FAQ - Credit Rate.net never charges applicants a fee to qualify for a payday loan.

How long does it take to obtain loan approval?
Depending on your credit history and down payment and the loan program selected, some lenders may be able to approve your mortgage in as little as 24 hours. The average number of days from application to approval will vary from lender to lender. However, 7-10 business days is typical.

How quickly can a lender close on my home loan?
Many lenders can facilitate closing 2 to 3 weeks after you have agreed on a purchase contract for a home. If you need more time, you can take as long as you need, while still closing prior to any rate lock expiration dates. Many lenders require 30-60 days from purchase contract and application to closing.

Can I close on a home without having to be at the closing table?
Many lenders are willing to accommodate what is termed a "mail away" closing. You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. If you select a "mail away," the lender will coordinate overnight delivery of the documents to ensure a timely closing. Please note this process may require some additional coordination time.

How much money will be required at closing?
You should consult with your individual lender and closing agent; however, the amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. A lender is required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing.

What homeowner's insurance requirements will I need to meet at closing?
Most lenders require a one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage at the loan closing.

1. Home Purchase
Why Should I purchase a Home?
Purchasing a home can be one of the most rewarding decisions you can make. Though purchasing a home involves many factors, it has several key advantages over renting. For one, homeownership can be a strong investment where, historically, real estate appreciates in value over time. Each monthly mortgage payment you make earns you a greater percentage of, or equity in, your home. You also benefit from federal income tax laws which allow you to deduct mortgage interest paid (a hug chunk of the actual loan), property taxes, origination points, and home buying expenses such as legal fees and administration costs.

How expensive is purchasing a home?
For most people, buying is more expensive than renting, but the tax deductibility of your mortgage expense makes the prospect of owning a bit more practical. Once you have made the leap and decided that you are going to buy a home, you have to find out what you can afford. That is where we come in.

Is there a right way to find the right house for me?
First, figure out how much you can afford to spend on both a down payment and monthly mortgage payments. Decide where you want to live and how. How much room do you need? Do you want to buy a condo, co-op, or single-family home? Do you want to have a renter? What amenities (fireplace, deck, backyard) are non-negotiable? Once you've figured out what you want, you'll likely find it by searching for homes through real-estate brokers and the Internet.

How much home can I afford?
How much home you can afford depends on the area you want to live, your income, your debt, your credit rating, and other financial factors that determine the size and type of mortgage you are applying for.

What is the information I need prior to looking to purchase home?
Before you start shopping for a home, you need to itemize your debt, list your assets, and get your credit report to see if you can afford a mortgage.

How important is it to improve my credit score?
A good credit score is an important element in getting a good mortgage. Pay down as much debt as you can before you get started in your search, particularly credit card balances.

What's a down payment?
A down payment is the part of the purchase price that comes from your personal money supply, not out of your loan. As prices rise, coming up with a down payment is one of the biggest hurdles for first-time buyers. The larger a down payment, the more likely you’ll get a better interest rate.

How much should I put down?
House sellers like big down payments, so that may be a factor for you in your home search, but the down payment should be directly related to what you can afford. The rule of thumb is to put down 5%, 10%, or 20% of the sale price. The more money you put down, the lower your mortgage payments will be. Be sure to have enough money left in the bank after you close to deal with the closing costs.

What's the difference between lenders, brokers, and banks?
A broker typically acts as a "middleman" between a customer and lender and may or may not actually provide financing. A lender typically provides financing but often does not offer depository services. A bank provides financing and depository services. Credibility, dependability, and longevity in the marketplace are the three most important factors to look at when considering a lender, broker, or bank to work with.

What's a sub-prime lender?
So-called sub-prime lenders are lenders that specialize in making loans to borrowers with fair to poor credit histories or high loan-to-value ratios.

How do I shop settlement costs?
Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender's costs in processing the loan, to appraisal and credit-report fees. Many of these fees are fixed, but some can be negotiated.

What is an APR?
The Annual Percentage Rate or APR is a tool intended to make comparison between mortgages simpler for the average consumer by disclosing the "total cost of credit", including fees, expressed as an annual rate. The APR is part of the Truth in Lending disclosure statement that is required for all residential mortgage loans.

Which is better - a fixed or adjustable rate mortgage?
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on:

the interest rates and mortgage options available when you're buying a house
your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation means that they will fall)
your personal financial and investment goals, and
how willing you are to take a risk.

When mortgage rates are low, a fixed rate mortgage is the best bet for many buyers. Over the next five, ten, or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARMs teaser rate will adjust up soon and you won't gain much if you plan to stay in the house more than a few years (the broker can tell you your break-even point). In the long run, ARMs are likely to go up, meaning many buyers will be best off locking in a favorable fixed rate now and not taking the risk of much higher rates later.

What does my mortgage payment include?
For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

How do I find the right product for me?
If two mortgages were exactly identical in terms of length and fees, but one charged a lower interest rate than the other, you'd pick the cheaper one. Unfortunately, it's hard to get an apples-to-apples comparison, so the starting point for comparing mortgages is the length of the mortgage and its interest rate. Then look at terms (such as prepayment penalties), fees, and options (such as paying points) before making your decision.

What goes into an interest rate?
An interest rate is the cost you pay to borrow money. An interest rate is determined by several factors including the market cost of funds to the lender, plus the cost associated with the risk of lending that money. As a result, the cost of money is always changing.

What's the difference between a 30-, 20-, and 15-year loan?
Mortgages come in different terms. Shorter loan terms often come with lower interest rates although the monthly payments are higher because the time to payback the amount borrowed is shortened.

What's a 'point'?
Paying a point, also known as a discount point, buys the interest rate down on your loan. You give the mortgage lender or bank more money up front, to lower your interest rate. Note that it's not a "down payment"; a point is part of your loan. One point is one percent of your loan amount, not of your house price. For a $400,000 house with a $300,000 mortgage, one point is $3,000.

Should I pay points?
It depends on how long you're planning to stay in your home. Generally, if you're going to stay less than five years, paying for points isn't worth it; if you're going to stay for more than 10 years, it may make a lot of financial sense.

What mistakes do mortgage shoppers make?
The most obvious mistake is that they don't realize that prices change from day to day. You can't compare a quote from one bank last Wednesday with a quote from another bank today. Each mortgage is unique to the borrower’s circumstances.

When is the right time to lock?
For some, locking a great rate right away feels safer than riding out market fluctuations. Others argue that floating an interest rate is the only way to take advantage of potential price decreases. The real trick is selecting a lock-in period long enough for your loan to be processed.

What if my lock-in period expires?
Whether it's the result of a misplaced document or a delay stemming from construction issues, lock-in periods can and do expire. It's not the end of the world. Lenders will often let you extend your lock period -- although you may lose the favorable interest rate and the number of points you had locked.

Why should I get my lock-in in writing?
When it comes to establishing a lock-in agreement, the written word is the only way to go. Most lenders have pre-printed forms that outline the exact terms of the agreement. If you don’t understand the agreement, ask your lender or broker to explain it to you or show it to a lawyer or real estate professional for clarification.

What is the difference between loan pre-qualification and loan pre-approval?
Pre-qualifying is the process to determine whether you are likely to qualify for a loan with a lender, and for what amount you would likely qualify for. Pre-approval comes when the loan officer performs a comprehensive review of your creditworthiness with independent verification including W9s and W2s, credit reports, etc. and approves you for a specific loan amount. Once the loan has been approved, the lender issues a commitment fund the loan, pending at least an appraisal of the property, title report, and purchase contract.

Are income and debt both important?
Absolutely. The two go hand-in-hand. You may be pulling in the big bucks, but if you have a history of spending beyond your means and racking up enormous debt, a lender may not see you as someone capable of meeting monthly mortgage payments.

What's 100% financing?
One hundred percent financing means that there’s no down payment. Zero down is typically used by first-time buyers with limited incomes or college graduates in their first year of employment. But buyers beware: These loans have higher risk to creditors d so lenders protect themselves by charging higher interest rates and requiring mortgage insurance.

Is a Closed-End Second Mortgage for me?
In a closed-end second mortgage the interest rate is usually higher than a first mortgage interest rate. Borrowers typically use second mortgages to make improvements to their home like adding a swimming pool, or to pay off debts. A second mortgage can assist with debt consolidation by combining all high-interest debts into one low monthly payment, but remember the repayment term on a second mortgage may be longer.

What's a Reverse Mortgage?
A reverse mortgage is exactly what it sounds like: a home mortgage where the lender pays you. It allows people age 62 and older to stay in their home while taking out some accumulated equity without selling. You can choose to get the payout monthly, in a lump sum, or as a line of credit to tap into when needed (the latter being the favored choice among retirees using this vehicle).

What's the difference between a temporary buydown and a permanent buydown?
A temporary buydown reduces your interest rate in the early years of a mortgage loan. in exchange for an up-front cash payment to the lender provided by the home buyer, the seller, or both. A permanent buydown is the payment of points in exchange for a lower interest rate for the life of the loan.

Does the government sell FHA mortgages?
No. The Federal Housing Administration was founded in 1934 to provide families with access to homeownership through reasonably priced, low down payment, government-insured mortgages. FHA loans require a down payment of at least three percent, but the maximum loan amount is relatively low and varies from county to county.

How do I make Interest Only work for me?
In an Interest Only "I/O" loan, the borrower pays no principal until a reset point, which can be anywhere from 5 to 20 years in the future. I/Os are great if you want a larger loan amount or a bigger, better house because they lower the required initial payment.

2. Refinancing
What is Refinancing?
Refinance is the act of replacing your mortgage with a brand new loan. Refinancing involves a similar process you went through with your original mortgage. Refinancing is a solution to lowering your monthly payments, changing your loan from adjustable to fixed rate, and taking cash out of your home’s equity.

How do I know if it’s a good time for me to refinance?
Before you can determine if it’s a good time for you to refinance, you should first establish why you’re thinking about refinancing. Do you want to reduce your mortgage term? Do you need to take cash out/utilize the equity from your home? The exact reason for refinancing your home will help you determine what your best solution is for achieving your financial and mortgage goal(s).

Is it worth refinancing if I only see a small change in my current rate?
A lower interest rate will save you money if you plan to stay in your home for more than a few years. You can use our mortgage calculator to see how much you will save by refinancing. However, even if you don't pick a lower interest rate, refinancing can still save you money by allowing you to roll in higher interest debt, or giving you the flexibility of and interest-only option.

How soon can I refinance?
Most lenders/banks require you to maintain your original mortgage for at least 12 months before you can refinance it. Each lender is different and has different terms. Check with your specific lender for further details.

Do I have to refinance with my original lender?
You don't have to refinance with your original lender but in many cases it makes the most sense to do so. In most cases there won’t be the need for a new property appraisal, title search, etc. It’s also more advantageous for a lender to offer a better price - it's easier to keep you as a customer than it is to find a new one. So chances are you’ll get a better rate by refinancing with the original lender.

What is the “break-even point”?
When you refinance to a mortgage with a lower interest rate, you'll save money each month by lowering your monthly payment, assuming the other terms of the loan remain the same. However, it costs money to refinance. To determine the break-even point, take your total transaction costs and divide by the amount you'll save each month.

What is a “no-cost” refinance?
A "no-cost" refinance is one in which the costs of refinancing are recovered by the lender usually in the form of a higher interest rate , so the borrower does not have to pay the closing costs up front. In other words, the cost of the transaction is built into the interest rate.

Can I refinance for no cost or low cost?
Absolutely. With the wide variety of loan programs available at FAQ - Credit Rate.net, you may very well be able to refinance your existing loan at no cost or minimal cost to you. You will see immediate savings, and you won't have to sacrifice your bank account or equity to get a great rate. Many people have taken advantage of our no cost refinance programs. Why shouldn't you be one of them? Ask one of our experienced loan specialists about our flexible financing options, or apply online to get matched with a loan program that fits your goals.

What is a “cash-out” refinancing?
If you've been paying down your mortgage for a long time, or if property values have risen in your neighborhood, you probably have built up some equity in your home. You can get access to this money through a cash-out refinancing. For example, if your house is worth $200,000 and you still owe $100,000 on your mortgage, you could refinance your mortgage for, say, $150,000 and borrow $50,000 in cash from the equity in your home.

Can I cash out some of the equity in my home to pay off credit card debt?
A cash-out refinancing can be a way to pay off high-interest debt, because interest rates on loans that are secured by your house are usually much lower. For example, your credit card debt might have an interest rate of 18 percent or more, while a home loan is more likely to be in the vicinity of six percent. Remember replacing short-term high rate debt with long-term lower rate debt may result in you paying the same amount in finance charges over the term of the long-term lower rate debt.

Can I eliminate PMI by refinancing?
If you meet two specific conditions, you may be able to remove mortgage insurance by refinancing your new home. You can qualify if you have made your mortgage payments on time every month for a specific time (usually a year), and you have reached a point of having 20% equity in your home, either through appreciation or paying down your mortgage.

3. Home Equity Loans
What is a Home Equity Loan?
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.
Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios.

Why would I take out a home equity loan?
Customers have told us as many reasons for getting a home equity loan as the number of loans we've funded. You may choose to use an equity loan for home improvements, to buy a car, pay college tuition - or whatever you want.

Because home equity interest rates are typically lower than credit card rates, it may make sense to pay off your high interest debt with your equity loan. And, the interest payments on home equity loans are tax-deductible. Your tax advisor can give you the scoop on the tax benefits an equity loan can provide.

At FAQ - Credit Rate.net, we offer flexible equity programs where you can borrow up to 125% of the value of your home. Tell us what you want an equity loan for, and we'll find a good value for you.

What equity loan amount do I qualify for?
The amount of equity you can borrow depends on a couple of factors. We'll check your home's loan-to-value (what you currently owe versus its value), your credit and income. With our flexible home equity programs, chances are you'll find the loan that's right for you.

How much equity do I need to qualify for a home equity loan?
Unlike some lenders, FAQ - Credit Rate.net gives you options. We offer home equity loan programs where you can borrow up to 125% of the value of your home. If you want to find out how much equity you have, use our home equity calculator or call one of our Equity Specialists today.

How do I know how much equity I have in my home?
Take the market value of your house and subtract the amount that you still owe on your mortgage. If your house is worth $350,000, but you have $200,000 left to pay on your mortgage note, that means you have $150,000 of equity in your house.

How long does it take to get the cash to me?
In just a few minutes online or over the phone, we can get you pre-approved for your loan. All we need after that are a few verification documents, and we'll start your loan process right away. In most cases, we can close your loan in as little as 10 days! As soon as your loan closes, we will overnight your check or wire the funds to a specified bank account.

What loan term options do you offer for home equity loans?
FAQ - Credit Rate.net has a strong selection of loan and payment terms to suit you. You could qualify for one of our fully amortized and interest only payment options with flexible terms of up to 30 years, or maybe one of our fixed-rate programs is more in line with your needs. With the variety of programs we offer, our equity specialists can help you figure out which loan program and loan term is right for you.

How much money can I borrow?
FAQ - Credit Rate.net funds equity loans in the range of $15,000 to $500,000 upon qualification. If you want a loan apply online and be approved in minutes.

I want to get financing to renovate a bathroom. What's the difference between a home equity line of credit and a cash-out refinancing?
A HELOC or Home Equity Line of Credit is typically a second mortgage on top of your existing one, secured on the portion of your house that you've already paid off. In some ways, a HELOC is like a credit card: your money is available to you at any time (up to your credit limit) and you only pay interest on the amount you actually use, not the full amount of your available credit. A cash-out refinancing is a mortgage that replaces your current mortgage. If the value of your house has increased since you bought it, your lender will probably let you increase the amount of principal and get some of the money out as cash. The new loan pays off the old loan and you begin repayment under the new terms.

I'm in the market for my first house but I have only enough money to put down 10 percent. Can a 'piggyback loan' help me?
A piggyback refers to buying a property using more than one mortgage loan. Typical piggybacks are 80-10-10 loans or 80-15-5 loans. The first number is the portion of the purchase price financed by the first mortgage; the second number is the portion provided by the second mortgage; and the third number is the down payment paid by the home buyer. Another variation is the 80-20-0, a zero-money-down loan in which the first mortgage provides 80 percent and the second provides 20 percent of the financing. Piggyback loans usually have higher interest rates than standard mortgages, but allow home buyers who put down less than 20 percent to escape paying private mortgage insurance.

What is a reverse mortgage?
A reverse mortgage is a special home loan available to seniors age 62 and over. It allows you to turn the equity you have in your home into cash, and typically does not have to be repaid until you die, sell your home, or move out. You can get the money in a single lump sum, as a regular monthly cash advance, or as a line of credit that you draw as needed. In the end the loan is paid off with the proceeds of the sale of the house. If the house sells for more than the loan amount, the owner of the house, or his or her heirs, gets the difference.

Payday Loans

What is a Payday Loan or Cash Advance?
A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With FAQ - Credit Rate.net you can apply for a payday loan online and have your advance electronically deposited to your checking or savings account.

What can a Payday Loan be used for?
The money can be used for any purpose - to pay bills, buy something, have a great weekend, it's up to you! You won't be asked!

How much can I receive?
Your first FAQ - Credit Rate.net loan is based upon the information you provide in your membership application. You can borrow an amount up to $1500. After successful repayment of your payday loan, we may raise your loan amount on any future FAQ - Credit Rate.net loans.

How are fees established?
Our fees are competitive and in compliance with all applicable state and federal laws.
Depending on the lender the fee can range from $25 to $30 per $100 borrowed. So if you borrow $300 the fee will be between $75.00 to $90.00.

What about qualifying?
Qualifying for a payday advance is easier than qualifying for traditional credit. FAQ - Credit Rate.net does not perform credit checks. You only need to meet the following requirements:
• Currently have a job (or receive regular income)
• Make at least $1000 per month
• Are 18 years of age or older and a U.S. citizen
• Have checking account or savings account with direct deposit.

What’s the procedure to apply for payday loans online?
The procedure is extremely simple, all you need to do is just fill up the application form at our website and submit it online. The approval takes place immediately after you submit the application on any of the business days.

What do I have to fill in application form?
You have to provide your name and address, employment information, bank account details, and picture identification in the payday loan application form.

Is my application and financial information secure?
We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

Is there an application fee?
FAQ - Credit Rate.net never charges applicants a fee to qualify for a payday loan.

Does the online form obligate me to taking out a loan?
No. When you fill out our online application, you are only stating that you wish to have our agents approve you and contact you to discuss your options. You may still ask us any questions, and withdraw your request at this time. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.

What if I have bad credit?
Bad credit will not prevent you from receiving a payday loan at FAQ - Credit Rate.net. Our friendly managers will work with you, even if you have already been turned down by other lenders.

I'm a tenant - is this a problem?
No problem - it makes no difference to the lenders whether you are a tenant or a homeowner.

Do I need to fax my details?
You don't need to have a fax machine to be able to apply for a loan. Lending company gets all necessary information instantly.

Can I have more than one payday loan at the same time?
No. All other payday loans have to be repaid before another can be granted.

Do you contact current or former employers?
No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.

Do I need direct deposit?
At this time we can only process your loan if your paycheck is direct deposited; it is the most secure way to offer loans as quickly as we do.

When I will receive my payday loan?
Your application will be processed within 30 minutes, once it has been received. When approved, you will receive your loan on the next business day. Once you receive the loan, we will help you to schedule you repayment dates so that you won’t have to worry about bounced checks or missed deadlines.

How do I know that my loan has been approved?
You will receive an email notification once your loan has been approved. FAQ - Credit Rate.net reserves the right to make adjustments to your loan approval until the time you receive the funds in your bank account based on new information regarding your loan application.

When will my loan be due?
Your due date will normally be due on your next payday that is between 8 and 25 days away. Each state has different rules and regulations.

What if I want to pay early
Contact us if you want to pay your loan off early. If you pay off early, you may be entitled to a refund of part of your loan fee.

What if I can’t repay my loan on the due data?
If you can’t repay the full amount of your loan on the due date, you may be able to request a loan extension.

We have different payment options available for our customers:
1. Paying the loan in full on the maturity date listed on your loan agreement.
2. Paying the finance fee and a portion of the principle on or before the maturity date.
3. Paying only the finance fee on the maturity date.

How often can I get a payday loan?
We are here to help anytime you need extra cash between paychecks. We encourage all our clients to keep in mind that a payday loan is only a short-term solution to an urgent cash need, and to use these loans responsibly. Payday loans should not be used repeatedly to deal with continuing budgeting issues.

Debt Relief

Why choose FAQ - Credit Rate.net?
The dedicated professionals at FAQ - Credit Rate.net are committed to saving you money, getting you out of debt and improving your quality of life. You can expect a significant reduction of 40%-60% off the total balances of the unsecured debt that you enroll into our program. Your best interests are our top priority! The bottom line is that you will be debt free in 36 months or less and on your way to the life you want! Success means eliminating your debt.

Do your credit management programs charge a fee?
We do include a small monthly fee with our services. This low monthly fee will not change regardless of the amount of creditors you have. Even with this fee included, your monthly bill may be considerably lower that what you currently pay. You end up saving in reduced interest charges and other reduces fees. Plus, you end up paying your debt off years quicker, possibly saving you thousands of dollars.

What is debt consolidation?
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.

What is debt settlement?
Debt settlement is an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. A debt settlement agency negotiates with the creditors to settle the debt for a lower amount than owed, as the debtor saves their money for a lump-sum settlement payment. After the debt is settled, the creditor will send a letter stating the debt obligation was fulfilled, and will report to the credit bureaus that the debt has been, “Settled for less than full amount”, “Paid” or “Settled”.

Why should I consolidate my student loans with FAQ - Credit Rate.net?
Because you want to lock in your rate, lower your payment, and take advantage of Student Loan Consolidation discounts. FAQ - Credit Rate.net offers a complete and instant online student loan experience. You simply enter your information into our easy-to-use online form, electronically sign your promissory note and we immediately begin processing your loan. In addition to our incredibly fast and simple process, we also offer some of the most competitive student loan interest rates and borrower benefits available. If you want to secure a low rate for the life of your student loan and reduce your monthly payments to the lowest possible payment then FAQ - Credit Rate.net is your only choice.

After filling up the form how long will it take you to contact me?
Once you have completed the sign up process, we will contact you within next working day. However, if you are not available over phone, our endeavor will continue until we can get you in the discussion. If the phone is not working at all, we will consider sending mails as well.

How will this affect my credit?
When you enroll into our program, we will engage your creditors immediately and inform them that you will no longer be making payments on the accounts and that they will need to redirect all correspondence to us. Your enrolled accounts will be reported as past due until they are settled. Once settled, they will reflect that the account was handled in a satisfactory manner and that there is no outstanding balance owed. Your debt to income ratio makes up a large portion of your credit report and given that each account will show a zero balance once settled, you can expect that ratio to improve gradually. If you have debt, your debt to income ratio is already adversely affected. The fact of the matter is that any type of debt management program will affect your credit in some way. Debt settlement gives you the benefit of only having it affected while you're in the program. Given that we do not pay your creditors for you, our name will not appear on your report. This will look like you took care of your debt on your own.

What can I consolidate?
You can only consolidate unsecured debt, meaning debt that is not backed or underwritten by an asset. Generally, this means credit card debt for most people. Other types of unsecured debt that can generally be consolidated are department store credit, medical bills, bank and finance companies, unsecured personal loans, and gas and oil credit cards. Bills that cannot be consolidated include mortgages, auto loans, and co-signed loans.

What is unsecured debt?
Unsecured debt is any type of account that you did not put up any collateral behind, meaning no tangible assets or personal property is attached. These types of debts include credit cards, department store cards, medical bills, unsecured personal loans, repossessed vehicles, etc. Some examples of secured debts are mortgages and vehicle loans. In a secured debt, the lender has the ability to repossess the tangible property against the debt.

Why shouldn’t I choose bankruptcy?
Bankruptcy is usually a last resort because it has long term negative implications. First, bankruptcy remains on your credit report for 10 years. Bankruptcy also means that you will not repay your creditors. This looks especially bad on your credit report. Instead, your assets are sold off to repay your debts. You can lose many of your possessions and your credit can be so damaged that you may have a very difficult time regaining them.

Can you stop creditors’ calls?
Once we inform your creditors that you are in our program, collection agencies should stop calling you. Some agencies require several months’ worth of payment to recognize your commitment. Since you will be up to date on your bills and making steps to pay off your debt, collection agencies will have no need to contact you.

Can I pay more if I have more money?
If you would like to change the amount of money you are paying each month, simply contact us and we will change your payment structure. You can always pay out more money towards paying off your debts!

Auto warranty

What is a vehicle service contract/extended warranty?
Once the manufacturer's warranty expires, you have nothing to protect you from expensive vehicle repairs. Most vehicles come with a 3 year/36,000 mile bumper-to-bumper warranty. Once that expires, you have no protection against breakdowns or failures. Our service contract assures that for a specified amount of time and/or mileage, both parts, labor and sales tax (if applicable) required for replacement or repair of covered mechanical systems in your vehicle will be paid.

Are the extended warranties insured?
A solid extended warranty company will offer you three layers of protection, the administrator, the insurer and the reinsurer. Insurance provides peace of mind, however the administrator is the company that handles claims. They are often NOT the company selling you your warranty. Their financial strength is the most important factor in buying an extended warranty. We administer our own warranties and have documented financial stability.

In addition to our financial stability, all our extended warranties are insured. Insurance provides peace of mind but most important is the financial stability of the administrator, as they pay for your vehicle repairs. And if that's not enough, all plans come with a money back guarantee. You'll be hard pressed to find a more financially stable administrator than us. We can't reiterate how important that is.

What is Wear and Tear coverage?
Wear and tear protection is the highest level of coverage one can purchase. We provide coverage for parts that break as well as those that wear out. It is a much broader level of coverage than the mechanical breakdown only plans offered elsewhere. All our plans include coverage for wear-and-tear failures.

Many extended warranties exclude repairs needed due to "wear and tear." A large number of car repairs are needed because a part wears out from a long period of use, not because it was poorly built.

Many extended warranties define "mechanical breakdown" as a defect in parts and workmanship as supplied by the manufacturer, or a defect that makes the part unable to perform the function for which it was designed. Often, they will state that the gradual reduction in operating performance (wear-and-tear) is not covered.

Service contracts that exclude wear and tear will not cover repairs needed because a part's performance has gradually deteriorated because of normal wear and tear, unless a mechanical breakdown has occurred.

The more miles on a car when a repair becomes necessary, the more likely it is that the repair will be needed because a part wore out, rather than because the part broke due to poor manufacturing. Again, many extended warranties do not cover parts that wear out.

Before buying an extended warranty, you should carefully review what is covered and not covered to see whether wear and tear claims are excluded from coverage. That way, if it is not clear whether a repair is needed due to a manufacturing defect or simple wear and tear, it is more likely that the service contract company will pay for the repair. It is a mistake to assume that a repair agreement will cover every repair your car may need.

What is the no In-Service date program?
At FAQ - Credit Rate.net we offer a no in-service date program. All our traditional auto warranties begin on the day you buy them, not the in-service date of the car. Quite simply, we offer you more time than the others. If you purchase a 4 year /100,000 mile warranty today, it will expire 4 years from today or when your odometer reaches 100,000 miles. Beware of plans that start your coverage from the day the vehicle was purchased brand new (in-service date). .

Do you cover damage due to overheating?
We do NOT have an overheating exclusion in our contract. While many warranty providers shy away from damage caused by overheating, we take a much different approach. Although damage sustained when a vehicle overheats can be severe, we take care of all repair costs for covered components provided the vehicle does not overheat due to negligence and provided you act immediately to prevent unnecessary damage when your vehicle overheats.

What benefits do you offer?
When you experience a mechanical breakdown, we are there with you even before you file your claim. In addition to the most comprehensive coverages and fastest claims handling in the industry, your agreement includes the most comprehensive peace of mind benefits package in the industry. Assistance is available 24 x 7; you'll never be stranded on the side of the road with no one to call. Best of all, it's all part of your fully insured agreement.

Our plans provide protection for you 24 hours a day, 7 days a week. All our plans include FREE membership in a nationwide roadside assistance plan. Simply call the toll free number anytime you need help. This benefit is extended to you for the full term of your warranty agreement. This is a true roadside assistance plan, not a limited reimbursement plan. Need a tow? Flat tire changed? Lock your keys in the car? Run out of gas? Just call the toll-free number and help will be on the way.

Where can I take my vehicle for repairs?
Repairs can be made at the repair facility of your choice (dealer, national chain, local mechanic) anywhere in the United States. We have an extensive database with thousands of repair facilities who have already accepted our plans and can even help you locate a reputable repair facility anywhere in the US. You will not find a plan more widely accepted than ours.

How are claims paid?
FAQ - Credit Rate.net lets you use the repair facility of your choice (dealer, national chain, local mechanic) and pays your claim quickly and efficiently over the phone via our corporate credit card. Simply present your Membership Card to the service professional, who in turn will contact our claims department. You simply pay your deductible (if any). There is no paperwork, no need to lay out any money and no limit on the number of claims you may have. We cover parts, labor and even sales tax, if applicable.

How does the deductible work?
With FAQ - Credit Rate.net , each repair visit, no matter how many items need to be fixed will only require payment of one deductible. Many plans offer a zero deductible option where you'll never reach into your pocket for a covered repair. Some plans even cover the deductible on your manufacturer's warranty.

Do I really need an Extended Warranty?
There are many reasons to purchase a vehicle extended warranty. Your vehicle is one of your biggest investments. An extended warranty will ensure it is always in the best mechanical condition. With the complexity of today's vehicles, one major repair often costs more than the extended warranty. Hourly labor rates can top $100 or more per hour in some markets.

Since our extended warranty is transferable, it increases the resale value to potential buyers. Who wouldn't want to own a vehicle that comes protected from repair bills? Our contract also provides for a pro-rated refund for the life of your contract should you sell your vehicle and elect not to transfer the warranty to the new owner.

Why buy it now? I'm still covered by the manufacturer.
A common misconception is that by waiting to purchase extended coverage, you will get coverage for a longer time. Much like life insurance costs rise as we age, the cost for a car warranty will rise as the vehicle ages and accrues mileage. You will be offered the longest terms and the lowest rates for newer vehicles with lower mileage.

We understand that you may have a warranty from the manufacturer. Our coverage is simply an extension of that, not double coverage. The manufacturer's warranty has been factored into your price quote. The more factory warranty you have remaining, the lower the cost and greater the length of the warranty extension. In other words, you are paying for tomorrow's coverage at today's rates.
Waiting may also carry other risks. Coverage costs rise as repair rates do. Labor rates have been steadily rising over the past few years. It is not uncommon for a repair facility to charge $100 or more per labor hour. As more repair data becomes available for your vehicle, its costs may also rise. These factors can cause the rates for your vehicle to rise should you elect to delay purchasing coverage.

What if my repair facility won't take your plan?
It is rare that a repair facility will not accept our plans as we pay them immediately and utilize industry standard manuals to determine pricing. When they find out they do not have to bill us, they are eager to accept the business we refer to them. In addition, they also want your routine maintenance business, so it is rare that they will turn down the rest of your business. We would be happy to call your repair facility to establish a relationship before you buy. We also maintain a database of tens of thousands of repair facilities that have already accepted our plan; yours may already be there. In the rare event a repair facility will not accept our direct credit card payment, we will reimburse you promptly for the authorized amount.

What if I want to cancel my warranty?
Our agreement contains full details on refunds. You have either 30 or 60 days to obtain a full and prompt refund. After that, you are entitled to a pro rata refund of the unused portion of your contract. Unlike some companies, we do not pro rate your refund from the in-service date of your vehicle.

Is my warranty transferable?
Absolutely, for a modest ($50 or less) transfer fee, you can transfer the auto warranty to another private purchaser of your vehicle. Vehicles with extended warranties typically offer much higher resale values because the buyer knows they are not going to get hit with huge repair costs.

How do I enroll my vehicle with FAQ - Credit Rate.net ?
You may purchase your agreement online using our state-of-the-art, secure software. We'll simply need your Vehicle Identification Number (VIN) and an accurate odometer reading. It takes only 7 minutes to protect your vehicle from the high cost of future repairs.

Once enrolled, you will receive your instant quote which will include full details on coverage and the roadside assistance plan. A Warranty Direct membership card will also be included.

Where do I get my Vehicle Identification Number (VIN)?
Your VIN is located in several areas and is a unique 17-digit identifier of your vehicle. The most common are:

On the driver's side dashboard of your car
On your insurance card
On the title to your vehicle
On the vehicle's registration card
On a sticker inside the driver's side door

Auto loans

What are the interest rates for my auto loan?
Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan expert will explain these factors, and tell you exactly what your interest rate will be.

How long does the application process take?
You will be contacted very promptly by the Regional Processing Center handling your loan request. The approval process is usually within several minutes to a few hours.

Can I get an auto loan even if I have bad credit?
Of course! Our lenders will work with you every step of the way to help you get approved! Our lenders specialize in helping you get the auto loan you deserve.

Will it help if I have a co-signer on the loan?
If your co-signer has good credit status, this will definitely help your chances of getting an approval.

Are there any fees associated with your auto loan application?
This is an absolutely free service.

What kind of vehicles can I get through your service?
Our nationwide network of auto dealers provides for all types of vehicles, both new and used. Sport Utilities, Vans, Trucks, Passenger Cars, Luxury Cars and Sports Cars.

If I buy a Pre-Owned Vehicle, how can I be sure it is reliable?
All of our Dealers offers Protection Plans and Extended Warranties that will cover your vehicle and give you peace of mind.

Is a down payment required?
No, you will not have to make a down payment.

When will my first monthly loan payment be due?
Your monthly payments will fall on the due date you specify on your loan application - and your first payment will be due on the first occurrence of your due date. For example, if you select the 15th of each month for your payment due date and your check is funded on the 10th day of October, then your first payment would be due on the 15th of November. Note: If the first payment falls on a weekend or holiday, the payment will be due on the next business day.

If I choose to sell my car to another individual, can my loan be assumed, or taken over, by that person?
No, your loan is not assumable by another party.

What loan amount should I request?
We suggest that you apply for an amount greater than the amount you think you'll need in order to give yourself some flexibility. Remember that your actual loan amount will be the amount you fill in on your check. For a new or used purchase from a dealer, this can include the sale price of your vehicle, taxes, licensing and registration fees, credit insurance, extended warranty/service contracts, and any other fees, less the value of your trade in and/or down payment.

What is the largest loan amount I can get?
You may apply for a loan amount up to $75,000. However, we suggest you apply for a loan based on your need. If you apply for a loan greater than that which you qualify for, we will let you know. You may then decide whether to proceed with the loan.

What if I want to pay my loan off faster than planned? What If I want to pay it off all at once? Are there any penalties for prepaying my loan?
No, you may pay off either a portion of your loan or the entire amount at any time without incurring any penalties. Any payment you make above your regular monthly payment is usually applied to the principal balance of the loan.

Can I finance the purchase of a vehicle that will be used for business purposes?
No, FAQ - Credit Rate.net finances only personal-use vehicles.

Auto insurance

What factors may affect my auto insurance costs?
Driving history. A "clean" driving record keeps insurance costs lower.

Age, gender, marital status.
Driving patterns and geography. The more you drive, the more you pay and the more populous your area, the higher your insurance premiums.
Your car. Some cars cost more to repair, are more easily damaged in an accident or are targets for theft. They always cost more to insure.
Amount of insurance. The higher the policy limit, the more it costs.
Credit history. In some states, an excellent credit rating might reduce your premium.

How can I lower my auto insurance rates?
Drive defensively and legally to maintain a good driving record.

Comparison shop for insurance, and be sure you´re comparing apples with apples for coverage types and costs.
Obtain higher insurance deductibles.
Get discounts whenever they apply to you.
Protect your credit rating.

What discounts are available?
Ask our auto insurance counselor for the following discounts if you:

insure more than one vehicle with the same company
own your home
have recently taken a defensive driver course
have a car alarm, airbags, anti-lock brakes, or automatic seatbelts in your car
have homeowners and car insurance through the same company
pay in full or through EFT (electronic fund transfer)
attend college over 100 miles from home and don´t have a car with you
are a full-time student with a grade point average "B" or higher
participate in a shared-vehicle car pool

Why does my insurance go up if I have an accident or get a ticket?
When you get a ticket or have an accident you become a higher risk. Statistically, the chance of having an another accident increases proportionately to how many tickets and accidents a driver has already had, so insurance companies adjust their rates to accurately reflect the increased exposure to future claims based on this higher risk.

When I rent a car, what does my auto insurance policy cover?
Check your policy or ask your insurance agent. Your policy may specify rentals only for pleasure, like vacations or special events, but not business. Make sure you understand exactly how much your policy covers. Limitations may cover repair, but not losses incurred while the rental is being repaired. The policy limits may or may not cover replacement if the car is totaled. If you carry only liability, you may not have rental car coverage at all.

If in doubt, buy the rental coverage. It´s much cheaper than discovering after the fact that you don´t have adequate coverage.

I have Property Damage and Physical Damage coverage. Aren´t these the same?
Property damage coverage, which is usually required, protects and covers damage you cause to someone else´s property. There is no deductible for this.
Physical damage (also called comprehensive and collision) is usually optional. Collision covers damage to your car if you collide with another automobile or object. Comprehensive covers damage from fire, theft, vandalism, weather, windshield, or animal-related accidents. Both typically have separate deductibles.

If a friend drives my car, is he or she covered under my insurance?
Other drivers who your permission to use your auto are frequently covered. To make sure, check your policy or ask your agent. Find out if there are limitations regarding your policy and how they apply to other drivers.

What should I do if I have an accident?
Check to see if anyone needs medical attention.

Call the police. They will tell you whether you should move the autos, and whether an officer will come take statements from those involved.
Stay calm. If a police officer questions you, be factual. It is not up to you to talk about whose fault it is. The police and insurance companies decide that.
If law enforcement is not involved, exchange