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Hard Money Lending & Private Mortgage Lending- How it Works

Private Hard Money Lending explained. The first in a series of short videos about hard money investing, borrowing and brokering from Trent ...

Mortgage, new car? Negotiate loans to save big money on purchases

Similarly, few people negotiate car loans, said Miron Lulic, founder and chief executive officer of SuperMoney, a financial-services platform. Citing data from the Federal Reserve, 76 percent of people negotiate the car’s price, but only 31 percent of people negotiate their car’s loan. When it comes to car loans, dealers know buyers will focus on the payment, not the total cost of ownership, he said. That means the dealer’s finance office can hide ballooning payments later in the life of the loan.

To save money — which could be spent elsewhere — start by shopping for loans. For mortgages, home buyers should apply with at least two lenders, say Osborn and Morris. Greg McBride, chief financial analyst at Bankrate, agreed.

“Doing so gives you a couple of advantages. One, it helps you sort out who's got the best deal. And it also gives you somewhat of a bridge in negotiating things like rates and fees paid,” McBride said.

Try to apply with different lenders in the same day, but don’t worry about having multiple inquiries hurting credit scores, McBride said. Multiple inquiries within that 30-day period are treated as one.

Financial experts: Assistance, deferals still available for those hurt by hurricane

Some of the financial issues might turn out to be worse than first expected as people discover just how much they’re on the hook for in regard to property repairs.

Even those who will be covered by insurance might be shocked to discover how much they might have to pay out of pocket because of a hurricane deductible. And there’s also the issue not knowing exactly when that claim money is going to be available.

Many who haven’t suffered property damage might have still be facing financial stress due to lost wages from businesses being closed because of the storm.

The good news for those who have found themselves in a precarious financial situation almost three weeks after the storm is that there are a lot of avenues to pursue assistance.

The problem, of course, is that a lot of the help is not immediate, and a lot of the programs are simply deferring one’s bills or offering low-interest loans. In other words, you still have to pay at some point.