Buying a First Home
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Buying a First Home

After 10 years of marriage, I’m still enjoying living in the first home I moved into with my husband. Buying a first home can be one of the most exciting events in a person’s life. Before making this important expenditure, people need to first sit down and determine how they will successfully finance it. After all, a home will likely be the most expensive purchase you make in your life. Talk to a loan officer and determine how much money you can reasonably borrow. Then, decide how much money you want to use as a down payment. You also must decide how many years you will finance your home for. On this blog, you will learn about the process of buying a first home with a loan.


Buying a First Home

Lenders Vs. Lending GROUPS: Differences, Pros, And Cons

Irma Bates

When you need a loan for just about anything, you think of banks. These are typically the lenders you go to when cash flow is an immediate need. However, there are lots of other ways to get cash from a loan, and one of those ways is a lending group. Because of the lending offers and finance rates offered by a lending group, you may think that they are a bank or a traditional lender, but they are not. The following reveals the differences between a lender and a lending group, as well as the pros and cons of each. 

A Lending Group is a Bunch of Non-Traditional Lenders

When you gather up willing lenders and private investors into a group, you get something similar to Liberty Lending Group. This organization, and dozens of others like it, provide loans that most banks and traditional lenders refuse to touch. If consumers cannot get a loan from a bank/traditional lender, they can get a loan from a lending group. The organization examines the consumer's requests for a loan and the reasons for requesting the loan, and then refers the consumer to the lending group members that will best fit with the consumer's needs and request and can help that particular consumer.


A lending group often approves large sums of cash on short notice, even if a consumer's credit is not so good. Because they are comprised of several investors and lenders who will lend money to risky customers, they are willing to do what banks will not. Conversely, a bank will provide much better financing rates, and potentially longer repayment terms than the loans offered by a lending group. If you borrow from a bank, you are able to make payments to the bank with a just a drive or a walk over to the nearest branch. 


Lending groups charge much higher interest rates on personal loans and debt consolidation loans than banks do. The organization's main office is typically not located anywhere near you, so payments have to be made by check every month or you have to fill out a form that agrees to allow the organization to withdraw payments from your personal checking account. Conversely, banks do not approve everyone who applies for any sort of loan, and they definitely refrain from giving loans to consumers who pose a major financial risk when the consumers do not have enough income or good credit to back the repayments.