If you are involved in a personal injury lawsuit, you may be faced with choosing between a structured settlement and a lump sum to receive your compensation. A structured settlement involves annuities and an insurance company. You will receive specific payments over a period of time.
If you choose a lump sum, you will be given the whole of the settlement at once. There are benefits to both, and you must decide which is better for you and your family:
Here are the benefits of choosing a structured payment to receive your compensation:
Lump Sum Payment
If you prefer to have these benefits, choose a lump sum and receive all the money at once.
Something to consider when deciding between a lump sum and structured settlement is the total amount you will receive. If the settlement is going to be very large, the payments on a structured settlement can be enough to provide for you and your family for many years. However, if the amount is not large enough for that, taking a lump sum can take care of any financial issues you may have and buy you a home. This will allow you to live comfortably even with a modest income. You decide which suites your needs better.
To learn more, contact a company such as myLumpsum.com with any questions or concerns you have.Learn More
Since the housing crash of 2007, many people wonder what they can do to get a home loan. The restrictions have become very strict so that there are many individuals who are unable to qualify for a home loan even though they can afford it. A great option is a portfolio loan. This is a specific kind of loan that is an option with some banks or credit unions. Here are some things you need to know about portfolio loans.
What Is A Portfolio Loan and How Is It Different From A Conventional Loan?
Generally, a conventional loan is a loan that is bought by a large lender. Because these lenders have very strict qualifications, the credit unions and banks are forced to comply if they want to sell their loans to these lenders. This means that you can only get a loan if you meet specific criteria. A portfolio loan is different. Instead of having to meet certain requirements that the national lenders put in place, your loan is held in house. This means that the bank or the credit union can decide the terms at which you will be approved.
For example, this means that the bank or credit union will take into account your income, your education, your credit score, your history of paying rent and so forth. Then they will decide if you are a good risk. If they determine that you are worth the risk, they will approve you based on your portfolio and they will loan you the money.
Why Choose A Portfolio Loan?
There are certain demographics of people who prefer a portfolio loan. If you are self-employed you might need to get a portfolio loan. This is because the only income verification that the national lenders will take is tax returns. However, most self-employed individuals write off a lot of their income so their taxes don’t necessarily reflect how much they truly make.
Another group that might prefer a portfolio loan are those who have recently declared bankruptcy or had a short sale. There are generally waiting periods for these types of loans, so if you chose a portfolio loan, it might allow you to get into a home quicker.
Not all lenders offer these types of loans. In addition, they may not be advertised. This is why you should call around and see what lenders in your area offer this option if this is something you would like to pursue. (For more information on home loans, contact MCS Bank or another company)Learn More