BFI Blog

Loans

Loans are a form of financing. Money is given from a bank or financial institution to another party. That money is then paid back in increments over time, usually with interest. Terms of a loan are agreed to by both parties prior to money being given. Some loans have lower interest rates than others. Rates are determined by the lender and are often based on the loan type, amount of time required to repay the loan and credit worthiness.Depending on the product used and the lender involved, loans may or may not have a pre-payment penalty. Pre-payment of a loan means that it is paid back in its entirety before the contracted term ends. For example, many auto loans have a pre-payment penalty if you pay off your loan with more than six months left on the contract. If you are within that final six months, though, you may pay the loan back without a penalty. This penalty is to help absorb the cost of lost interest when a loan is paid back early.

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    Getting an Equipment Loan

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    Construction Loan Application Preparation

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    Non-Traditional Construction Loan Types

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    Construction Loans - Know the Basics

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    Do I Qualify for a Construction Loan?

    Whether you are a novice builder or investor just starting out, or someone with years of construction experience under your belt, a construction loan is a vital aspect to the success of your project...

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    Construction Loan Terminology - What it all Means

    If you’re thinking of applying for a construction loan, there is a lot to consider, and while doing your research, you may run into some terms you’re unfamiliar with. Below is an explanation of some..

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