Mortgage and unsecured loans

Business loans, start-ups, consumer loans, real estate

investment, home construction, repair, ... all of the above
require money. You want to invest or spend on anything
that your finances don't seem to be rich in, what most
people think is borrowing money from a bank to have
money. But is it that simple to borrow, and what type of
loan is there?

At the moment, there are two typical types of loans

suitable for all borrowers at banks or any place that
provides safe and legal loans. Firstly, Mortgage loan is a
type of loan with collateral. Valuable assets are required to
be approved for a loan application. The loan period is
extended. Low interest rate, gradually reducing is quite
pleasant for customers. Loan amounts can reach billions
of dollars. The loan limit is completely dependent on the
value of the property. Loan application processing time is
longer. The possibility of losing assets is quite high if you
are unable to pay the debt.
 Second, Unsecured loans: Completely based on
reputation to make loan requests. The applicable interest
rate is quite high. There is no discount when you pay early
before the due date. Shorter loan period but also quite
flexible payment method. Simple and fast disbursement
process. You can choose to pay monthly to relieve
financial pressure. However, with unsecured loans, the
rate of slippage is very high. The loan is limited at the
same time, you can only borrow a few times your salary.
Moreover, the borrowers are also quite limited. Chances
are you have a bad credit score if you happen to be late
with your payments.

These two types of loans actually satisfy different

needs, so whether you are wondering whether to get a
mortgage or mortgage depends on the situation.

 If you borrow for living needs, the loan is low, you

should take an unsecured loan because the
procedure is simple, the interest rate calculated every
day according to the decreasing balance of the loan
will be more beneficial.
  If you take out an investment loan, buy a house, buy a
car, you need to borrow a mortgage with a high limit,
the interest rate will be more reasonable because of
the long-term loan.

So the basic difference between unsecured loans and

mortgage loans is the risk nature of the loan. In common
sense, unsecured loans are riskier than mortgages, which
is true, but not enough. Unsecured loans will be risky for
credit institutions if the borrower does not repay the loan
as promised and committed. If the unsecured loan is
guaranteed by a third party, the risk will also decrease
depending on the reputation of the guarantor. As for
mortgages, the risk lies in the liquidity (is the collateral
easily liquidated?) of the collateral. The more liquid the
collateral, the easier it is to access loans.

Verification for lending

No matter what type of loan you want to make, you

need to prove your finances. In order to get a loan, the
borrower must show that he or she has any assets such
as a house, a car, etc. Those will be the assets the
borrower can mortgage. Currently, lenders will need
borrowers to demonstrate financial information through
assets owned by them. Borrowers need to obtain proof of
ownership or Verification of Deposit (POD/VOD) forms and
send them to the lending bank. For verification purposes,
lenders will pledge proof of deposit for at least three
months of the borrower's bank statement.

Most banks and lenders verify bank collateral

statements to reduce the chances of people with fake
documents doing illegal business or investment activities.
Most mortgage lenders will ask to see your latest bank
statements that are at least three months old, but some
may ask for up to six months' worth of funds. There are
also a few people who don't look back this far and can be
satisfied with a value of just one to two months.

To verify the information you have provided, your

mortgage lender may contact your bank by phone. More
commonly, however, they will complete proof of deposit or
verification (POD/VOD) request forms and ask your bank
to verify your account this way. Most banks offer
downloadable forms to lenders on their websites to make
the process quick and easy.

With Collately you can make statistics and list in detail

your expenses, monthly income and any time of the year.
With Collately, you will only need to upload your trading
account and trading copy. The rest of the work we will
prepare for you. Transaction report with monthly report,
from the transaction numbers we advise you to get a loan
from the bank. For unsecured borrowers, three to six-
month sales and spending figures are important, as your
income and expenses and savings will show your
creditworthiness. The higher the credit rating, the easier it
is to get a loan. But besides that you also need to pay
attention to the money received from being given, or even
winning or winning the lottery.

The fact that a bank or lender wants to see your bank

statement is simply because they want to know how
reliable you are and what your spending habits are, have
enough balance to pay back the balance. money they
borrow at the specified time or not. When making a loan,
the borrower is responsible for the lender's money. From
your income and expenditure reports, we will give you the
best advice for revenue, payment, and money-using
activities. The showrunner will look and see that in recent
months (three months) you have been a good cash-flow
handler and have been able to meet the monthly debt and
interest payments. If your creditworthiness is high, you will
be able to borrow the desired or almost desired amount.

Whether you are an investor, starting a business, or

looking to expand your spending, the most important thing
is always your finances. If you have a bad credit history
and unreasonable spending, don't worry, with Collately and
Accounting247's services you will be advised on the best
financial problem.
Calculate interest rate

To have more money to invest in business or use for big

things, many people choose to borrow money from a
bank. This form helps borrowers quickly own large
amounts of money without any risk. However, how to
calculate bank loan interest by day, month, and year?
Through the article below, we will share with you the
simplest and most accurate method.

How to calculate bank loan interest per day

With the term savings service, the amount will be

specified after a certain period of time before it can be
withdrawn. The bank offers many different terms for
customers such as weekly, yearly, quarterly or daily
depending on customers' savings needs.

In this paragraph, we will show you the formula for

calculating daily interest rate as follows:
 Daily interest amount = Deposit x interest rate (%year)
x number of deposit days/360.

Calculate bank loan interest monthly

The way to calculate the monthly loan interest rate is

paid special attention by many people. Currently, banks
are applying 3 main interest rates for borrowers, including:
fixed interest rate, floating interest rate and mixed interest
rate. Each type of interest rate will be applied to calculate
monthly loan interest for each credit product, thereby
ensuring the interests of customers and compensating for
risks for the bank.

Fixed interest rate

With a fixed interest rate, the borrower needs to pay a

fixed amount every month. Interest rates will not be
affected by market factors. To calculate the monthly bank
interest rate, banks will base on the initial loan amount.
The specific monthly payment formula is as follows:

Monthly interest rate = Loan amount * Interest rate/12

months.

Floating rate
 Interest rates can change according to market
fluctuations, sometimes going high but sometimes falling
sharply. The interest rate will include: cost of capital +
fixed interest margin or fixed cost of capital + variable
interest margin. The way to calculate the monthly bank
loan interest rate with the specific floating interest rate
form is as follows:

Monthly interest rate = (Loan amount * Fixed interest

rate)/12 months.

After the fixed interest payment period, the floating

interest rate will have the following monthly interest
calculation formula:

Monthly interest rate = (Loan amount * Floating

interest rate at the time)/12 months.

Mixed interest rate

This is the interest rate that is combined by the two

forms above. After a certain period of time, the fixed
interest rate will change to a floating rate. Example: A
customer borrows $500,000 for a period of 10 years to
buy a car. The fixed interest rate for the first 2 years is
8%/year. After that, a floating interest rate of 10.5%/year
will be applied. The amount of interest that needs to be
paid and the amount of monthly payments are specifically
estimated as follows:

Monthly payment (first period): $7,500.

Maximum monthly payment: $7,667.

Total payable: $742,083

Total interest payable: 242,083 $.

How to calculate bank loan interest by year

In addition to calculating the monthly interest rate on a

bank loan, calculating the annual interest rate is also of
great interest to many people. Usually, this method will
calculate loan interest based on the principal balance.
Therefore, the borrower's monthly installment payment is
almost unchanged and is not affected by changes in the
market. Sometimes, market interest rates will go up or
down drastically, but the interest rate borrowers have to
pay for a year remains fixed. This is both an advantage
and a disadvantage of this particular form of loan.
 Monthly interest rate = Year/12 month interest rate.

Monthly interest = Principal amount x Monthly interest

rate.

Total monthly payment = Principal/12 months +

Interest paid monthly.

For example, the amount borrowed at the bank is $

100,000 , for a period of 1 year. During 12 months, interest
is calculated on the principal amount of $100,000 (interest
rate is about 12%/year). According to the above formula,
the monthly interest rate will be calculated for 1 year as
follows:

Monthly interest = 100,000 * 12%/12 = $1,000.

Amount to be paid monthly = 100,000/12 + 1,000 =

$9,333.

How to calculate bank loan interest according to the

decreasing balance?

In addition to calculating the bank loan interest rate by

month, year, there is also a way to calculate the bank loan
interest rate according to the decreasing balance of the
loan. This interest calculation will normally be based on
the actual amount owed after deducting the principal that
the borrower needs to pay in the previous months. From
there, the amount of interest payable will gradually
decrease, and at the same time, the debt balance will also
quickly decrease. The formula for calculating diminishing
interest based on the specific reducing balance is as
follows:

Monthly principal = Loan amount/Loan number of

months.

First month interest = Loan amount * Monthly loan

interest rate.

Interest in the following months = Remaining principal

amount * Loan interest rate.

Example: Loan amount is $50,000 for a period of 12

months with an interest rate of 12%/year. So the specific
amount to be paid is as follows:

Monthly principal = 50,000/12 ~ $4,100.

Interest for the first month = (50,000*12%)/12 = $500.

 2nd month interest = (50,000 – 4,100)*12%/12 ~ $458.

Continue to pay like this in the following months until

the debt is paid off.

How to use loan effectively

In any business field, capital also plays a very important

role, because without capital, the capital business cannot
start, expand or develop. However, not everyone knows
how to turn capital intelligently, as well as how to use
capital effectively. No matter how big or small your
business is, business is not just about money. Many
people have known fast loans as an effective solution in
times of immediate capital need. But not everyone knows
how to use this money effectively. The following article
will share with you the experience of using and managing
capital in the most effective way.

Knowing your abilities is the key to your success. If you

do not want to lose too much money on an unsatisfactory
project, then before deciding to invest your capital in
anything, you should think carefully. Always make firm
decisions when agreeing to invest.

You also need to know that good economists always

have a way to spend money wisely. They never spend their
last penny. There is always a way to retreat when one plan
fails and you still have the ability to start another project.
The smart way to spend money is to always know how to
leave a way back for yourself.

What will you use your capital to invest in? Is it

profitable to invest in that plan? Always know how to
consider before each investment for something. You
should also have certain solutions so that your budget is
never empty. Dividing capital into certain parts and
investing in necessary things will help you use capital
more effectively. At the same time, you also need to
develop a development plan for the company in certain
stages and allocate capital in the most appropriate way
for each period. A good plan will help you a lot on the way
to success. At the same time, the capital will also be used
in the right place to bring you the highest profit.
 You need to know which plan works best for you and
choose it so that the investment is always the most
effective. At the same time, you also need to divide your
investment into certain amounts and prioritize the things
that bring you the most benefits. The right investments will
give you more than you need. Aligning capital where it is
needed to bring you profits is an art. Therefore, never take
this lightly. Take the time to list out the things to do, the
places to invest to use the money in the most rational way.
Always know how to use capital sparingly and smartly.

For businesses, depending on financial capacity as well

as business orientation, consider choosing the most
suitable way to rotate capital. Bank loans have long been
considered as one of the most thought-provoking
solutions when businesses are stuck in capital. However,
this solution should usually only be used when you need to
borrow money in large amounts, with a long loan period.
The bank loan procedure is quite complicated and takes a
long time to appraise. This is a suitable solution for large,
development-oriented and long-term capital enterprises.
Another form of loan that is also favored by many
businesses is a quick loan. This form is suitable for
businesses that need capital immediately to solve
temporary financial difficulties and invest immediately.
Quick loans do not take too much time to appraise
documents, flexible loan time. Quick loan is also suitable
for businesses that need capital right away while waiting
for bank loan procedures.
Bank statement
A bank statement is a document (also known as an
account statement) that is typically sent by the bank to the
account holder every month, summarizing all
the transactions of an account during the month. Bank
statements contain bank account information, such as
account numbers and a detailed list of deposits and
withdrawals. 

KEY TAKEAWAYS

A bank statement is a list of all transactions for a bank

account over a set period, usually monthly. The statement
includes deposits, charges, withdrawals, as well as the
beginning and ending balance for the period. Account-
holders generally review their bank statements every
month to help keep track of expenses and spending, as
well as monitor for any fraudulent charges or mistakes.

How a Bank Statement Works

A bank issues a bank statement to an account holder

that shows the detailed activity in the account. It allows
the account holder to see all the transactions processed
on their account. Banks usually send monthly statements
to an account holder on a set date. In addition,
transactions on a statement typically appear in
chronological order.

Special Considerations

Many banks offer account holders the option of

receiving paper statements or using paperless, electronic
ones, usually delivered via email. An electronic version of a
bank statement is known as an electronic statement or e-
statement and allows account holders to access their
statements online where they can download or print them.
Some banks email statements to customers as an
attachment. Some bank automatic teller
machines (ATMs) offer the option to print a summarized
version of a bank statement, called a transaction history. 

Some institutions charge for paper statements, while

many online-only banks require digital delivery. 

Even with the convenience, value, and accessibility of

electronic statements, paper statements aren't likely to go
away anytime soon. In 2021, 7% of adults in the U.S.
reported that they do not use the internet, according to the
Pew Research Center.

A survey done in 2017 by Two Sides North America

found that nearly 70% of consumers find it easier to track
expenses and manage finances with paper statements.
Two-thirds prefer a combination of paper and electronic
statements. Many recipients of e-statements still print out
their statements at home, preferring to keep a permanent
record.

Benefits of a Bank Statement 

 During the reconciliation of their bank account with the
bank statement, account holders should check for
discrepancies. Account-holders must report discrepancies
in writing as soon as possible. A bank statement is also
referred to as an account statement. It shows if the bank
is accountable with an account holder’s money.

Bank statements are a great tool to help account

holders keep track of their money. They can help account
holders track their finances, identify errors, and recognize
spending habits. An account holder should verify their
bank account on a regular basis—either daily, weekly, or
monthly—to ensure their records match the bank’s
records. This helps reduce overdraft fees, errors, and
fraud. If any discrepancies are found, they must be
reported to the bank in a timely manner. Account-holders
usually have 60 days from their statement date to dispute
any errors. They should keep monthly statements for at
least one year.Refrain from checking your bank account
online while connected to a public wi-fi network. Hackers
can more easily access your private information when you
are connected to the same network.
 Requirements for a Bank Statement 

Parts of a bank statement include information about the

bank—such as bank name and address—as well as your
information. The bank statement will also contain account
information and the statement date, as well as the
beginning and ending balance of the account. Details of
each transaction—notably the amount, date, and payee—
that took place in the bank account during the period will
also be included, such as deposits, withdrawals, checks
paid, and any service charges.

For example, a bank statement may show a non-

interest-bearing checking account with a beginning
balance of $1,050, total deposits of $3,000, total
withdrawals of $1,950, an ending balance of $2,100, and
zero service charges for the period Sept. 1 through Sept.
30.
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Definition of mortgage loan

A mortgage loan is an agreement between you (the borrower) and the

mortgage lender to buy or refinance a property of great value without all the cash
upfront. This loan agreement gives the lender the legal right to reclaim the
property if the borrower fails to meet the terms of the loan agreement, typically
defaulting on the loan amount plus interest.

Usually, when taking out a mortgage, someone will call it a mortgage broker.
Mortgage broker will act as an intermediary, they connect borrowers with
lenders.. A mortgage broker helps borrowers connect with lenders and find the
most suitable option between their financial situation. of the borrower and the
interest rate desired by the lender. They will save time and effort as well as help
borrowers get loans and interest rates that are right for them. Mortgage model
has a revenue that is a commission based on the size of the loan. They will not
pay a fee, but will receive a commission from the loan itself, which will be clearly
stated in the tripartite contract.

When a borrower approaches a mortgage, the lender will review the

borrower's bank statements to verify that the borrower can afford the mortgage
and its interest. Lenders will easily get a mortgage if their bank statements are
good and there is nothing to worry about. So what do lenders look at on a bank
statement and what do they judge on the statement to offer a mortgage?

What lenders need and do with bank statements

During the mortgage loan process, the lender checks the borrower's bank
statements for the last three months. You will need a bank statement of all your
custodial accounts. Includes money in money markets, checking accounts,
savings accounts, card accounts. The borrower's bank statements should be
verified for the cash flow in the account and also for the savings. Deposits,
withdrawals or unusual transactions in your account will also be scrutinized.
Along with that also need to make sure that the borrower does not have any large
debts recently. Three months is the time it takes for a borrower's bank statement
to qualify as any credit or deposit accounts older than that amount should have
shown up on your credit report. An uncommon exception is for self-employed
borrowers who hope to qualify based on bank statements rather than tax returns.
In this case, you will need to provide a bank statement of the past 12-24 months.
However, even in this case, the loan officer may still consider large deposits in a
different way.

To get a mortgage loan, there are requirements, it is not easy to just have
assets to be mortgaged. Borrowers must also have enough cash to cover the
prepayments. Borrowers don't always want to pay off their mortgage, they need
to follow the lender's guidelines. And most importantly, the borrower himself
must have enough money and any legitimate expenses every month to pay off
the mortgage. Besides, in urgent cases, borrowers also need cash to pay
additionally. However, if you have money in a bank account, it must be legal, have
a clear source and be in the account for at least 90 days (not from gambling) and
not be a loan (unless is a gift that has been properly documented).

We already know what lenders want to see on borrowers' bank statements.

So what are the points that can make the borrower's bank statement lose
credibility in the eyes of the lender. Firstly, your account spends gallopingly, you
overspend your income, thereby seeing that you are not a good financial manager
(requiring tools, financial advisors, etc.) to deal with this problem). Second, you
have a large amount of money that can be proven to get a mortgage, but your
money is advanced from someone or received from someone without clear
documents (the large amount received is estimated to be more than 50% of
income). You need to specify where the money received for the mortgage comes
from, such as gifts from family members or relationships, generally the money
must come from clean sources, or you can wait after 60 - 90 days the funds
become "seasoned", you can spend it without proof. Third, Regular payments,
irregular activities. Watch out for a monthly payment that doesn't correspond to
the credit account disclosed in your application. Typically, your credit report will
take credit cards, auto loans, student loans, and other debt accounts. But some
creditors do not report to the major credit bureaus. For example, if you get a
personal, personal, or business loan from an individual instead of a financial
institution, those debt details may not show up on your credit report. However,
the $300 monthly automatic payment on your bank statement has the potential
to alert lenders to an undisclosed credit card account.