When the time comes for a home equity loan application, it is important to get accurate funding advice from your financial advisor or bank representative. Use an automatic funding guidance if you desire to automatically make and submit funding advice even when the loan has been approved and then do not permit any changes to funding details after the loan has been approved. Use a manual funding advice only if you plan to arrange or prioritize funding events or intend to control funding on the date of the funding approval. If you have any doubts about which funding advice to take, you can always get the help of your personal finance advisor or accountant. They are the best ones who can give you the right funding advice.
When you use an automatic funding guidance, you do not have to submit a funding advice to the bank. Your loan manager reviews your loan application and if he or she finds that the funding amount is suitable according to your requirements and if there are no other relevant reasons for the funding, he or she will inform you. Once you receive a positive funding advice, you are free to arrange your finances according to your convenience. Your loan manager may also decide to delay the loan funding for a later time. You will be informed accordingly.
If you are using an automatic funding advice, you are not necessarily required to submit an application for a loan. If your application for a loan is not given approval within the required time frame, you will be given an extension or a postponement depending upon the reasons. If you have applied for a loan and you have still not received a positive funding approval, you may still submit an application for a loan extension. However, if your loan application is still on the pre-approval stage, you must submit an application for a funding postponement before the end of the pre-approved funding period. A pre-approved funding period is 30 days from the submission of the funding application. For most loans, a funding postponement is not applicable.
Another reason why you may not be receiving a positive funding start date for your loan is your current financial situation. If you have applied for a personal loan and your credit history is not good, you will probably not receive a positive funding start date until the loan status improves. Therefore, it is important that you make a good payment history every month. A good payment history will improve your credit rating and thus improve the chance of receiving positive funding for your personal loan.
Loan funding experts can provide you with a good funding advice. They know the intricacies of the funding process and they can help you determine the best funding streams to use to pay for your loan. For example, if your main income stream is your regular salary, and you have another regular income stream such as alimony payments or child support payments, it is important to first concentrate on your regular salary stream to get the funding you need. Once you determine which stream gets you the most money back, start applying for funding for the other streams as well. It is important to keep in mind that loan funding is a zero sum game; therefore, you must always pay back the funds you received, or you lose the funding.
Once you receive your funding start date, you will need to follow the steps outlined in Loan Funding Advice properly. You should be able to receive all of your required funding and you should ensure that you submit all necessary loan applications and payments on time. Also, once you pay back the funds you received for your personal loans, your creditors will honor all of your loan agreements and repayment schedules. You can also work with the same funding sources again for future loans.
