If you suddenly need to make payments and can find the funds for them, then you should consider applying for a loan. What type of loan, you ask? Well that depends on what your current financial needs are. Don’t worry, these kinds of loans are easy to understand, and you can find tons of info on them online. For starters, here are three types of loans:

For example, if you are hoping to close in on that house purchase you’ve always wanted to do, you can opt to get a loan under home equity line of credit. In this manner, you will use your house as collateral, and a certain percentage of the appraised value of the house may be obtained through a loan. All you need to do is determine a loan term and be religious in paying your monthly dues.

However, in times when you need to wipe out your credit card debts and other payable, you need to get into a debt consolidation program. In this kind of loan, you borrow an amount that can pay off all your debts, leaving you with one debt payable to only one lender. This is a welcome option if you want to repair your credit. Take note that this type of loan is subject to many requirements, so you need to be well informed before you apply for one.

Lastly, if you find yourself stuck in a financial rut, and you need to make payments in the soonest time possible, such as for car repairs, home repairs, or medical expenses, you can get a cash advance loan instead. This way, you can borrow an amount that you can pay off on your next payday. Online payday loans are ideal when you have emergency payments that need to be taken care of.

Mortgage rates are creeping lower as increased concerns over the stumbling housing market reach into other markets. These concerns have brought mortgage rates down to their lowest levels in almost half a year.

This news was illustrated by the Primary Mortgage Market Survey put out by Freddie Mac. According to the survey, the 30-year fixed-rate mortgage is currently averaging 6.26 percent with an average 0.4 point for the week ending November 1, 2007. Just the week earlier, the mortgage rate was at 6.33 percent. Last year at this same time, the 30-year fixed rate mortgage was averaging about 6.31 percent.

These results show that the benchmark 30-year mortgage loan rate has is at its lowest since May 17, 2007, at which time it averaged 6.21 percent.

According to Frank Nothaft, Freddie Mac vice president and chief economist: “October’s consumer confidence fell to its lowest level since October 2005 as mortgage rates continued to decline this week to their lowest level in almost six months. Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage and mortgage refinance rates low over the last few weeks."

While this should be good news for buyers, the recent troubles with the sub-prime market has caused many lenders to tighter up credit, making it more difficult for some buyers to get these lower rate loans.

There has been a lot of talk recently about how mortgage arrangement fees have been going up, with some hitting nearly £2,000. What about an arrangement fee that is nearly £10,000? That is the fee Abbey will charge for its larger mortgages. Industry watchers say this is the first fixed fee to reach nearly five figures. Percentage-based fees have had the capability of reaching big numbers of course.

Most high street mortgage lenders provide mortgages up to £250,000, but this fee is applied to loans of between £500,000 and £750,000 with an interest rate fixed at 5.59% for two years.

James Cotton of broker London & Country said the fee would seem “ridiculously big” to most borrowers. However, Nici Audhlam-Gardiner, head of mortgages at Abbey, said the fee was acceptable, and that the money would be used to offset the cost of arranging the mortgage and enabling them to offer customers a choice.

Higher fees are increasingly added to mortgages with low interest rates which enable lenders to keep their secured loans high in comparison charts. Borrowers have to keep a close eye on all charges involved in mortgages – not just on the headline interest rates.

Other mortgage lenders charge 2% fees on loans over £500,000, which would make for charges of £10,000 and over. For example, Halifax is offering a 5.59% two-year fixed rate mortgage with a 2% over £500,000. On a £750,000 loan the fee would be £15,000. This makes the fixed Abbey fee seem very competitive.

Cotton said: “Borrowers have to do their sums and check that the rate and fee together offer good value. If you are after a big mortgage, don’t just assume you have to pay a huge fee.”

A spokesman for Halifax said: “For some loans, a fixed percentage arrangement fee is much better than a set arrangement fee.”