Many consumers’s applying for credit and have been surprised to find that their credit rating is not what they thought it was. Frequent hits on the credit bureau will hurt your score and late payments regardless how innocent a mistake it may have been will also impact on your credit score. Managing your credit requires that you manage your personal finances like you would a small business. Create a budget and build in room for emergencies. Take the time to sit down and balance the budget. Write it all down. It is not a big deal and you will be surprised at what you discover about you spending habits.
I have a friend who does not pay much attention to her budget and is often late paying her bills. Recently she complained to me that she wanted to purchase a car but could not afford the payments. I asked her what her payments would be and she replied that with insurance and gas she would need to about $1000 a month but could only afford $600.
I know many people with similar lifestyles and incomes who own cars and new that my friend should be able to afford a car. So we sat down and created a budget. Once we identified all of her necessities we took a closer look at her vices.
Thursday, December 27, 2007
Thursday, December 20, 2007
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Friday, December 14, 2007
What is a Home Equity Loan?
A home equity loan is a loan that is guaranteed by your home. Are you in urgent need for cash and want to get the same without selling off your home or property? Getting a home equity loan is a good way to do so.
Equity on your home is essentially the difference between the value of your home and the outstanding mortgage. Lot of finance companies today offer good deals on home equity loans, letting you borrow money based on the available equity on your home.
This type of loans product basically works on the idea that you use the amount you own within your property as collateral against a loan. You put it up as a guarantee to your lender that you can repay any loans. This allows you to free up the amount you already own within your property and use it as hard cash.
Most lenders will work out how much equity you have for you - but it's simple enough to do it yourself. All you need to do is to work out how much your property is currently worth and then subtract your mortgage from it. If you're not sure how much is currently outstanding on your mortgage, have a chat with your lender and they'll be able to help you out.
A home equity loan allows homeowners to access the equity in their primary residence without having to sell the property. Equity is the difference between what a home is worth and what is owed against it. Traditionally, home equity loans were called second and third mortgages.
You might have heard about using these types of financing products to meet your financial goals. Most home equity loans are simply second mortgages, structured either as a lump sum loan similar to a first mortgage, or as a line of credit.
Home equity loans are also referred to as "Equity Release Scheme". The money you get on a home equity loan can be used for a variety of purposes such as to fund home improvement, buy a new car, consolidate your debts or finance a travel plan.
Home equity loans are particularly useful for the elderly. Elderly people can release the equity on their property and use the money to supplement their pension. This additional amount can be used to pay for the cost of residential care if they need it.
Home equity loans allow the elderly to borrow money at relatively low interest rate and with a low monthly repayment, thus easing the financial burden considerably in the old age. Under certain schemes there is no need to make a repayment at all. Depending on the equity in the home, these lenders simply reclaim the loan and interest by selling their house when they pass away or move on.
If you're looking to borrow money this is probably one of the easiest and most cost-effective ways of doing it. Lenders like giving out home equity loans because they know that they'll get their money back whatever happens.
This all means that you can get the most preferential rates and deals in comparison to other loan products. Another big advantage is that this is a way of freeing up cash that is already technically yours. Without any of the hassle or costs associated with moving.
The cost of the loan will depend on many factors including your personal circumstances, the amount you wish to borrow and over what period you wish to repay back the loan.
In a typical home equity loan, the home is used as collateral against the loan, meaning that should you be unable to maintain the loan repayments, your home will be at risk.
Equity on your home is essentially the difference between the value of your home and the outstanding mortgage. Lot of finance companies today offer good deals on home equity loans, letting you borrow money based on the available equity on your home.
This type of loans product basically works on the idea that you use the amount you own within your property as collateral against a loan. You put it up as a guarantee to your lender that you can repay any loans. This allows you to free up the amount you already own within your property and use it as hard cash.
Most lenders will work out how much equity you have for you - but it's simple enough to do it yourself. All you need to do is to work out how much your property is currently worth and then subtract your mortgage from it. If you're not sure how much is currently outstanding on your mortgage, have a chat with your lender and they'll be able to help you out.
A home equity loan allows homeowners to access the equity in their primary residence without having to sell the property. Equity is the difference between what a home is worth and what is owed against it. Traditionally, home equity loans were called second and third mortgages.
You might have heard about using these types of financing products to meet your financial goals. Most home equity loans are simply second mortgages, structured either as a lump sum loan similar to a first mortgage, or as a line of credit.
Home equity loans are also referred to as "Equity Release Scheme". The money you get on a home equity loan can be used for a variety of purposes such as to fund home improvement, buy a new car, consolidate your debts or finance a travel plan.
Home equity loans are particularly useful for the elderly. Elderly people can release the equity on their property and use the money to supplement their pension. This additional amount can be used to pay for the cost of residential care if they need it.
Home equity loans allow the elderly to borrow money at relatively low interest rate and with a low monthly repayment, thus easing the financial burden considerably in the old age. Under certain schemes there is no need to make a repayment at all. Depending on the equity in the home, these lenders simply reclaim the loan and interest by selling their house when they pass away or move on.
If you're looking to borrow money this is probably one of the easiest and most cost-effective ways of doing it. Lenders like giving out home equity loans because they know that they'll get their money back whatever happens.
This all means that you can get the most preferential rates and deals in comparison to other loan products. Another big advantage is that this is a way of freeing up cash that is already technically yours. Without any of the hassle or costs associated with moving.
The cost of the loan will depend on many factors including your personal circumstances, the amount you wish to borrow and over what period you wish to repay back the loan.
In a typical home equity loan, the home is used as collateral against the loan, meaning that should you be unable to maintain the loan repayments, your home will be at risk.
Saturday, December 8, 2007
Before You Buy That House - Do You Know These 7 Things? I Didn't
1. You can negotiate a better interest rate. Although the general consumer knows you can often get a better deal by shopping around, most people do not transfer this technique to obtaining a mortgage. Keep in mind that the interest rates quoted by lenders are almost always flexible, so all you have to do is ask for a lower rate. Many times, the lender will come back with a better offer if they're worried that you'll take your business elsewhere.
2. Know your credit history and credit score. Since the largest part of the loan approval process is determined by using your credit history, it is essential that you do not meet or speak with a lender or broker without first having a familiarity with such information. The worse your credit history and score, the worse and more expensive the final loan payment will be. By becoming familiar with your report, you will not be surprised by any questions raised by the lender/broker, plus you will have the opportunity to address any negative issues on your report.
3. APR does not mean what you think it does. The concept of the APR (Annual Percentage Rate) is designed to help the average borrower evaluate and compare different mortgage loans from different lenders. However, since every lender calculates their APR differently, the end result is significant confusion and an essentially worthless figure. Some lenders include their own fees and expenses into determining their APR, while others do not (hoping to illustrate a more attractive loan). Also, factors unrelated to the lender effect the APR (size of loan, type of loan, etc.).
4. The number of lender choices you have and offers you receive will be entirely dependent upon the number of relationships your mortgage broker has in place. Since more than half of all mortgages begin with a broker, it is important that you get as much background information as possible on that particular brokerage before committing to work with them. It's important to find out how many lending institutions they work with and what type of relationships they have. Be sure to choose a broker with multiple relationships in place so that you're assured a multitude of offers from qualified lenders.
5. Your monthly payment may be higher than the lender actually tells you. Keep in mind that, when discussing your monthly payment, many lenders focus only on what amount is required to repay the mortgage loan. In reality, there are often several other items that are added into that payment in addition to the mortgage loan payment. For example, most monthly payments have property taxes included in them. Others have home owner's insurance included. Some payments will have various other insurance and municipal fees tacked on. So make sure you're fully aware of all the additional sums that will be added to your payment.
6. Getting "pre-qualified" is actually worthless. The pre-qualification is simply a lenders disclaimer that you appear to meet the criteria needed for a mortgage. Too many lenders will send a pre-qual letter, expecting the buyer to use this letter as a means of confidently shopping for a house. This letter is generated entirely based on the conversation you have with the broker/lender, therefore no official or formal evaluation has been conducted, and the parameters of the final loan will most likely be different.
7. Buying in the winter months usually means lower prices. If you have a choice as to when you'll begin shopping for a home, you may want to consider purchasing during the winter months. The summer is usually considered a seller's market because buyers with families and small children are under time pressure. They do not want to disrupt the school schedule, and moving is easier in a warmer environment. This means less time for buyers to make decisions, shop for other homes, etc. If you can possible arrange to buy in the winter you usually spend less money.
2. Know your credit history and credit score. Since the largest part of the loan approval process is determined by using your credit history, it is essential that you do not meet or speak with a lender or broker without first having a familiarity with such information. The worse your credit history and score, the worse and more expensive the final loan payment will be. By becoming familiar with your report, you will not be surprised by any questions raised by the lender/broker, plus you will have the opportunity to address any negative issues on your report.
3. APR does not mean what you think it does. The concept of the APR (Annual Percentage Rate) is designed to help the average borrower evaluate and compare different mortgage loans from different lenders. However, since every lender calculates their APR differently, the end result is significant confusion and an essentially worthless figure. Some lenders include their own fees and expenses into determining their APR, while others do not (hoping to illustrate a more attractive loan). Also, factors unrelated to the lender effect the APR (size of loan, type of loan, etc.).
4. The number of lender choices you have and offers you receive will be entirely dependent upon the number of relationships your mortgage broker has in place. Since more than half of all mortgages begin with a broker, it is important that you get as much background information as possible on that particular brokerage before committing to work with them. It's important to find out how many lending institutions they work with and what type of relationships they have. Be sure to choose a broker with multiple relationships in place so that you're assured a multitude of offers from qualified lenders.
5. Your monthly payment may be higher than the lender actually tells you. Keep in mind that, when discussing your monthly payment, many lenders focus only on what amount is required to repay the mortgage loan. In reality, there are often several other items that are added into that payment in addition to the mortgage loan payment. For example, most monthly payments have property taxes included in them. Others have home owner's insurance included. Some payments will have various other insurance and municipal fees tacked on. So make sure you're fully aware of all the additional sums that will be added to your payment.
6. Getting "pre-qualified" is actually worthless. The pre-qualification is simply a lenders disclaimer that you appear to meet the criteria needed for a mortgage. Too many lenders will send a pre-qual letter, expecting the buyer to use this letter as a means of confidently shopping for a house. This letter is generated entirely based on the conversation you have with the broker/lender, therefore no official or formal evaluation has been conducted, and the parameters of the final loan will most likely be different.
7. Buying in the winter months usually means lower prices. If you have a choice as to when you'll begin shopping for a home, you may want to consider purchasing during the winter months. The summer is usually considered a seller's market because buyers with families and small children are under time pressure. They do not want to disrupt the school schedule, and moving is easier in a warmer environment. This means less time for buyers to make decisions, shop for other homes, etc. If you can possible arrange to buy in the winter you usually spend less money.
Tuesday, November 27, 2007
Where Will You Find The Best Credit Card Offer?
here are more than one billion credit cards in use in the USA alone and it is quite probable that many of these card holders believe they found the best credit card deal... and it could be they have.. for their own personal requirements. But everyone has different needs and the best credit card offer for one person may not be the best offer for another.
A credit card deal can only be regarded as the best if it works for you, personally. So, if a credit card fits into your lifestyle in such a way that it offers you the maximum benefits, then that is probably the best credit card deal you will find.
There are hundreds of differing types of credit cards on offer by the many credit card suppliers who are generally made up of banks, building societies and lending institutions across the world, and if you hope to find the best credit card deal to suit your own personal needs, you must take the time to do your research well. Your first decision will be about which type of card will best suit your lifestyle. Next, you will need to use one of the many online comparison charts which will help you to decide which company is making the best credit card offers, the ones which you personally find the most appealing.
There are many questions you should ask when searching for your best credit card deal and here are ten of the most important ones.
1/. Are any introductory rates on offer with this card? What are they and how long will they last?
2/. After the introductory rate period runs out, what will the new interest rate be?
3/. Are there any processing fees connected to my application?
4/. Is there an annual fee with this card, and if so how much will I be paying?
5/. Will I be charged late fees or over-the-limit fees?
6/. Are there other fees charged, like balance-transfer fees or account termination fees?
7/. When and how is a variable rate altered? Will I get prior notice?
8/. Will the card issuer inform me if I am about to go over my limit?
9/. What is the company's policy should I have trouble paying my bill?
10/ Is it possible for me to access my credit card account online?
So, when you are studying the online credit card comparison charts, check out the answers to the above questions for each credit card. You will need to be totally happy with the answers you get from each of the questions so that then, and only then, can you consider yourself to have found the best credit card deal on the Internet! Remember also that your application progress will rely heavily on your credit score, salary and possibly value of collateral. In trying to secure the best credit card offer, don't apply for a credit card that you are unlikely to qualify for. A Card Finder Report will establish which credit cards you are most likely to qualify for and may well save you a great deal of time in the process.
So, in summary, phrases like 'best credit card deal' or 'best credit card offer' should be regarded simply as relative terms as there are no specific credit card offers which will be equally good for all individuals.
India Investments - home loans - Bank charges knowledgeable
A credit card deal can only be regarded as the best if it works for you, personally. So, if a credit card fits into your lifestyle in such a way that it offers you the maximum benefits, then that is probably the best credit card deal you will find.
There are hundreds of differing types of credit cards on offer by the many credit card suppliers who are generally made up of banks, building societies and lending institutions across the world, and if you hope to find the best credit card deal to suit your own personal needs, you must take the time to do your research well. Your first decision will be about which type of card will best suit your lifestyle. Next, you will need to use one of the many online comparison charts which will help you to decide which company is making the best credit card offers, the ones which you personally find the most appealing.
There are many questions you should ask when searching for your best credit card deal and here are ten of the most important ones.
1/. Are any introductory rates on offer with this card? What are they and how long will they last?
2/. After the introductory rate period runs out, what will the new interest rate be?
3/. Are there any processing fees connected to my application?
4/. Is there an annual fee with this card, and if so how much will I be paying?
5/. Will I be charged late fees or over-the-limit fees?
6/. Are there other fees charged, like balance-transfer fees or account termination fees?
7/. When and how is a variable rate altered? Will I get prior notice?
8/. Will the card issuer inform me if I am about to go over my limit?
9/. What is the company's policy should I have trouble paying my bill?
10/ Is it possible for me to access my credit card account online?
So, when you are studying the online credit card comparison charts, check out the answers to the above questions for each credit card. You will need to be totally happy with the answers you get from each of the questions so that then, and only then, can you consider yourself to have found the best credit card deal on the Internet! Remember also that your application progress will rely heavily on your credit score, salary and possibly value of collateral. In trying to secure the best credit card offer, don't apply for a credit card that you are unlikely to qualify for. A Card Finder Report will establish which credit cards you are most likely to qualify for and may well save you a great deal of time in the process.
So, in summary, phrases like 'best credit card deal' or 'best credit card offer' should be regarded simply as relative terms as there are no specific credit card offers which will be equally good for all individuals.
India Investments - home loans - Bank charges knowledgeable
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