Posts Tagged ‘mortgage’

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How To Avoid Credit Card Debt

Thursday, June 2nd, 2011

If person wants to avoid debt with a credit card, there are some things that need to be understood. This type of money is a loan like any other, and does not belong to the person who is spending it. Here is how one can avoid the traps that come with this type of loan.

Not keeping an eye on increases in the credit limit. – If someone is paying their bills consistently, the company may raise the limit after a while. This can create a situation where a person has more credit than they can handle. It is important to pay attention and request to have it lowered so that one will not have more than they can handle.

This is how people end up spending more money than they have. They think that because they have more money on the card that they are entitled to spend it. But, it is not money that they have earned. It is better to put aside money to get what one wants.

These shiny plastic cards should be used with care. They should not be used for buying everyday things that can be easily purchased with cash. A person will just end up paying for it months later.

Many companies send out promotions to customers all the time. Many fall for the large numbers on the front that say what the low interest rate is. But, they do not read the back that talks about the restrictions and the penalties that come with accepting the offer. One should take the time to read everything before making a decision.

There is no need to be in credit card debt as long as one is wise in their spending habits. One has to learn how to make a distinction between wants and needs so that they will not make rash purchases. Making the right decisions will go a long way in achieving financial health.

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5 Things You Should Know About Refinancing

Tuesday, May 31st, 2011

Anyone who bought their home using a fixed-rate mortgage probably knows that the market has its ups and downs, whereas they’re not expected to pay anything but their original, fixed mortgage rate. If the interest rate goes up at a given time, you know you’ve been wise since your rate remains lower. There are a lot more things to think about such as the pros and cons of refinancing, though, if the market rate decreases.

You need to keep in mind the percentage point break first. What is the difference between the rate you’re currently paying and the market’s present rate? Despite how attractive that lower market rate is, most people believe you should only consider refinancing when there is a full percentage point difference between what you’re paying on your mortgage and where the market’s currently at today.

Transactions fees charged by your lender are also important to note. When you choose to refinance, these are the fees you will be charged. Depending on what the fees actually are, you may end up losing more than you would have gained during the refinance process. Before refinancing, definitely take this into consideration.

It is also important to realize that your application to refinance may be rejected. It really isn’t such an uncommon thing, since over 50% of Americans are seeking refinancing options at the moment. In the first six months of 2008 alone, well beyond 50% of applications to refinance weren’t even approved.

Another factor to consider logically follows. Certain criteria need to be met before you can refinance in the first place. In order to get the best refinance rates, you need to have a strong credit score. Even a strong score like 720 might not get you the rate you’re looking for in the refinancing process. You’ll probably need a 740 or higher if you want to maximize on a low rate.

Lastly, shop around. A rate quoted to you by one lender may not be your best option. The only way to know is to visit many lenders and do your research. This will take some time on your part, but it is ultimately the best way to net yourself the lowest rate possible. This is what you were seeking in the first place, so it will undoubtedly be worth the effort.

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How Graduated Payment Mortgages are Ideal for the Aspiring Professional

Monday, May 30th, 2011

There is an interest in first home purchases among many young professions in today’s economy. Particularly when employers are able to pay their employees less to work when jobs are sparse, mortgages are becoming more and more difficult to obtain, however.

As a young professional you have options, though, in terms of purchasing a home. One of these is called a graduated payment mortgage, or GPM for short.

You will be allowed to make lower payments initially under a graduated payment mortgage option. As time wears on, your payments will increase. You can consider this loan a negative amortization, of a form. You professionals stand to benefit the most with the newfound ability to buy a home on which they wouldn’t have been able to afford the monthly mortgage costs. This loan’s main assumption is that young professionals will advance quickly in their careers and subsequently be able to make higher payments as a result.

As a result, the monthly mortgage payments tend to increase after a few years, presumably as the young professional also progresses in their career. This loan is cited as ideal for young men and women who are law students or medical students. While in school, these young professionals may not be able to afford a traditional monthly mortgage payment. Sometimes even in weaker economies it is presumed that these young men and women will be able to find employment with a good salary. Consequently, once they graduate and become employed, they will be able to afford a higher monthly payment amount on the home they purchased.

The graduated payment mortgage option ultimately becomes an advantage to lenders and young professionals alike. Assurances are offered to lenders that the professionals to whom they borrow money will be able to meet payment requirements. If you’re a young professional in this kind of situation, on the other hand, this is a great opportunity to purchase your first home even in these difficult financial times when you may have assumed it was impossible. Ultimately, both parties benefit from a loan scheme like this, making it an excellent choice as far as mortgage options go.

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3 Simple Ways to Help You Save For a Down Payment on a Home

Monday, May 30th, 2011

One thing remains certain whether you’re a seasoned homeowner or a renter looking to buy your first place. It can seem daunting to save for a down payment. In difficult times when the job outlook is uncertain at best, this is especially true. You don’t need to be making a small fortune at work to save up for a down payment, contrary to popular belief. In fact, there are many simple ways to achieve your goals, just by being more aware of how you spend your money. In fact, just by being more aware of how you spend your money, there are many simple ways to achieve your goals. To help you start saving up, here are three simple tips.

First and foremost, you should consider eating out less and thinking things through more. You may assume you spend about $10 at a mid-level restaurant if you eat out once a week, right? Try again, and this time add in costs of all appetizers, desserts and drinks you regularly order, as well. You’ll probably find yourself around $20 now. The tip has to be in there too, doesn’t it? The total can add up to $25 or $30 without you even realizing it. You could easily spend over $100, once you multiple that figure by how many times you eat out each month.

Instead, consider cooking your favorite dinners at home. Ask for ice water with your meal since it’s free, if you do eat out. Consider lowering the tip you give from 15% to 10%. It will sure add up toward your down payment, even though on smaller amounts, the difference isn’t that much.

Use fewer paper towels, as a second method. The cost of purchase adds up over times, even though it’s everyone’s favorite way to clean up a mess or wipe their hands. Why not, when you can easily get rags that will do the same job for free? By simply washing them occasionally, rags can be reused as well. Saving for a down payment only takes a little thought on your part.

Discontinue magazine subscriptions as a third tip. The same information is usually available for free online anyway. You can do the same with movies. Admission, popcorn and a drink all costs about $30, so stop going out. Instead, think about subscribing to a monthly movie mail program. It also costs a whole lot less.

These are just three simple ways to save money toward a down payment. Added together over time, though, and you’ve got hundreds of dollars in savings on your hands.

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3 Benefits of a Fixed-Rate Mortgage You Won’t Want to Miss Out On

Tuesday, May 24th, 2011

Thinking of purchasing a home? There are a variety of different ways to finance it in today’s market. Cash is of course the simplest and most ideal way to purchase a home, but it isn’t a realistic option for most home buyers. Mortgages are, on the other hand. They come in so many different forms that today’s home buyer is bound to find one that suits their needs.

One of the most popular options people choose is a fixed-rate mortgage. Monthly payments remain static over time in this type of mortgage. A specific period of years that generally ranges from 10 to 50 is how this mortgage can be repaid. A 30 year amortization period is the most common option.

You will find that one of the main benefits to opting for a fixed-rate mortgage is how stable it is. You will find that, as opposed to options like the adjustable-rate mortgage, a fixed-rate mortgage will allow you to pay the same fee every single month over the entirety of the loan’s term. Note that other options may initially start you off at a lower monthly payment but its amount will increase over time, particularly with an adjustable-rate mortgage. With adjustable-rate mortgages, you will see that, while the initial payments are lower, over time the interest rate increases, sometimes until it’s impossible for a buyer to pay. Fixed-rate mortgages ensure this is something about which you will never have to worry.

Second, fixed-rate mortgages offer security. In the event that the market’s interest rate rises, your mortgage will remain the same. If the interest rate lowers, you can also make the choice to refinance to a lower interest rate at most any time. This ensures a buyer the best possible of circumstances. Other mortgage options do not provide this much security.

A last added benefit is how unparalleled the flexibility is on a fixed-rate mortgage. Buyers can choose to pay more to lower the overall length of their loan, and additional principal payments are never required. It is possible to save 4 years off your total loan if just one extra monthly payment a year is added, because it changes a 30 year amortization period down to about 26 years. The amortization period lowers to about 22 years if you are able to pay half your monthly mortgage every two weeks.

Many home buyers will find fixed-rate mortgages safe and prudent options as a consequence. A fixed-rate mortgage just might be your best bet if you’re looking for a mortgage that remains stable throughout its entire term and offers a substantial amount of security and flexibility.

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How You Can Safeguard Your Financial Life

Monday, May 16th, 2011

The first step on the road to financial stability is clearing your short term debts, which is basically everything except your mortgage. The second is to have some sort of emergency fund, what individuals used to call ‘savings’. I read somewhere not so long ago that the average bank account has less than 300 in it – it seems to be a very sorry state of affairs, when a new set of tyres for the car can put most of us in debt.

My father used to say: “If you can not afford the tyres, then do not buy the car”.

That has always seemed a good rationale for running my financial life and has always stood me in pretty good stead. Saving is a good habit to get into and should be encouraged in children even to the point of letting kids buy Premium Bonds (in the UK), which is nationalized gambling (the total interest on the bonds nationally is given out each month as prizes).

The next question is how much do you need to be safe. Well, there is no real answer to that question. At least not in real monetary terms because we all have different financial requirements and responsibilities, but you could say enough to keep you ‘in the lifestyle that you would expect’ for at least three months. Perhaps even six months, if you do not have a right to social security payments in the country where you live. It would be lovely to have a year’s worth would it not?

So, if you can do that, why have a credit card, you may be wondering. Well, a credit card saves you having to carry your gold around with you like the rich men of old had to and it makes Robin Hood’s task more difficult too.

It also makes financial sense to be given thirty days free credit on purchases when you are earning thirty days interest on your money. Credit card purchases more than a certain amount normally confer additional rights on the purchaser too – benefits like free insurance against loss for a year.

If however you are just beginning down the road to financial independence, the first thing you ought to concentrate on is paying off your credit card debts. Mortgages are a financial tool that can save you tax, so do not worry about them too much, only make certain that you never- ever – miss a payment. In fact, keep one or two payments in advance, if you can.

I know that this all sounds terribly simple and I know that you are thinking that it is not, but you are wrong. It is easy and the earlier you begin, the easier it is. Learn to put money away each week. If it is too late for you, teach your children. You might think that the banks are ripping you off – I think they are too – but what else can you do?

Put money away each and every week and be proud to see the amount rising. Be proud that you can afford a new set of tyres, but hoping that you do not have to buy them is all right as well.

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How To Boost The Credit Rating Of Your Business

Friday, May 13th, 2011

It is a fantasy of millions of workers to set up their own business and say goodbye to their boss once and for all. You can see just how widespread this idea is, by looking at the number of ‘business opportunities’ there are on line with titles like ‘Fire Your Boss’. They sell well, so I am led to think, but I would not touch them with a barge pole.

Of these millions of aspiring business people, lots of people do all the hard work of researching the business and doing their arithmetic, but fall at the last fence, for lots of people it is the highest fence of all, the funding of their business. Some individuals cannot set up adequate credit and others are afraid of losing their own money.

The first thing to point out here is that no-one, no matter how rich and no institution, no matter how generous they are towards start-ups, will offer finance to any business, the directors or proprietors of which are not prepared to risk their own money. So, if you do not have any capital and do not have any collateral, do not quit the day job until you do.

However, if you have some money (and depending on the business, it does not have to be a lot) and you are prepared to risk it, then you have a good chance of persuading others to take a gamble with you.

The first thing to do is produce a business plan. There are many books and computer programs to help you do this. You can learn to make one yourself with a library book and a finance exercise book from a stationer’s or you can use a spreadsheet on a computer to make the maths simpler. A spreadsheet will also compute predictions more effortlessly.

Be honest in the formation of your business plan. The managers who will be looking at it are professionals and if you think that you are going to kid them, you are merely kidding yourself. Make a detailed business plan for twelve months ahead and another far less detailed section projecting the trend on for two or four more years.

It is a good idea to find out precisely what your bank or local enterprise board actually wants to see in the plan, before you present it. Be sure you have a thorough knowledge of your business and the plan, because there will be questions to be answered and you do not want to be seen to be floundering for the solutions.

Let’s say that the bank (or whoever) is willing to forward you some credit, open a business bank account and apply for a business credit card. They are more impressive to business people than private credit cards, because it proves that a financial institution has checked you out and approves of you.

After that take this information to merchants that you are likely to use for supplies and request credit. If you have got this far, you are likely to get it from the merchant and negotiate a large discount so that your money goes even further.

By now, you have leveraged your small amount of money to get money from the bank and credit from a merchant (or two, so that you can play them off against each other in a price war).

You have come a long way, but do not attempt to run before you can walk. Now is the time to build up your credit status in order to qualify for a higher credit limit. You do this by never missing a payment – ever. In order to make sure that you can pay your bills in full each month, you might have to curtail your business activities at first.

This certainly goes against the grain, but may have to be done. If it occurs two months in a row approach your bank manager and merchants for better credit conditions to cope with the increased volume of business.

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Borrowers Pinched By Rising Mortgage Rates

Tuesday, November 16th, 2010

You may aware of a potential rise in mortgage rates during the next several months, which could impact the ability of some borrowers to buy a home or refinance a mortgage.

The mortgage market group at Fannie Mae provides analysis of current and historical data, and forecasts economic trends in the housing and mortgage finance markets. Their economic outlook for 30 year fixed mortgage rates predicts increases through the end of 2010.

If you are thinking of buying a home, there is more to consider than just a higher monthly payment if mortgage rates increase, especially if you are on a tight home shopping budget. Higher mortgage rates in the near future can also influence your ability to qualify for your desired loan amount and your maximum home price.

Here is One Scenario:

If you were to apply for a home mortgage with a loan amount of $350,000 on a 30 year fixed interest rate of 5.25 percent, the monthly principal and interest payments would be about $1,927. If mortgage rates were to increase by half of one percent, the monthly payment for the same loan amount would be about $2,048 per month.

In this example, the increase of $121 would affect more than just your monthly mortgage expense, it also means that your gross monthly income would have to be about $390 higher in order to qualify for the same loan based on the conventional 28% mortgage debt ratio.

Another way to look at it; if you don’t have the additional monthly income, the maximum loan amount you could qualify for in this example would be about $20,000 less at the higher rate.

Some mortgage borrowers are pushing the debt ratio limit, so this could be the difference between getting qualified for a loan, or not. If you plan on buying a home sometime this year, you may want to re-calculate your debt ratio at a higher interest rate just to know where you stand.

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Buying That First Home

Saturday, October 9th, 2010

Are you looking to buy a home? Even in this economy and housing market many people are getting into their first home. Is it time for you to take that step, but you’re not exactly sure where to start? The internet has many sites that can help you answer many of the questions you may have prior to finding that perfect first home and making that offer.

The HUD website is a great place to start. This site has many answers all in a convenient location. Start by clicking the Buy A Home link. There you will find 9 sections on the steps you need to take.

First: Determine what you can afford to pay for a home. There are 5 key factors that will determine this: your credit rating, the amount you have for a down payment, your current monthly expenses, your income and the interest rate you will pay.

Second: Know your rights. Hud is “requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs”. For most people, a home is the largest purchase they will make during their lifetime, and a home loan is by far the largest debt burden they will ever have. It’s important to know your rights so you can make informed decisions.

Third: Shop for a loan. Compare and negotiate for the best terms. Your credit score and credit history will play an important role in the interest rate you are able to get. If you can, clean up your credit before you apply for a loan. Whatever your score is, though, get quotes from multiple lenders to find the best terms and the lowest costs for you.

Fourth: Learn about homebuying programs. FHA (the Federal Housing Administration) offers programs with easy credit qualifying, low closing costs and low down payments. These are especially beneficial for first time home buyers.

Fifth: Shop for your home. You can do this on your own but hiring a licensed Real Estate professional is highly recommended. Speak with a Realtor and discuss your wish list and what you don’t want in your home or neighborhood. What do you want to be near? Schools, shopping, parks, the ocean? How about things you want to stay away from, like high traffic roads? These are just some of the questions you need to ask. A good real estate agent who knows the area will save you time and effort by zeroing in on the right neighborhoods quickly.

Sixth: Make an offer to purchase the home. Your Realtor will help with this. The seller will almost certainly make a counter offer, and the negotiations continue from there. Make sure you are ready to buy the home at the price you offer. If the seller accepts your offer or any of your counter-offers, it becomes a binding contract.

Seventh: Get a home inspection. The home ispection is not an appraisal and the inspector will not be giving you a value for the home. The inspector will give you a report on the condition of the systems and subsystems of the home from electrical to the appliances. The ideal here is to find out if there are any major problems with the home before you buy it.

Eighth: Find a homeowners insurance policy. The lender will require homeowners insurance, but don’t stop with any old policy that satisfies them. Find a policy that gives you the coverage you want at the best price. Do your homework up front.

Ninth: Sign the loan documents and closing papers. If there’s something you don’t understand, ask before you sign. Again this is where a licensed Realtor can be a huge benefit. Don’t just close your eyes and sign. Ask questions!

The tenth step I have added. Move in to your new home and start enjoying your new life. You have made an important decision regarding your family’s future and happiness. Congratulations on your new home.

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Credit Card Applications For Beginners

Monday, August 23rd, 2010

‘Flexible friend’ or ‘plastic money’ are two of the most widespread unofficial terms used to refer to credit cars in the English-speaking countries. These are quite affectionate terms and most people are pleased to have a credit card or two. There are also individuals who cannot trust themselves with a real credit card and they normally use pre-paid cards, which means that you have to put the money into the card’s account before you can draw any money out. These are obviously not credit cards as the holder does not get any credit. Debit cards are like this.

A credit card is an vital part of modern living for most people. There are reasons for this such as: robbery is a problem in some cities; people do not have time to go to the cash point and some people buy a lot of goods over the Internet such as from eBay. A great deal of people buy their groceries on line and have them delivered when they get home from the office.

Before you apply for a credit card, it is worth learning a little about the precautions you ought to take in order to be protected by federal law in the USA and national laws in other lands.

Make sure that you can be properly identified from the details that you provide on the application form especially if you have a common name like John Smith or Ann Jones. After all, you do not want to be denied for something that your namesake was guilty of and you do not want somebody else to be able to steal your identity and get their hands on your savings account either.

The average American civilian has roughly ten credit cards, so you can imagine the number of applications for credit cards that need to be processed every day. If you do not assist with your identification as much as you can there could be long delays too.

When a credit card form says that you have been ‘pre-approved’ it does not mean that you are guaranteed to get a card. It means that the company guarantees you that they will reflect on your application. In other words, it is nonsense – just a marketing ploy.

If you receive one of these pre-accepted forms, you might just as well go online and submit an application to the same bank there. The on line application form will often ask for a reference number and you have that on your sheet of paper. If you use that reference, you will not lose any of the incentives that you were being offered, but your application will be looked at far more quickly that if you post it.

When you get your credit card, sign it on the back right away. You should also make a note of the card number on the front and the telephone number on the back. If you lose the card or suspect fraud, you should get in touch with that number right away and have the card ‘stopped’. You can get another one from the same firm quite soon.

You will almost certainly be offered some form of insurance with the card. Read the details about this very carefully. Some schemes are excellent others are rubbish.

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