Martin graduated of the college with dreams of a highflying career. However, the subsequent unemployment put a check on his dreams. It has now become a matter of making the ends meet because of the various debts mounting up on his account and the unemployment allowance falling deficient of meeting even the basic needs.
Almost every unemployed person faces a situation similar to the above until they are exposed to loans for unemployed.
Loans for unemployed present various options before unemployed people to enable them to purchase the various necessities along with a lump sum payment for repayment of debts, buying holidays, and for purchasing cars.
Stable financial income is a prerequisite for the normal loans. Going by this logic, an unemployed person would have never qualified for a normal loan because of an absence of any source of income. However, since unemployment is not a rare incident and because the unemployed people cannot be left to fend for themselves (humanitarian grounds), loan providers have designed a few criteria that will make the unemployed people eligible for financial assistance.
Being a homeowner minimises most of the risk emanating out of unemployment. The loan provider knows that in the event of the borrower not repaying the loan in full, it can utilise the home to recover the amount unpaid. The minor degree of risk is reflected in a lower rate of interest and more flexible terms.
The home kept as collateral, has more of a nominal rather than a tangible role in the loans for unemployed. The loan provider holds the right of ownership to the house rather than the house itself. Thus, the borrower continues living in the home while the home continues backing the loan.
To be more concise, the loan for unemployed is taken against the equity in the home. This is the value, in terms of money, that a house will fetch if sold in the market. As a loan is taken, the equity in the home depletes. The equity is gradually replenished with monthly or quarterly repayments.
The method that a borrower chooses to benefit from the loan for unemployed further classifies them into two. These are Home Equity Loan and a Home Equity Line of Credit better known as a HELOC. Under a home equity loan, a borrower draws the entire amount at one count. This is particularly when the borrower has sizable expenses to make. Debt consolidation is the most popular use to which the home equity loan is put to. The small unemployment grant from the government is not able to sustain the borrower’s expenses during the term of unemployment, and a mound of debts gets collected during the period. Cheap finance through home equity loans will present an easier method to repay such debts. Another important uses that a home equity loan is employed to are buying a car, paying the bills incurred while vacationing, and using it for home improvements, that in turn adds up to the equity in the home and thus opens newer opportunities for getting loans.
A home equity loan however, will not suit the cases where the period of unemployment is predicted to last long. Having used up the entire equity in home, the borrower will be left with nothing to pay for his necessities during the subsequent period. In this case, a home equity line of credit will be more suitable. HELOC provides assistance to the borrower as and when the needs arise. Since the balance of the HELOC changes regularly with the repayments and withdrawals, the borrower is charged on the loan amount drawn rather than the entire loan sanctioned. The interest in HELOC is charged on the basis of the standard variable rate. This proves disadvantageous for borrowers at times when there is an upward surge in the interest rate. The interest rates rise and increase the repayments in turn. A novel method of escaping the high interest rates will be by requesting for a guaranteed introductory rate.
The financial options for unemployed people without sufficient collateral are no less. A perfect credit report will play an important role in their case by inspiring confidence among the loan providers regarding the borrower’s capability to repay loans for unemployed. Interest rates will certainly be different because of the absence of collateral. Like the unsecured loans, unsecured loans for unemployed carry a higher rate of interest.
Loans for unemployed show that the unemployed people do not have to subsist solely on a meagre grant from the government. Numerous deals from a multitude of loan providers are waiting for the unemployed people to employ loans for unemployed to disburse their expenses.
Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit
http://www.loansfiesta.co.uk
About the Author
Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit http://www.loansfiesta.co.uk
Written by: Andrew Baker
Monday, July 28, 2008
Finding a Mortgage Refinance Advisor
If you are looking to refinance your home for a lower rate, or you are interested in a refinance with cash out to do some home repairs, buy a new car, etc., you may want to consider finding a mortgage refinance advisor.
There are actually two ways you can go about refinancing your home. The first would be to do the shopping around for a refinance on your own. The second way would be to locate a mortgage refinance advisor.
A mortgage refinance advisor. Otherwise, known as a mortgage loan officer or mortgage broker are not at all hard to find.
The internet is perhaps the best resource for tracking down a mortgage refinance advisor. There are literally hundreds of them right in your own back yard, and the internet would be by far the best way to begin your search.
Once you have found a mortgage refinance advisor, don't stop there, shop around. By shopping around with a few different loan officers and brokers, you will give yourself the ability to compare rates and prices.
Think of it the same way you would go about purchasing a new car. Shop around, test drive a few by going to different dealerships. Once you have test driven a few cars and compared pricing, base your decision on the best and most reasonable deal.
By shopping around as opposed to committing to the first mortgage refinance advisor you come across could mean the difference of thousands of dollars in closing costs and interest fees' over the life of the loan.
By allowing no more than four loan officers or mortgage brokers to assess your situation, you are putting yourself in a much more ideal situation. Especially if your credit is challenged or your situation is unique, not only will the mortgage refinance advisors' expertise come into play, you will be in a position to compare rates and pricing.
Remember, the majority of mortgage refinance advisors are paid on commission, so it is just as important to them as it is to you to get to the closing table. Good luck.
About the Author
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.
Written by: Jennifer Hershey
Car Loan Refinancing - When To Refinance Your Car Loan
Want to save money? Lower your monthly payment? Then refinance your old car loan. Trade in your high interest rate loan for a lower rate, especially if your credit score has improved. You can also lower your payments by extending your loan terms, helping your cash flow.
Trading In High Rates
When rates drop, refinancing makes sense for both mortgage and car loans. Factor in the length of the car loan though when deciding whether to refinance. If you only have a year left on loan payments, then it won't save you money to refinance since you have paid most of the interest up front.
You can also reduce your interest costs by refinancing for a shorter term. Reducing your loan by two years can easily shave over a thousands dollars off your interest charges, even with the same rate. Once again, you need to look at how long you have left on your original car loan to be sure you can save money.
Better Score, Better Rates
If you have improved your credit score since you first secured your car loan, you may find savings in better rates. So even if rates haven't dropped for the general market, you may still qualify for better rates.
Besides making regular, on-time payments, you can improve your score by reducing your debt ratio. Your score also improves when none of your accounts are maxed out.
Lower Payment, Longer Term
Reduced rates aren't the only reason to refinance. By rolling over to a longer term, you can reduce your monthly payment. Just remember that in the long run, you will be paying more for your car loan. However, when finances are tight, this option can keep you from defaulting on your loan or other bills.
Before jumping into a refinancing deal, be sure to investigate financing companies. Compare their APR, ask for free quotes, and read the fine print. Also check with your original lender to be sure there are no early payment fees. The best refinanced car loans are the ones where you save money. Taking the time to research financing offers will ensure that you find just such a deal.
About the author:
View our recommended Car Loan Refinance lenders.
Written by: Carrie Reeder
Trading In High Rates
When rates drop, refinancing makes sense for both mortgage and car loans. Factor in the length of the car loan though when deciding whether to refinance. If you only have a year left on loan payments, then it won't save you money to refinance since you have paid most of the interest up front.
You can also reduce your interest costs by refinancing for a shorter term. Reducing your loan by two years can easily shave over a thousands dollars off your interest charges, even with the same rate. Once again, you need to look at how long you have left on your original car loan to be sure you can save money.
Better Score, Better Rates
If you have improved your credit score since you first secured your car loan, you may find savings in better rates. So even if rates haven't dropped for the general market, you may still qualify for better rates.
Besides making regular, on-time payments, you can improve your score by reducing your debt ratio. Your score also improves when none of your accounts are maxed out.
Lower Payment, Longer Term
Reduced rates aren't the only reason to refinance. By rolling over to a longer term, you can reduce your monthly payment. Just remember that in the long run, you will be paying more for your car loan. However, when finances are tight, this option can keep you from defaulting on your loan or other bills.
Before jumping into a refinancing deal, be sure to investigate financing companies. Compare their APR, ask for free quotes, and read the fine print. Also check with your original lender to be sure there are no early payment fees. The best refinanced car loans are the ones where you save money. Taking the time to research financing offers will ensure that you find just such a deal.
About the author:
View our recommended Car Loan Refinance lenders.
Written by: Carrie Reeder
Bad Credit Mortgage Refinance - Should I, Shouldn't I?
It is a common financial scenario across households in the Western world. Multiple debts have started to build up: a car loan here, a department store loan there; a bank loan here and several credit cards there. While all may have seemed manageable on the optimistic day you took them out, or spent on them, suddenly you realise that you cannot keep up with the monthly payments. You miss out on a payment or two, and suddenly you have a bad credit record. A few more missed payments and you start to feel the pressure, so start thinking about refinance.
The silly thing is, in asset terms you are not poor. You have a home of your own; it is mortgaged, but you have plenty of equity. Now wouldn't it be great if you could get a new loan to consolidate those monthly payments and get your finances back in order? Well, maybe, you think, but can you get bad credit mortgage refinance?
What To Consider Before Seeking Bad Credit Mortgage Refinance
Any mortgage refinance package is not something to be taken lightly, nor without careful thought about the costs, consequences, and whether or not it is really necessary. What, then, do you need to consider before refinancing your debts through unlocking the equity in your home?
1. First of all, you need to make sure it is really necessary. You should take a long hard look at your outstanding debts. List them out, total the amounts owed, total the monthly payments, and total the amount in arrears. Your cheapest and simplest way out will be to put your current financial house in order without resorting to new, and possibly expensive, borrowing.
a. Look at some ways to clear those overdue amounts. By taking a critical eye to your home budget, your expenditure, see if there are any regular expenses that can be cut out or reduced. If so, take the necessary action and make sure that money goes towards reducing at least one of the outstanding debts where some amount is overdue. If you have several overdue debt repayments, and it will take a few months to clear the outstanding amounts with your newly released funds, write to the credit companies concerned and tell them what steps you are taking to pay off the over due amount. That may take the pressure off you a bit while you get things in order again.
b. Seriously consider how you can make some extra money. Will a few weeks' overtime, if available, help you clear the over due debts and allow you to get your finances in order again? Could you use one of your skills to earn some extra money part time? Remember, if you take no action at all, your financial situation will deteriorate. If it is possible to take some action that will eliminate your overdue debts without resorting to bad credit refinance, then the chances are it is worth doing.
c. Have a look around the house. Do you have any things you do not use, but are worth selling to clear some of those overdue payments? Do you have some old shares that you could sell, or an old savings account, with a healthy balance in, you've not touched for years.
2. You need to consider the other alternatives to bad credit mortgage refinance, especially a debt consolidation loan. Look around and get a few quotes for consolidation loans, ready to compare the results with a bad credit mortgage refinance option. Remember to make a note of the costs of each of the loan options, as this may affect your decision.
3. You have now looked at the possibilities of paying off your debts without resorting to a new loan or refinancing. If that came up blank, or insufficient, then now is the time to consider mortgage refinancing. Again, you need to shop around and get more than one quote. With a bad credit record, some lenders may try to get more money out of you than than is really justified. You have the right to get the best deal possible. Look very closely at the charges of the lender and broker, if there is one, and record them, ready to use them in your calculations to decide what option to take.
4. The final stage is to make a comparison between using bad credit mortgage refinance and using a debt consolidation loan. Really, you need to do this over the full term of the mortgage. What you will actually be comparing is:
The mortgage refinance costs, interest rates and repayments based on the the best quote you have had,
with
Your current mortgage plus the costs of the consolidation loan. This is important, as the bad credit mortgage refinance loan may be at a higher interest rate than your existing mortgage. If you are not good with figures (many people are not so don't feel bad about it!), ask a friend who is to help you out, or if you can get free counseling from someone who can help you make the choice.
Once you write down all the figures, the choice will probably be clear. Remember, however, that with the option of keeping your existing mortgage and having a separate debt consolidation loan, once that consolidation loan is at the end of it's term, say 5 years, you will no longer have any repayments. That is why it is important to look at the whole mortgage period to make a comparison.
About the Author
This bad credit mortgage article was written by Roy Thomsitt, owner author of the website http://www.eliminate-credit-card-debt-now.com>http://www.eliminate-credit-card-debt-now.com
Written by: Roy Thomsitt
Bad Credit Home Mortgage Refinance - Should You Refinance
A bad credit home mortgage refinance is possible for people with previous credit problems. The interest rates will not be as low as those for consumers with good credit but you can still end up saving in the end.
There are several questions you should ask yourself when considering a home mortgage refinance. First of all you need to access your credit situation. If credit has been a problem for you in the past, you will want to take control of your finances before applying for a mortgage refinance loan. Refinancing can either help or hinder your current situation.
You will need to calculate all of the costs involved in refinancing before making a decision. A lower rate of interest and a shorter loan payoff time are two desirable perks of refinancing. Some people are only interested in lowering their monthly payment amount. However, you will need to remain in your home long enough to reap the benefits of refinancing. It makes no sense at all to refinance your home if you plan on moving within a few years. It is a good idea to figure how long it will take to recover the costs of refinancing. Some loans may offer a lower rate of interest but have excessive closing costs and fees. You will want to be aware of all costs involved including any additional income taxes you may be charged.
The Two Percent Rule
The two percent rule refers to your existing mortgage rate compared to current rates of interest. Many lenders recommend that you refinance if you can obtain an interest rate two percent less than your current rate. This is just a general rule and should not be the only deciding factor. Often the time you intend to remain in the home is just as important as the lower rate of interest.
On average the costs of refinancing will be at least three percent of your mortgage loan. This is a lot of money to spend and you will want to make sure you will be able to recover these costs when refinancing. If you are making payments on your first home and plan on buying a larger home in the future, a drop in the current interest rates may be the perfect time to purchase a new home. If you can obtain more home space for about the same price, this may be a desirable option.
About the author:
View our recommended Bad Credit Mortgage Refinance lenders or view all of our Recommended Refinance Lenders.
Written by: Carrie Reeder
There are several questions you should ask yourself when considering a home mortgage refinance. First of all you need to access your credit situation. If credit has been a problem for you in the past, you will want to take control of your finances before applying for a mortgage refinance loan. Refinancing can either help or hinder your current situation.
You will need to calculate all of the costs involved in refinancing before making a decision. A lower rate of interest and a shorter loan payoff time are two desirable perks of refinancing. Some people are only interested in lowering their monthly payment amount. However, you will need to remain in your home long enough to reap the benefits of refinancing. It makes no sense at all to refinance your home if you plan on moving within a few years. It is a good idea to figure how long it will take to recover the costs of refinancing. Some loans may offer a lower rate of interest but have excessive closing costs and fees. You will want to be aware of all costs involved including any additional income taxes you may be charged.
The Two Percent Rule
The two percent rule refers to your existing mortgage rate compared to current rates of interest. Many lenders recommend that you refinance if you can obtain an interest rate two percent less than your current rate. This is just a general rule and should not be the only deciding factor. Often the time you intend to remain in the home is just as important as the lower rate of interest.
On average the costs of refinancing will be at least three percent of your mortgage loan. This is a lot of money to spend and you will want to make sure you will be able to recover these costs when refinancing. If you are making payments on your first home and plan on buying a larger home in the future, a drop in the current interest rates may be the perfect time to purchase a new home. If you can obtain more home space for about the same price, this may be a desirable option.
About the author:
View our recommended Bad Credit Mortgage Refinance lenders or view all of our Recommended Refinance Lenders.
Written by: Carrie Reeder
Bad Credit Auto Loan Refinance - Bad Credit Auto Refinance Tips
Most people know that it is possible to refinance their homes but did you know it is also possible to refinance your auto? Indeed for many people who have high interest sub prime car loans, refinancing their auto loans may be a wise decision. How do you know when refinancing your bad credit auto loan might be a good idea? And once you have decided to refinance, how should you go about doing it so that you actually improve your loan situation?
Just as when you refinance your home loan, when you refinance your auto loan the old loan is paid off in full and it is replaced by a new loan. If when you bought your car your credit score was below 620, the interest rate on your auto loan may be significantly above the interest rate you can qualify for today. By refinancing your bad credit auto loan the monthly payment may go down substantially. Also, over the life of the loan you may save several thousand dollars in interest payments.
You may be a candidate for an auto loan refinance if
Your car loan has become "seasoned"; that is, if you have had it for at least a year.
You have made your payments in a timely manner.
Your car's value is more than the amount you owe on it.
If all of the above statements are true, then it may be time to investigate refinancing your car.
First, make sure you are fully aware of the state of your current credit report and current credit rating. Both of these are easily available online. You are entitled to one free credit report each year. Your current credit score (FICO score) should also be available for a nominal fee.
Second, find out your car's value. Having your car appraised is not a requirement for refinancing your auto loan but you should know its value. Most auto loan refinance companies require that your loan be at least $7,500 so your car value must be at least that amount. At your local bookstore and online there are many resources for estimating your car's worth. Two of the most popular sources are the Kelley Blue Book and Edmunds Buyer Guides. Be sure and have a realistic eye when surveying your car's condition, you can be sure your lender will.
Third, research the available lenders. It may be that your current lender will be open to refinancing your car. However, you should shop around for the institution that will give you the lowest interest rate and refinance as small an amount as possible. When these two conditions are met you will then also get the lowest monthly payment available.
Fourth, as with any loan, have all offers put in writing. Take the time to read the fine print and compare the proposals.
Finding a lender to refinance your bad credit auto loan may take some time and effort. The savings to your pocketbook every month and over the life of the loan, however, can easily make the time and effort worthwhile.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Bad Credit Car Refinance lenders.
Written by: Carrie Reeder
Just as when you refinance your home loan, when you refinance your auto loan the old loan is paid off in full and it is replaced by a new loan. If when you bought your car your credit score was below 620, the interest rate on your auto loan may be significantly above the interest rate you can qualify for today. By refinancing your bad credit auto loan the monthly payment may go down substantially. Also, over the life of the loan you may save several thousand dollars in interest payments.
You may be a candidate for an auto loan refinance if
Your car loan has become "seasoned"; that is, if you have had it for at least a year.
You have made your payments in a timely manner.
Your car's value is more than the amount you owe on it.
If all of the above statements are true, then it may be time to investigate refinancing your car.
First, make sure you are fully aware of the state of your current credit report and current credit rating. Both of these are easily available online. You are entitled to one free credit report each year. Your current credit score (FICO score) should also be available for a nominal fee.
Second, find out your car's value. Having your car appraised is not a requirement for refinancing your auto loan but you should know its value. Most auto loan refinance companies require that your loan be at least $7,500 so your car value must be at least that amount. At your local bookstore and online there are many resources for estimating your car's worth. Two of the most popular sources are the Kelley Blue Book and Edmunds Buyer Guides. Be sure and have a realistic eye when surveying your car's condition, you can be sure your lender will.
Third, research the available lenders. It may be that your current lender will be open to refinancing your car. However, you should shop around for the institution that will give you the lowest interest rate and refinance as small an amount as possible. When these two conditions are met you will then also get the lowest monthly payment available.
Fourth, as with any loan, have all offers put in writing. Take the time to read the fine print and compare the proposals.
Finding a lender to refinance your bad credit auto loan may take some time and effort. The savings to your pocketbook every month and over the life of the loan, however, can easily make the time and effort worthwhile.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Bad Credit Car Refinance lenders.
Written by: Carrie Reeder
Saturday, July 12, 2008
What's The Truth Behind Your Finances?
Between 15 - 20% of people in our country (UK) own there own businesses. This statistic is on the rise thanks to the incredible invention of the Internet. The staggering truth is that of these only 5% are genuinely financially free! You may well see lots of expensive cars driving on our roads and big houses inhabited by the seemingly wealthy, but these houses and cars are not yet paid for.
Never in our history has it been so easy to lend money. Banks and building societies are falling over backwards to lend us money. You can sign your life away to a 50-year mortgage these days if you choose! Banks and building societies are offering 125% mortgages to first time buyers and business is looking outwardly great.
The credit card companies also love today’s economy. You can borrow enough money on a credit card nowadays to buy a brand-new car! The loan companies are also cashing in on ignorant and naive individuals and this really concerns me. The advertisement marketplace is going wild on media adverts for consolidation loans. You know the type? “We will help you to consolidate all of your existing loans into one affordable monthly payment” They call this type of loan a HOME OWNERS loan. Yes you can consolidate all of your existing debts into one affordable monthly loan, but what do you call affordable? People are consolidating their present debts into one huge debt and loaning the money to repay this new debt. To actually repay this debt in full will take these people years. What’s more they’ve secured this loan on their one and only ASSET - their HOME!
These unfortunate people aren’t thinking about the future and their long-term future plans, they’re thinking about the immediate and present situation. In the meantime what happens when the interest rates begin to rise? The interest rates on a consolidation loan will take years to pay off and whilst you owe money to your lender you’re not secure at all because your consolidation loan is secured on your home.
What does this mean?
If you cannot pay your loan the Loan Company will TAKE YOUR HOME as payment!
The reason it is so easy to lend money at present is because the interest rates are so low. At the time of writing this web page our present government has set the base rate of lending so low that people are dangerously getting themselves into debt through their own ignorance towards the economy. What is really happening will become all too apparent in the next few years when the tide turns and the interest rates begins to rise sharply. If you’re not financially free or in control of your assets when the tide turns you will lose everything. History always repeats itself and sooner or later a recession will hit the world trading markets and all of those people who borrowed huge amounts of money to buy their big house and their BMW or Mercedes will be in big financial trouble.
Wait, it gets worse!
SHOCK – HORROR!
Once the tide turns the interest rates will saw and if you’re not secure your financial world will come crashing down. The mistake that people have made is to foolishly believe that their loan rates will remain the same, they won’t. Let me explain in simple terms to you my theory by giving to you a simple example:
If you have a current ‘interest only’ mortgage of say £100k and the interest rate applied is £5% your monthly payment will increase with the interest rate. What happens if the interest rate climbs to 10%? Your mortgage could double. In 1989 the interest rate sawed to 15%. If this happens (and it could) your present mortgage payments could treble! How will you survive financially?
Your mortgage payments could increase by 300% inside 12 months and any other loans you may have will also require payment. If your wage doesn’t allow sufficient funds to meet these demands than you will lose everything slowly and painfully. When the interest rates do begin to rise (and they will) the debt consolidation companies will cash in on you. Before you know it you could owe money for the rest of your life and if you can’t pay what you owe than your lender will take your car your home and the clothes off your back to meet their demands.
SO WHAT’S THE ANSWER?
My advice to you is to pay off your existing debts as quickly as possible. If you are driving around in a car that is financed by a finance company pay this loan off as quickly as possible. Contact the finance company and ask them for a final settlement figure. This way you’ll know exactly how much debt you’re in. If you can afford to settle your finance early than take advantage of this and settle immediately. This way you’ll own your car outright, you’ll have paid less in interest and you’ll have some equity if you need it. If you can’t afford to settle the finance at the present than check what interest rate you are currently paying and search around on the Internet or in the high street for a lower rate of interest. Whatever you do, don’t delay in taking control of your finances today.
Another mistake people make is to fall into the trap of ‘false economy’. They begin with the right intentions by searching for a lower rate of interest for their mortgage. What this means is that their monthly payments become lower. The mistake they make is to think they’ve got more money in their pocket. In affect this is a false economy. Instead of settling for more money in your pocket and still enduring a 10 year (or whatever) term loan ,why not use this extra money to increase payment on the capital of your loan?
This simple technique is called ‘Mortgage Acceleration’ The Banks and Building Societies know all about Mortgage Acceleration they just don’t mention it because it loses them lots of money in interest payments!
If you increase the capital payments of your mortgage every month you’re paying off the entire loan quicker. If you can shave 2 years off your loan you’ve not only shortened your mortgage by 2 years you’ll have saved yourself a packet in interest charges. A 25-year £50k mortgage repaid 16 years early could save you over £60k in interest! (dependant on the interest rate) Ask your Bank or Building Society about ‘Mortgage Acceleration’ and see the look of loss on their face!
Don’t settle for a lower rate of interest and extend your loan payments thinking that you’re saving money, you’re not. You are only extending your debt! You need to pay off this loan as quickly as possible whilst the interest rates are low. The longer you take to pay off your mortgage the more interest rate the Bank or Building Society will take from you. Whilst the interest rate is currently around 5% accelerate payment NOW and save even more money! Take advantage of the fact that if the interest rates are currently low than the amount of interest that you pay on top of your loan will be also low. If you can afford to increase payment whilst the rates of interest are low than I urge you take advantage of this immediately. If there is any way that you can accelerate your loan and pay it off early than I would strongly advise you to begin your financial organisation here and organise this today. A simple increase of £50 per month in mortgage payments will save you money in interest payments in the long run. Your first step to taking control of your financial world is to pay off all of your existing debts as quickly as possible. When you have no debts, you’ll be financially free and you’ll feel as if a huge weight has been lifted from your shoulders.
POSITIVE PLAN OF ACTION:
Contact the bank or building society that you have your mortgage with. Ask for a final settlement figure on your mortgage and also enquire into the current interest rate that you are paying. Chances are that if you’ve not checked the interest rate you are currently paying in the past 12 months than you could save yourself money immediately by choosing a better deal. There are currently plenty of lenders all willing to offer you competitive deals on your mortgage and I would advise you to check them all out before you commit yourself to one. A simple saving of 1% in interest can save you pounds every month. With this saving in interest payments, use this extra money to increase your capital payments. If you only manage to shave a year off the length of your mortgage it will be one less year that you are in debt and one year sooner to becoming financially independent.
Talking of your mortgage, if you currently have an Endowment policy running alongside your mortgage than investigate this policy thoroughly. Most endowment policies are useless in today’s interest market. What this means is that when your mortgage term ends there may be insufficient funds in your endowment policy to pay off what you owe to the lender. If this is true than your lender will be knocking on your door for this short fall. If you can’t afford to pay than you could lose your home after 25 years or more of payments! Recently I read that some Endowment policies were running a short fall of up to £13000! If this happens to you you’ll owe your lender £13k plus interest!
The smartest mortgage you can take is a straight ‘repayment’ mortgage. As well as paying the interest back to your lender you are also paying the capital off from the offset, therefore reducing the total amount you owe quicker. My advice is to accelerate your mortgage and pay it off as quickly as possible before the interest rates sky rocket and your payment doubles or even trebles. When the tide turns (and it will) you’ll be smiling in the content that you own your home and you own your car and nothing can take these away from you.
Use Homeowner personal loans to finance your needs the secured way
Personal loans taken by homeowners need not necessarily be secured. It is true that more and more homeowners are lured into taking secured loans. Several advantages that only secured loans can let them enjoy are recounted by the loan providers. Nevertheless, homeowners now form an important customer base employing unsecured personal loans to their financial needs. Though the homeowner does not part with the lien on his home, loan providers are not complaining. Being a homeowner connotes credibility, a prerequisite to unsecured personal loans.
Whatever be the form in which personal loans are lent, homeowners continue to enjoy the preferential status. As mentioned above, by the fact that one is a homeowner, the individual becomes credible enough to be lent. Come what may, borrowers will not endanger their home through inappropriate financial decisions. Loans and mortgages, either directly (secured loans) or indirectly (unsecured loans), affect the home through liquidation or by transferring possession of house. This happens in the event of non-payment of the unpaid dues. Consequently, borrowers will be regular in repaying the monthly or quarterly instalments on the Ho meowner personal loans . Isn't this what the loan providers desire? Getting back the amount lent without much hassles will be termed as lower risk. The preferential treatment allowed to the homeowners is the result of this very reduction in risk. The following article illustrates the benefits available only to the homeowners borrowing through personal loans.
First is the number of loan providers that are prepared to lend personal loans to the homeowners. Almost every lender vies for the business of the homeowners. The deals offered include unsecured loans as well. Convenience rules the market. Borrowers will find it easier to locate the loan providers online. An online loan provider has his financial products advertised on its website. Applications listing the loan details can also be submitted online. This is relatively easier for borrowers since they do not have to run every time loan documentations have to be undertaken.
Homeowners conventionally use secured personal loans. A secured personal loan makes use of the equity present in home. Equity is the market value that a home fetches after deducting any unpaid loan, for which home has been pledged. The maximum loan amount can be had on secured personal loan. Up to 80% of the equity present in the home can be raised as loan. Some loan providers are ready to lend up to 125%. The amount lent on unsecured personal loans to homeowners, though not equivalent to secured loans, will be higher than what the non-homeowners get.
Homeowners are also benefited with a cheaper rate of interest. The reduction in risk is adequately compensated through a lowered interest rate. Borrowers must beware loan providers who claim to be awarding homeowner personal loans at the cheapest rates, but are actually adding several costs to the loan repayable. The appropriate method to compare interest rate will be through APRs. APR allows interest rate comparison on a more common base. Loan calculator lists the APR being offered by a multitude of lenders. This can be used to learn about the interest rate that homeowners get personal loans on. However, loan calculator only suggests the interest rate and does not give the exact measure that loan providers ought to charge. Many a times the details in the loan calculator are obsolete. Therefore, the loan calculator must be used with caution.
Still another method of comparing interest rate (which does not involve time consuming calculations as in loan calculator) is a personal loan quote. The short-listed lenders may be requested to send a personal loan quote with the terms of homeowner personal loan specified. This gives the perfect measures for comparison. Personal loan quote puts no obligation on the borrower.
Repayment terms are no different from those offered to the non-homeowners. Since interest rate is lower on homeowner personal loans, the amount repayable may not be higher. Since the repayment is to be made through monthly or quarterly installments, borrowers will not find the task as Herculean a task as it is for the non-homeowners. The differences are noticeable when the installments are not paid regularly. While the loan providers easily lose patience with the non-homeowners, they do not with the homeowners. Homeowners get payment holidays and discounted rates of interest during periods of financial depression.
Homeowner personal loans, despite the advantages that it allows its borrowers to have, do have to be used with prudence. You surely wouldn't like to lose your home for a repayment not made on time. Proper advice will go a long way in keeping the bad-effects of homeowner personal loans at bay.
Whatever be the form in which personal loans are lent, homeowners continue to enjoy the preferential status. As mentioned above, by the fact that one is a homeowner, the individual becomes credible enough to be lent. Come what may, borrowers will not endanger their home through inappropriate financial decisions. Loans and mortgages, either directly (secured loans) or indirectly (unsecured loans), affect the home through liquidation or by transferring possession of house. This happens in the event of non-payment of the unpaid dues. Consequently, borrowers will be regular in repaying the monthly or quarterly instalments on the Ho meowner personal loans . Isn't this what the loan providers desire? Getting back the amount lent without much hassles will be termed as lower risk. The preferential treatment allowed to the homeowners is the result of this very reduction in risk. The following article illustrates the benefits available only to the homeowners borrowing through personal loans.
First is the number of loan providers that are prepared to lend personal loans to the homeowners. Almost every lender vies for the business of the homeowners. The deals offered include unsecured loans as well. Convenience rules the market. Borrowers will find it easier to locate the loan providers online. An online loan provider has his financial products advertised on its website. Applications listing the loan details can also be submitted online. This is relatively easier for borrowers since they do not have to run every time loan documentations have to be undertaken.
Homeowners conventionally use secured personal loans. A secured personal loan makes use of the equity present in home. Equity is the market value that a home fetches after deducting any unpaid loan, for which home has been pledged. The maximum loan amount can be had on secured personal loan. Up to 80% of the equity present in the home can be raised as loan. Some loan providers are ready to lend up to 125%. The amount lent on unsecured personal loans to homeowners, though not equivalent to secured loans, will be higher than what the non-homeowners get.
Homeowners are also benefited with a cheaper rate of interest. The reduction in risk is adequately compensated through a lowered interest rate. Borrowers must beware loan providers who claim to be awarding homeowner personal loans at the cheapest rates, but are actually adding several costs to the loan repayable. The appropriate method to compare interest rate will be through APRs. APR allows interest rate comparison on a more common base. Loan calculator lists the APR being offered by a multitude of lenders. This can be used to learn about the interest rate that homeowners get personal loans on. However, loan calculator only suggests the interest rate and does not give the exact measure that loan providers ought to charge. Many a times the details in the loan calculator are obsolete. Therefore, the loan calculator must be used with caution.
Still another method of comparing interest rate (which does not involve time consuming calculations as in loan calculator) is a personal loan quote. The short-listed lenders may be requested to send a personal loan quote with the terms of homeowner personal loan specified. This gives the perfect measures for comparison. Personal loan quote puts no obligation on the borrower.
Repayment terms are no different from those offered to the non-homeowners. Since interest rate is lower on homeowner personal loans, the amount repayable may not be higher. Since the repayment is to be made through monthly or quarterly installments, borrowers will not find the task as Herculean a task as it is for the non-homeowners. The differences are noticeable when the installments are not paid regularly. While the loan providers easily lose patience with the non-homeowners, they do not with the homeowners. Homeowners get payment holidays and discounted rates of interest during periods of financial depression.
Homeowner personal loans, despite the advantages that it allows its borrowers to have, do have to be used with prudence. You surely wouldn't like to lose your home for a repayment not made on time. Proper advice will go a long way in keeping the bad-effects of homeowner personal loans at bay.
What To Expect From A Havanese
One of the most positive and prevalent traits you can expect from your Havanese is companionship and devotion. A Havanese can live in a small apartment setting with ease. They don't require the amount of space or exercise requirements that larger dogs require. Therefore, in many ways a Havanese dog is very easy to care for.
Various dog breeds are prone to many common health ailments and diseases. The great thing about the Havanese breed is that it has relatively few genetic diseases in its history. This is a welcome note to any Havanese owner or anyone that is interested in finding their own wonderful Havanese dog.
The genetic problems of the Havanese include autoimmune skin conditions, cataracts and progressive retina atrophy.
I must stress, however, that it is still important to maintain quality preventative care through vaccinations, heart worm pills, and flea & tick medications. These preventative health measures are necessary for virtually every breed of dog.
A Havanese has a typical life span of around 16-18 years.
Personality Of The Havanese
This is probably the one burning question that many potential Havanese owners ask. What is their personality like? Well let me go through that for you right now:
1. Temperament
The temperament of a Havanese is playful and alert. The Havanese breed is brave even though they are smaller then most other dogs. This courage helps them to be a great watch dog. They are devoted to their family.
The Havanese breed is good with children. The key is to treat the Havanese like a companion and not a toy. Remember they are not a fragile doll and can play and romp with the best of them. Their playful attitude and active nature make them great friends for walks, swimming, and playing in the yard. The Havanese tends to be an indoor dog, but they need exercise as well.
The Havanese makes a great house pet and work well with kids. It is critical to teach your children to respect your Havanese and create a loving relationship.
2. Toy Breed
The Havanese breed is a member of the Toy group as classified by the American Kennel Club. The toy breed is small in stature which makes them wonderful apartment and house dogs. The Havanese can be a great choice for someone that lives in the city.
3. Exercise Requirements
A Havanese dog loves to curl up on the couch with you. However, they do also like to take a walk. In fact, walking should be part of their exercise plan. A Havanese will often be ready to play, but at times will want you to carry them during the walk. This can be tempting, especially because they are so cute!
Don't carry them. This will only spoil them. They need the exercise or they will become restless and irritable. A restless, bored, and irritable dog is prone to behavioral problems.
Exercise and play not only keeps your dog physically fit, but it promotes their mental health as well. Keep your Havanese happy and healthy with games, walks, and a good belly rub.
4. Great Family Dog
A Havanese can make a wonderful family dog. This breed is good with children if you train and socialize them properly. They have an innate need to watch over their family. They may not be able to attack an intruder, but they can let you know with a bark that an intruder is present.
Various dog breeds are prone to many common health ailments and diseases. The great thing about the Havanese breed is that it has relatively few genetic diseases in its history. This is a welcome note to any Havanese owner or anyone that is interested in finding their own wonderful Havanese dog.
The genetic problems of the Havanese include autoimmune skin conditions, cataracts and progressive retina atrophy.
I must stress, however, that it is still important to maintain quality preventative care through vaccinations, heart worm pills, and flea & tick medications. These preventative health measures are necessary for virtually every breed of dog.
A Havanese has a typical life span of around 16-18 years.
Personality Of The Havanese
This is probably the one burning question that many potential Havanese owners ask. What is their personality like? Well let me go through that for you right now:
1. Temperament
The temperament of a Havanese is playful and alert. The Havanese breed is brave even though they are smaller then most other dogs. This courage helps them to be a great watch dog. They are devoted to their family.
The Havanese breed is good with children. The key is to treat the Havanese like a companion and not a toy. Remember they are not a fragile doll and can play and romp with the best of them. Their playful attitude and active nature make them great friends for walks, swimming, and playing in the yard. The Havanese tends to be an indoor dog, but they need exercise as well.
The Havanese makes a great house pet and work well with kids. It is critical to teach your children to respect your Havanese and create a loving relationship.
2. Toy Breed
The Havanese breed is a member of the Toy group as classified by the American Kennel Club. The toy breed is small in stature which makes them wonderful apartment and house dogs. The Havanese can be a great choice for someone that lives in the city.
3. Exercise Requirements
A Havanese dog loves to curl up on the couch with you. However, they do also like to take a walk. In fact, walking should be part of their exercise plan. A Havanese will often be ready to play, but at times will want you to carry them during the walk. This can be tempting, especially because they are so cute!
Don't carry them. This will only spoil them. They need the exercise or they will become restless and irritable. A restless, bored, and irritable dog is prone to behavioral problems.
Exercise and play not only keeps your dog physically fit, but it promotes their mental health as well. Keep your Havanese happy and healthy with games, walks, and a good belly rub.
4. Great Family Dog
A Havanese can make a wonderful family dog. This breed is good with children if you train and socialize them properly. They have an innate need to watch over their family. They may not be able to attack an intruder, but they can let you know with a bark that an intruder is present.
Understanding Bridging Finance
Bridging finance, also referred to as "bridge loans" and "bridging loans", have nothing at all to do with re-constructing the London Bridge. Bridging finance is typically a short-term loan that a business uses to supply cash for a real estate transaction until permanent financing can be arranged. The word "bridge" conveys the fact that the loan is designed to get you over a temporary obstacle. A typical use for a bridge loan is to cover situations such as when a company needs to close on a new office building before having sold their old one. They would use the proceeds of the bridge loan to continue making payments on the old building until it is sold.
Bridging finance almost always requires that you pledge some sort of collateral as security against the loan. You could offer up commercial or private real estate that you own,or are in the process of buying, machinery and office equipment or even existing inventory. If you have outstanding business and personal credit, as well as an outstanding relationship with your lender, you might be able to secure your bridge loans on just a signature.
Because the need for bridging finance sometimes arises suddenly and without warning, it is a good idea to establish a relationship with a lender before the actual need arises. When you do this you can arrange to be pre-approved for a specified loan limit. Later, when the need suddenly arises, you won't have to wade through all of the red tape. The typical term for a bridge loan runs from a fortnight to as long as two years. Of course, any terms can be negotiated and a motivated lender will work hard to match your needs.
Since bridging finance usually lasts for a relatively short period you may find that the interest rate you are being asked to pay is slightly higher than a more conventional type of loan. Lenders make their profit by charging interest across the life of the loan. The shorter the loan period the less interest they earn. As a result many lenders will often boost the rate by a 1/2 point or more. In general, the length of the loan, the amount of risk that is present for the lender, the quality of your credit history and the liquidity and value of your collateral all are used to help determine the interest rate.
Your best bet for securing a bridge loan at the most favourable rates and terms is to work with a qualified UK Commercial Mortgage Broker who understands the ins and outs of bridge loans. That way you can get your application in front of as many lenders as possible and end up with several who are willing to compete for your business.
About The Author
Commercial Lifeline http://www.Commercial-Lifeline.co.uk are Commercial Mortgage and Bridging Finance specialists.
This article comes with reprint rights. Feel free to reprint and distribute as you like. All that we ask is that you do not make any changes, that this resource text is included, and that the links above are intact.
articles@commercial-lifeline.co.uk
Written by: Commercial Lifeline
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Thursday, July 10, 2008
Bad Credit Auto Loan Refinance - Bad Credit Auto Refinance Tips
Most people know that it is possible to refinance their homes but did you know it is also possible to refinance your auto? Indeed for many people who have high interest sub prime car loans, refinancing their auto loans may be a wise decision. How do you know when refinancing your bad credit auto loan might be a good idea? And once you have decided to refinance, how should you go about doing it so that you actually improve your loan situation?
Just as when you refinance your home loan, when you refinance your auto loan the old loan is paid off in full and it is replaced by a new loan. If when you bought your car your credit score was below 620, the interest rate on your auto loan may be significantly above the interest rate you can qualify for today. By refinancing your bad credit auto loan the monthly payment may go down substantially. Also, over the life of the loan you may save several thousand dollars in interest payments.
You may be a candidate for an auto loan refinance if
Your car loan has become "seasoned"; that is, if you have had it for at least a year.
You have made your payments in a timely manner.
Your car's value is more than the amount you owe on it.
If all of the above statements are true, then it may be time to investigate refinancing your car.
First, make sure you are fully aware of the state of your current credit report and current credit rating. Both of these are easily available online. You are entitled to one free credit report each year. Your current credit score (FICO score) should also be available for a nominal fee.
Second, find out your car's value. Having your car appraised is not a requirement for refinancing your auto loan but you should know its value. Most auto loan refinance companies require that your loan be at least $7,500 so your car value must be at least that amount. At your local bookstore and online there are many resources for estimating your car's worth. Two of the most popular sources are the Kelley Blue Book and Edmunds Buyer Guides. Be sure and have a realistic eye when surveying your car's condition, you can be sure your lender will.
Third, research the available lenders. It may be that your current lender will be open to refinancing your car. However, you should shop around for the institution that will give you the lowest interest rate and refinance as small an amount as possible. When these two conditions are met you will then also get the lowest monthly payment available.
Fourth, as with any loan, have all offers put in writing. Take the time to read the fine print and compare the proposals.
Finding a lender to refinance your bad credit auto loan may take some time and effort. The savings to your pocketbook every month and over the life of the loan, however, can easily make the time and effort worthwhile.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Bad Credit Car Refinance lenders.
Written by: Carrie Reeder
Just as when you refinance your home loan, when you refinance your auto loan the old loan is paid off in full and it is replaced by a new loan. If when you bought your car your credit score was below 620, the interest rate on your auto loan may be significantly above the interest rate you can qualify for today. By refinancing your bad credit auto loan the monthly payment may go down substantially. Also, over the life of the loan you may save several thousand dollars in interest payments.
You may be a candidate for an auto loan refinance if
Your car loan has become "seasoned"; that is, if you have had it for at least a year.
You have made your payments in a timely manner.
Your car's value is more than the amount you owe on it.
If all of the above statements are true, then it may be time to investigate refinancing your car.
First, make sure you are fully aware of the state of your current credit report and current credit rating. Both of these are easily available online. You are entitled to one free credit report each year. Your current credit score (FICO score) should also be available for a nominal fee.
Second, find out your car's value. Having your car appraised is not a requirement for refinancing your auto loan but you should know its value. Most auto loan refinance companies require that your loan be at least $7,500 so your car value must be at least that amount. At your local bookstore and online there are many resources for estimating your car's worth. Two of the most popular sources are the Kelley Blue Book and Edmunds Buyer Guides. Be sure and have a realistic eye when surveying your car's condition, you can be sure your lender will.
Third, research the available lenders. It may be that your current lender will be open to refinancing your car. However, you should shop around for the institution that will give you the lowest interest rate and refinance as small an amount as possible. When these two conditions are met you will then also get the lowest monthly payment available.
Fourth, as with any loan, have all offers put in writing. Take the time to read the fine print and compare the proposals.
Finding a lender to refinance your bad credit auto loan may take some time and effort. The savings to your pocketbook every month and over the life of the loan, however, can easily make the time and effort worthwhile.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Bad Credit Car Refinance lenders.
Written by: Carrie Reeder
A College Loan Will Finance Your Education!
A college loan has given people all over the United States a chance to further their education, even if they are not making a lot of money. Education loans can be a big help in paying for college. You'll find these loans offer a low interest rate and a generous repayment period. Of course, student loans must be repaid, usually with interest, although some education loans have provisions for cancellation if the borrower performs a program-related service. If you are looking for a loan, be aware that there are many different types of loans. Try to find the student loan that fits you the best. For example, there is a loan called the Federal Stafford Loan. The Federal Stafford Loan is the most widely used loan in the student education loan program. Federal guidelines limit the maximum interest rate to no more than 8.25% and outline repayment terms of up to 10 years. Remember that if you ever need help or are falling behind on payments, consider a consolidate student loan.
Tips on getting a deferment for your College Loan.
If for some reason you are unable to meet your monthly payments, consider a college loan deferment. A deferment is a suspension of payments for special reasons. Usually, those who borrowed their first Stafford Loans after July 1, 1993, are eligible to defer payments if are enrolled in at least half-time at an eligible school, unemployed, in a graduate fellowship program, in a rehabilitation training program for people with disabilities, or suffering economic hardship. A college education is expensive, but with the right student loan you will be attending class without financial worry in no time!
Mike Yeager
Publisher
Written by: Mike Yeager
10 Easy Ways To Organize Your Business Finances
Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
4 Good Reasons to Get a Refinance Home Loan
Refinance Your Home Now and Lower Your Interest Rate
What is a refinance home loan?
A refinance home loan or a home loan refinance is a new loan obtained through your lender or a new lender to pay off existing loan. However, you may opt to apply for a lower interest rate and or cash out on your homes equity.
When should I refinance my home? It is a known fact that interest rates are lower than they have been in years. This is due to our fast paced and ever changing economy and market. Now would be the perfect opportunity to refinance your home to obtain a lower interest rate. Even a .25 difference can save you thousands of dollars a year in mortgage payments.
Why should I refinance my home?
There are several reasons home owners decides to refinance. The four most common reasons include:
To obtain a lower interest rate
Home owner generally are aware of interest rate down fall. They take advantage of this opportunity by applying to a refinance loan to lower their existing interest rates and save money on mortgage expenses. The money that a borrower saves on mortgage expenses can be invested in other financial investments.
To receive a refinance cash out
Some home owners who have enough equity accumulated in their homes refinance to cash out their equity and get a lower interest rate
To make home improvements
Sooner than later you will find that maintaining your home is hard work (not to mention quite expensive). In most cases, home owners will pursue a refinance, rather than a personal loan, in order to save on interest rates. A personal loan may have higher interest rates and are normally, not as large as a home improvement loan.
To change loan programs
A majority of home owner refinance because they are not satisfied with their current loan program. They may be under a 5 year arm, but somewhere down the line they decided they would prefer a 30 year fixed loan. Whatever the reason may be, a refinance home loan will solve the problem.
What are the benefits of refinancing my home?
There are several benefits included with refinancing your home, including:
Your credit may be in better standings then before you purchased your home, now you can refinance and obtain a more suitable loan, with lower interest rates and terms.
Or, you can obtain a home equity line of credit and have cash available when you need it.
With refinance cash out, your lender can consolidate your bills and pay off all of your debt. You will not have to deal with the hassle by yourself.
What are the different refinance loan options?
As with a traditional loan, refinance home loans offer some of the same loan programs, such as:
10/15/30 year fixed
Zero Down
Interest Only
And so on
Where can I refinance my loan?
You can apply for a refinance home loan through your current lender. Or you may search for a new lender more suitable to your financial needs. This search can be done by internet search, flipping through the yellow pages, or consulting with your real estate agent.
What is a refinance home loan?
A refinance home loan or a home loan refinance is a new loan obtained through your lender or a new lender to pay off existing loan. However, you may opt to apply for a lower interest rate and or cash out on your homes equity.
When should I refinance my home? It is a known fact that interest rates are lower than they have been in years. This is due to our fast paced and ever changing economy and market. Now would be the perfect opportunity to refinance your home to obtain a lower interest rate. Even a .25 difference can save you thousands of dollars a year in mortgage payments.
Why should I refinance my home?
There are several reasons home owners decides to refinance. The four most common reasons include:
To obtain a lower interest rate
Home owner generally are aware of interest rate down fall. They take advantage of this opportunity by applying to a refinance loan to lower their existing interest rates and save money on mortgage expenses. The money that a borrower saves on mortgage expenses can be invested in other financial investments.
To receive a refinance cash out
Some home owners who have enough equity accumulated in their homes refinance to cash out their equity and get a lower interest rate
To make home improvements
Sooner than later you will find that maintaining your home is hard work (not to mention quite expensive). In most cases, home owners will pursue a refinance, rather than a personal loan, in order to save on interest rates. A personal loan may have higher interest rates and are normally, not as large as a home improvement loan.
To change loan programs
A majority of home owner refinance because they are not satisfied with their current loan program. They may be under a 5 year arm, but somewhere down the line they decided they would prefer a 30 year fixed loan. Whatever the reason may be, a refinance home loan will solve the problem.
What are the benefits of refinancing my home?
There are several benefits included with refinancing your home, including:
Your credit may be in better standings then before you purchased your home, now you can refinance and obtain a more suitable loan, with lower interest rates and terms.
Or, you can obtain a home equity line of credit and have cash available when you need it.
With refinance cash out, your lender can consolidate your bills and pay off all of your debt. You will not have to deal with the hassle by yourself.
What are the different refinance loan options?
As with a traditional loan, refinance home loans offer some of the same loan programs, such as:
10/15/30 year fixed
Zero Down
Interest Only
And so on
Where can I refinance my loan?
You can apply for a refinance home loan through your current lender. Or you may search for a new lender more suitable to your financial needs. This search can be done by internet search, flipping through the yellow pages, or consulting with your real estate agent.
1st And 2nd Mortgage Refinance Loan - Why Refinance Both Mortgages?
The hassle of making two monthly mortgage payments has prompted many homeowners to consider refinancing their 1st and 2nd mortgages into one loan. While combining both loans into one mortgage is convenient, and may save you money, homeowners should carefully weigh the risks and advantages before choosing to refinance their mortgages.
Benefits Associated with Combining 1st and 2nd Mortgages
Aside from consolidating your mortgages and making one monthly payment, a mortgage consolidation may lower your monthly payments to mortgage lenders. If you acquired your 1st or 2nd mortgage before home loan rates began to decline, you are likely paying an interest rate that is at least two points above current market rates. If so, a refinancing will greatly benefit you. By refinancing both mortgages with a low interest rate, you may save hundreds on your monthly mortgage payment.
Furthermore, if you accepted a 1st and 2nd mortgage with an adjustable mortgage rate, refinancing both loans at a fixed rate may benefit you in the long run. Even if your current rates are low, these rates are not guaranteed to remain low. As market trends fluctuated, your adjustable rate mortgages are free to rise. Higher mortgage rates will cause your mortgage payment to climb considerably. Refinancing both mortgages with a fixed rate will ensure that your mortgage remains predictable.
Disadvantages to Refinancing 1st and 2nd Mortgage
Before choosing to refinance your mortgages, it is imperative to consider the drawbacks of combining both mortgages. To begin, refinancing a mortgage involves the same procedures as applying for the initial mortgage. Thus, you are required to pay closing costs and fees. In this case, refinancing is best for those who plan to live in their homes for a long time.
If your credit score has dropped considerably within recent years, lenders may not approve you for a low rate refinancing. By refinancing and consolidating both mortgages, be prepared to pay a higher interest rate. Before accepting an offer, carefully compare the savings.
Moreover, refinancing your two mortgages may result in you paying private mortgage insurance (PMI). PMI is required for home loans with less than 20% equity. To avoid paying private mortgage insurance, homeowners may consider refinancing both mortgages separately, as opposed to consolidating both mortgage loans.
Benefits Associated with Combining 1st and 2nd Mortgages
Aside from consolidating your mortgages and making one monthly payment, a mortgage consolidation may lower your monthly payments to mortgage lenders. If you acquired your 1st or 2nd mortgage before home loan rates began to decline, you are likely paying an interest rate that is at least two points above current market rates. If so, a refinancing will greatly benefit you. By refinancing both mortgages with a low interest rate, you may save hundreds on your monthly mortgage payment.
Furthermore, if you accepted a 1st and 2nd mortgage with an adjustable mortgage rate, refinancing both loans at a fixed rate may benefit you in the long run. Even if your current rates are low, these rates are not guaranteed to remain low. As market trends fluctuated, your adjustable rate mortgages are free to rise. Higher mortgage rates will cause your mortgage payment to climb considerably. Refinancing both mortgages with a fixed rate will ensure that your mortgage remains predictable.
Disadvantages to Refinancing 1st and 2nd Mortgage
Before choosing to refinance your mortgages, it is imperative to consider the drawbacks of combining both mortgages. To begin, refinancing a mortgage involves the same procedures as applying for the initial mortgage. Thus, you are required to pay closing costs and fees. In this case, refinancing is best for those who plan to live in their homes for a long time.
If your credit score has dropped considerably within recent years, lenders may not approve you for a low rate refinancing. By refinancing and consolidating both mortgages, be prepared to pay a higher interest rate. Before accepting an offer, carefully compare the savings.
Moreover, refinancing your two mortgages may result in you paying private mortgage insurance (PMI). PMI is required for home loans with less than 20% equity. To avoid paying private mortgage insurance, homeowners may consider refinancing both mortgages separately, as opposed to consolidating both mortgage loans.
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