5 Tips on Choosing a Mortgage

Availing a mortgage can be confusing as there are so many options available today. It is important to make an informed choice as any mortgage is not a “one day” matter. It will remain with you for a long time at least 5-10 or more years.

While mortgages enable you to buy your dream home or commercial property instantly it is a debt and needs to be paid back with interest. Since a mortgage is a long term financial commitment you need to consider aspects like income, expenditure, expanding family needs, and more before going right ahead and buying a home you really cannot afford. If you find yourself in apposition of confusion, seek the help of an independent financial advisor. Try not to consult a real estate agent or loan officer at the bank as it is in their interest for you to buy a property or avail a loan. A professional financial consultant will be able to sit down with you and study your case and then make sensible and practical recommendations based on aspects like income, future prospects and so on.

According to experts it is important to:

a. Know what kinds of mortgages are available. Study the various options with care. Know whether to select a fixed rate mortgage or adjustable rate mortgage.

b. Know your needs and based on that decide which type of mortgage you don’t need.

c. Next weigh the pros and cons of the remaining types and then choose the mortgage that is ideal for you.

When selecting a mortgage the most important things are:

1. Determine how much you can afford to pay towards the principle and interest each month. Remember you must have enough money left over to meet daily needs. Be practical and create an income/expenditure chart. And in your planning be sure to include escalation in expenses say for example a child will be due to start going to college in 3-4 years and so on.

2. Always make the effort of doing a comparison of lending rates and mortgage packages. There are online comparison tools that you can use.

3. Select a reputed and dependable mortgage company. Do a background check on the company you intend to use and make sure there are no complaints against them. Try and avail a mortgage from an institution you are already familiar with, for instance your own bank or credit union. Find out if the pace you work in has a tie up with any bank or financial institution.

4. Work out the loan tenure intelligently. Depending on the interest rate payable if you chose a long tenure you will pay out considerable amounts as interest. In case you find it difficult ask a loan officer to help you decide the tenure.

5. Always read the contract/agreement carefully. And if the mortgage has insurance cover avail that. This protects your family in case of death or any other problems.

A mortgage is a long term commitment and non payment or defaulting can mean loosing your home. So a mortgage must always be selected with care.

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Refinance Your Home Mortgage Online

The largest financial obligation most people ever take on couldn’t escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.

To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people just called a few banks and went with the lender that seemed to offer the lowest rate for the least discount points.

Now borrowers can access up-to-the-minute financial information and economic indicators online. Comparing rates and fees between lenders takes only the click of a mouse. Loan programs and mortgage calculators quickly figure the best strategy for everything from which loan represents the lowest cost over time to how much money a borrower could save by prepaying their mortgage on a monthly or bi-weekly basis. Financial tools available online truly empower any borrower with Internet access.

Though the Internet represents a faster and more hassle-free way to refinance your first or second mortgage, remember these important facts:

Loan Programs – Just because the Internet makes the loan process easier doesn’t mean you should abandon common sense. Take the time to analyze which loan program best meets your needs based on the big picture of how long you’ll live in the house, the payment you can handle comfortably, and how much cash or equity the lender requires.

Fees – All lenders don’t charge equally. Many offer a lower interest rate, but make up the discount in fees and charges. Analyze costs between lenders by obtaining a list of all associated loan fees known as a “Good Faith Estimate”.

Service – Obtaining a loan online won’t do you a bit of good if you run into a problem and need to speak with a live human. Make sure your online lender maintains offline customer service.

Rate Lock-in – The lender’s website should clearly explain their interest rate lock-in period and policy. Don’t get lured in by a lender offering a lower rate and points only to find out the hard way that your interest rate lock expires before you can get the loan closed.

Loan Commitment – Find out from the lender’s site what legally binding documentation they provide to document the loan commitment once you get loan approval.

Though many borrowers use the Internet purely for research, record numbers now go online to apply and complete the entire mortgage process on the Web, while saving significant money and time in the process.

Jim Edwards

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Your Finances

Which category do you fall in?

I have determined that financially, people fall into one of
three categories.

1. Family 1 has all the money they need for necessities and
more and manage it very well.

2. Family 2 has all the money they need for necessities and
more but live payday to payday with ever increasing debt.

3. Family 3 don't have enough money for necessities.

The funny thing about the three families above is that they
could have exactly the same income and family size. This is
not to say that special circumstances has nothing to do with
it, but on the average most people live above their means.

Family 1 has established a workable budget. They don't pay
more than they can afford for housing, transportation,
utilities, etc. They also have money set aside for long and
short term savings. This short term savings provides two
things. First, it makes money available when the car breaks
down, you need a new washer or any number of unexpected
expenses that crop up. Second, it prevents the need to use
credit cards for these items. The savings here could be
hundreds of dollars. Family 1 planned.

Family 2 is still struggling to establish a budget. In many
cases their house payments or rent is much more than they can
afford. They don't take the time to evaluate the money that
could be saved with little effort. Usually there is no short
term savings, let alone short term. They use credit cards as
if they were cash and pay hundreds of dollars in unnessary
finance charges and penalities. These people find themselves
with financial problems that often leads to bankruptcy. Family
2 either didn't plan or may not know how the handle their
finances.

Family 3 has given up on a budget. No matter what they do there
isn't enough money to pay for housing and other necessities.
They struggle to put food on the table. Most don't qualify for
credit cards, which is a good thing. In some cases this
situation is self inflicted and some are due to circumstances.

What is the answer to these problems?

Family 1 - Leave these people alone unless you plan to ask their
advice.

Family 2 - These are the people that need to seek help and stand
a chance of becoming a family 1 family. The possible solutions
include a debt management company like Consumer Credit Counseling
Service. They need to establish a budget and stick to it. If
their housing and other expenses are too high, then they need to
cut back, even if they have to move. They also need to cut up
the credit cards and think about consolidating. Depending on
how far they are in debt, this could take years.

Family 3 - While their struggle seems useless, there are things
that can be done. First, they need to see to it that everything
is being done to keep expenses down. The electric bill is a
good example. There is federally subsidized housing that only
charges a small fee based on your income. Make sure that they
are receiving all federal and state benefits that they are
entitled. If they are able, they should seek job training or
some other means to make their life a little better.

Which family are you? No matter whether your are family 1, 2
or 3, there is hope. The primary thing that must be done is to
educate everyone that learning to managing their finances is
absolutely for their peace of mind. With the vast amount of
information on the internet providing help, this is possible.

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Will You Qualify for that New Mortgage or Re-Finance?

The Federal Reserve continues to raise short-term interest rates, but long-term mortgage rates are still at 40-year lows. This may be one of your last opportunities to lock in great interest rates below 6%. So, we put together a brief checklist for you to follow in order to make sure that the process goes smoothly for you.

First, it is a good idea to check your credit report to make sure there will be no surprises when your lender takes a look at it. You can get a free copy of your credit report and credit score at http://www.trimyourdebt.com/GetYourCreditScore.aspx. Remember a score above 700 usually means you will get the best interest rates. Usually a rate below 680 is considered to be of higher risk and so the lender requires a higher interest rate to mitigate the increased risk of loss.

If you find any incorrect information in your credit report, be sure to get it cleaned up before applying. Cleaning up negative items from your credit will also ensure that you get a better credit score. For information on how to get your credit cleaned up before you get that new mortgage, visit http://www.trimyourdebt.com/CreditRepairGuide.aspx.

Next, list out all of the debts reported on your credit report and add up all of the monthly payments. Also include what your payment would be with your new mortgage. In order to estimate your monthly payment with a mortgage interest rate of 6%, you can use $6 per thousand dollars of mortgage. So for example, if you need a $150,000 mortgage, then multiply 6 times 150, which equals $900 per month. Add this payment to the other monthly debts listed on your credit report and this will be your total debts.

Now take out your most recent paycheck stubs to do a debt-to-income calculation. The calculation is done by taking the total debts from above and dividing this number by your gross monthly income. The ratio should be less than 38%. If your ratio is too high, then you need to do your best to start paying down your debts. The quickest way to do this is to follow the debt plan that is available at http://www.trimyourdebt.com/welcome_budget_short.aspx.

The final item that you will need to provide to your lender is documentation that shows your assets such as bank account statements, 401(k) statements, any cash value of life insurance, etc. Your lender wants to see where your down payment will be coming from.

You are now ready to check for the best rates and start looking for a lender. To get free rate quotes with no obligation and no credit check, feel free to visit us at http://www.trimyourdebt.com/MortgagePlanner.aspx.

About the Author

Don Blackhurst is the co-founder of TrimYourDebt.com (http://www.TrimYourDebt.com), which provides free budgeting tools, debt planning, and credit help. He has been working in the banking and finance industries for over 15 years and has an MBA with an emphasis in Finance and Econometrics.

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Take a Second Mortgage For Improving Your Home

When you need finance for a home improvement project, you have many options at your reach. However, one that is not often considered and can turn out to be a very cheap source of founds is to take a second mortgage on the same property you are planning to improve. Home equity loans or second mortgages are the right tool for financing home improvements.

The fact that these loans are based on equity and that you are planning to improve the property that is guaranteeing them has several implications that need to be taken into account. Both the lender and the borrower will benefit from the fact that the loan will be used to improve the asset that is guaranteeing the loan.

Home Equity Loans (Second Mortgages)

Home equity loans or second mortgages are based on the remaining equity on your home. Basically, equity is the difference between the home value of your property and the outstanding debt guaranteed by that property. Home equity loans use this equity as collateral to guarantee the loan just like home loans use the property as collateral.

This implies that the risk involved for the lender is reduced due to the guarantee and thus, the interest rate charged is low. These loans along with home loans are probably the lowest rate loans of the private financial market. This in turn, implies also low monthly payments which are perfect for financing home improvements so you do not have to pay high lump sums every month.

Also, since these loans are guaranteed, the lender is willing to offer higher loan amounts. However, the loan amount will be limited by the equity left on your home. Higher loan amounts are also very useful for home improvements because generally, home improvements are rather expensive and an important amount of funds are needed to undertake home improvement projects.

An Alternative: Home Equity Lines of Credit for Home Improvements

These lines of credit are revolving sources of funds that are also guaranteed with your home equity. Instead of a fixed loan amount, what you are offered when requesting a home equity line of credit, is a flexible source of funds with certain credit limit. Up to this limit you can request as much money as you need and repay it the way you want. Generally, the minimum payment is the interests charged for the money you withdraw.

Once you repay the principal, you can withdraw it again as many times as you want as long as you do not exceed the credit limit. This tool provides a lot of flexibility that comes in very handy when making home improvements that have costs that you cannot always predict and thus having a fixed amount can seriously limit your project.

The main difference as regards the terms of home equity loans and lines of credit is that home equity lines of credit always carry a variable interest rate that is altered every three months according to market conditions, while home equity loans can carry either a variable rate or a fixed interest rate that will remain the same all through the life of the loan.

by Amanda Hash

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3 Tricks That Will Steal Your Equity

While it may appear fairly simple to work up a new equity loan, there are things that you must look at to avoid equity scams. Actually, plenty of the things that you'll see here are not explored often. Before you enter into your loan arrangement, please investigate this...

I want to point out that most lenders on the equity loan marketplace are legitimate lenders; though, several lenders are taking advantage of people facing financial hardships. These corrupt lenders grant sweet-sounding loans, yet fail to advise the borrower about concealed costs or balloon charges. Concealed expenses are regularly stripped from loans, since the APR is a supposed safety net to the borrower that weeds out concealed expenses. Abusive lending practices range from equity stripping and loan flipping to hiding loan conditions and packing a loan with excess charges.

Equity Stripping is one of the leading scams on the loan marketplace. Lenders will attempt to relieve you of your hard earned money by stripping the majority of the equity from your house. They will in fact strip you of your home after you default on the loan. The lenders engaging in equity stripping will routinely present to borrowers (Wow, what a deal!) deals, leading you to be certain that you are saving money. As a result, once the borrower consents to the legal contract, the lender will show new costs, expensive interest, and other costs that puts weight on the borrower, until he or she breaks and fails to make payments on the mortgage. The lender then repossesses the home, disposing of the home for cash while the borrower is left homeless with a questionable future.

Therefore, the Federal government has provided the information to help borrowers avoid losing their equity. Since equity stripping is becoming a huge industry, the Fed's urge homeowners to lookout for equity stripping, as well as being aware of lenders that are providing loans that reach beyond your income. Signs of the scam is when a lender says it's fine to exaggerate your personal earnings. The lender may sway you to create a loan with monthly payments that are too high for your cash flow. The loan is authorized, because the lender reports your salary as higher than it truly is.

The feds also urge borrowers to remain conscious of loan flipping, which is the process of switching loans frequently and asking for larger amounts of money on each refinance applied. Loan flipping behaves this way: When a customer falls behind on a loan, the lender offers to renew the loan and take care of any missing payments. A number of lending companies are refinancing loans persistently in a short period of time.

You will additionally want to watch out for PMI, which is personal mortgage insurance, which is a requirement; although, a few lenders try to charge for further coverage that is not needed. Therefore, homeowners, especially low income families, should read the the whole story of any loan issued meticulously.

If a lender is pushing you to sign a agreement, you will need to locate another lender, because pressuring borrowers is a dependable warning that the lender is doing something unscrupulous.

In spite of everything, the final voice for handling house equity scams will be up to you. Use the information in this article to find the best course for addressing your funds and you will enjoy your home with few worries.

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Find cheaper bad credit history remortgages - Many tips given

Several subjects that will be covered during the report are early redemption charges, life and payment insurance, fixed rates, along with other important subjects.

The aim of this short report is to help those with poor credit histories that are looking to get a mortgage. Although we don't promise earth shattering savings, by following the simple steps a substantial saving could be made on your monthly mortgage payment. With bad credit history remortgages getting lots of rejections can be daunting and most lenders will not accept poor credit, the tips given will try to eliminate turn downs and increase you chance of getting the deal you require.

Step I : Don't stretch yourself ! With house prices so high it is easy to over stretch your budget and this could lead to debt problems in the future. Maybe fixing the bad credit history remortgages would make planning for the future easier.

Step II : Don't accept the first quote ! Weigh up the benefits of different offers using either a broker or mortgage adviser. Use online mortgage league tables to see what kind of interest rate are being offered for customers with poor credit histories.

Step III - PPI - Lots of reports in newspapers and TV have said that payment protection insurance is a scam and should be avoided. That can be the case but it depends on your personal circumstances and likely hood of needing to claim. If you have 12 months full pay if sick at work then you may not need cover. If you have no other cover in place then cover may be of benefit to you. If you are considering taking PPI on your bad credit history remortgages then rather than comparing APRs compare the total amount repayable over the whole term. Because one lender may charge a cheaper APR but a bigger amount for the protection you could be better paying a higher APR and getting the cheaper cover throughout the term.

Step IV : Use a bad credit history remortgages specialist broker or independent mortgage adviser. These specialists have lots of experience at helping similar people to you and because of the large number of lenders they can access have the best chance at helping you. The opposite of building societies and banks these agencies have access to hundreds of mortgage products and can sometimes offer cheaper rates than going direct to the actual bank lending the money.

Step V : Watch out for early settlement charges ! Sometimes when taking a mortgage you get a discounted or fixed interest rate that lasts for an agreed length of time. By moving companies within that time or sometimes even after you can be stung by early redemption charges. Always find out what the penalties are and consider your future requirements.

What should I do now ?

Ensure that the correct steps above have been undertaken then read below. For bad credit history remortgages the best site we found is Bad Credit Remortgages

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About the Author: Damian is the owner of many finance related websites. Including mortgage, loans and debt advice. For more information visit http://www.remortgagesupermarket.co.uk

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Student Credit Cards

In today’s world, having a credit card is a luxury. Credit cards are a great convenience, meaning that you don’t need to worry about cash when making a purchase. Although some credit cards have strict requirements, there are a lot of manufacturers that are giving both high school and college students the chance to get their own credit cards. Student credit cards can be used the same way as a traditional credit card, although they do come with certain restrictions and limitations that other credit cards don’t normally have.

A lot of companies and banks that offer student credit cards will normally need a co-signer as a form of insurance or collateral. This person will sign on the loan with the student, and will be the person the company falls back on if the student is unable to pay the bill. Normally a parent or guardian, the co-signer is considered to be back up and a peace of mind for the issuer of the student credit card, as they can always count on the co-signer with good credit to pay if the student can’t.

Normally, the APR or interest rate is higher with student credit cards, which helps to minimize the risk for the company. The spending limit is also different with these credit cards, as most are between 250 - 800 dollars. The reason for this, is because most students have established any credit, and therefore won’t have a great credit rating. Although the spending limit is obviously lower with these cards than other credit cards, they will still help students establish credit.

Students who plan to make a large purchase, can greatly benefit from using student credit cards. To make large purchases, you’ll need good credit - which is where a student credit card can really help out. You can use these credit cards as a stepping stone to building credit, and establishing a good credit rating. If you can get your credit rating high with your credit card, you’ll then be able to be approved for much higher loans in the future.

Student credit cards can also help students gain a sense of responsibility. The card works just like any other credit card, although the spending limit is much lower. Once the student has mastered usage of the card, he or she can manage money much better later on in life. These cards are great for students to have, and can teach them money skills that will last a lifetime.

Just like traditional credit cards, students should also know that student credits cards can be dangerous. Although they are great to have, there are pitfalls such as overspending. If students spend more money than they having coming in, they will be unable to pay their credit card bill, which will then affect their credit. If the company goes after the co-signer to pay the bill, it could also affect their credit as well. Therefore, students should always have a budget in mind before they start using their credit cards.

All in all, student credit cards are great to have. For high school students or college students, these credit cards are a means of freedom, and a way to teach responsibility. They can come in handy during emergencies, which is reason enough to invest in them. If your son or daughter is in school right now, you should look into student credit cards. They can help your child to establish credit - which will take them farther wherever they go in life.

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Refinance After Bankruptcy

Refinancing your mortgage after bankruptcy is actually the same as replacing it with an entirely new mortgage. The most common reason for refinancing your mortgage after bankruptcy is to get a lower interest rate and save money over the length of your mortgage. It is possible for you to lower your payments and save money each month and there has never been a better time to refinance. Mortgage lenders will consider refinancing your mortgage after bankruptcy because the risks involved in refinancing an existing mortgage are extremely low.

You can receive quotes from multiple lenders who are competing for your business, even if you have filed bankruptcy in the past. A quick online application will put you in touch with lenders who are experts in refinancing mortgages after bankruptcy. You can be pre-qualified in just minutes and the application is quick and easy. Refinancing your home, even after bankruptcy, can lower your payments and even give you extra cash for that well-deserved vacation, to consolidate bills, or to fund your child's college education.

If you thought refinancing your mortgage after bankruptcy was impossible, you will be pleased to learn that you can refinance and dramatically lower your monthly payments with one short online application. Lenders who are anxious to help you find the best refinancing package available for your special circumstances will contact you within as little as 24 hours after receipt of your application. A bankruptcy does not have to mean you are stuck with a high interest rate and less than desirable mortgage terms. Mortgage lenders have hundreds of loan programs that will help you meet your financial goals.

If you have been through bankruptcy and are wondering if it is possible to refinance your mortgage, complete a short online application today and learn how much money you can save each month and over the entire length of your mortgage. The difference could mean thousands of dollars in your bank account over time. Get the information you need and learn how you can lower your monthly payments and get the cash you need for bills or unexpected expenses. Refinancing your home is the best way to take advantage of the lowest interest rates in many years.

Refinancing your mortgage after bankruptcy is not impossible. Get free quotes today from multiple lenders with one simple online application. You have nothing to lose and you will find that mortgage lenders are prepared to offer you better terms than you thought possible. Lowering your mortgage payments and consolidating bills can make all the difference in your financial situation. You can be on your way to financial freedom when you contact mortgage lenders who will give you expert advice and offer you numerous choices in refinancing your home, even after bankruptcy.

by : Carrie Reeder

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Refinancing Your Home Loan? When Should You Refinance Your Home?

If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it’s the right time for refinancing your mortgage loan.

The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you’re financially ready for the move before applying for the loan.

Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won’t go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours.

If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the “extra” money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment.

Most experts agree that you shouldn’t go to the trouble or expense of refinancing your home if you don’t intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings.

To view our recommended sources for mortgage refinance loans, visit: Recommended
Refinance Mortgage Lenders Online

by : Carrie Reeder

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Refinancing Real Estate Investments

Why should you consider refinancing real estate investments instead of selling them? Maybe you've owned a rental property for years, you've paid down the mortgage, the value is up, and you want to cash in on that equity. You will do better to refinance. Here's why.

There are two problems with selling. First, selling means paying a large capital gains tax. You can avoid this if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Second, you'll be giving up your inflation-indexed retirement plan. A good rental property generates more income as rents go up.

Refinancing Real Estate Investments Is Better

If you refinance, you can get much of your gain out of the property, without paying a penny in taxes. You see, borrowing money is not a taxable event. Take your loan proceeds and spend them however you want, and still keep your rentals. Doesn't that sound better than losing a big chunk of your equity to taxes?

Now, let's look at an example. We'll suppose you have owned a small apartment building for several years. Let's say you bought it for $340,000, with a down payment of $80,000. Interest rates at the time were at 9.5%, giving you a payment of $2,106 monthly on the balance of $260,00 (30 year amortization).

The property is now worth $560,000, and you owe $220,000. Your cash flow is around $2000/month. Now, how do you get at some of that equity? If you sell, you will give up the income, AND pay a big part of the profit in taxes. What happens if you refinance?

If a bank will loan you 70% of the value, that would be $392,000. Pay off the first mortgage, and you are left with $172,000. You can spend it any way you want, and no taxes are due.

It gets even better, especially when interest rates are low. If the new interest rate is 6.5%, your new payment will be $2295. In other words, you get $172,000 to spend any way you want, and you still have over $1,800 cash flow each month, from an inflation-indexed retirement plan.

Here is an even better scenario: Spend $50,000 of the loan for high-return upgrades to the property, such as carports and a laundry room, and raise the rents. You could have $122,000 left over to spend any way you want, AND have higher cash flow than before! Isn't that sound better than selling your retirement plan? When you want that cash, consider refinancing real estate investments.

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About the Author: Steve Gillman has invested in real estate for years. To learn more, get a free real estate investing course, and see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

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Start Again with Mortgage Refinancing

If you are interested in optimizing your monthly payments on debt, or simply looking to stretch your income a little further each month, you might want to consider refinancing your mortgage.

There are two very basic ways to go about this. First, you might consider switching from a fixed rate home loan, to an adjustable rate home loan. A fixed rate home loan is a loan in which your interest rate is “locked in” and does not change from year to year. An adjustable rate home loan is a loan in which your interest rate is dictated by the market.

The other option is referred to as a “cashout” refinance, in which all your old loans are paid and new ones taken out. This is a sensible option, because the interest you are paying on the original loans is compounded and you eventually start paying interest on interest. A new loan can provide you with the fresh start you need.

When a lender is considering your mortgage refinance application they take into consideration a number of factors including current balance, monthly payment, and the remaining number of months on your current mortgage. Your household income and your debt-to-asset ration will also be considered.

If you are looking to consolidate your debt load or to simply maximize your disposable income, mortgage refinancing might well be your solution. There are few potential drawbacks to consider, mind you. Many lenders will charge extra fees for early or unscheduled payments, so be sure to ask your lender as many questions as you can.

In the case of mortgage refinancing, you may want to consider consulting a mortgage broker. A broker works for you, and not for any particular financial institution. He can take your application, and shop it around to various lenders. This will give you the freedom to determine, to some degree, the terms of your mortgage. It can often result in major cost savings, because you essentially pit one lender against the other for your business. It is definitely something worth looking into, if you are serious about saving some money. If you aren’t serious about saving money, you should be.

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About the Author: Seymore Hennigan has worked in finance for many years. When he is not crunching numbers or advising his family and friends on investments, he writes freelance articles for http://www.mortgageguide101.com – an independent mortgage guide filled with extensive information about bad credit mortgage refinancing, Countrywide mortgage, reverse mortgages and more.

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Mortgage - Harvesting Time for Consumers

Mortgages are for a lifetime today and there is absolutely no trend of savings and ‘burning the mortgage’ party. Your home equity is more than enough to pay your expenses from. It is one bankable asset. Mortgages help you attain the home and also
teaches you how to live by it. With mortgage rates plummeting down the roller coaster, the mortgage applications are rising.
The refinance boom is still at large and the fear of being a bubble is slowly vanishing. Mortgage is the best secured loan and the cheapest option for financing.


Mortgage types : There is something for every one.


There is a jungle of mortgages in the market. Conventional mortgages have made way for hybrids. Lenders are continuously expanding their markets by following the mix- and- match policy and churning out customized mortgages with various terms and payment methods to match the borrowers’ needs. With such rapid expansion and more mortgages types debuting, the home buyer has his hands full of choices-so many ways to that perfect dream home!


Mortgage refinancing : This is one option which helps you tap the equity in your home and also lock in the current record low
rates. The best part is you can shift other debts to tax deductible housing debt. Refinancing can not only reduce your monthly cost but also you can draw out additional funds for other expenses.
Say, your house is worth $500,000 and your mortgage is locked at 6% interest rate. If you refinance it at 5%, earlier you used to pay $3000 every month now you will be paying only $2500 thus saving $500 every month. (http://www.mortgagefit.com/refinance-mortgage.html)


Reverse mortgage : For those above 62 years, no income qualification involved, this mortgage helps you with monthly expenses and mainly medical bills which mount during these golden years. You don’t have to make any repayments and you get a monthly income which is tax deductible.


Mortgages are for all seasons and all times. According to the Federal Reserve Survey of Consumers, the mortgage debt from households headed by age 65-74 has grown up to 47% from 24.74% on 1995. This is mainly attributed to the huge popularity of reverse mortgages. (http://www.mortgagefit.com/reverse.html)


Remortgage : Your financial conditions may not remain the same forever. A remortgage allows you to switch to a new deal and lock in lower interest rates and also better servicing from a new lender. According to a survey conducted by the Homeowner Show, 72.8% of property investors are considering a remortgage this year compared to 62.8 % who opted for it last year. Credit card loans and other personal loans which have interest rates as high as 18-30% can easily be paid off using remortgages with rates as low as 6%. (http://www.mortgagefit.com/remortgage.html)


Mortgage Rates : You can either opt for a fixed rate or an adjustable interest rate. While the former as the name suggests remain fixed through the full term of the loan, the latter is adjusted according to the market rate annually or semiannually (according to what is agreed on).


After the recession in 2001 the ARMs ( http://www.mortgagefit.com/arm.html
) have lost a bit of their popularity because certainty and security have become no. 1 on the priority list of the US. Yet the 1 year ARM has fallen drastically to 4.11% from 4.23 the previous week.


While other loans especially credit card loans have rates as high as 18% while mortgage rates hardly rise above 9%.Mortgages
are being increasingly used to pay off credit card debts. You can even consolidate your debts and pay them off using second mortgages. These are also called home equity loan. The value of your home can be converted into liquid assets and you can use them any way you like- for education, home improvement (thus building home equity), meeting expenses, investing, etc.
( http://www.mortgagefit.com/fixed-rates.html )

Mortgage - the Next Track
Mortgages have held the US economy together even during trying times. Its robust growth has only the internet business as competitor. It has realized the dream of thousands of low income and minority groups to have home of their own. Though the new purchases have lean market, investors still prefer to put their money into mortgage backed securities which fund the entire housing industry.

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Business Credit Cards Guide

Business credit cards are a helping hand for those entrepreneurs who are running their own businesses. A business credit card not only acts as a line of credit but can also help to provide you enough control in managing your companys finances and cash. When business credit cards were first introduced it was mainly aimed towards corporate executives. However, this trend has changed and nowadays even small business owners can acquire business credit cards fairly easily. Business credit cards have become a versatile tool which allows business owners to utilize effectively over time as their business needs change.

A majority of the business credit cards come with a wide range of features including cash advances, cash rewards, airline miles, one-call emergency service, and insurance coverage. The features included in a business credit card vary from one card provider to the other, but most of the credit card companies offer an attractive introductory rate for the first few months from the date of opening your account. After that initial period the customer will be required to pay a higher ongoing APR and the card also might require an annual membership fee.

One of the major advantages of a business credit card is that it provides a significant increase in financial control. The cards allow you to simplify and manage your business expenses well, eliminating the need to use a personal credit card for business expenses. Another most important feature of a business credit card is that small business owners can make use of these little pieces of plastic to provide financing or emergency "bridge loans" for their business when stuck in cash flow shortages. And even thought it is not explicitly stated in the business card features, business owners have made use of business credit cards for start-up funding as well.

Nowadays, there are myriad small and medium sized companies which make use of business credit cards as an efficient financing tool. There is a wide variety of credit card issuers that offer business credit cards with various schemes and features. Because of the many opportunities available, it is highly recommended to thoroughly contrast and compare business credit cards to select the ideal card best suited to your specific business needs.

Tips for Choosing a Business Credit Card

Before you apply for a credit limit on a business credit, make an estimate of your monthly business expenses and your history of repayment. Make sure that you apply for a credit limit that you know is within the bounds of your expense limitations, but equally important, will also take into account the growing needs of your business.

If you have several employees working under you, you need to determine how many cards your business may need and which employees will require cards for business expenses. Obviously, before you issue cards to any employees make absolutely sure that they are trustworthy.

Also, make sure that during this process that you determine your business requirements for ancillary services. That is, if you or your employee has to travel regularly for business needs, then it is a good idea to find out those business credit card issuers who offer free air miles, travel insurance, and hotel discounts.

Be careful about the introductory interest rates offered by business credit card issuers. Most of these offers are designed to entice new customers and after an initial period of six months to one year, the interest rates will increase substantially. So when comparing business credit cards, one of the most important things to check is the regular interest rate versus the introductory APR and which card compares favorably in that regard.

So if you are planning to start a new business venture, try to utilize the entire suite of benefits that a business credit card offers that can fund, track and reward your business activities.

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About the Author: For more on business credit cards, Robert Alan recommends that you visit CreditCardAssist.com

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Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider

So, you’ve found the perfect home. You’ve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?

The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.

Could an error be lurking on your report?

Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should.

Step One: Avoid a Bad Credit Report by Requesting a Copy of It

Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.

Step Two: Check the Personal Information

Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.

Step Three: The Credit Information

It may be too late, and you may find that there are loans or other items on your report that you’ve never taken out. In addition, you may find that late payments are on your credit report when you’re sure that you made them on time. If you find such erroneous information, then you’ll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.

It’s important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.

To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

By Carrie Reeder

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Tips On Finding The Best Secured Loans Available

A few years ago, it was a common misconception that anyone that owned his or her own home was financially stable. Today we know better because the majority of homeowners have some form of debt to take care of in the coming years. The level of debt in the UK had risen to £1,352 billion in July 2007 and the majority of people that have a share in that and own their own homes could actually look to the best secured loans in the marketplace today for an active solution.

A wide range of providers offers the best secured loans, from banks and independent lenders that specialise in loan. All of the products differ slightly in accordance with the individual lenders’ policies. Nowhere is this more noticeable than in the flexibility of individual deals. Reading the terms and conditions of several policies quickly will alert you to the fact that some allow repayments that are over and above the monthly premiums whereas others do not and expect you to keep up the specified amount month after month until the conclusion of the debt term.

The terms and conditions do confuse people, as does the sheer range of products available. However, there are certain things that you can do to locate the best secured loans. The first few tips involve taking a good luck at your circumstances, but the ensuring ones can really help you to find the loan deal that you are looking for.

1. Assess your need for the best secured loan deals: The first question that you need to ask yourself is if you really need the best secured loans to help you out financially. If the answer is in the affirmative then weigh up how much you need to borrow and ideally how long you would need to pay it back.

2. Assess your needs: Everybody has wants and needs that have to be fulfilled by their financial products so it is essential that you know what these are in advance. For example, you may have bad credit, or want to borrow in excess of £15,000. You may even want the loan over twenty years, but you have to decide all of these factors before looking for the best secured loans for you.

3. Begin looking for the best secured loans: You may want to keep an open mind about the type of provider you would like because, whilst many prefer banks that they have heard of, some independent firms that only operate on the Internet have fewer overheads, a good reputation and the best deals around! Be aware of those companies when you begin to look.

4. Before comparing the price, compare the terms and conditions with your wants and needs: There is absolutely no point in taking out a loan that does not suit you so check the terms and conditions for the exemptions, penalties and details of the loan to make sure that it suits your needs. If not, look at the next one. This is what looking for the best secured loans is all about.

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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How Low Rate Secured Loans Can Ease Your Financial Burden

Nobody has it easy today when it comes to being able to afford to live. The cost of living has risen dramatically in the last few years, and this was no more apparent than when the price of unleaded petrol rose to over £1 a gallon for the first time ever in November 2007. This is just one example of how inflation and rising taxes are beginning to affect every individual living up and down the country. However, what if an unexpected expense comes up? What if your car breaks down and cannot be fixed or a tree crashes through your roof? What happens if your kitchen is flooded? None of the previous examples would be covered by your car or home insurance company. You would therefore be responsible for footing the bill yourself. This is where low rate secured loans can really help you out.

As long as you own your own home, you can find low rate secured loans that you can apply for in an emergency. Most providers will actively work to get the money to you as soon as possible when taking out a loan if you have a pressing need for it and the money could hit your account within just a few days. This makes a secured loan a more viable option than a further advance or a remortgage because that can actually take weeks to complete. If it is a large loan for something like the scenarios outlined above, then it would be a more viable proposition to take out low rate secured loans over unsecured loans too because you can pay back the loan over a much longer basis if you so wish.

Low rate secured loans can actually cost you a reasonable amount over the term of the loan. Low rates are widely available because the bank is assured that they will get a viable return on their investment in the form of your home if you do not keep up repayments. You must thinklow rate secured loans through carefully if you are to commit to one because failing to make a payment may lead to your home being sold in order to cover the entire debt. However, if you need the money for an emergency that you just cannot cover immediately then the likelihood is that you can tailor your repayments to suit your own household budget over a number of years.

Low rate secured loans actually go as low as 6% in the market, although some do go up to 10%. However, a quick look at the market will give you a good idea of the interest rates that you would expect to pay given your credit score, the amount of the loan and the term over which it will be repaid. You can obtain quotes and compare products before deciding on the best one for you, but regardless of the one you choose, it is comforting to know that there are low rate secured loans out there that you can turn to when your financial back is against the wall.

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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Leasing Equipment: An Option for Small Business Financing

Small businesses and starting businesses find it very difficult to obtain finance. Private loans are not easily qualified for and federal loans have precise requirements not easily met and are not widely available. When it comes to financing new equipment, leasing can be the solution.

Leasing Explained

Leasing consists on hiring an asset which remains the property of the lender but can be used by the borrower. The contract lasts for a certain time at the end of which the borrower has the option to buy the asset by paying a lump sum (usually a small percentage of the asset’s value). If he chooses not to do so, the contract ends or it can be renewed by replacing the leased asset with a new one. It’s widely used for cars and business equipment.

Benefits of Leasing Equipment

Leasing equipment has many benefits; it combines the advantages of renting equipment with those of possession by means of loan financing. Furthermore, the main advantage leasing provides is flexibility. Due to it’s mixed nature, most terms are subject to negotiation.

No Money Down

When buying equipment you need either to put money down or request a loan in order to purchase the equipment. When you lease, you pay monthly installments and get immediate tenure. It’s just like if you were renting the equipment only you’ll be able to acquire it if you want to at a later occasion.

Tax Benefits

When you purchase equipment, it adds up to your taxable assets. If you requested a loan in order to pay for it, you can deduct the costs, but the equipment remains your property. When Leasing, you only hold possession of the equipment, it remains property of the lender and thus, you can deduct the monthly payments and it won’t add up to your taxable assets.

Flexibility

If the equipment becomes obsolete, you can always request it to be replaced with a new one. Thus, you won’t suffer the consequences of obsolescence. You can have up to date equipment just by paying a monthly fee for it. Once you have no more use of it, disposing of it becomes the lender’s problem and not yours.

Given all the technological changes that occur everyday, chances are that you will make an excellent use of this leasing characteristic. When it comes to starting businesses and businesses in the technological field or technology dependent, leasing is definitely the best financial alternative.

Fast Approval

Since the asset remains property of the lender, leasing doesn’t have many requirements. The contract usually includes insurance policies attached to it so the lender get’s rid of certain risks related to the equipment and concentrates on its concern (financing).

Nevertheless a good credit history contributes a lot to getting a good deal on a leasing transaction. Bad Credit can increase the costs of leasing operations and since leasing is not the cheapest financial option, if you have really bad credit, it might be wise to consider other alternatives first.

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Balancing Risk And Debt With Adverse Credit Secured Loans

Many individuals that are in debt are struggling to manage monthly payments and balance their regular bills as well. Unfortunately, this can lead to severe credit issues and bankruptcy if not dealt with and managed appropriately. This is the case for the 317 people that are declared bankrupt and the 2,750 that have County Court Judgements (CCJs) issued against them every way. Those figures were accurate as of July 2007 and those numbers are set to rise in the near future as a result of increasing debt. Those individuals that have had their credit score reduced will need to look into very specific financial solutions for their debt problems, and perhaps the most viable are adverse credit secured loans.

Adverse credit secured loans are open to all homeowners that have poor credit scores, which accounts for a relatively high percentage of all of those in severe debt. Credit scores do not matter in the relative scheme of things if you have something to offer up as collateral, such as a home you may own or any other viable property assets. Therefore, many creditors that offer adverse credit secured loans will not check up on your credit scoring for anything other than identification.

However, with adverse credit secured loans, you have to bear in mind that there is much risk involved. If you default on payments for any reason then your loan company can actually take your home away from you and place it on the market in order to recoup the amount you owe them. If you do have bad credit then adverse credit secured loans may be your only hope for borrowing money before you hit the stage at which you file for bankruptcy. Unsecured loans are only reserved for those individuals that do have good credit ratings so placing your house on the line may be the only way that you can tap into a viable debt solution.

Before applying for adverse credit secured loans, work out your finances and make sure that they are in order and that you can afford repayments. If you are uncertain about whether or not you can afford to make repayments the hold off until you are sure, or look for another way to lower the monthly repayment. For example, adverse credit secured loans are available over anything up to twenty five years, so simply choose to have it over a longer period of time because that will lower the monthly repayment.

Adverse credit secured loans is a wonderful thing in theory but the reality can be very different if you get even one month behind schedule. It may be wise to speak to the provider in question to see what their policy is on flexibility and get it in writing. That way, if you are having difficulties then you may be able to approach them in advance to work something out. If adverse credit secured loans are your last port of call then you should do everything that you can to work something out without taking a stroll down the path that will see you lose your home!

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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How To Apply For Bad Credit Loans

If you are experiencing debt problems then you may feel stressed and extremely anxious about how your financial future is going to work out, but there are available solutions out there that you can tap into if you are prepared to explore the possibility. Many individuals are in severe debt today with over 2 million UK residents on the brink of financial ruin because they are unable to cope with the level of debt that they are in, therefore it comes as no surprise to find that providers are actually beginning to offer products to match poor credit needs. Bad credit loans take pride of place on that list.

Bad credit loans are available to those individuals that have overstretched themselves financially and are looking for viable solutions to continuing debt problems. They come in several forms, of which the unsecured and secured bad credit loans are the most popular. Secured loans do not tend to take credit ratings into account if they are marketed towards a bad credit audience because an individual’s home is put up for security. Should the individual in question be unable to make repayments then his or home would be repossessed to pay the remainder of the balance. Unsecured bad credit loans are available but the interest rates that are payable on them are inflated to around 20% for the most part, and in some cases even higher.

Both options suit very different people, and your own personal debt solution should be tailored to meet your own needs. For example, a homeowner may plump for the lower interest of the secured loan, but the non-homeowner would have no choice but to go for the unsecured loan. Regardless of what loan you choose, you should follow the procedure below when applying for bad credit loans:

1. Assess your options fully. Make sure that you know what products are available out there and how they can actually assist you. You should then compare them to find which ones actually suit you best. There are online tools to help you to do that.

2. After making your decision, contact the provider to discuss your needs and question them about the terms and conditions. The terms and conditions are important, perhaps the most important part of any financial product. Make sure that you know exactly what it is that you will be signing up for and clarify anything that you are a little shaky on.

3. Get a quote and then think about whether you need that product or not. You can also use this time to calculate exactly how much money you owe. It is always best to borrow the whole amount to cover your entire debt so it is essential to work it out to the nearest £100, rounded up.

4. If you are satisfied with the product and your debt solution choice then you should go ahead and apply at that point. An Internet application is often best because you can save the application and go back to it later if you run out of time. You application for bad credit loans will then be reviewed and, hopefully, approved so you can settle on the road to your ultimate goal – your debt free day!

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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Cheap Secured Loans And The Viable Benefits For Your Finances

If we actually come to make a major monetary investment in various things like home improvements or a new car, it can prove to be a stretch on our finances. This is the case whether or not you have saved enough money for it, but is especially the case when the improvements or car happen to be borne out of necessity. Life has a nasty little habit of throwing curve balls just when we least expect them and do not need them. The problem is that you have to deal with the inconveniences as they come in order to carry on living, whether you use a car to get to work or have to repair a kitchen after a leak. Cheap secured loans can offer you the debt solution you need to keep going in the short and long term.

If your credit scoring happens to be a problem in that it would prevent you from getting an unsecured loan then cheap secured loans should be your first port of call. As long as you are a homeowner then you can apply for cheap secured loans from various banks and lenders as and when necessary. As your home is put up as collateral to cover repayments should you be unable to make them via conventional means, the bank or lender has nothing to lose and thus you can get your hands on the money you need.

Cheap secured loans suit a wide range of people that struggle to get unsecured credit. For example, if you happen to be self-employed then you will more often than not be turned down for unsecured credit. As a result of failed credit checks, your credit rating will decline as well, just to add a little insult to injury. Cheap secured loans can actually get your credit back on track in more ways than one then! As long as you own your own home, you can get a secured loan and the monthly payments will provide a tonic for your credit score.

There are viable advantages that connect your finances and cheap secured loans as well, regardless of what your personal situation is or whether either of the above examples applies to you. You can take a secured loan over a longer period of time and you can actually borrow more than if you were to take out an unsecured loan. This can give you the cash you need to be able to make those home improvements and yet take your time in paying it off. You can choose an arrangement that suits you in terms of your monthly payment level and get what you want and need in the meantime!

Cheap secured loans have the best possible interest rates attached to them. Those that are known as cheap actually have interest rates that dip under 10%, although many of the cheaper ones dip under 7%. When you spread that over the term of the loan, you end up paying less back than you often would with unsecured loans and credit card debts so you should always consider cheap secured loans as an option when faced with financial choices that can and will affect your future!

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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The Common Reasons For Looking Into Any Purpose Loans

Any purpose loans are quickly becoming one of the most popular financial products out there because they offer individual borrowers far more options than other loans do, or it appears that way anyway. Unlike conventional loans, any purpose loans do not focus on the reason why you want them. The whole point is that you are taking out a loan for any purpose of your choosing. The following reasons are the main reasons cited for taking out an any purpose loan, just to give you an idea of exactly what you can use the money for:

1. Debt Consolidation – With so many individuals in the UK in debt, it is possible for an individual’s level of debt to get out of hand. As a result of that, some people may find themselves struggling to make the repayments over several debts. However, a loan makes monthly payments more manageable and often makes them cheaper as a result of lower interest payments over a fixed period of time.

2. A New Car – If your family car breaks down and refuses to start again, you will need a new one. If you want to be able to get around then this is non-negotiable. An any purpose loan can get you the money you need to buy a new one without the hassle of scrimping and saving. With regular fixed payments, you can control the level of debt that you are in and pay off your car in a timeframe of your choosing.

3. Home Improvements – Home improvements can be a popular reason for any purpose loans because many people do not want to take a further advance on their mortgage or indeed remortgage their homes. An any purpose loan, however, can leave your home risk free whilst giving you the means to fit a new kitchen or bathroom, or even build a conservatory. It is completely up to you what you do with the money, but improving your home is often worth every penny is that is what you choose to do with it!

4. A Family Holiday – Everybody needs a break every now and again and an any purpose loan can help you to fund it. If you have had a particularly bad year or there is somewhere that you always wanted to go then the money can be there for you. Rather than using a lump sum of money to pay for it, a loan can make it easy to pay off and this can indeed enable you to stay out of debt. Why miss out on something that you can afford to pay for over the coming months?

5. For Financial Breathing Space – This is especially common around Christmas, for example. If there is a major drain on the household finances then any purpose loans can come in particularly useful to provide enough money to cover the event in question. Finances can be sported out after a major event, but in the meantime, any purpose loans allow you to get the event over and done with whilst limiting financial damage.

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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Making The Most Of Secured Loan Deals

The world in which we live is absolutely riddled with debt. It sneaks up on people, giving them no warning at all and then takes their lives, making them its slaves for eternity. At least that is how it seems. The majority of individuals do not realise just how much debt they are in until it has built up and they are struggling to make their monthly repayments. With the cost of living being as high as it is at the moment, it is easy to dip into the credit that you have on tap when necessary and then find your self in thousands of pounds worth of debt. There are many solutions available to individuals, but one real option that homeowners should explore more is secured loan deals.

Secured loan deals can offer the homeowner any number of benefits if he or she happens to be in debt, or indeed if something is absolutely necessary. For example, a new car or home improvements can be classed as unexpected emergency cost that many households would not have the money to cover. Security is taken in the form of the home itself in case the individual is unable to keep up with repayments, but if he or she can get past that then he or she will find that there are a range of advantages that secured loan deals can provide you with. Many of them are listed below:

A bad credit rating does not matter – Regardless of your credit scoring, you can look into secured loan deals because the only thing that really matter is that you have your own house that you can offer as collateral. Some companies do look at your credit scoring but the majority of them do not so you do not need to rule yourself out.

Monthly repayments are completely manageable – In many cases, you can choose your repayment amount by opting for various terms for the loan. If your loan amount is a little on the excessive side then you may want to take it over a longer period of time so that you can manage the repayments as well as your monthly bills and the mortgage.

You can borrow as much as you like providing that there is enough equity in your home – Some loans companies do not set a limit on exactly how much you can borrow. Instead they simply assess your needs in terms of how much equity you have in your home. However, there are some providers that limit it to £25,000. Either way, there is enough money in secured loan deals to enable you to borrow what you need.

The amount you pay back is relatively low owing to low interest rates – Secured loan deals actually have low interest rates when compared to many other forms of loans and credit cards. This is usually a result of the security that comes as part and parcel of the deal!

Many secured loan deals are characterised by their flexibility – You can top up your loan further down the line if need be, alter the term, make overpayments and underpayments when necessary. It is completely up to you how you manage it. Off course not all companies and loan deals are like that but a good percentage of them are. Secured loan deals can give you the freedom to manage your finances a little better so why not take advantage of that?

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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A Quick Guide To Secured Loan Rates

Secured loans are slowly but surely becoming more and more popular amongst British homeowners today for the simple reason that there are more individuals in debt than ever before. The UK’s personal debt is extremely high and has risen by over 10% since July 2006 and, as a result, many individuals are looking into putting a viable solution into place once and for all. Secured loans represent one of those options and secured loan rates can be extremely effective.

Secured loans are offered to individuals that own their own home but your credit rating and personal circumstances will not affect their availability for you as long as you fall into that category. However, that is not say that your credit rating does not play a part in determining the secured loan rates that you are offered. Nine times out of ten an individual with a good credit rating will get a slightly better deal than someone with a poor credit rating. However, the rates associated with secured loans do not feature as wide a gulf as unsecured loans that are available for those with good and poor credit scores.

To give you a quick summary of what to expect from secured loan rates in accordance with your credit score, you can take a look at the guide below. However, before doing so, you may want to look into your credit scoring itself. This can be obtained by contacting one of the credit agencies. This has been made easy for you as some now have online facilities enabling you to do so.

Excellent/Good Credit – Secured loan rates are at their best for those individuals with excellent or good credit. In fact, many rates are between 6% and 7%. This is a fantastic rate for any loan at the moment, and considering that the majority of those are actually fixed for the duration of the loan, it represents good long term value as well. There are very few loans with interest rates below 6% and they are near on impossible to find so look for those that are just over 6% instead.

Fair Credit – Fair credit secured loan rates are also good value, but they often tip 7% and can go as high as 10%. However, when you consider that unsecured loan rates are often around 15% for those with fair credit, this puts that in perspective.

Poor Credit – Those individuals with poor credit will often not experience difficulty when applying for a secured loan, but secured loan rates are slightly higher in most cases. The routinely exceed 10%, but usually remain below 15%. However, there are odd exceptions that may be as low as 7%.

Both credit rating and personal circumstance may affect the product’s interest rates, but the availability of secured loan rates is usually excellent. Whilst companies reserve the right to elevate interest rates as they see fit, it is unlikely that individuals that own their own home are offered nothing. This is and will remain a viable debt or expense solution for the foreseeable future!

About the Author

Jason Hulott is Business Development Director at Secured Loans service, PolarLoans. Visit Polar Loans now for more information about Homeowner and Secured Loans.

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Cash In the Benefits of Offshore Locales

Going offshore has become a factual trend in the contemporary financial world. Initially believed to be an excuse for carrying out any sort of illegal business activities, offshore companies are now being widely searched by businessmen for reasons of legitimate convenience.

The term 'offshore' refers to the organizational and legal entity of a business, with the business activity carried outside the country of registration. On account of its multifarious benefits, the advantages of setting up an offshore company are now being availed by multinational companies, small businesses, and even the big showmen of the corporate world.

This changing trend has been observed lately owing to the realization of the amazing advantages that offshore company brings in its fold. The most important motivation associated with an offshore company establishment is the minimization of taxes. As such more and more people look for tax haven countries to lay the foundation of an offshore corporation. The unbearable tax burden imposed in their home countries prompts them to opt for a foreign jurisdiction like Panama, Belize, British Virgin Islands (BVI), Turks & Caicos Islands, the Bahamas, Bermuda, Cayman Islands and the Island of Nevis in Central America; Luxembourg, Isle of Man, Channel Islands (Guernsey and Jersey), Gibraltar, Cyprus, Malta and Madeira in Europe; Mauritius in Africa; Hong Kong in Asia, or Western Samoa in the Pacific.

If minimization of tax burden remains the top priority of most of the clients, the hunt for secrecy and confidentiality cannot be far behind. Offshore locales provide the excellent opportunity to the high profile clients to own properties without making it known in the popular circle. The 9/11 affected US has seen a tremendous dearth in privacy, thus acting as a catalyst in the demand for offshore company settlement.

Next comes the role of frequent litigation in the US. With the greatest number of lawsuits in the US, most people run an increasing risk of being sued in case a person earns greater than $100,000 a year. Going offshore provides the wonderful opportunity to channelize your sources of income without running the risk of raising the eyes of the people around.

The benefits of offshore companies are not confined to the above mentioned points. The uses to which an offshore company can be put into are numerous. To begin with, an offshore corporation can protect you from divorce or even serve as an alternative to prenuptial agreement. It also helps to make provisions for your retirement. These apart, offshore companies can be used to hold real estate or even to write mortgage against real estate.

The uses to which an offshore company can be put to are endless. Minimization of tax, protection and enhancement of assets, cost reduction, risk management, avoidance of bureaucracy, excessive regulation, and confidentiality- these summarize the major goals of an offshore company. With the Internet reaching out to every corner of the world, offshore banking has never been easier!

About the Author

Wain Roy is an internet marketing professional expert in various industries like real estate, web design, finance, medical tourism, Canadian pharmacy drug and offshore company

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Bankruptcy: What You Need to Know

Debt Management - Bankruptcy: What You Need to Know

As much as we'd rather not see anyone declare bankruptcy, there are times when it is the best option. We know it won't be easy, so if you or someone you know is considering bankruptcy, we hope the information we pass here will help you.

Being in the position of considering any kind of bankruptcy is terrible. Yet being stuck with a lifetime's worth of bills is no way to live, and that is why we have laws that allow people to make a fresh start.

When you need a pick me up, consider the "harder they fall the higher they bounce" school of failure and success. Many famous people have declared personal or business bankruptcy and emerged successful again. Here are some you'll recognize:

* Mark Twain * P. T. Barnum * former Texas Governor John Connally * Francis Ford Coppola * Walt Disney * Golfing great Jack Nicklaus was on the verge of bankruptcy in the mid-1980s after investors pulled out of two golf course developments his company started. * Willie Nelson considered filing for bankruptcy after the IRS raided his Texas homestead on tax-evasion charges and confiscated everything in 1990. Only through the help of family and friends was he able to pull himself up.

Making the Decision

The first question is: "When should you file for bankruptcy?"

This is an important decision, so don't rush into it. Here's what we like to tell people as a guide: If you owe anywhere near a year's worth of take-home pay, you're in bad shape and bankruptcy might be your best option.

Notice we said "might." Make sure you talk with a credit counselor first and see if you can work something out short of bankruptcy. If not, a counselor will also be able to refer you to a bankruptcy lawyer, who will show you the ropes and represent you in court.

There are two types of bankruptcies available to us consumers: Chapter 7 and Chapter 13, both named for the bankruptcy code numbers that identify them.

Chapter 7 is a straight bankruptcy. You dissolve your debts, but you also have to sell off most of your assets and any monies realized are distributed among your creditors.

You are still liable for:

* credit card charges made within 20 days of filing * personal loans and installment loans made within 40 days of filing * alimony and child support * certain back taxes * money owed as reparation for intentional harm you caused someone * debts resulting from fraud

If you have regular employment, you will most likely have to file for a Chapter 13 bankruptcy. This type is somewhat less of a stigma on your credit report, because you do repay your debts through a court-ordered repayment plan that usually stretches over a three-year period. It also allows you to hang on to your assets.

You will still be liable for:

* alimony and child support * long-term debts that were not fully repaid during the repayment period

Although the bankruptcy will be removed from your credit record after 10 years (seven if it's a Chapter 13), proof of it will remain on file for 25 years in a regional bankruptcy warehouse. For the rest of your life you will have to answer "Yes" to the question, "Have you ever filed for bankruptcy?" or risk serious penalties.

We have a special FREE invitation for you today: Smart Money Moves with Ken & Daria Dolan. This e-mail tip-letter is loaded with advice to make your money life simpler and more rewarding - and it's FREE. Sign up here!

About the Author

Ken Dolan and Daria Dolan were anchors for Dolans Unscripted on CNN. They have also written six books on personal finance and hosted several money seminars. Prior to joining CNN, the Dolans were contributors to CBS This Morning and CBS News Saturday Morning and hosted their own show on the now-defunct CNNfn.

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Debit Card Warning!

Debit Card Warning!

We are, to put it mildly, not fans of debit cards. They are tied directly to the money in your bank account and should be used only by people who are so undisciplined they can't possibly handle credit cards -- not our Dolans.com family!

The first thing we don't like is that you don't have the same protection as credit cards. When your credit card is lost or stolen, as long as you report the loss within one or two days, the maximum for which they'll hold you liable is $50. (In fact, if you have a good credit record and call them right away, they will most likely waive that $50.) But with a debit card, someone can steal it and debit your account down to zero before you even realize it's gone!

But here's what really scares us: the ATM "debit" cards that have Visa or MasterCard logos on them. Banks send them to customers without asking. These cards can be used with or without a personal identification number (PIN), just like credit cards, but the thief has his hands right on your bank account. You might be able to recover your money eventually, but you'll face a LONG fight with the bank.

Dolan Smart Money Move: Personally, we've never used ATM cards. We know, they're convenient and a lot of people like them. If you must carry one around, employ our obscure-PIN strategy (never use your birthday or any obvious numbers), and try to hover over your transaction like a human shield when you're at an ATM machine. Paranoia is appropriate here; ATM card thieves have been known to steal PIN numbers with binoculars.

The more plastic you have in your pocket that could be ripped off, the more you are open to identity theft, monetary theft, and all sorts of problems--another reason to keep your credit card inventory down to just a few really good low-interest cards.

Debit cards are just the beginning! Learn what your credit card provider may be keeping from you by reading our article Credit Card Company Secrets.

About the Author

Ken Dolan and Daria Dolan were anchors for Dolans Unscripted on CNN. They have also written six books on personal finance and hosted several money seminars. Prior to joining CNN, the Dolans were contributors to CBS This Morning and CBS News Saturday Morning and hosted their own show on the now-defunct CNNfn.

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Balance Transfer Credit Card Offers: What you Need to Know

Is a balance transfer credit card your ticket out of credit card debt? It can be. If you're having trouble paying off a steep balance and the high interest that goes with it, a balance transfer credit card could be the right solution for you. But before filling out an application, take a few factors into consideration. Educate yourself on the balance transfer process, and you'll get the most out of your credit card experience.

What Balance Transfer Credit Cards Are

Balance transfer credit cards have a certain appeal that separates them from other forms of plastic. They offer applicants the chance to shift a balance from a high-interest card to a low-interest one. In fact, most balance transfer cards come with an initial 0% interest period. This means you can make payments that are directly applied toward the balance. As you pay down the debt, you can save hundreds of dollars on interest expense.

How to Compare Balance Transfer Credit Cards

Many balance transfer credit cards appear to be the same, but in reality they vary quite a bit. Check the following details as you sift through the options:

Length of introductory period - The initial period of no interest may be as short as three months, or as long as fifteen months. If you aim for at least 12 months of 0% interest, you'll have ample time to pay off the balance.

What the 0% APR applies to - Some balance transfer credit cards offer you 0% APR only on the balance. This means that you will be charged a higher interest rate when you make a purchase. Moreover, all the payments you send in will first be applied to the balance, and then to the purchases. While you pay down the balance, the new purchases and their attached high interest rates will sit and accrue on your statements. Eventually, you could pay more in high interest than you planned on. To avoid this, look for a card that offers 0% APR on both balances and purchases. Or limit the use of your card until you pay off the transferred balance.

Check the fees - Most balance transfer credit cards charge an initial fee for bringing over the new balance. This is sometimes a certain percentage of the balance amount. Banks often include a cap, such as $50 or $75, on the balance transfer fee. The savings you receive on interest usually outweighs this expense.

Additional benefits - While balance transfer cards offer you a chance to pay off nagging debt, many come with other features as well. Some balance transfer credit cards include a rewards program. Others have a low interest rate that kicks in after the introductory period. Think long-term before you apply. Consider what benefits you'll want after you are debt-free.

Using your Balance Transfer Card

Balance transfer credit cards can be a solid solution if they are used properly. After you have made the balance, think about creating a payment plan to get rid of the debt. Set aside money each month for card payments. If at all possible, pay off the balance before the introductory period runs out. As the balance dwindles, you'll gain control of your finances. You'll also begin to build a stronger credit history. When the balance is gone, you'll be able to enjoy the card's additional benefits.

About the Author

To View Balance Transfer Credit Cards click the following link: http://www.credit-card-surplus.com/balancetransfer.php . Ed Vegliante runs http://www.credit-card-surplus.com , a directory helping consumers to compare and apply for credit cards.

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Credit Card Consolidation Loan

Credit Card Consolidation Loans can help so you can afford the holiday season

Credit card consolidation loans are not the total solution for your debt problems, you first have to come up with a debt consolidation plan before considering going for any type of loan. If you do determine that a credit card consolidation loan is in your best interest, the next hurdle will be to qualify for the loan that will help you the consumer with your credit card debt. Credit card consolidations loans are available at many banks. Searching out some form of credit and debt counseling who offer a wide variety of debt credit services that can help make a truly informed decision regarding your debt. A credit card consolidation loan will help you maintain your good credit or, if necessary, reestablish your credit in order for your dream of debt free living.

If you have the three primary qualifications which are:

(1) The ability to repay the loan

(2) The credit background to verify your repayment record

(3) The necessary collateral to guarantee repayment

What happens during the credit card consolidation loan process?

Before you sign on the dotted line, be sure that the costs of the new, credit card consolidation loan will truly be less than what you're already paying various creditors. In exchange for the credit card debt management these credit card counseling services provide to you by consolidating your debts and working with your creditors to reduce your payments, credit counselors require you to give up your credit cards. With a credit card consolidation loan you may also find that your creditors will waive your previous late fees and other fees for exceeding your credit limit, and this alone could save you a lot of money thus reducing your overall debt. Credit card consolidation loans are just like any other loan, you have to stick with the payment plan, or you will find yourself in a far worse situation than when you got your credit card consolidation loan.

A credit card debt consolidation loan is available in two forms: secured and unsecured. For unsecured loans, the lender requires no collateral, but the borrower is required to furnish proof of a steady income and employment. The interest rate may be higher but an unsecured loan for debt consolidation is far better than bankruptcy. With secured loans you will have to use collateral when signing for your credit card consolidation loan but the payment and interest will be lower than an unsecured loan. Most times the amount required to pay back a credit card consolidation loan is less monthly than the amounts you were paying for all of your combined credit cards before entering a debt consolidation program.

A credit card consolidation loan should be used when your credit card payments become unmanageable by normal budgeting methods and your monthly payments far exceed your abilities to be able to afford them. If you have credit card debt and recently received an interest rate hike due to making late payments, or even if you just wish to eliminate your credit card debt, a credit card consolidation loan may be just what you need. A credit card consolidation loan can help you to consolidate the outstanding debts on your current (high-interest) credit cards to one with a lower interest rate and one lower monthly payment. Hopefully debt free living and minimal credit card debt can be a real certainty for your future.

If you would like more information on this topic and other credit repair topics visit Credit Card Consolidation Loan

About the Author

Lee Beattie the creator of Beatlands Credit Repair site. I have written this site for those who have fallen on hard times and haven't always thought of the right ways to get out of a credit blunder. I wanted to educate and help out those who do not know the right direction to take during hard times.

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Baked beans and your retirement. How super will it be? Some tips.

Australia has been called the lucky country. Lucky for natural wealth and resources, fabulous climate and an easy going attitude. But what about luck for retirees? Most of us realise that a Government pension won't give us the lifestyle we want to enjoy through the years when there's no income coming in the door.

Today, people are living longer and would love to stop working sooner. But the big question is, how can you afford to do it? The tiny 9% employer contribution from your salary is not going to be enough to cover your weekly expenses and bills in retirement, never mind a holiday overseas or new car. If you don't do something now about your super, you'll be looking forward to more baked beans on toast than a roast dinner with all the trimmings!

The good news is, people are making active decisions and putting super contributions into overdrive. Adding extra money into your account is definitely a smart investment move, especially when there are so many great incentives to encourage you, like salary sacrifice or voluntary contributions.

There again, with choice of fund now well established, you should compare your current fund with the others out there. If you're searching around, look at this industry super fund. All profits go back to members and in general, the low fee structure and long term performance are very attractive benefits.

So, even if you think you don't have any extra money to put into super, read on.

Track down lost super

3 million Australians have unclaimed superannuation. Are you one them? There are several online sites that can help you find lost super, so you can put your money into one active account.

Roll your super into one fund. Pay less fees.

If you have worked casually or moved around from State to State, you may have several superannuation accounts with low balances and you're paying fees for each one of them. Fees are taken from any investment returns you have made which mean less money in your account. The higher your fees are, the harder your fund's investments need to work to provide adequate returns.

It makes sense to consolidate all your balances into one account. One fund is easier to manage. Less paperwork to worry about. And of course, you save on paying fees.

One less latte a day can really add up

If you spend $3 a day on your morning coffee, that's $15 a week. Over a year, you could save over $700 and put it into your super fund.

Take your lunch to work and save a packet

Spending $10 a day on lunch, that's easily $200 a month. You don't need to be a genius to see how much that is over a year...well over $2,000.

Have a garage sale

Organise a garage sale with your friends or neighbours. You probably have plenty of items, clothes or furniture to sell. Look around your home and make a list. It's surprising how many people would like to own what you consider useless. Put your profits into your super.

ebay your way to more super

Sell unwanted items online in your own time. It can be a lucrative way to top up your balance. Every dollar counts when it comes to adding to your super. After all, there's only so many baked beans you can actually enjoy eating!

About the Author

Cathy Howley is Creative Manager and Copywriter at Options Strategy, Melbourne. The digital agency with the strategy edge. www.options-strategy.com. If you're looking around for a new super fund, check out this super fund

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