Buying a House Is a Great Investment but Takes a lot of Time to Find Right Mortgage

My boyfriend recently went through the process of purchasing a home here and let me tell you what, the process is unlike it used to be back when I purchased my first home in 2005. There are so many mortgage options available with different rates as well as different regulations set forth as to what type of home you can purchase. Check out Canadian mortgage rates online or you can check out American mortgage rates online just about anywhere on the Internet. I believe checking out the mortgage rates in your area is the first step in any home buying decision.

Buying a house with a View

There are a lot of other factors, aside from just the rates that may take place when you are looking to get your first home mortgage. The type of home you are hoping to get into, the views the home has all may play a key role in what location you decide to purchase a home. Maybe you wish to have a home with a lot of acreage so that the family can run free and have a blast playing outside instead of constantly complaining that they have nothing to do because your yard is too small. Some people look at the local attractions when seeking to get a first time home mortgage, such as whether there are trails around the area to enjoy for nature walks or four wheeling.

When we were out shopping for a home we basically wanted to make sure that there was space inside of the house for all of our family as well as a decent backyard for we are an outdoor type family. While we ended up with half an acre and a decent sized home, getting into the home took some time. As I said in the first paragraph, different types of home mortgage companies have different regulations; depending upon the type of mortgage loan you choose or are eligible for you may be placed in a position to be a bit more picky about the location and type of house you purchase.

Whether you are looking to buy for the first time or purchase a second home, checking out online mortgage rates is the best way to determine if 1) you can afford such a decision right now and 2) if you would even save money in purchasing a home in the long run. In my local area it is much more cost effective to purchase a home with a mortgage than it is to rent a home or apartment. With the cost of living rising and income for employees staying around the same, you have to make certain that your home mortgage choice is what fits your families needs both financially and long term growth wise.

Why Consolidating Debt to Chuck the Ball of Personal Credit Card Debt Completely


Introduction

According to a recent survey by Bankrate, credit card debt in America equals the amount that most people have in emergency savings. Numerically this means only 55% of people have savings that exceed their credit card debt. According to the same survey, consumer credit has been falling in recent times, but still there are no positive trends when it comes to saving habits.

 

With the rise in credit card debt, more people are looking for ways to solve their financial problems. Debt relief can be achieved through several means, but in this article, you will learn why debt consolidation is the best way to remove your personal credit card liability. You will also learn how to apply for a consolidation program.

What is Debt Consolidation?

Debt consolidation is a practical way to eliminate your debt by combining all your liabilities and their sky rocketing interest rates into one debt with a low interest rate. Hence, you will only have to take out one consolidation loan to amortize your existing liabilities. In the end, you will have just one loan with a lower interest to service, and this speeds up your debt recovery.

 

Consolidation is the best option for people who are currently paying high interest rates. Moreover, most people are not money wise and they are unaware of the nuances of financial management, while others are hooked on their cards so much that paying bills on time now has become a big problem.

 

In addition, there are some people who incur a lot of credit card debt during their graduation. Young mothers especially attend grad school and only work part time to concentrate on their studies and raise their families. But by the time they get their degree, credit card debt piles up. Debt consolidation therefore is an effective solution in such situations.

 

An Example:

 

Here is statistical example from Investopedia that explains how debt consolidation works:

Suppose at this time you are using 3 cards with a yearly interest charge of 28%. The limit on each card is $ 5,000, and you are making monthly payments of $250 at present to repay them. If you were to tackle one card at a time, that would amount to monthly payments of $750 for more about 2½ years. By the end of the whole thing, you would have paid approximately $5,400 in interest.

 

However, by converting them into a single consolidated loan at a lower interest rate of, let’s say, 12%, you would continue with the same monthly payments. But this time, you will clear the debt in 23 months, and pay only $1,820 in interest. This means that by using a debt consolidation loan, you will make savings of $7371 (with $3621 in interest) than if you were to clear your debt in another way.

When Should You Consolidate?

Before proceeding, it is important to note here that debt consolidation will generate the above mentioned result only if you cease using the 3 credit cards. That is why it is important to make an assessment of your spending habits before determining whether debt consolidation is a viable option for you.

 

Here is a list of spending habits to watch out for:

  • Using credit cards to pay for bills and utilities
  • Using credit cards to buy things that exceed your income
  • Writing checks for amounts that exceed your balance and then hoping to cover them by making a deposit
  • Opening new credit card accounts because existing ones have maxed out
  • Being called by a collection agency

If these factors apply to you, debt consolidation will not work unless you change your attitude towards money management, budgeting, and saving.

How to Apply

Select a bank for the loan and consult with its financial adviser  If you are an old client of this bank, you can get the loan at favorable rates. You will also have to submit documents to the lender like your letter of employment and letters from creditors or settlement agencies.

 

Finally, you can even line you your credit card debt with a secured debt like your mortgage. In this case, the bank will be willing to charge less interest because if even if you default, the bank can cease your secure assets and auction them to recover their loss.

Conclusion

Even though debt consolidation is the best way to eliminate your credit card debt, remember that it is your overall spending habits that will ultimately help you get out of your financial troubles. Credit counseling is available through several means, and you can even search the internet for the best programs available.

About the author

This article is composed by Elaine McPartland who is associated with “Consolidated Credit” as their community writer. She feels that to get rid of credit card debt you should consolidate debt immediately. You can add her at her google+ profile.

Have You Ever Done a Payday Loan or Cash Advance?

Back in the years of being a single mom to my daughter there were times when I had to go to the local cash advance place and take out a payday loan. This was an easy way to get some cash to pay overdue, disconnect bill notices. I had no choice but to take advantage of the payday loan or cash advance loan system. That place is no longer here and so when I was married and we were low on cash, we had to go to the Internet to search out various payday loan options. What we found out was that there are a lot of sites on the Internet where you can get a cash advance or payday loan, one of those sites is www.credloans.com.

There are advantages to getting a short term or payday loan:

  • Get the cash you need now to avoid having utilities disconnected when that disconnect notice hits your mailbox.
  • Ability to get a loan no matter what credit type you have; poor, fair, good or great.
  • Fast cash when you need it for whatever emergency reason you may need it.

There are some things to be sure of prior to getting a short term or payday loan:

  • Research the company, do a search about the company and take everything you read online about this firm with a grain of salt, meaning sometimes people just like to complain even if the company is amazing.
  • Be sure that you will be able to pay off the short term or payday loan within the time allotted.
  • Be aware of the fact that this is a loan and that you must have the funds to cover their auto payment feature, most of these companies do have your payment setup to automatically come out of your checking account.

Getting a short term or payday loan can seem like a bad idea to others, but I know from experience it is something that I have been grateful to have as an option. Funds get low, bills pile up, emergencies happen and that is why it is wonderful to have various short term loan options in our country these days. Just be safe, be smart and do not over borrow!

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